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]

Core Insights - The China Quality Award was announced at the China Quality (Nanjing) Conference on September 16, with 9 organizations receiving the award and 78 organizations and 6 individuals receiving nominations. Longping High-Tech Agriculture Co., Ltd. became the first company in the national agricultural and seed industry to win this prestigious award, marking a significant achievement for enterprises in Changsha in the field of quality [1][2]. Group 1: Company Achievements - Longping High-Tech has developed a "commercial breeding system," "standardized seed production system," and "scaled promotion service system," pioneering a quality management model known as "Double Zero" that covers the entire lifecycle and business process of crop seeds [2]. - The company has achieved global seed sales of 293 million kilograms, with an annual promotion area of 20 million acres, producing over 100 billion kilograms of grain annually. Notably, one out of every five bowls of rice in China comes from Longping's rice, and significant portions of other crops like millet and cucumbers are also sourced from its seeds [2]. Group 2: Industry Impact - Longping High-Tech has established itself as a comprehensive multinational seed group, focusing on the seed industry while integrating domestic and international operations. It ranks among the top eight seed companies globally, supported by its robust quality management practices [2].

Core Viewpoint - Longping High-Tech has been awarded the China Quality Award, becoming the first company in the national agricultural and seed industry to receive this honor, which is the highest recognition in the field of quality management in China [1][3]. Group 1: Quality Management Achievements - Longping High-Tech's "Double Zero" quality management model, which emphasizes "zero defects in product quality and zero regrets in service processes," has been recognized as an industry innovation [3]. - 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 [3][4]. Group 2: Breeding Innovations - The company focuses on breeding goals such as resistance to adversity, high yield, quality, and safety, utilizing a "factory-style, segmented" commercial breeding system [3]. - Longping High-Tech integrates modern biotechnology and information technology, creating a "DT (Big Data) + BT (Biotechnology)" smart breeding platform, leading to significant breakthroughs in various crop varieties [3][4]. Group 3: Production and Processing - Longping High-Tech is advancing the construction of a modern processing production park with an annual seed production capacity of 335 million kilograms and a high-standard seed production base covering 900,000 acres [4]. - The company employs a digital management system to oversee the entire production process, ensuring that seed purity and germination rates exceed national standards [4]. Group 4: Promotion and Services - The company has developed integrated promotion service systems through platforms like "Longshangtong" and "Cloud Smart Agriculture," achieving over 100 million views for training courses on the "Cloud Smart Agriculture" platform [4]. - Longping High-Tech's annual seed sales reach 293 million kilograms, with a promotion area of 20 million acres, contributing to over 100 billion kilograms of grain production annually [4]. Group 5: Market Position - Longping High-Tech has established itself as a comprehensive multinational seed group with a modern governance system and international operational capabilities, ranking among the top eight seed companies globally [5].

Group 1 - The genetically modified (GM) concept sector declined by 0.79% as of the market close on September 16, ranking among the top declines in concept sectors, with companies like Batian Co., KQ Biotech, and Dunhuang Seed Industry experiencing significant drops [1] - The GM concept sector saw a net outflow of 153 million yuan in main funds today, with 13 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 10 million yuan. The stock with the highest net outflow was Shennong Seed Industry, with a net outflow of 30.19 million yuan [2] - Other companies with notable net outflows included Dunhuang Seed Industry, Nongfa Seed Industry, and Jincheng Pharmaceutical, with net outflows of 23.78 million yuan, 22.76 million yuan, and 21.20 million yuan respectively [2] Group 2 - The top net inflow stocks in the GM concept sector included KQ Biotech and Guotou Fengle, with net inflows of 4.89 million yuan and 0.99 million yuan respectively [3] - The GM concept sector's outflow leaderboard featured Shennong Seed Industry, Dunhuang Seed Industry, Nongfa Seed Industry, and Jincheng Pharmaceutical, all showing negative performance in terms of stock price changes [2][3]

Core Viewpoint - The company, Longping High-Tech, has been awarded the China Quality Award for its innovative "Double Full Zero" quality management model, marking a significant achievement in the agricultural sector and seed industry in China [1] Group 1: Quality Management and Recognition - Longping High-Tech is the first company in the national agricultural and seed industry to receive the China Quality Award, which is the highest honor in the field of quality management in China [1] - The "Double Full Zero" quality management model focuses on comprehensive quality management throughout the entire lifecycle and business processes of crop seeds [1][3] Group 2: Breeding Innovation - The company emphasizes breeding goals such as resistance to adversity, high yield, quality, and safety, integrating modern biotechnology and information technology into its breeding processes [2] - Longping High-Tech has made significant breakthroughs in various fields, including low-cadmium rice, biological breeding corn, drought-resistant millet, and resistant sunflower [2] Group 3: Production and Processing - The company is advancing the construction of a modern processing park with an annual seed production capacity of 335 million kilograms and a high-standard seed production base covering 900,000 acres [2] - A digital management system has been implemented to ensure quality control throughout the production process, with seed purity and germination rates exceeding national standards [2] Group 4: Promotion and Services - Longping High-Tech has developed platforms such as "Longshangtong" and "Cloud Smart Agriculture" to enhance farmer income and productivity, achieving an annual increase of 8 billion yuan for farmers [2] - The company has created an integrated promotion service system combining online and offline sales, with over 100 million views on training courses from the "Cloud Smart Agriculture" platform [2] Group 5: Market Impact and Scale - The company has achieved a global seed sales volume of 293 million kilograms and a promotion area of 20 million acres, producing over 100 billion kilograms of grain annually [3] - Longping High-Tech's seeds contribute significantly to the national food supply, with statistics indicating that one in five bowls of rice and one in two bowls of millet porridge in China come from its seeds [3] - The company has established itself as a comprehensive multinational seed group, ranking among the top eight seed companies globally [3]

Core Viewpoint - Longping High-Tech (隆平高科) has been awarded the China Quality Award for its innovative "Double Zero" quality management model in the seed industry, marking a significant achievement in China's agricultural sector [1] Group 1: Quality Management and Awards - The China Quality Award, established in 2012, is the highest honor in quality management in China, aimed at promoting advanced quality management practices [1] - Longping High-Tech is the first company in the agricultural and seed industry to receive this award, highlighting its leadership in quality management [1] Group 2: Breeding Innovation - The company focuses on breeding innovations such as disease and pest resistance, high yield, and safety, establishing a "factory-based, segmented" commercial breeding system [2] - Longping High-Tech integrates modern biotechnology and information technology to create a "DT (Big Data) + BT (Biotechnology)" smart breeding platform, accelerating the application of transgenic and gene-editing technologies [2] Group 3: Production and Processing - The company is advancing the construction of 900,000 acres of high-standard seed production bases and a modern processing park with an annual capacity of 335 million kilograms [2] - Digital systems are implemented for farmland monitoring, intelligent production, and full-process quality traceability, with key indicators like seed purity and germination rate exceeding national standards [2] Group 4: Promotion and Services - Longping High-Tech aims to help farmers increase production and income through platforms like "Longshangtong" and "Cloud Smart Agriculture," creating an integrated promotion service system [2] - The "Cloud Smart Agriculture" platform has seen over 100 million views for its training courses, and the company’s promotion of the "Five Good Model" has helped farmers increase their income by 8 billion yuan [2] Group 5: Market Position and Impact - The company sells 293 million kilograms of seeds annually, with a promotion area of 20 million acres, contributing to over 100 billion kilograms of grain production each year [3] - Longping High-Tech's seeds account for a significant market share, with one in five bowls of rice in China coming from its rice varieties [3] - The company has developed into a comprehensive multinational seed group with a modern governance system, ranking among the top eight seed companies globally [3]