Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Insights - The 2026 Central Document emphasizes agricultural modernization, focusing on stabilizing grain production, promoting healthy development in animal husbandry, and enhancing agricultural technology innovation [3][4][5] - The grain production target has been raised to approximately 1.4 trillion jin, with initiatives to improve grain quality and variety [5][6] - The document acknowledges the success of previous measures in the livestock sector and introduces new strategies to boost dairy product consumption [8][9] - Agricultural technology innovation is highlighted, with a focus on the implementation of breeding actions and the integration of AI in agriculture [15][21] Summary by Sections Grain Sector - The document sets a grain production target of stabilizing at around 1.4 trillion jin and emphasizes quality improvement and variety enhancement [5][7] - It includes measures to protect farmers' interests, such as determining minimum purchase prices for rice and wheat [5][7] - The document also stresses the importance of developing a futures market for agricultural products [5][7] Livestock Sector - The document reinforces the need for comprehensive regulation of pig production capacity and acknowledges the success of previous measures in stabilizing the beef and dairy industries [8][9][11] - It promotes measures to enhance dairy product consumption and supports the development of forage crops [9][11] Agricultural Technology - The document continues to emphasize the implementation of breeding actions and the promotion of breakthrough varieties [15][16][17] - It encourages the development of high-end intelligent agricultural machinery and the integration of AI, drones, and IoT into agricultural practices [21][25] Investment Recommendations - The report recommends several companies across different segments, including: - Livestock: YouRan Agriculture, Modern Agriculture [27] - Swine: HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Co., TianKang Bio, and ShenNong Group [27] - Pet Industry: GuaiBao Pet [27] - Feed: HaiDa Group [27] - Poultry: LiHua Co., YiSheng Co., and ShengNong Development [27] - Animal Health: HuiSheng Bio [27] - Planting Chain: Hainan Rubber, QuanYin High-Tech, Guotou Fengle, and LongPing High-Tech [27]

Core Insights - The report emphasizes a favorable outlook for the livestock sector, particularly dairy farming, anticipating a significant cyclical reversal benefiting Hong Kong-listed dairy farming companies [1][12] - The investment strategy highlights a recommended monthly portfolio including leading companies in various segments such as dairy, pig farming, and pet food [1][3] Livestock Sector - The livestock sector is expected to experience a cyclical reversal, with both beef and milk prices projected to rise, driven by a reduction in domestic beef production and a historical low in milk prices [14][29] - Key recommendations include Yuran Dairy and Modern Farming, which are positioned to benefit from the anticipated price recovery in raw milk and beef [14][17] Pig Farming Sector - The pig farming sector is witnessing a stabilization in prices, with a notable increase in piglet prices, indicating a potential recovery in profitability for leading companies [20][21] - Recommended companies in this sector include Muyuan Foods, Wens Foodstuffs, and Huazhong Holdings, which are expected to benefit from improved cash flow and dividend returns [3][15] Poultry Sector - The poultry sector is seeing a slight increase in supply, with expectations of demand recovery supporting price stability, particularly for broiler chickens [22][24] - Leading companies such as Lihua Agricultural and Shengnong Development are highlighted for their competitive advantages in cost management and market positioning [18][19] Pet Food Sector - The pet food market is identified as a high-growth area, benefiting from rising consumer sentiment and the emergence of domestic brands [16][18] - Companies like Guibao Pet Food are recommended for their strong growth potential in this segment [3][16] Feed Sector - The feed industry is expected to deepen its industrialization, with leading companies leveraging technological and service advantages to enhance competitive positioning [1][3] - The report notes that feed prices are at historical lows, providing a supportive cost structure for producers [20][21] Agricultural Products - The report tracks agricultural product prices, noting fluctuations in pork, chicken, and feed prices, with implications for overall market dynamics [2][21] - The analysis indicates that soybean meal prices are at historical lows, while corn prices are stabilizing, suggesting a tightening supply-demand balance in the medium term [20][21]

证券研究报告·行业点评报告 2026 年 2 月 4 日 江海证券研究发展部 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.42 -2.93 -4.02 绝对收益 -2.76 -2.78 18.06 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 2 月 3 日数据 -15% -6% 4% 14% 24% 34% 2025-02 2025-06 2025-10 2026-02 农林牧渔 沪深300 相关研究报告 1. 江海证券-行业点评报告-农林牧渔行 业：能繁母猪加速去化，关注生猪养殖左 侧布局机会 – 2025.11.25 2. 江海证券-行业点评报告-农林牧渔："反 内卷"叠加亏损减产，生猪养殖有望进入 产能去化周期 – 2025.09.25 3. 江海证券-行业点评报告-农林牧渔行 业：中央一号文件发布，首提农业新质生 产力 – 2025.02.24 农林牧渔行业 聚焦农业现代化，建设农业强国 事件： ◆2026 年中央一号文件发布。2026 年 2 月 3 ...

Summary of Key Points from the Conference Call Industry Overview - **Agriculture Sector**: The focus is on enhancing the comprehensive regulation of pig production capacity, consolidating the relief achievements in beef and dairy industries, and promoting supply-demand balance and healthy development [1][5]. Core Insights and Arguments - **Livestock Industry**: - Emphasis on strengthening pig production capacity regulation and consolidating the relief of beef and dairy industries to ensure a balanced supply and demand [1][5]. - Introduction of multiple measures to promote dairy product consumption [2][6]. - **Crop Production**: - Stability in grain and oil production is prioritized, with efforts to enhance soybean production capacity and expand the production space for oilseed crops such as rapeseed, peanuts, and tea oil [3][7]. - Promotion of stable development in cotton, sugar, and natural rubber industries [4][8]. - **Seed Industry**: - Implementation of seed industry revitalization actions, accelerating the breeding and promotion of breakthrough varieties, and advancing the industrialization of biotechnology [9]. - **Agricultural Technology**: - Development of new agricultural productivity tailored to local conditions, integrating artificial intelligence with agriculture, and expanding application scenarios for drones, IoT, and robotics [10]. - **Agricultural Trade**: - Coordination between agricultural trade and production is encouraged, with a push for diversification in agricultural imports [11][12]. - Cultivation of internationally competitive agricultural enterprises and support for expanding exports of advantageous specialty agricultural products [13][14]. Additional Important Insights - **Investment Focus**: Attention is drawn to the effectiveness of livestock production capacity regulation, the cyclical reversal of beef and dairy industries, and the orderly advancement of seed industry revitalization [15]. - **Key Investment Targets**: Notable companies include YouRan Agriculture, Modern Animal Husbandry, Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Longping High-Tech, and Denghai Seeds [16]. - **Smart Agriculture**: The company TopCloud Agriculture is highlighted as a noteworthy entity in the smart agriculture sector [17].

南财智讯2月3日电，隆平高科在投资者关系活动中表示，针对国内玉米行业低迷现状，公司已提前储备 耐密植和转基因品种等下一代玉米品种，其中转基因品种已获得市场推广认可；部分5500-6000株/亩的 耐密植品种将通过国审审定推向市场；同时通过2025年收购武汉川禾布局鲜食玉米赛道、控股黑龙江乾 吉落子黄金玉米带，2026年将继续抓住外延扩张机会保障国内业务稳定。 ...

南财智讯2月3日电，隆平高科在投资者关系活动中表示，在国内水稻种子行业竞争加剧、极端气候频发 背景下，公司水稻业务保持稳健经营，市场占有率超20%；已前瞻性布局优质稻品种，围绕市场需求推 进高附加值品种的研发与储备；在东南亚等国际市场，依托中国与当地农业科技"代际差"，推进适应当 地气候条件、满足种植需求的品种选育与本土化布局。 ...

南财智讯2月3日电，隆平高科在投资者关系活动中表示，2025年度隆平巴西通过优化组织结构、强化市 场研判与营销运作实现量价齐升；在供应链、人力、财税等方面实施全方位精益降本，毛利率预计同比 提升8个百分点以上；并通过约40亿元人民币银团贷款置换高利率债务、运用五年期套期保值工具严控 外汇风险敞口，财务费用较上年同期下降约超90%；未来将持续强化运营能力、营销运作及降本增效， 推进负债结构优化，力争2026年实现扭亏为盈。 ...

Group 1: Financial Performance and Strategies - 隆平巴西 significantly reduced losses through organizational optimization and enhanced marketing strategies, achieving a gross profit margin increase of over 8% year-on-year [2][3] - Financial expenses decreased by approximately 90% compared to the previous year due to the replacement of high-interest debt with a RMB 4 billion syndicated loan [2][3] - The company aims to achieve profitability in 2026 by optimizing its debt structure and improving capital management [3] Group 2: Rice Industry Outlook - The company maintains a market share of over 20% in the rice seed industry, demonstrating resilience amid increased competition and extreme weather conditions [4] - Future growth opportunities exist in international markets, particularly in Southeast Asia, where the company can leverage its technological advantages [4] Group 3: Specialized Business Development - The specialized business segment showed varied performance, with steady growth in sunflower and pepper seed businesses, while the millet seed business faced a decline due to market price adjustments [5][6] - The company plans to expand its product categories and enhance international operations while managing risks effectively [5][6] Group 4: Corn Industry Challenges - The domestic corn seed industry is currently in a downturn, with expectations of continued challenges over the next one to two years [6] - The company is proactively preparing next-generation corn varieties and has a good cash flow to seize opportunities during this low period [6]

长江商报消息 ●长江商报记者 徐阳 隆平高科（000998.SZ）2025年逆势增长，展现出作为种业龙头的经营韧性。 根据业绩预告，2025年，隆平高科预计实现归母净利润为1.3亿元至1.9亿元，上年同期盈利1.14亿元， 同比增长14.17%至66.86%；预计实现扣非净利润为6000万元至8800万元，上年同期亏损2.89亿元，同比 扭亏。 隆平高科积极应对行业波动，不断提升经营韧性。 2025年度业绩预告显示，隆平高科预计2025年度归属于上市公司股东的净利润（以下简称"归母净利 润"）对比2024年同期增长14.17%至66.86%，扣除非经常性损益后的净利润（以下简称"扣非净利润"） 扭亏为盈。 结合前三季度财务数据，长江商报记者粗略计算，隆平高科2025年第四季度的归母净利润将超过7.94亿 元、扣非净利润超过7.6亿元，这一亮眼业绩一举扭转前三季度的亏损局面。 根据公告，隆平高科2025年年度业绩增长主要得益于国外玉米业务多措并举，营业收入实现增长，利润 大幅减亏，以及公司持续推行精细化资金管理的模式。 作为以袁隆平院士的名字命名、中信集团实控管理的民族种业领军企业，隆平高科盈利能力大幅改善的 ...

证券之星消息，2月2日种植业板块较上一交易日下跌6.54%，荃银高科领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。种植业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002772 | 众兴菌业 | 17.10 | 4.20% | 32.90万 | | 5.57亿 | | 002041 | 壹海种业 | 11.64 | 3.10% | 125.74万 | | 14.19 Z | | 600883 | 博闻科技 | 8.50 | -1.28% | ● 7.61万 | | 6522.79万 | | 603336 | 宏辉果蔬 | 9.12 | -1.94% | 13.58万 | | 1.25亿 | | 300511 | 雪榕生物 | 6.00 | -2.44% | 23.26万 | | 1.41亿 | | 920087 | 秋乐种业 | 20.44 | -2.81% | 22.51万 | | 4.41亿 ...