Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]

证券之星消息，12月5日种植业板块较上一交易日下跌1.52%，众兴菌业领跌。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。种植业板块个股涨跌见下表： 从资金流向上来看，当日种植业板块主力资金净流出4643.29万元，游资资金净流出436.88万元，散户资 金净流入5080.17万元。种植业板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600108 | 亚盛集团 | 3161.69万 | 17.47% | -550.77万 | -3.04% | -2610.92万 | -14.43% | | 601118 | 海南橡胶 | 1348.90万 | 4.04% | -2256.27万 | -6.75% | 907.37万 | 2.72% | | 600371 万向德农 | | 215.55万 | 2.25% | -258.32万 | -2.69% ...

证券日报网讯12月4日，隆平高科（000998）在互动平台回答投资者提问时表示，公司高度重视对投资 者的合理投资回报，利润分配政策将保持一定稳定性，兼顾全体股东利益及公司高质量发展需要。 ...

新华财经北京12月1日电题：从一粒稻种看中国种企创新路 新华社记者胡璐、周勉 冬日的清晨，海南陵水县椰林镇的湖南省南繁科研育种园安马洋基地。"这块田插两行，每行七株，那 块田得插四行。"这几天，袁隆平农业高科技股份有限公司科研人员孙振彪正忙着和大家一起人工栽插 水稻育种材料。 为了提高育种效率，隆平高科推动传统育种经验与现代生物技术结合，建立了覆盖生物技术、传统育 种、品种测试三大平台的商业化育种体系。通过组建国际先进的生物技术平台，应用种业集成产品研发 和数字化技术，使品种选育周期从之前的8到10年缩短至4到6年。此外，还自主研发了多个信息系统， 实现了种子从播种到收获的全程数字化管理。 隆平高科的发展，是在种业振兴行动的推动下，中国种企不断创新的生动缩影。 企业是种业振兴的骨干力量。为改变我国种企数量多、规模小、创新弱的状况，2021年农业农村部从3 万余家企业中遴选了农作物、畜禽、水产等270多家种业企业，构建"破难题、补短板、强优势"国家种 业企业阵型，推动与金融、科研、基地对接合作。 目前，种业企业牵头承担国家重大科技项目占比超过六成，金融机构为种业企业提供贷款3000多亿元， 农作物阵型企业研发投 ...

隆平高科水稻首席专家、副总裁杨远柱告诉记者，致力于实现更大的种业突破，隆平高科组建了一支 700多人的科研团队，并联合国内多名院士、多家知名科研院所，长期开展产学研合作。 新华社北京12月1日电 题：从一粒稻种看中国种企创新路 新华社记者胡璐、周勉 冬日的清晨，海南陵水县椰林镇的湖南省南繁科研育种园安马洋基地。"这块田插两行，每行七株，那 块田得插四行。"这几天，袁隆平农业高科技股份有限公司科研人员孙振彪正忙着和大家一起人工栽插 水稻育种材料。 海南温暖如春的天气，让秧苗长得格外快。600多亩的试验基地里，有的已是绿油油的一片。孙振彪 说，每个田块都是根据各自栽插的新品种特性和试验目的来精准控制栽插株数和时机的，期待明年3、4 月份能通过田间观察挑选出性状更好的育种材料。 种子是农业的"芯片"。半个世纪前，杂交水稻在中国率先成功研发并大面积推广，助力解决世界近五分 之一人口吃饭问题，并远播包括冈比亚在内的五大洲近70国。随着生活水平提高，人们肉蛋奶吃得多 了，需要越来越多的饲料粮来转化，对粮食的需求在不断扩大，对粮食品质的要求、多样化食物的需求 也在提高。 目前，种业企业牵头承担国家重大科技项目占比超过六成， ...

Core Insights - The planting industry sector experienced a slight increase of 0.07% on December 1, with Zhongxing Junye leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Sector Performance - Zhongxing Junye (002772) closed at 13.13, up 4.12% with a trading volume of 261,100 shares and a transaction value of 347 million yuan [1] - Nuofushin (002215) closed at 11.20, up 3.90% with a trading volume of 281,100 shares and a transaction value of 316 million yuan [1] - Yasheng Group (600108) closed at 3.17, up 1.93% with a trading volume of 679,700 shares and a transaction value of 216 million yuan [1] - Dunhuang Seed Industry (600354) closed at 6.60, up 1.54% with a trading volume of 126,860 shares and a transaction value of 178 million yuan [1] Capital Flow - The planting industry sector saw a net outflow of 236 million yuan from main funds, while retail investors contributed a net inflow of 175 million yuan [2] - The main funds showed a net inflow in Nuofushin (317.72 million yuan) and a net outflow in Zhongxing Junye (-33.90 million yuan) [3] - Retail investors showed significant net inflows in several stocks, including Zhongxing Junye (221.98 million yuan) and Dunhuang Seed Industry (1589.02 million yuan) [3]

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Core Viewpoint - The company is undergoing significant governance restructuring and asset optimization to enhance operational efficiency and focus on core business areas, driven by the support of its major shareholder, CITIC Group [1][2][3][5] Governance Structure - The company has revised its Articles of Association and governance systems, eliminating the supervisory board and streamlining the board from 15 to 9 members to improve decision-making efficiency [1] - A rotation system for the president has been implemented to foster team creativity and align with modern corporate governance standards [1] - The company received recognition as an excellent practice case for its board governance in November 2023 [1] Asset Optimization - Since 2023, the company has disposed of 73 inefficient assets, enhancing asset quality and focusing on its core business [2] - The merger with Longping Development has strengthened the company's position in the international seed market, particularly in transgenic corn [3] Business Focus - The company has established a business matrix centered on staple crops such as hybrid rice, corn, wheat, and soybeans, as well as specialized crops [3] - The company has developed a "dual full dual zero" quality management model, which has earned it the "China Quality Award" in September 2025, marking it as the only agricultural company to receive this honor [3] Financial Performance - In 2024, the company reported a revenue of 8.566 billion yuan, with significant contributions from the rice and corn segments [3] - The company has distributed approximately 125 million yuan in cash dividends over the past two years, with an average dividend payout ratio of nearly 40% of net profit [3] Investor Relations - The company has enhanced its communication with the capital market through various investor relations initiatives and received an A-class rating for information disclosure in October 2025 [4] - Strategic investments from state-owned enterprises have been secured to optimize governance and accelerate the development of the corn seed business [4] Long-term Growth - The company's governance improvements and capital strategy adjustments are laying a solid foundation for high-quality development and long-term growth amid increasing competition in the international seed industry [5]

11月28日晚间，隆平高科公告，公司因违规行为收到深交所监管函，湖南证监局亦下发责令改正监管措施，董事长刘志勇、董事会秘书胡博被采取监管谈 话的监督管理措施。 经查，2020年12月，隆平高科与湖南君维实业有限公司签订《湖南隆平高科耕地开发有限公司股权转让补充协议》，并约定相关业绩承诺事项。隆平高科 未在2021年至2024年年度报告中披露前述协议约定的业绩承诺事项及具体履行情况。 2023年3月，隆平高科与耿志民等人签订《福建科力种业有限公司股权转让协议》，并约定相关业绩承诺事项。隆平高科未在2023年至2024年年度报告中 披露前述协议约定的业绩承诺事项及具体履行情况。 隆平高科表示，上述业绩承诺事项（一）于2017年12月作出，并在2020年10月以补充协议方式进行调整；业绩承诺事项（二）于2023年3月1日作出，考核 指标为净资产收益率，非固定的净利润指标。上述问题是公司在坚定推进瘦身健体、剥离低效无效资产、增强公司治理过程中发现的历史问题，公司及相 关责任人高度重视相关问题，将严格按照湖南证监局的要求，采取有效措施对历史相关问题认真总结、积极承担整改责任。 10月29日，隆平高科发布2025年三季报 ...