Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

Group 1 - The domestic seed industry market is large and diverse, with various companies focusing on different crop varieties and regional layouts, leading to a fragmented competitive landscape [2] - The company has established a certain competitive advantage through independent technology and will continue to focus on research and innovation to consolidate its core strengths [2] - The company aims to collaborate with industry peers to promote the high-quality development of China's seed industry [2]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Core Viewpoint - The article highlights the transformative impact of Chinese hybrid rice seeds on Gambian agriculture, showcasing a successful collaboration between China and Gambia that has significantly improved rice production and farming practices in the region [6][7][9]. Group 1: Agricultural Transformation - The agricultural technology assistance project between China and Gambia began in 2019, focusing on modernizing rice farming techniques in the Sapu region, which previously relied on traditional methods [7]. - The introduction of controlled irrigation systems and mechanization has allowed for a significant increase in rice yields, with hybrid rice achieving stable production of over 7 tons per hectare, 2-3 times the local average [9][10]. - By 2025, the hybrid rice varieties are expected to maintain an average yield of 8.5 tons per hectare during the dry season, with peak yields reaching 10.8 tons per hectare [9]. Group 2: Training and Capacity Building - The project has conducted over 50 training sessions, benefiting more than 2,700 local personnel and establishing 38 hybrid rice demonstration sites covering over 300 hectares [11]. - The focus on "teaching to fish" rather than one-time aid has been a core principle, ensuring that local farmers can sustain improvements independently after the project's completion [11][12]. Group 3: Future Plans and Challenges - The farmer Musa plans to establish a professional agricultural team by 2026, collaborating with local universities to train young people in agriculture, providing them with land, seeds, and technical support [18]. - Despite the successes, challenges remain, including insufficient production capacity, a lack of skilled machinery operators, and supply chain issues for parts [17]. - Musa's collaboration with the World Food Programme aims to provide rice for school feeding programs, highlighting the broader social impact of the agricultural improvements [17].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]

Core Viewpoint - The company emphasizes its commitment to food security and adheres to relevant policies and regulations in its variety research and promotion efforts [2] Group 1: Company Research and Development - The company has successfully cultivated and promoted rice varieties resistant to rice planthoppers through traditional hybrid breeding techniques, without promoting any genetically modified rice varieties [2] - The company aligns with the views of Academician Yuan Longping, who believes that genetically modified organisms (GMOs) represent a future direction for ensuring food security and increasing yields, provided they undergo rigorous research and scientific testing before production and promotion [2]

证券日报网讯 12月24日，隆平高科（000998）在互动平台回答投资者提问时表示，公司早稻品类主要 聚焦长江中下游双季早籼稻市场，在两系杂交中迟熟早稻领域保持全国领先，特别是以陵两优系列为代 表的品种，在抗倒、高产、抗稻瘟病等方面表现突出。公司在加强低镉早稻方面选育力度，目前已储备 一批具备镉低积累、高产、抗稻瘟病早稻品种。 ...

Group 1 - The company, Longping High-Tech, is actively implementing the national food security strategy and is steadily advancing its strategic layout in soybean and other businesses [2]

Core Viewpoint - Longping High-Tech has clarified that the Zhongkefa series of early japonica rice is not the same type as its early rice, indicating a differentiation in their characteristics and that the early japonica rice is still in the initial stage of industrialization [2] Group 1: Company Insights - The company has accumulated years of experience in the early rice sector in the middle and lower reaches of the Yangtze River, showcasing advantages in high yield, broad adaptability, greenness, and efficiency, which contribute to its strong overall competitiveness [2] - The company is enhancing traits such as short growth period, round grains, low cadmium content, and quality improvement based on market demand [2] - A number of combinations for low cadmium early rice, dual-purpose early rice, and medium-late maturing high-quality conventional early rice are currently in the breeding and approval process [2]

格隆汇12月24日丨隆平高科(000998.SZ)在互动平台表示，公司早稻品类主要聚焦长江中下游双季早籼 稻市场，在两系杂交中迟熟早稻领域保持全国领先，特别是以陵两优系列为代表的品种，在抗倒、高 产、抗稻瘟病等方面表现突出。公司在加强低镉早稻方面选育力度，目前已储备一批具备镉低积累、高 产、抗稻瘟病早稻品种。 ...