Group 1 - The stock price of QiuLe Seed Industry (920087) has shown a downward trend over the past week, with a cumulative decline of 4.73% [1] - On February 13, the stock closed at 16.93 yuan, with a slight increase of 0.30% on that day, but experienced a volatility of 2.25% and a trading volume of 65.87 million yuan, resulting in a turnover rate of 2.37% [1] - In terms of capital flow, on February 12, the net outflow of main funds was 3.76 million yuan, accounting for 4.33% of the total trading volume, while retail investors had a net inflow of 680,900 yuan, indicating short-term capital pressure [1] Group 2 - On February 12, QiuLe Seed Industry announced that the state-owned shareholder completed the transfer of shares, with 324,000 shares (0.1961% of total share capital) being transferred without compensation to Wenxian Agricultural Investment Co., Ltd. [2] - This transfer was completed on February 11 and does not lead to a change in the company's control or have a direct impact on its operations [2]

二、本次交易事项进展 公司于 2026 年 1 月 29 日披露了《河南秋乐种业科技股份有限公司关于公司 国有股东所持公司 0.1961%股份拟无偿划转的进展公告》（公告编号：2026-007）， 股份转让双方已向北京证券交易所提交相关材料，并收到北京证券交易所出具的 《关于秋乐种业协议转让申请的确认函》（北证函【2026】57 号），有效期截止至 2026 年 7 月 19 日(含当日)。 证券代码：920087 证券简称：秋乐种业 公告编号：2026-010 河南秋乐种业科技股份有限公司 关于公司国有股东所持股份完成过户登记的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、本次交易情况概述 河南秋乐种业科技股份有限公司(以下简称"秋乐种业"或"公司")于 2025 年 11 月 28 日披露了《河南秋乐种业科技股份有限公司关于公司国有股东所持公司 0.1961%股份拟无偿划转的公告》（公告编号：2025-115）。 根据温县人民政府国有资产监督管理委员会（简称"温县国资委"）《关于河 南秋 ...

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark index by more than 10% over the next 6-12 months [40]. Core Insights - The North Exchange market has reached a significant milestone with the number of qualified investors surpassing 10 million, marking a net increase of nearly 2 million compared to the same period last year, which lays a solid foundation for long-term healthy market development [3][34]. - Despite recent market adjustments, the long-term allocation value of the North Exchange remains recognized by institutions, with a slight decrease in margin financing indicating a reduction in market risk appetite [3][36]. - The acceleration of new stock issuances is expected to provide new supply to the market, with five new stocks issued in January and more expected in the coming weeks [3][36]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 20.48 billion yuan, a decrease of 28.7% week-on-week [8]. - The North Exchange 50 index fell by 0.70% during the week, with an average turnover rate of 2.13% [8]. Key News and Policies - A joint release by ten departments introduced the "Low Altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas including low-altitude aircraft and safety regulation [20]. - The Shanghai Gold Exchange adjusted the trading margin levels and price fluctuation limits for certain gold and silver contracts [24]. Core Driving Factors - The North Exchange's market construction has reached a new stage, with a significant increase in qualified investors, indicating enhanced market attractiveness and investor ecosystem development [34]. - Structural differentiation is evident in the industry, with active performance in energy and technology sectors, while the overall valuation shows signs of convergence [35]. - Market sentiment is cautious, with a slight retreat in margin financing indicating reduced risk appetite among investors [36]. Investment Recommendations and Strategies - Attention is recommended on the upcoming adjustments to the North Exchange 50 constituent stocks, which may create passive allocation demand for index funds [37]. - Focus on sectors with clear industrial trends such as AI, commercial aerospace, and semiconductors, as well as leading companies in the new energy sector that align with new productivity directions [38]. - A bottom-up approach is suggested to identify stocks with matching performance and valuation, especially those with potential for exceeding earnings expectations [38].

证券代码：920087 证券简称：秋乐种业 公告编号：2026-009 河南秋乐种业科技股份有限公司 关于使用闲置自有资金购买理财产品进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、 授权委托理财情况 （一）审议情况 河南秋乐种业科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第四届董事会第二十六次会议审议通过了《关于使用闲置自有资金购买 理财产品的议案》，在确保日常经营资金需求和资金安全的前提下，公司拟使 用闲置自有资金不超过人民币 2 亿元进行委托理财。相关内容详见公司在北京 证券交易所（www.bse.cn）披露的《河南秋乐种业科技股份有限公司关于使用 闲置自有资金购买理财产品的公告》（公告编号：2025-028）。 （三） 本次委托理财产品受托方、资金使用方情况 1.公司已对受托方的基本情况、信用情况及其交易履约能力等进行了必要 的调查，信用情况良好，具备交易履约能力。 （二）披露标准 根据《北京证券交易所股票上市规则》相关规定，交易的成交金额占上市 公 ...

证券代码：920087 证券简称：秋乐种业 公告编号：2026-008 河南秋乐种业科技股份有限公司 2025 年年度业绩预告 公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 三、风险提示 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 √年度实现盈利，且净利润与上年同期相比下降 50%以上 单位：万元 | 股东的净利润 | | | | | | --- | --- | --- | --- | --- | | | | 本报告期 1,200.00～1,400.00 | | | | | | | 上年同期 5,044.00 | | | | | | | 变动比例% -76.21%～-72.24% | | 项目 归属于上市 | 公司 | | | | 二、本期业绩重大变化的主要原因 公司本期业绩预减的主 ...

Core Viewpoint - The agricultural sector is experiencing a strong performance driven by rising price expectations and anticipation of policy announcements, particularly the "No. 1 Document" which typically influences market trends at the beginning of the year [2][5]. Group 1: Agricultural Sector Performance - As of January 30, the agricultural sector showed significant strength, with leading stocks like Nongfa Seed Industry hitting the daily limit, and other stocks such as Dunhuang Seed Industry and Denghai Seed Industry also achieving substantial gains [3][4]. - The overall performance of pig farming stocks has been better than the market average, indicating a positive trend in this segment [3]. Group 2: Price Trends and Influences - Recent price trends show a rebound in pig prices, reaching 12.97 yuan/kg, although the increase is limited due to declining slaughter rates [4][7]. - The agricultural sector is expected to benefit from rising prices of agricultural products as a result of the surge in commodity prices [6]. Group 3: Policy and Market Expectations - The "No. 1 Document" is anticipated to have a significant impact on the agricultural market, with expectations for policies that support rural revitalization and food security [5]. - The Ministry of Agriculture and Rural Affairs has emphasized the importance of the seed industry during the "14th Five-Year Plan" period, aiming for major breakthroughs in seed industry revitalization [5]. Group 4: Market Dynamics - The pig farming industry is facing challenges such as slow capacity reduction and rising pandemic risks, which may limit profitability despite current price increases [6]. - The chicken market shows a mixed outlook, with white chicken prices stabilizing while yellow chicken prices are expected to rise due to tight supply and seasonal demand [6][7].

Core Viewpoint - The agricultural sector is experiencing a significant rally, driven by expectations of rising prices for agricultural products and anticipation of the annual "No. 1 Document" policy announcement [1][4]. Group 1: Agricultural Sector Performance - As of January 30, the agricultural sector showed strong performance, with leading stocks like Nongfa Seed Industry hitting the daily limit, and other stocks such as Dunhuang Seed Industry and Denghai Seed Industry also achieving significant gains [2][3]. - The overall trend in the agricultural sector is buoyed by rising prices across various commodities, including pork and cotton, with the price of live pigs rebounding to 12.97 yuan/kg [3][4]. Group 2: Price Trends and Influencing Factors - The price of live pigs is influenced by seasonal demand, epidemic control, and policy adjustments, while grain prices are supported by the Federal Reserve's interest rate cuts and domestic minimum purchase price policies [4][5]. - The agricultural sector is expected to benefit from advancements in genetically modified crops and supply-side reforms in the seed industry, with the "No. 1 Document" anticipated to further stimulate market expectations [4][5]. Group 3: Market Dynamics and Future Outlook - The market anticipates that the surge in commodity prices will lead to a rebound in agricultural product prices, although there are concerns about the sustainability of this trend due to potential policy impacts and epidemic risks [5][6]. - The white chicken industry is facing high production capacity, while the yellow chicken sector is experiencing tighter supply, which may lead to price increases in the latter [5][6].

二、本次交易事项进展 目前，股份转让双方已向北京证券交易所提交相关材料，并收到北京证券交 易所出具的《关于秋乐种业协议转让申请的确认函》（（北证函（【2026】57 号），有 效期截止至 2026 年 7 月 19 日(含当日)。下步双方将向中国证券登记结算有限公 司递交申请，以完成股份转让的过户登记手续。 证券代码：920087 证券简称：秋乐种业 公告编号：2026-007 河南秋乐种业科技股份有限公司 关于公司国有股东所持公司 0.1961%股份拟无偿划转的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、本次交易情况概述 河南秋乐种业科技股份有限公司(以下简称"秋乐种业"或"公司")于 2025 年 11 月 28 日披露了《河南秋乐种业科技股份有限公司关于公司国有股东所持公司 0.1961%股份拟无偿划转的公告》（公告编号：2025-115）。 根据温县人民政府国有资产监督管理委员会（简称"温县国资委"）《关于河 南秋乐种业科技股份有限公司股权划转的通知》（温国字【2025】16 ...

Core Viewpoint - The planting industry sector experienced a rise of 2.94% on January 29, with Hainan Rubber leading the gains, while the Shanghai Composite Index closed at 4157.98, up 0.16%, and the Shenzhen Component Index closed at 14300.08, down 0.3% [1]. Group 1: Stock Performance - Hainan Rubber (601118) closed at 7.84, up 9.96%, with a trading volume of 2.3481 million shares and a transaction value of 1.772 billion [1]. - Shennong Seed Industry (300189) closed at 7.67, up 8.33%, with a trading volume of 3.3919 million shares and a transaction value of 2.561 billion [1]. - Qiule Seed Industry (920087) closed at 19.08, up 7.31%, with a trading volume of 189,600 shares and a transaction value of 354 million [1]. - Other notable stocks include Nongfa Seed Industry (600313) at 8.03, up 6.36%, and Kangnong Seed Industry (920403) at 27.14, up 3.39% [1]. Group 2: Capital Flow - The planting industry sector saw a net outflow of 229 million from institutional investors, while retail investors contributed a net inflow of 97.6117 million [2]. - Major stocks like Hainan Rubber had a net inflow of 1.62 billion from institutional investors, but a net outflow of 214.089 million from speculative funds [3]. - Shennong Seed Industry experienced a net inflow of 14.4615 million from institutional investors, while facing a net outflow of 1.80467 million from speculative funds [3].

河南秋乐种业科技股份有限公司会计估计变更公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、变更概述 证券代码：920087 证券简称：秋乐种业 公告编号：2026-006 （一）变更日期：2025 年 10 月 1 日 （二）变更前后会计估计的介绍 1.变更前采取的会计估计 公司对金融工具的预期信用损失，分别采用单项评估与组合评估相结合的 方式进行确认。针对以组合方式管理的应收账款，公司参考历史信用损失经验， 结合当前状况以及对未来经济状况的预测，通过迁徙率模型计提坏账准备。 具体情况如下： 公司对于由《企业会计准则第 14 号—收入》规范的交易形成的应收款项 或合同资产（无论是否含重大融资成分），以及由《企业会计准则第 21 号—租 赁》规范的租赁应收款，均采用简化方法，即始终按整个存续期预期信用损失 计量损失准备。 根据金融工具的性质，公司以单项金融资产或金融资产组合为基础，评其 信用风险是否显著增加。按照信用风险特征，公司将应收票据、应收账款及合 同资产划分为两个组合，并以组合为基础计算预 ...