中央农村工作会议农业行业点评：稳定粮食播种面积，推进粮油作物单产提升

Investment Rating - The report maintains a "Recommended" rating for the agricultural sector, specifically for leading seed companies such as Longping High-Tech (000998.SZ) and Denghai Seeds (002041.SZ) [4][5]. Core Insights - The Central Rural Work Conference emphasized the need to enhance agricultural efficiency and ensure national food security, focusing on stabilizing grain planting areas and improving yields [2]. - In 2024, China's grain planting area is projected to be 119 million hectares, a year-on-year increase of 0.3%, contributing nearly 20% to production growth. The total grain output is expected to reach 1.41 trillion jin, a 1.6% increase year-on-year, marking a historical high [2][3]. - The report highlights the continuous improvement in grain yields, with an expected yield of 394.7 kg per mu in 2024, a 1.3% increase year-on-year, contributing over 80% to production growth [3]. Summary by Sections Grain Planting Area and Production - The grain planting area in China has shown a fluctuating growth trend, with a stable supply of grain ensuring a solid foundation for economic recovery [2]. - Major crops include corn, rice, and wheat, which together accounted for 91% of total grain production in 2023 [2]. Yield Improvement Initiatives - The report outlines initiatives to enhance the yield of major grain and oil crops, with specific targets for rice, wheat, corn, and soybeans in 2024 [3]. - Rice yield is expected to be 477 kg per mu, a 0.3% increase year-on-year, while wheat yield is projected at 396 kg per mu, a 2.7% increase [3]. Investment Recommendations - The report suggests focusing on leading seed companies to capitalize on the stable improvement in grain planting areas and yields, emphasizing the importance of agricultural technology and seed industry innovation [4].