Investment Rating - The overall industry investment rating is "Positive" for planting, livestock, and agricultural product processing sectors, while "Neutral" for forestry and fishery sectors [2]. Core Views - Recent grain price increases indicate a potential bottoming out of the planting industry chain, while livestock prices remain low with potential for high-level capacity adjustments. The importance of domestic agricultural supply is highlighted by tariff countermeasures, suggesting a favorable policy environment for industry development [20][23]. Summary by Sections 1. Livestock Industry Chain - **Pork**: Production capacity growth has stagnated, with the sector's valuation at a historical low, indicating long-term investment opportunities. The average price of pork is 14.82 CNY/kg, down 0.02 CNY from last week. The demand is expected to weaken in the short term, leading to a potential weak fluctuation in pork prices [5][20]. - **Poultry**: Chicken prices are fluctuating, with the average price for white feather broilers at 3.75 CNY/jin, up 0.02 CNY from last week. The industry faces high production levels, but potential price increases may occur due to reduced imports from the U.S. following tariff impositions [9][21]. - **Yellow Chicken**: Prices are expected to rise as supply tightens and consumption recovers, with prices for yellow chicken at 11.2 CNY/kg, up 0.51 CNY from last month [10][23]. - **Animal Health**: The industry shows signs of recovery, with improved performance in Q1. The introduction of domestic vaccines is expected to drive growth in the sector [11][23]. 2. Planting Industry Chain - **Seed Industry**: The focus on food security is leading to improved policies for the seed industry, with expectations for transgenic technology to accelerate. The performance of leading companies is expected to improve as valuations are currently low [12][24]. - **Grain Prices**: Recent increases in grain prices, with corn at 2327 CNY/ton (up 30 CNY) and wheat at 2462 CNY/ton (up 10 CNY), suggest investment opportunities in the sector. The decline in grain imports in Q1 indicates a tightening supply [13][24]. 3. Recommended Companies and Ratings - **Companies with Buy Ratings**: Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are highlighted as recommended investments [3][52].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

2024 年年度股东会会议资料 | | | 江苏省农垦农业发展股份有限公司 | 会议须知 | | --- | | 会议议程 . | | 议案一:2024 年度董事会工作报告 | | 议案二：2024 年度监事会工作报告 15 | | 议案三:2024 年年度报告及摘要 19 | | 议案四:关于 2024年度利润分配的议案 . | | 议案五:关于公司 2025 年度日常关联交易预计的议案……………21 | | 议案六:关于聘任公司外部审计机构的议案 | | 议案七:关于提请股东会授权董事会决定 2025年度中期现金分红方 | | 案的议案 . | | 议案八:关于使用暂时闲置募集资金进行现金管理的议案 | | 2024 年度独立董事述职报告（高波） | | 2024 年度独立董事述职报告(解亘) | | 2024年度独立董事述职报告(李英) .. | 2024 年年度股东会 会议资料 股票代码：601952 2025 年 5 月 2024 年年度股东会会议资料 江苏省农垦农业发展股份有限公司 2024 年年度股东会会议须知 为了维护江苏省农垦农业发展股份有限公司（下称"公司"或"苏垦农发"）全 体股东的合法 ...

截至5月7日收盘，大豆概念上涨3.29%，位居概念板块涨幅第5，板块内，13股上涨，秋乐种业、先达 股份、荃银高科等涨幅居前，分别上涨17.90%、6.17%、4.51%。 大豆概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002385 | 大北农 | 2.18 | 5.29 | 6281.80 | 8.11 | | 300087 | 荃银高 科 | 4.51 | 7.87 | 3152.70 | 4.67 | | 601952 | 苏垦农 发 | 1.74 | 1.77 | 1932.64 | 8.01 | | 600598 | 北大荒 | 2.36 | 4.94 | 1533.51 | 1.13 | | 600313 | 农发种 业 | 2.95 | 5.57 | 1249.20 | 3.17 | | 600704 | 物产中 大 | 1.72 | 1.49 | 668.00 | 1.64 | | ...

内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...

2025年4月29日，苏垦农发(601952.SH)发布2025年一季报。 公司营业总收入为21.33亿元，在已披露的同业公司中排名第2，较去年同报告期营业总收入减少2.03亿 元，同比较去年同期下降8.70%。归母净利润为8242.06万元，在已披露的同业公司中排名第2，较去年 同报告期归母净利润减少4673.29万元，同比较去年同期下降36.18%。经营活动现金净流入为6.87亿 元，在已披露的同业公司中排名第2，较去年同报告期经营活动现金净流入增加6.97亿元，实现4年连续 上涨。 公司最新资产负债率为48.96%，在已披露的同业公司中排名第15，较上季度资产负债率减少0.52个百分 点，较去年同期资产负债率减少0.50个百分点。 公司最新毛利率为12.27%，在已披露的同业公司中排名第15，较上季度毛利率减少2.20个百分点，较去 年同期毛利率减少1.66个百分点。最新ROE为1.19%，在已披露的同业公司中排名第8，较去年同期ROE 减少0.72个百分点。 公司摊薄每股收益为0.06元，在已披露的同业公司中排名第6，较去年同报告期摊薄每股收益减少0.03 元，同比较去年同期下降33.33%。 公司最 ...

农林牧渔/种植业 苏垦农发（601952.SH） 粮价下行致销售规模收缩，期待粮价回升改善业绩 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 9.87 | | 一年最高最低(元) | 12.48/8.73 | | 总市值(亿元) | 136.01 | | 流通市值(亿元) | 136.01 | | 总股本(亿股) | 13.78 | | 流通股本(亿股) | 13.78 | | 近 3 个月换手率(%) | 69.93 | 股价走势图 数据来源：聚源 -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 苏垦农发 沪深300 相关研究报告 《麦价下跌致业绩承压，期待市场回 暖后业绩修复—公司信息更新报告》 -2024.10.30 《成本下降扩大盈利空间，稻种销售 表 现 靓 丽 — 公 司 信 息 更 新 报 告 》 -2024.8.22 陈雪丽（分析师） 朱本伦（联系人） chenxueli@kysec.cn zhubenlun@kysec.cn 证书编号：S0790 ...

农林牧渔/种植业 苏垦农发（601952.SH） 粮价下行致销售规模收缩，期待粮价回升改善业绩 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 9.87 | | 一年最高最低(元) | 12.48/8.73 | | 总市值(亿元) | 136.01 | | 流通市值(亿元) | 136.01 | | 总股本(亿股) | 13.78 | | 流通股本(亿股) | 13.78 | | 近 3 个月换手率(%) | 69.93 | 股价走势图 数据来源：聚源 -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 苏垦农发 沪深300 相关研究报告 《麦价下跌致业绩承压，期待市场回 暖后业绩修复—公司信息更新报告》 -2024.10.30 《成本下降扩大盈利空间，稻种销售 表 现 靓 丽 — 公 司 信 息 更 新 报 告 》 -2024.8.22 陈雪丽（分析师） 朱本伦（联系人） chenxueli@kysec.cn zhubenlun@kysec.cn 证书编号：S0790 ...