农林牧渔行业：从农作物国审新品种看种业发展趋势

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights a shift in national crop variety approvals from "quantity growth" to "quality breakthroughs," with a total of 1,379 new crop varieties approved [16] - The number of approved varieties has been declining since 2021 due to increased approval standards, which is expected to reduce market homogenization and competition intensity [16] - The report emphasizes the continuous increase in the number of high-quality, disease-resistant rice varieties, with the number of "three-good varieties" rising from 22 in 2022 to 31 in 2024 [31] - For corn, the focus has shifted to high-density, high-yield varieties suitable for mechanized harvesting, with 47 new varieties approved for planting densities of 5,500 plants per mu or more [31] Summary by Sections Section 1: Changes in National Variety Approvals - The report notes that the Ministry of Agriculture and Rural Affairs approved 405 rice varieties, 888 corn varieties, 50 cotton varieties, 34 soybean varieties, and 2 wheat varieties as of December 31, 2024 [16] - The approval process has become more stringent since 2021, leading to a significant decrease in the number of approved varieties [16][17] Section 2: Rice Variety Developments - The number of high-quality, disease-resistant rice varieties has been increasing, with 31 new varieties approved in 2024 [31] - Leading companies like Longping High-Tech and Qianyuan High-Tech have a significant share of the approved varieties, with 31 and 59 new rice varieties respectively [32] Section 3: Corn Variety Developments - The report indicates that since 2023, the main focus for corn breeding has been on high-density, high-yield varieties, with 47 new varieties approved for higher planting densities [31] - Leading companies have increased their share of approved varieties, with notable improvements in high-density performance [31] Section 4: Investment Recommendations - The report suggests focusing on leading companies such as Longping High-Tech, Denghai Seeds, Qianyuan High-Tech, and Kangnong Seeds due to their strong performance in new variety approvals [7]