Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The seed industry is currently in a destocking phase, with significant losses reported. The total net profit of listed seed companies from 2021 to Q3 2025 was only positive in 2023, with a collective net profit nearing -1 billion yuan in Q3 2025. The inventory level is also high, exceeding 12 billion yuan, the highest since 2015. The corn seed production area has been declining, with a 10% year-on-year decrease expected in 2025, resulting in a production volume of 1.527 billion kilograms, also down by 10% year-on-year [7][13]. - Policy changes are encouraging breeding innovation, leading to a decrease in the number of approved corn varieties. The revised Plant Variety Protection Regulations published in April 2025 aim to strengthen variety rights protection and stimulate breeding innovation. In 2025, a total of 1,564 crop varieties were approved, with a notable reduction in corn varieties compared to 2024 [24][25]. - The number of high-quality, disease-resistant rice varieties is increasing, with the "three good varieties" (high yield, quality, and green) rising from 22 in 2022 to 53 in 2025. New rice varieties have shown significant yield improvements, with some varieties increasing yield by over 5% [39][40]. - The focus on corn is shifting towards improving planting density and yield levels. The average yield of newly approved corn varieties has surpassed 800 kilograms per mu, a 1.7% increase year-on-year, with some varieties in the Northwest ecological zone exceeding 1,000 kilograms per mu [54][56]. Summary by Sections 1. Seed Industry in Destocking Phase - The seed industry is experiencing a downturn, with significant losses and high inventory levels. The corn seed production area and yield are both declining [7][13]. 2. Policy Encouragement for Breeding Innovation - New regulations are promoting breeding innovation, resulting in fewer approved corn varieties while increasing the number of approved rice varieties [24][25]. 3. Rice: Increase in High-Quality Varieties - The number of high-quality rice varieties is on the rise, with significant improvements in yield and disease resistance [39][40]. 4. Corn: Emphasis on Planting Density and Yield - There is a growing emphasis on increasing planting density and yield levels in corn production, with new varieties showing improved yields [54][56]. 5. Investment Recommendations - The report suggests focusing on leading companies with research and development advantages, such as Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [7][54].

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

农林牧渔 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 农林牧渔 沪深300 相关研究报告 《种源扰动与补栏分化并存，白鸡景 气延续、蛋价弱稳待去化—行业点评 报告》-2026.1.26 《供给压力后置春节前后猪价承压， 海外禽流感扰动引发祖代引种暂停— 行业周报》-2026.1.25 《旺季托底叠加大猪偏紧支撑猪价中 枢，年货节后移宠物食品 1 月动销有 望边际走强—行业周报》-2026.1.17 10 二育由惜售转出栏但去化有限，节后猪价回落风险 加大 ——行业周报 陈雪丽（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 周观察：二育由惜售转出栏但去化有限，节后猪价回落风险加大 二育由惜售转出栏但去化有限，节后猪价回落风险加大。据涌益咨询，截至 2026 年 1 月 30 日，全国生猪均价 12.24 元/公斤，周环比-0.68 元/公斤，本周猪 价在节前备货博弈下先涨后跌、波动加大。供给端，全国出栏均重小幅下降至 127.86kg，若节前 ...

《种源扰动与补栏分化并存，白鸡景 气延续、蛋价弱稳待去化—行业点评 报告》-2026.1.26 《供给压力后置春节前后猪价承压， 海外禽流感扰动引发祖代引种暂停— 行业周报》-2026.1.25 《旺季托底叠加大猪偏紧支撑猪价中 枢，年货节后移宠物食品 1 月动销有 望边际走强—行业周报》-2026.1.17 10 农林牧渔 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 农林牧渔 沪深300 相关研究报告 周观察：二育由惜售转出栏但去化有限，节后猪价回落风险加大 二育由惜售转出栏但去化有限，节后猪价回落风险加大。据涌益咨询，截至 2026 年 1 月 30 日，全国生猪均价 12.24 元/公斤，周环比-0.68 元/公斤，本周猪 价在节前备货博弈下先涨后跌、波动加大。供给端，全国出栏均重小幅下降至 127.86kg，若节前显著降重加大出栏，供给端对价格的压制有望逐步显现。结 构侧看，2026 年 1 月 29 日肥标差继续走扩至 1.04 元/公斤，节前高均重尚未有 效下行，供给压 ...

证券代码：600313 证券简称：农发种业 公告编号：临 2026-005 中农发种业集团股份有限公司 股票交易异常波动公告 ● 经公司自查并向公司控股股东及实际控制人核实，截至本公告披露日， 除公司已披露事项外，不存在应披露而未披露的重大信息。 ● 公司股价短期波动幅度较大，请广大投资者注意二级市场交易风险，审 慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票于2026年1月28日、1月29日、1月30日连续三个交易日内收盘价格 涨幅偏离值累计达到20%，根据《上海证券交易所交易规则》及有关规定，属于 股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并书面征询了本 公司控股股东及实际控制人，现将有关情况说明如下： （一）生产经营情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： ● 公司股票于2026年1月28日、1月29日、1月30日连续三个交易日内收盘价 格涨幅偏离值累计达到20%，根据《上海证券交易所交易规则》及有关规定，属 于股票 ...

证券代码：600313 证券简称：农发种业 公告编号：临 2026-006 一、募集资金基本情况 经中国证券监督管理委员会《关于同意中农发种业集团股份有限公司向特定 对象发行股票注册的批复》（证监许可[2025]2966 号）同意，中农发种业集团 股份有限公司（以下简称"公司"）本次向特定对象发行人民币普通股 A 股 79,175,306 股，发行价格 5.14 元/股，募集资金总额为 406,961,072.84 元，扣 除 不 含 税 发 行 费 用 人 民 币 4,487,754.71 元 ， 募 集 资 金 净 额 为 人 民 币 402,473,318.13 元。北京大地泰华会计师事务所（特殊普通合伙）已对前述募 集资金的到位情况进行了审验，并出具了《验资报告》（大地泰华会验字 [2026]001-3 号）。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开 立情况 为规范公司募集资金管理和使用，保护投资者合法权益，根据《上市公司募 集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等相关规定，公司对募集资金的存放和使用进行专户管理。公司与招商银行 股份有 ...

中国农业发展集团有限公司 关于核实影响农发种业股票交易异常波动 有关事项的复函 关于核实影响农发种业股票交易异常波动 有关事项的复函 中农发种业集团股份有限公司: 贵司《关于核实影响农发种业股票交易异常波动有关事 项的函》收悉,根据贵司要求,我公司进行了核查。我公司 确认: 1. 截至目前,我公司不存在根据《上海证券交易所股票 上市规则》等有关规定,涉及农发种业的应披露而未披露的 重大信息,包括但不限于重大资产重组、股份发行、重大交 易类事项、业务重组、股份回购、股权激励、破产重整、重 大业务合作、引进战略投资者等重大事项。 2. 未在贵司上述股价异常波动期间买卖农发种业股票。 特此复函。 中农发种业集团股份有限公司: 贵司《关于核实影响农发种业股票交易异常波动有关事 项的函》收悉,根据贵司要求,我司进行了核查。我司确认: 1、截至目前,除贵司正在实施的向特定对象发行股票 事项外,我公司不存在根据《上海证券交易所股票上市规则》 等有关规定,涉及农发种业的应披露而未披露的重大信息, 包括但不限于重大资产重组、股份发行、重大交易类事项、 业务重组、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等重大 ...

南财智讯1月30日电，农发种业公告，公司股票于2026年1月28日、1月29日、1月30日连续三个交易日内 收盘价格涨幅偏离值累计达到20%，构成股票交易异常波动。经公司自查并向控股股东及实际控制人核 实，除已披露的2025年度业绩预增事项（预计净利润同比增长59.96%至79.15%）及向特定对象发行A股 股票募集资金已到账并正推进上市工作外，公司目前生产经营正常，市场环境及行业政策未发生重大调 整；确认不存在应披露而未披露的重大资产重组、股份发行、重大交易、业务重组、股份回购、股权激 励、破产重整、重大业务合作、引进战略投资者等事项；未发现对公司股价可能产生重大影响的媒体报 道、市场传闻或热点概念；公司控股股东、实际控制人及董事、高级管理人员在异常波动期间未买卖公 司股票。 ...

Group 1: Agricultural Industry - DaFa V is expected to release a significant document related to hybrid corn seed production, highlighting the leading companies in the sector such as YinHai Seed Industry, ZhongShui HaiYe, WanXiang DeNong, and DunHuang Seed Industry [2] - Agricultural Development Group, a key player in seed production, has a comprehensive strength ranking among domestic seed producers, focusing on corn, wheat, and rice seeds, with extensive land holdings [2] - The company has seen a rapid stock price increase, with a notable performance of 3 trading days with 2 price limits [2] Group 2: Robotics and AI - Beijing Humanoid Robot Innovation Center has launched a pilot verification platform, indicating advancements in humanoid robotics [3] - Tianqi Co. has partnered with various companies to provide diverse robotic products and solutions, with a notable collaboration for the 2026 Spring Festival [3] - The company has seen significant stock performance, with 5 trading days and 3 price limits [3] Group 3: Semiconductor and Electronics - Companies like TaiJi Industrial and ShiYiDa are leading in DRAM packaging and semiconductor testing equipment, with significant revenue growth expected [3][4] - The semiconductor industry is experiencing a surge in demand, with companies like JingPuTe and BaiYun Electric focusing on innovative solutions for data centers and electric drive systems [4] - Google Cloud has announced price increases, reflecting the growing demand for cloud services [4] Group 4: Space and Satellite Communication - LongJiang Communication is focusing on low-orbit satellite communication, contributing to the establishment of standards in the industry [5] - TianTong Co. is showcasing its capabilities in commercial satellite technology and electronic manufacturing services, enhancing the supply chain for the aerospace industry [5] Group 5: Chemical and Material Industry - BaiChuan Co. is actively involved in the production of chemical products and is expanding into the lithium battery materials sector [5] - The company is also experiencing stock performance with 3 trading days and 3 price limits [5] - The PCB materials market is seeing price increases, with Japanese manufacturers raising prices by over 30% [5] Group 6: Consumer Goods and Retail - The State Council has issued a plan to accelerate the growth of service consumption, impacting companies in the retail and entertainment sectors [3] - Companies like HengDian Film and HuangTai Liquor are experiencing stock price increases, indicating positive market sentiment [3]

Group 1 - The A-share market experienced a total of 57 stocks hitting the daily limit up and 60 stocks hitting the daily limit down on January 30 [1] - The agricultural planting sector was active, with companies like Nongfa Seed Industry and Denghai Seed Industry reaching the limit up [1] - The laser industry concept strengthened, with Jepu Te hitting the limit up [1] Group 2 - CPO concept stocks rose, with Hengtong Optic-Electric hitting the limit up [1] - Tian Di Online achieved 6 limit ups in 10 days, while *ST Chengchang had 6 limit ups in 7 days [1] - Other notable stocks included Hunan Gold with 5 consecutive limit ups and Tianqi Co. with 3 limit ups in 5 days [1] Group 3 - *ST Wanfang faced 14 consecutive limit downs, while *ST Jinglun had 4 consecutive limit downs [1] - *ST Sailong experienced 3 consecutive limit downs, and other companies like Jinmoly Co. and Pengxin Resources also faced limit downs [1]