Core Viewpoint - The 2025 Dabeinong Group Harvest Festival has opened in Beijing, focusing on agricultural innovation and showcasing high-quality agricultural products [1] Group 1: Event Overview - The festival is co-hosted by Dabeinong Group, China Agricultural Research Institute, and the Zhongguancun Technology Entrepreneurs Association, with Dayaogu Group as the organizer [1] - The event features a "Harvest Festival Carnival" that integrates agricultural innovation achievements and industry collaboration [1] Group 2: Highlights and Features - The festival includes six distinctive sections, showcasing premium agricultural products such as saltwater shrimp, Wuchang rice, and Aohan golden millet [1] - A standardized display and immersive tasting experience allow attendees to appreciate the quality of agricultural products [1] Group 3: Economic Impact - The agricultural specialty market serves as a platform to connect production and sales, utilizing live streaming to promote high-quality agricultural products nationwide [1] - This initiative aims to broaden income channels for farmers, enhancing their economic prospects [1] Group 4: Duration - The 2025 Dabeinong Harvest Festival will continue until October 6 [1]

Group 1 - The 2025 Dabeinong Group Harvest Festival was held in Beijing, themed "Innovating Agriculture for a Better Life," showcasing agricultural technology achievements and the results of rural revitalization strategies [1][4] - The festival included a grand opening ceremony with performances celebrating agricultural achievements, emphasizing the importance of agricultural technology in enhancing productivity [2][5] - Dabeinong Group's chairman highlighted the company's mission of "Strengthening Agriculture and Serving the Nation," focusing on building a global high-quality food supply chain [4][13] Group 2 - The festival featured a "5F" themed exhibition area, creating an immersive experience from farm to table, showcasing the full industry chain of Dabeinong [7][12] - The event included six distinctive exhibition areas, displaying geographical indication products, innovative agricultural technologies, and quality agricultural products from over 45 enterprises [12] - The festival aims to promote the integration of urban and rural areas, showcasing the company's commitment to agricultural modernization and food security [13]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]

Core Viewpoint - The pig market is experiencing a downturn despite the traditional peak season, with prices dropping and concerns over excess production capacity [1][2][3] Price Trends - As of September 26, the average price of external three yuan pigs in China is 12.71 yuan/kg, down 0.04 yuan/kg from the previous day, with half of the regions experiencing prices in the "5 yuan pig price zone" [1] - The average price of pigs in the third week of September was 13.85 yuan/kg, and the average pork price was 24.51 yuan/kg, reflecting a 0.8% decrease from the previous week [1][2] Supply and Demand Dynamics - High inventory levels and the release of production capacity by leading enterprises are contributing to the oversupply in the pig industry, compounded by weak consumer demand [2][3] - The number of breeding sows is projected to reach a high of 40.8 million by November 2024, indicating sustained supply levels [2] Industry Adjustments - Major pig farming companies are actively reducing production capacity, with a consensus on the need for quality improvement and capacity reduction [5][6] - Companies like Wens Foodstuffs and New Hope are implementing measures to control the number of breeding sows and reduce average slaughter weights [8] Market Sentiment and Future Outlook - Analysts suggest that the market may stabilize by November as excess capacity is gradually absorbed, with potential for price recovery [5][6] - The industry is expected to evolve into a "three-three" structure, balancing large enterprises, specialized farms, and medium-sized family farms to better withstand cyclical fluctuations [9]

Core Insights - The agricultural, forestry, animal husbandry, and fishery industry experienced a decline of 1.22% on September 25, with a net outflow of 688 million yuan in capital [1] Group 1: Industry Performance - The Shanghai Composite Index fell by 0.01%, with the agricultural sector ranking third in terms of decline among various industries [1] - Out of 105 stocks in the agricultural sector, only 8 stocks rose, and 1 stock hit the daily limit, while 97 stocks declined [1] Group 2: Capital Flow - The top three stocks with the highest net capital outflow were Muyuan Foods, Dabeinong Technology, and Haida Group, with net outflows of 188 million yuan, 46.95 million yuan, and 46.52 million yuan, respectively [2][3] - The stocks with the highest net capital inflow included COFCO Sugar, with an inflow of 76.24 million yuan, followed by Xue Rong Biological and Xiantan Co., with inflows of 24.15 million yuan and 7.64 million yuan, respectively [1] Group 3: Individual Stock Performance - Muyuan Foods saw a decline of 2.08% with a turnover rate of 1.08% and a capital outflow of 187.73 million yuan [2] - Dabeinong Technology and Haida Group also experienced declines of 1.21% and 0.29%, with capital outflows of 46.95 million yuan and 46.52 million yuan, respectively [2]

秋分时节，五谷丰登，九州同庆。9月23日，2025年大北农集团丰收节在大北农凤凰国际创新园隆重开 幕。丰收节由大北农集团、中国农民研修学院、中关村科技企业家协会乡村振兴与现代农业专委会联合 主办，大有谷集团承办，以"创新强农，美好生活"为主题，通过多元创新的活动形式，集中展现现代农 业科技硕果，谱写乡村振兴壮丽画卷。 上午，丰收节开幕式在庄严热烈的鼓乐声中拉开帷幕。 大北农集团党委书记、董事长邵根伙代表主办单位致欢迎辞，他提到，丰收节是对农耕文明的传承与致 敬，是对全体农民辛勤付出共同的礼赞。大北农集团创业32年，以强农报国为使命，以科技创新为核 心，获得了领导、专家、广大农民朋友的关心、关爱、关注。美好生活是农民的向往，也是市民的追 求，大北农集团旗下"大有谷"致力构建全球高品质食品平台，实现"农民丰收、市民喜悦"的美好愿景。 图：开幕盛典赏歌舞翩跹，欢庆岁稔年丰 中关村科技企业家协会副会长、乡村振兴与现代农业专委会会长、北京大伟嘉生物技术股份有限公司董 事长廖峰致辞。他表示，丰收既是大地对耕耘者的馈赠，更是农业科技力量的生动体现。专委会将继续 发挥平台作用，凝聚企业、机构与广大农户的合力，推动更多创新技术 ...

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]

Group 1 - The rural e-commerce sector experienced a decline of 1.54%, ranking among the top declines in concept sectors, with companies like agricultural products, New Agricultural Development, and ST Lutong leading the drop [1][2] - Among the rural e-commerce stocks, only four saw price increases, with Huaying Agriculture, ST Guangwang, and Jifeng Technology rising by 1.80%, 1.05%, and 1.03% respectively [1][2] - The rural e-commerce sector faced a net outflow of 532 million yuan from major funds, with 30 stocks experiencing outflows, and Tongwei Co. leading with a net outflow of 158 million yuan [2][3] Group 2 - The top stocks with net outflows in the rural e-commerce sector included Tongwei Co. (-2.52%), Dabeinong (-1.66%), and Agricultural Products (-4.36%) [2][3] - The stocks with the highest net inflows included Batian Co., New Yangfeng, and Nuofeng, with net inflows of 24.88 million yuan, 6.07 million yuan, and 4.64 million yuan respectively [2][3] - The overall market sentiment in the rural e-commerce sector appears negative, as indicated by the significant outflows and the majority of stocks declining in value [1][2]

Market Overview - The dairy sector experienced a decline of 1.82% as of the market close on September 22, ranking among the top losers in concept sectors [1] - Major stocks within the dairy sector that saw significant declines include Huanlejia, Xinong Development, and Maiqu'er [1] Capital Flow - The dairy sector faced a net outflow of 391 million yuan from main funds, with 30 stocks experiencing net outflows, and 13 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was Dabeinong, with a net outflow of 71.71 million yuan, followed by Yiyatong, Huanlejia, and Beiyinmei [1] Top Gainers and Losers - The top gainers in the market included Yili, Maiqu'er, and Qingdao Food, with net inflows of 10.36 million yuan, 5.83 million yuan, and 0.87 million yuan respectively [1] - The dairy sector's outflow leaderboard featured Dabeinong, Yiyatong, Huanlejia, and Beiyinmei, all showing negative performance [2] Detailed Stock Performance - Dabeinong: -1.66% with a turnover rate of 2.73% and a main fund flow of -71.71 million yuan [2] - Yiyatong: -2.78% with a turnover rate of 6.31% and a main fund flow of -69.72 million yuan [2] - Huanlejia: -5.99% with a turnover rate of 3.92% and a main fund flow of -33.29 million yuan [2] - Beiyinmei: -1.69% with a turnover rate of 4.51% and a main fund flow of -22.49 million yuan [2]

Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]