中国对美农产品加征关税事件点评：大豆、玉米价格波动或加剧，利好生物育种板块

Investment Rating - The industry investment rating is maintained at "In line with the market" [1] Core Viewpoints - The report highlights that the recent increase in tariffs on U.S. agricultural products, including a 10% tariff on soybeans and a 15% tariff on corn, is expected to escalate price volatility in domestic soybean and corn markets [4] - The report suggests that the reliance on U.S. imports for soybeans and corn is likely to decrease, benefiting the domestic biotechnology breeding sector [4] - The report emphasizes the importance of improving grain yield through advanced biotechnology as a crucial measure to enhance China's food self-sufficiency and reduce dependence on foreign agricultural products [5] Summary by Sections Industry Overview - The agricultural sector has experienced a 2.04% increase over the past month, but a decline of 6.92% over the past three months and 3.37% over the past year [2] - The report notes that the agricultural sector's performance is compared to the CSI 300 index, which has shown a 1.79% increase over the past month and a 9.82% increase over the past year [2] Tariff Impact - The report discusses the implications of the new tariffs on various agricultural products, indicating that the tariffs will increase import costs and lead to greater price fluctuations in domestic markets [4] - It is noted that the tariffs may push domestic feed companies to seek alternative sourcing from Brazil and Argentina [4] Investment Strategy - The report maintains the "In line with the market" rating and suggests monitoring policy changes between China and the U.S. as well as weather conditions in South America that could affect global supply [5] - It recommends focusing on leading seed companies with strong research capabilities and advantages in genetically modified varieties, such as Longping High-Tech, Da Bei Nong, and Denghai Seeds [5]