Group 1 - The genetically modified (GM) concept sector declined by 0.17% as of the market close on September 29, ranking among the top decliners in concept sectors [1] - Within the GM sector, notable decliners included Jincheng Pharmaceutical, Shennong Agriculture, and Guotou Fengle, while the top gainers were Xin'an Co., Huabang Health, and Top Cloud Agriculture, with respective increases of 3.89%, 1.80%, and 0.78% [1] - The GM sector experienced a net outflow of 80 million yuan in principal funds today, with Jincheng Pharmaceutical leading the outflow at 39.04 million yuan [2] Group 2 - The top stocks with net outflows in the GM sector included Longping High-Tech, Xin'an Co., and Nongfa Seed Industry, with outflows of 13.57 million yuan, 11.01 million yuan, and 8.06 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included Dabeinong, KQ Bio, and Dunhuang Seed Industry, with inflows of 12.52 million yuan, 2.55 million yuan, and 2.35 million yuan respectively [2][3] - The trading performance of Jincheng Pharmaceutical showed a decline of 4.49% with a turnover rate of 4.06% [2]

Investment Rating - The industry investment rating is "Maintain Overweight" [3] Core Viewpoints - The agricultural sector is experiencing a strong trend towards high-yield, densely planted varieties, particularly in hybrid corn, with MY73 maintaining the top position in terms of planting area at 20.97 million acres, showing a slight increase from last year [1][10] - In the pig farming sector, the average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, indicating a continued low valuation in the market [2][11] - The poultry sector shows mixed trends, with white feather chicken prices rising by 0.3% to 6.9 yuan/kg, while chicken product prices remain stable at 8.65 yuan/kg [11][31] - The introduction of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin following the public announcement period [11][12] Summary by Sections Agricultural Data Tracking - The average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, while the average wholesale price of pork is 19.42 yuan/kg, down 0.3% [12][20] - The price of 15kg piglets is 23.98 yuan/kg, down 4.7% week-on-week [19][23] Pig Farming - The self-breeding profit per head is -74.11 yuan, a decrease of 49.66 yuan from last week, while the profit from purchasing piglets is -236.57 yuan, down 37.25 yuan [16][17] - The average weight of slaughtered pigs remains stable at 89.07 kg [19][21] Poultry Farming - The price of meat chicken seedlings has increased by 4.4% to 3.29 yuan each, while the price of parent chicken seedlings has decreased by 0.4% to 43.19 yuan/set [26][29] - The profit from parent chicken breeding is 0.54 yuan each, up 0.14 yuan from last week, while the profit from meat chicken breeding is -2.22 yuan each, down 0.66 yuan [36][37] Crop Prices - Domestic corn prices have risen by 0.2% to 2365.29 yuan/ton, while soybean meal prices have decreased by 0.4% to 3019.71 yuan/ton [45][67] - The price of domestic wheat is 2436.28 yuan/ton, also up by 0.2% [47] Market Trends - The agricultural sector has underperformed compared to the CSI 300 index, with a decline of 1.97% [7][8] - The overall market sentiment indicates a potential recovery in chicken prices following emotional adjustments in the market [11][12]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to see a long-term performance improvement due to ongoing capacity reduction driven by both policy and market forces, with key companies continuing to show profitability and increasing dividend rates [3][46] - The current prices for fat pigs and piglets have dropped significantly, leading to widespread losses in the industry, which may trigger a market-driven capacity reduction [3][12] - The planting sector is showing positive fundamentals with an established upward trend in grain prices, highlighting significant investment opportunities [3][46] Summary by Relevant Sections Industry Fundamentals - Pig prices continue to decline, with the average price for fat pigs at 12.45 yuan/kg, down 1.81% week-on-week, and piglet prices at 21.29 yuan/kg, down 4.81% week-on-week [12][54] - The average weight of pigs at slaughter is stabilizing, but the pressure from capacity release continues, leading to a sustained decline in prices [12] Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods (002714) and Wens Foodstuff Group (300498) as key investment targets [3][46] - For the post-cycle sector, rising pig inventory is expected to boost demand for feed and animal health products, with companies like Haida Group (002311) and Reap Bio (300119) identified as potential beneficiaries [3][46] - In the planting chain, companies like Suqian Agricultural Development (601952) and Beidahuang (600598) are noted for their favorable investment outlook due to rising grain prices [3][46] - The pet food sector is also highlighted for its growth potential, with companies like Guibao Pet (301498) and Zhongchong Co. (002891) recommended for investment [3][46] Market Performance - The agriculture sector underperformed the market, with the agricultural index down 1.97% during the week, compared to a 0.21% increase in the Shanghai Composite Index [48][49] - Key sub-sectors such as feed, animal health, and livestock farming all experienced declines, with livestock farming down 2.14% [48]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]

Core Insights - China has made significant breakthroughs in breeding new high-yield rice varieties resistant to the rice planthopper, addressing the challenge of stable rice production [1] - The rice planthopper is identified as the primary pest in rice production in China, affecting over 300 million acres annually and causing a reduction of 3 billion pounds in rice yield [1] - The coverage rate of pest-resistant rice varieties in production is currently below 1% [1] Group 1: Research and Development - The breakthroughs were achieved with the support of the Agricultural Biotechnology Breeding Major Project, involving collaboration between Yuan Longping High-Tech Agriculture Co., Ltd. and leading domestic research teams [1] - A cooperative model of enterprise-science collaboration was established to innovate and apply molecular design breeding technology [1] - Key genes for resistance to the brown planthopper, rice blast disease, and nitrogen efficiency were precisely aggregated to develop new rice varieties [1] Group 2: New Varieties and Performance - New rice varieties such as "Wei Liang You 2268" and "Yang Xian You 4278" have been developed, showing significant resistance to the brown planthopper and rice blast disease [1] - Field trials indicate that these new varieties have increased yields by over 5% compared to control groups [1] - The "Wei Liang You 2268" variety achieved a record yield of 1,174.5 kg per mu in a demonstration plot in Hunan, setting a new high yield record for single-season rice in the middle and lower reaches of the Yangtze River [1] Group 3: Future Implications - The new varieties have been selected for inclusion in the 2025 National Crop Variety Promotion Directory as candidate varieties [1] - The accelerated promotion and application of these new varieties are expected to inject strong momentum into achieving high and stable rice production across China [1]

Core Insights - China has made significant breakthroughs in breeding high-yield rice varieties resistant to the rice planthopper, addressing the challenge of stable rice production [2] - The rice planthopper is identified as the primary pest in China's rice production, affecting over 300 million acres annually and causing a reduction of 3 billion jin in rice yield [2] - The coverage rate of resistant rice varieties in production is currently below 1% [2] Group 1 - The "Weiliangyou 2268" and "Yangxianyou 4278" rice varieties have been developed through a collaborative model involving leading research teams and innovative molecular design breeding technology [2] - These new varieties exhibit significant resistance to both the brown planthopper and rice blast disease, with trial yields exceeding 5% compared to control groups [2] - The "Weiliangyou 2268" variety achieved a record yield of 1174.5 kg per mu in Hunan, setting a new high for single-season rice in the Yangtze River mid-lower region [2] Group 2 - The newly developed rice varieties have been included in the 2025 National Crop Excellent Variety Promotion Directory as candidate varieties [2] - The accelerated promotion and application of these new varieties are expected to inject strong momentum into achieving high and stable rice production across China [2]

Industry Rating - The report maintains an "Outperform" rating for the agricultural sector [1] Core Insights - Global food prices showed structural increases in August 2025, with marginal declines in grain and dairy prices. The FAO reported an average global food price index of 130.1, remaining stable month-on-month but up 6.9% year-on-year [2][8] - Domestic grain prices are influenced by the new crop listings, with wheat and corn being closely monitored. The soybean market is affected by trade relations and biofuel policies [3] Summary by Sections Global Grain Price Analysis - The global grain price index averaged 105.6 in August 2025, down 0.8% month-on-month and 4.5% year-on-year, indicating ample supply and weak import sentiment [10] - The global corn price has risen for three consecutive months due to adverse weather affecting EU corn yields and increased demand for animal feed and ethanol processing in the US [10] Domestic Grain Price Analysis - The new season's wheat production is expected to be lower than anticipated, maintaining a supply surplus. The actual sowing area for winter wheat in 2025 is 33.9 million acres, a slight increase from the previous year [5][19] - The domestic corn market is projected to strengthen in the second half of 2025, with new corn listings expected to impact prices significantly [34][46] Investment Recommendations - Focus on seed companies due to their correlation with grain prices, with recommendations for companies like Longping High-Tech, Dabeinong, and Qianyuan High-Tech. The seed sector is currently at a low profitability point, awaiting a cyclical rebound [4] - In the grain and oil sector, attention should be paid to tariff price transmission for high-import-dependent varieties, with recommendations for companies like Suqian Agricultural Development and Beidahuang [4] - The agricultural water conservancy sector is expected to benefit from significant construction funding, with a recommendation for Dayu Water-saving [4] Supply and Demand Analysis - For wheat, the global production forecast for 2025/26 is 816 million tons, with a consumption increase of 11.4 million tons. The ending stock is projected at 264 million tons, reflecting a slight increase from the previous year [11] - The global corn production forecast for 2025/26 is 1.287 billion tons, with consumption rising by 31.4 million tons. The ending stock is expected to decrease to 281 million tons [11] - The global rice production is estimated at 541 million tons for 2025/26, with a consumption increase of 9.81 million tons, leading to a slight decrease in ending stocks [11] Domestic Supply and Demand Analysis - Domestic wheat production for 2025/26 is forecasted at 141.29 million tons, with a consumption increase of 2.4%. The import volume is expected to decrease significantly [20][23] - Domestic corn production is projected at 296.16 million tons, with consumption remaining stable. The import volume is expected to stay low, reflecting a tightening supply-demand balance [34][37] - Domestic rice production is expected to reach 208.58 million tons, with a slight increase in consumption. The rice market is projected to face downward pressure due to oversupply and changing consumption patterns [51][55]

Market Overview - The planting industry sector experienced a decline of 1.01% on September 22, with Xin Nong Development leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Key stocks in the planting industry showed varied performance, with the following notable changes: - Qianyin Gaoke (300087) closed at 60.6, up 0.78% with a trading volume of 203,500 shares and a transaction value of 185 million [1] - Denghai Liuyou (002041) closed at 9.35, down 0.32% with a trading volume of 49,500 shares [1] - Wanxiang Denong (600371) closed at 8.95, down 0.33% with a trading volume of 42,800 shares [1] - Su Kan Nong Fa (601952) closed at 9.49, down 0.42% with a trading volume of 52,900 shares [1] - Nuo Puxin (002215) closed at 13.28, down 0.45% with a trading volume of 283,400 shares and a transaction value of 375 million [1] - Dunhuang Seed Industry (600354) closed at 6.23, down 0.80% with a trading volume of 114,600 shares [1] - Honghui Lizhu (603336) closed at 9.84, down 0.81% with a trading volume of 181,800 shares and a transaction value of 178 million [1] - Longping High-Tech (000998) closed at 9.75, down 0.81% with a trading volume of 137,000 shares and a transaction value of 134 million [1] - Beidahuang (600598) closed at 14.37, down 0.83% with a trading volume of 124,300 shares and a transaction value of 179 million [1] - Hainan Rubber (601118) closed at 5.25, down 0.94% with a trading volume of 223,000 shares and a transaction value of 117 million [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 104 million from main funds, while retail funds experienced a net inflow of 88.22 million [3] - Speculative funds recorded a net inflow of 16.12 million [3]

人民财讯9月22日电，隆平高科（000998）发布公告称，贵州省旱粮研究所已于2024年12月将玉米自交 系"QD001"以独占许可方式授权隆平高科使用，且隆平高科享有对玉米自交系"QD001"独立开展市场维 权及打假的权利。任何单位和/或个人未经隆平高科授权，擅自使用、生产、繁殖、运输、储存、加 工、包装、销售、许诺销售玉米自交系"QD001"以及利用玉米自交系"QD001"生产、繁育玉米杂交种， 运输、储存、加工、销售、许诺销售玉米自交系"QD001"生产繁育的玉米杂交种的行为，均构成对玉米 自交系"QD001"知识产权及隆平高科合法权益的侵犯。隆平高科将依法维护自身合法权益，采取"刑事 报案"、"行政投诉"、"民事诉讼"等一切法律手段坚决追究侵权方的法律责任。 ...

Core Insights - Longping High-Tech has won the China Quality Award, becoming the first company in the national agricultural and seed industry to receive this honor, thanks to its innovative "Double Zero" quality management model [1] Group 1: Company Achievements - Longping High-Tech's "Double Zero" quality management model aims for zero defects in product quality and zero regrets in service processes, focusing on comprehensive quality management throughout the entire lifecycle and business processes of crop seeds [1] - The company has established three major systems: a commercial breeding system, a standardized seed production system, and a large-scale promotion service system, aligning with national food security strategies and industry revitalization actions [1] Group 2: Market Position - Longping High-Tech holds seven out of the top ten hybrid rice varieties and three out of the top ten corn varieties in the country, demonstrating its significant market presence [2] - The company's corn variety demonstration and promotion area accounts for one-third of the national total, indicating its leadership in the seed industry [2] - Longping High-Tech's annual global seed sales reach 293 million kilograms, with a promotion area of 20 million acres, contributing to over 100 billion kilograms of grain production annually [2]