Core Insights - The Hainan Seed Industry Laboratory and China Seed Group have launched a joint project for 2025, focusing on agricultural innovation and collaboration [1] - Four projects were signed, including the development of high-yield rice varieties and advanced crop technologies [1] - The initiative has produced significant results over two years, establishing a "Hainan model" for organized scientific research in agriculture [1] Group 1 - The joint project aims to enhance agricultural productivity through innovative seed technology and research collaboration [1] - The signed projects include "Breeding of High-Quality Rice Varieties" and "Research on High Light Efficiency Crop Technologies" [1] - The collaboration has involved nearly 100 research teams nationwide, emphasizing the importance of enterprise-led scientific research [1] Group 2 - Three additional project agreements were signed, focusing on soybean gene utilization, red pepper variety development, and drought-resistant rice [1] - The partnerships include cooperation with Heilongjiang Academy of Agricultural Sciences and Hunan Vegetable Research Institute [1] - The initiative aims to accelerate the commercialization of new agricultural varieties and technologies [1]

证券研究报告|行业研究周报 [Table_Date] 2025 年 10 月 20 日 猪肉猪价低位震荡，关注产能去化 [Table_Title2] 农林牧渔行业周报第 34 期 [Table_Summary] 本周观点: 分析师：魏心欣 邮箱：weixx@hx168.com.cn SAC NO：S1120524100002 联系电话： 种植产业链：据农业农村部，9 月 25 日，农业农村部召开全国 粮油作物大面积单产提升暨"三秋"生产视频会，部党组书 记、部长韩俊出席会议并讲话。会议强调，要深入学习贯彻习 近平总书记重要指示精神，认真落实党中央、国务院决策部 署，深入推进粮油作物大面积单产提升行动，扎实抓好"三 秋"农业生产，奋力夺取全年粮食和农业丰收，夯实明年夏季 粮油生产基础，为经济社会高质量发展提供有力支撑。会议强 调，要推动大面积单产提升行动走深走实、见行见效，因地制 宜抓好技术集成，聚焦影响单产提升的卡点制约，分作物、分 区域集成熟化"一县一策"综合性解决方案。要加快高性能农 机装备推广应用，着力推进农机购置与应用补贴"优机优 补"，大力推广应用高性能播种机、高效耕整地机具、农用植 保无人机、高效 ...

Group 1 - The genetically modified (GM) concept sector declined by 1.07%, ranking among the top declines in the concept sectors as of the market close on October 15 [1][2] - Within the GM sector, companies such as Shennong Seed Industry, Wanxiang DeNong, and Dunhuang Seed Industry experienced significant declines, while four stocks saw price increases, with Jincheng Medicine, Top Cloud Agriculture, and Huabang Health leading the gains at 2.31%, 1.90%, and 0.88% respectively [1][2] - The GM sector faced a net outflow of 112 million yuan from major funds today, with ten stocks experiencing net outflows, and five stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net outflow stock in the GM sector was Batian Shares, with a net outflow of 47.51 million yuan, followed by Shennong Seed Industry, Xin'an Shares, and Nongfa Seed Industry with net outflows of 33.24 million yuan, 16.07 million yuan, and 15.62 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included Quanyin High-Tech, Jincheng Medicine, and Dunhuang Seed Industry, with net inflows of 21.44 million yuan, 14.19 million yuan, and 2.79 million yuan respectively [2]

Market Overview - The planting industry sector rose by 0.33% on October 14, with Qiu Le Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Qiu Le Seed Industry (code: 920087) closed at 18.10, up 6.16% with a trading volume of 169,200 shares and a transaction value of 294 million [1] - Other notable performers include: - Shen Nong Seed Industry (code: 681000E) at 4.81, up 2.78% with a volume of 2.06 million shares [1] - Zhongxing Fungi Industry (code: 002772) at 10.47, up 2.05% with a volume of 325,800 shares [1] - Dunhuang Seed Industry (code: 600354) at 6.56, up 2.02% with a volume of 496,000 shares [1] Capital Flow - The planting industry sector experienced a net outflow of 54.07 million from main funds, while retail funds saw a net inflow of 8.37 million [2] - The main funds' net inflow and outflow for specific stocks include: - Shen Nong Seed Industry: net inflow of 37.01 million [3] - Dunhuang Seed Industry: net inflow of 17.90 million [3] - Zhongxing Fungi Industry: net inflow of 17.41 million [3]

Group 1 - The company, Qianyin High-Tech (300087.SZ), stated on its investor interaction platform that its varieties, including Qianyan 2001, Qianyan 588, and Qianyan 656, exhibit certain drought and flood resistance effects [1]

9月30日，荃银高科涨0.77%，成交额1.05亿元。两融数据显示，当日荃银高科获融资买入额1001.63万 元，融资偿还2338.92万元，融资净买入-1337.29万元。截至9月30日，荃银高科融资融券余额合计5.09 亿元。 融资方面，荃银高科当日融资买入1001.63万元。当前融资余额5.08亿元，占流通市值的5.85%，融资余 额低于近一年20%分位水平，处于低位。 分红方面，荃银高科A股上市后累计派现4.46亿元。近三年，累计派现2.10亿元。 机构持仓方面，截止2025年6月30日，荃银高科十大流通股东中，万家品质生活A（519195）位居第三 大流通股东，持股1741.35万股，相比上期减少231.26万股。银华内需精选混合(LOF)（161810）位居第 六大流通股东，持股900.00万股，持股数量较上期不变。万家臻选混合A（005094）位居第七大流通股 东，持股851.51万股，相比上期减少327.28万股。嘉实农业产业股票A（003634）位居第八大流通股 东，持股689.85万股，相比上期减少192.79万股。南方中证1000ETF（512100）位居第九大流通股东， 持股614.1 ...

Investment Rating - The industry investment rating is "Maintain Overweight" [3] Core Viewpoints - The agricultural sector is experiencing a strong trend towards high-yield, densely planted varieties, particularly in hybrid corn, with MY73 maintaining the top position in terms of planting area at 20.97 million acres, showing a slight increase from last year [1][10] - In the pig farming sector, the average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, indicating a continued low valuation in the market [2][11] - The poultry sector shows mixed trends, with white feather chicken prices rising by 0.3% to 6.9 yuan/kg, while chicken product prices remain stable at 8.65 yuan/kg [11][31] - The introduction of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin following the public announcement period [11][12] Summary by Sections Agricultural Data Tracking - The average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, while the average wholesale price of pork is 19.42 yuan/kg, down 0.3% [12][20] - The price of 15kg piglets is 23.98 yuan/kg, down 4.7% week-on-week [19][23] Pig Farming - The self-breeding profit per head is -74.11 yuan, a decrease of 49.66 yuan from last week, while the profit from purchasing piglets is -236.57 yuan, down 37.25 yuan [16][17] - The average weight of slaughtered pigs remains stable at 89.07 kg [19][21] Poultry Farming - The price of meat chicken seedlings has increased by 4.4% to 3.29 yuan each, while the price of parent chicken seedlings has decreased by 0.4% to 43.19 yuan/set [26][29] - The profit from parent chicken breeding is 0.54 yuan each, up 0.14 yuan from last week, while the profit from meat chicken breeding is -2.22 yuan each, down 0.66 yuan [36][37] Crop Prices - Domestic corn prices have risen by 0.2% to 2365.29 yuan/ton, while soybean meal prices have decreased by 0.4% to 3019.71 yuan/ton [45][67] - The price of domestic wheat is 2436.28 yuan/ton, also up by 0.2% [47] Market Trends - The agricultural sector has underperformed compared to the CSI 300 index, with a decline of 1.97% [7][8] - The overall market sentiment indicates a potential recovery in chicken prices following emotional adjustments in the market [11][12]

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]

Group 1 - The soybean concept sector increased by 1.02%, ranking first among concept sectors, with nine stocks rising, including Qianyuan High-Tech, Xinyangfeng, and Jiahua Co., which rose by 3.82%, 3.70%, and 2.86% respectively [1][2] - The leading stocks in terms of net inflow of main funds were Qianyuan High-Tech with a net inflow of 15.22 million yuan, followed by Xianda Co., Suobao Protein, and Ruimaotong with net inflows of 6.20 million yuan, 3.26 million yuan, and 2.46 million yuan respectively [2][3] - The net inflow ratios for Qianyuan High-Tech, Xianda Co., and Ruimaotong were 7.86%, 6.20%, and 4.99% respectively, indicating strong interest from main funds [3] Group 2 - The overall fund flow for the soybean concept sector showed a net outflow of 4.3 million yuan today, despite some individual stocks experiencing net inflows [2][3] - Stocks such as Wuchan Zhongda, Beidahuang, and Dabeinong experienced declines of 0.52%, 0.35%, and 0.24% respectively, indicating some weakness in the sector [1][4] - The trading volume and turnover rates varied among the stocks, with Qianyuan High-Tech showing a turnover rate of 2.34% and a decline of 0.87%, while Xinyangfeng had a turnover rate of 2.32% with a rise of 3.70% [3][4]

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]