行业专题报告：重磅会议在即，种业板块或将迎催化

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Insights - The Central Rural Work Conference, typically held in late December each year, sets the main agricultural policy direction for the upcoming period, significantly impacting the agricultural industry, related sectors, and listed companies [2] - The trend of commercialization of genetically modified organisms (GMOs) is established, leading to a shift in growth valuation for the seed industry. Biotechnological breeding techniques such as genetic modification and gene editing are seen as effective means to enhance food security under limited resource conditions [3] - The seed industry is experiencing a wave of mergers and acquisitions, which is improving the industry structure. The market is currently dominated by a few large players, with the top five global seed companies holding a market share of 53.1% as of 2022, while the top seven domestic companies account for less than 10% of revenue [4] - Geopolitical tensions are increasing, which may benefit agricultural products and sectors. China is actively promoting long-term policies to ensure food security, including the development of GMO soybean and corn technologies [5] Summary by Sections 1. Historical Meeting Points - The Central Rural Work Conference emphasizes the importance of stabilizing grain production and enhancing the agricultural sector, with a focus on seed industry revitalization [19][20] 2. Trend of GMO Commercialization - As of now, China has approved 20 GMO corn and 6 GMO soybean varieties for production use, with major companies like Dabeinong and Hangzhou Ruifeng leading in the number of approved varieties [3][36] 3. Mergers and Acquisitions in Seed Companies - The current wave of mergers and acquisitions in the seed industry is supported by new policies aimed at transforming and upgrading production capabilities, with significant involvement from state-owned enterprises [4][46] 4. Geopolitical Tensions and Agricultural Sector Benefits - Historical trade conflicts have influenced global grain trade and prices, prompting China to implement policies to enhance domestic agricultural production and ensure food security [5] 5. Investment Recommendations - The report suggests focusing on high-quality seed companies with strong research capabilities and early advantages in GMO technology, such as Longping High-Tech, Dabeinong, and Qianyuan High-Tech, while also monitoring companies like Denghai Seeds and Fengle Seeds [6]