Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" [2][8] Core Viewpoints - The agricultural sector is expected to see a significant recovery in Q1 2025, with a projected net profit of 99.30 billion yuan, marking a year-on-year increase of 705% [4][5] - Key sub-sectors expected to show strong growth include seed and planting (+320%), pig farming (+278%), and chicken farming (+117%) [3][4] - The report highlights the performance of specific companies, with notable profit increases for Muyuansheng (289%), Wen's (246%), and Shennong Group (6550%) [3][6] Summary by Relevant Sections Pig Farming - In Q1 2025, despite a slight decline in pig prices, the cost optimization has led to profitability, with an average profit of 85.89 yuan per head [3][4] - The average price of pigs was 15.06 yuan/kg, down 9.43% from the previous quarter [3] - Major pig farming companies are expected to report a combined net profit of 66.70 billion yuan, a significant turnaround from losses [3][4] Chicken Farming - The white feather chicken sector is facing price declines across the supply chain, with significant drops in chick and meat prices [3][4] - The average price for white feather chicken chicks was 2.36 yuan each, down 29.2% year-on-year [3] - Despite challenges, companies like Shennong Development are expected to achieve profitability due to cost management [3][4] Pet Food - The pet food sector is projected to grow rapidly, driven by both domestic and international markets [3][4] - Exports of pet food increased by 9.1% in early 2025, with domestic brands launching new products [3][4] - Companies like Guibao Pet and Zhongchong are expected to see net profit increases of 21% and 42%, respectively [3][4] Animal Health - The increase in livestock numbers is expected to boost sales of veterinary products, with a projected recovery in revenue and net profit for listed companies [3][4] - The number of vaccine approvals increased by 23% year-on-year, indicating a recovery in demand [3][4] Investment Analysis - The report suggests focusing on investment opportunities across various agricultural sub-sectors, particularly in light of favorable tariff policies and the push for self-sufficiency [3][4] - Recommended companies for investment include Muyuansheng, Wen's, Haida Group, Guibao Pet, Shennong Development, and Longping High-Tech [3][4][9]

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector based on the fundamentals [5]. Core Insights - The global corn supply-demand gap continues to widen, with improved export prospects for the U.S. corn market [2][3]. - The report revises global corn production expectations upward, with a projected total of 1.215 billion tons for 2024/25, a decrease of approximately 1.2% year-on-year [2][3]. - Global corn consumption is expected to reach approximately 1.242 billion tons for 2024/25, reflecting a year-on-year increase of about 1.8% [3]. - The global soybean crushing demand is improving, with a projected increase in crushing volume to 355 million tons for 2024/25, up 0.57% from previous estimates [13][14]. - The report indicates a tightening supply-demand balance for wheat, with a revised production estimate of 797 million tons for 2024/25, a decrease of 0.05% from previous estimates [10]. Summary by Sections Corn Market - The USDA report has raised the global corn production forecast for 2024/25 to 1.215 billion tons, a slight increase from previous estimates, despite a year-on-year decline of 1.2% [2][3]. - The global corn import volume is expected to be 182 million tons, an increase of approximately 0.99% from previous estimates, while the export volume is projected at 189 million tons, a decrease of about 1.24% [3]. - The U.S. corn export forecast has been raised to 64.77 million tons, reflecting a competitive pricing advantage [4]. Wheat Market - The global wheat production forecast has been revised down to 797 million tons for 2024/25, with a corresponding decrease in consumption expectations [10]. - The report indicates a narrowing demand gap for wheat, with a projected ending stocks-to-use ratio of 32.4% [10]. Soybean Market - The global soybean production forecast has been slightly reduced to 421 million tons for 2024/25, while the total demand is expected to increase to approximately 411 million tons [13][14]. - The report highlights an improvement in the soybean crushing demand, with a projected increase in crushing volume due to favorable supply conditions [13]. Industry Performance - The industry index shows a strong performance with a 9.2% increase over the past month and a 14.3% increase over the past six months [6]. - The total market capitalization of the industry is reported at 1,072.8 billion, with a circulating market value of 916.2 billion [5].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]

转自：前瞻产业研究院 行业主要上市公司：隆平高科(000998.SZ);大北农(002385.SZ);牧原股份(002714.SZ);益生股份 (002458.SZ)等 本文核心数据：生物育种行业投融资规模;生物育种行业投融资事件;生物育种行业兼并重组 1、 2022年投资最为活跃 根据IT桔子的统计数据，中国生物育种行业的融资事件和规模呈现先波动上升后波动下滑的趋势，行业 整体投融资不活跃， 2022及2023年投资事件数量最多，其中2022年投资金额规模最大，分别达7起和 24.58亿元，2025年尚未出现投融资事件。 注：上述统计时间截至2025年1月21日，下同。 2、 单笔融资情况呈波动下滑趋势 4、 资本市场更重视动物育种领域的投资 从生物育种行业的单笔投融资情况来看，中国生物育种投融资单笔融资情况呈现波动发展的趋势，其中 峰值位于2024年，单笔融资金额达到3.54亿元。 从融资轮次来看，生物育种领域的融资轮次多处于相对早期阶段，具体来看，2015-2025年，A轮及天 使轮融资事件数量最多，均为5起。 3、 投融资事件在广东最为集中 从2015-2025年中国生物育种行业投融资区域分布的情况来 ...

截至4月11日收盘，转基因概念下跌5.96%，位居概念板块跌幅榜前列，板块内，万向德农跌停，神农 种业、敦煌种业、丰乐种业等跌幅居前，股价上涨的有3只，涨幅居前的有芭田股份、金城医药、科前 生物等，分别上涨5.63%、1.91%、1.07%。 转基因概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002385 | 大北农 | -7.17 | 10.09 | -15703.93 | | 300087 | 荃银高科 | -8.83 | 12.71 | -10991.72 | | 300189 | 神农种业 | -13.04 | 40.95 | -10713.62 | | 000998 | 隆平高科 | -5.46 | 7.89 | -6747.25 | | 002041 | 登海种业 | -6.88 | 6.53 | -5055.55 | | 000713 | 丰乐种业 | -9.02 | 18.03 | -4946.29 | | 600354 | 敦煌种业 | -9.25 | 20. ...

Core Viewpoint - Longping High-Tech has received approval for a 1.2 billion yuan private placement, aimed at repaying bank debts and improving liquidity, amidst a backdrop of rising agricultural product prices due to escalating Sino-U.S. trade tensions [1][8]. Group 1: Financial Performance - After a significant asset restructuring in 2023, Longping High-Tech's revenue increased by 22.45% from 7.532 billion yuan to 9.223 billion yuan, and the net profit turned from a loss of 833 million yuan to a profit of 200 million yuan, marking a 124.02% increase [3]. - For the first nine months of 2024, the company reported a revenue of 2.881 billion yuan, a decrease of 14.46% year-on-year, with a net loss of 475 million yuan, reducing losses by 17.82% compared to the previous year [3]. Group 2: Market Position and Growth - Longping High-Tech is a leading player in the seed industry, recognized for its integrated breeding and promotion model, and has maintained a strong market position in hybrid rice and corn seeds, ranking first among domestic seed companies and eighth globally [2][5]. - The company aims to leverage the "tariff dividend" period to solidify its leading position in the seed industry and expand its market share [1][13]. Group 3: Research and Development - Longping High-Tech has a robust R&D framework, with R&D expenses of 591 million yuan, 677 million yuan, and 440 million yuan in 2022, 2023, and the first nine months of 2024, respectively, ranking first among A-share seed companies [7]. - The company has developed several leading crop varieties, including high-yield rice and corn, and has made significant advancements in modern breeding technologies such as gene editing and genomic selection [5][7]. Group 4: Policy Environment - The Chinese government has emphasized the importance of agricultural self-sufficiency and innovation in the seed industry through the "Planning for Accelerating the Construction of an Agricultural Power (2024-2035)" [10]. - The recent tariff increases on U.S. agricultural products highlight the critical importance of food security in China, which may benefit domestic seed companies like Longping High-Tech [11].

99个转基因玉米、大豆品种通过初审 涉及多家种业上市公司 智通财经4月8日电，据今日农业农村部种业管理司公告，97个转基因玉米和2个转基因大豆品种通过初 审，涉及大北农、隆平高科、登海种业、丰乐种业等多家上市公司，其中有58个转基因品种的转化体所 有者为北京大北农生物技术有限公司。（智通财经记者 刘建 王平安） ...

（湖南省长沙市芙蓉区合平路 638 号） （注册稿） 保荐人（主承销商） 袁隆平农业高科技股份有限公司 向特定对象发行股票 募集说明书 募集说明书 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 投资者若对本募集说明书存在任何疑问，应咨询自己的股票经纪人、律师、会计 师或其他专业顾问。 1-1-1 募集说明书 股票简称：隆平高科 股票代码：000998 ...