现代农业比拼的是全链条的质量和效益。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 制图:市值风云APP 3月3日,人民日报时评《以思维升级做好"农业+"》指出,现 代农业要从单一规模向全链条质量效转变，练好稳产保供内功， 向科技链、产业链要质效,做好融合增值的"农业+"文章,把 农业建成现代化大产业。 ® 农资 | 化肥生产与流通 | 芭田股份、新洋丰、史丹利、金正大、 | | --- | --- | | | 辉隆股份 | | 农药生产与销售 | 颖泰生物、新安股份、长青股份、利民股份 | | | 江山股份 | 一 种植、养殖与加工 分 写 亚盛集团、北大荒、海南橡胶、西部牧业、 规模化种植与畜牧 天康生物、金新农、ST京蓝 养殖 中粮科技、中粮糖业、广农糖业、大湖股 农产品加工与贸易 份、光明乳业、伊利股份 品 农业服务与支持 念 您 农业机械与设备 一拖股份、中联重科、吉峰科技 农业科技与工程 托普云农、大禹节水、节能铁汉 厦门象屿、新疆天业、智慧农业、隆鑫通 其他配資服务 用、天山铝业 略 种业 综合型种业龙头 隆平高科、荃银高科、农发种业 登海种业、 ...

Global Markets Strategy 24 February 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy Eye on "Brittle Youth" spending The term "Brittle Youth" (脆皮青年) broadly refers to young adults in Mainland China facing stressful work-life balance ...

食品饮料行业 行业研究 | 行业周报 食品饮料：继续强调上游主线 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：推荐安琪酵母(600298，买入)、百润股份 (002568，买入)，相关标的晨光生物(300138，未评级)、华宝国际(00336，未评级)、阜 丰集团(00546，未评级)；2）功能糖：相关标的华康股份(605077，未评级)、保龄宝 (002286，未评级)、三元生物(301206，未评级)、百龙创园(605016，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍得酒业(600702，买入)；2）餐饮供应链、啤酒：关注估值抬升后业 绩兑现情况，推荐港股 ...

农业行业 行业研究|行业周报 地缘冲突升级，大宗农产品涨价预期强化 ——东方证券农林牧渔行业周报（20260223-20260301） 核心观点 投资建议与投资标的 投资建议：（1）看好生猪养殖板块，淡季底部价格确认后，悲观预期有望逐步扭转。我 们看好 26 年猪价表现，成本优势领先的企业有望持续实现业绩提升，相关标的：牧原股 份(002714，买入)、温氏股份(300498，买入)、神农集团(605296，未评级)等。（2）后 周期板块，行业结构性成长趋势持续，猪价回暖后养殖产业链利润有望逐步向下游传 导，驱动动保板块上行，相关标的：海大集团(002311，买入)、瑞普生物(300119，未评 级)等。（3）种植链，地缘因素扰动背景下，大宗商品涨价已传导至农业。从品种基本 面来看，当前粮价上行趋势已确立，种植&种业基本面向好，大种植投资机会凸显，相关 标的：苏垦农发(601952，未评级)、北大荒(600598，未评级)、海南橡胶(601118，买 入)、隆平高科(000998，买入)、中粮糖业(600737，买入)等。（4）宠物板块，宠食行 业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌 ...

最新报告显示，红利低波ETF华泰柏瑞（512890）前十大重仓股涨跌不一。截止午盘，沪农商行涨 0.60%，陕鼓动力涨0.60%，南京银行涨0.45%，长沙银行涨0.31%，华润江中涨0.20%，平安银行涨 0.09%；上海银行跌0.10%，格力电器跌0.16%，中粮糖业跌0.70%，民生银行收平。 | 股票名称 | 持仓市值(元) | 持仓数日 | 相对上期增减 | 占股票市值比 | 占基金净值比 | | --- | --- | --- | --- | --- | --- | | 上海域行 | 781,920,204,20 | 77,417,842 | | 2.95% | 2.92% | | 南京银行 | 747.012.347.73 | 65.355.411 : | 32.82% | 2.82%1 | 2.79%1 | | 平安银行 | 712.313.669.13 | 62,428,893 | | 2.69% | 2.66% | | 沪农商行 | 704,494,571.34 | 75,833,646 | | 2.66% | 2.63% | | 中粮瘦业 | 690,549,838_78 | 40,12 ...

港区全国人大代表霍启刚26日在香港举行记者会，介绍其今年两会建议。他表示，今年拟提交8条两会 建议，关注支持香港国际机场融入国家民航体系、服务"十五五"高水平开放；善用国内国际两个市场， 保障国家粮食安全；提升居民收入、建设橄榄型社会等方面。 霍启刚说，2024年，中国民航局联合国家发改委公布《关于推进国际航空枢纽建设的指导意见》，提 出"3+7+N"国际航空枢纽体系。整体部署已见成效，对整合内地国际航线起了重大推动作用，但同时部 分机场及航线出现资源紧张，令"7"和"N"各自涵盖的一些机场未能充分满足国际航班服务需求。为解决 上述问题，配合国家"十五五"规划提到的高水平对外开放，建议将香港国际机场纳入构建"1+3+7+N"新 战略格局，充分发挥香港作为国际航空"超级联系人"的独特优势。 具体而言，他建议明确香港与"北上广"三大枢纽的功能差异化分工，并建立国家层面的航空枢纽协同发 展机制，统筹航权、时刻、空域等核心资源配置；另外充分利用内地航空公司运力，开拓或增加香港与 内地7个（区位门户复合型）国际航空枢纽以及若干区域枢纽与专业/综合货运枢纽之间的航班安排，填 补内地枢纽的国际航线空白。 港区全国人大代表霍 ...

Core Viewpoint - The market experienced fluctuations with the ChiNext Index rising over 2% at one point, while the Shanghai Composite Index closed up by 0.87%. In this context, the Huatai-PineBridge Low Volatility ETF (512890) increased by 0.43%, closing at 1.172 yuan, with a turnover rate of 1.72% and a trading volume of 5.15 billion yuan, leading its category [1][6]. ETF Performance - The Huatai-PineBridge Low Volatility ETF (512890) reported a trading volume of 154.12 billion yuan over the last 20 trading days, averaging 7.71 billion yuan per day. Since the beginning of the year, the total trading volume reached 250.40 billion yuan, with an average of 8.08 billion yuan per day [2][7]. - The ETF has seen significant net inflows, with 3.6 billion yuan in the last 5 trading days, 9 billion yuan in the last 10 days, 29.2 billion yuan in the last 20 days, and 48.6 billion yuan in the last 60 days [2][7]. Top Holdings - The top ten holdings of the Huatai-PineBridge Low Volatility ETF include major companies across various sectors such as banking, food and beverage, home appliances, and pharmaceuticals. Notable holdings include Shanghai Bank, Nanjing Bank, Ping An Bank, and Gree Electric Appliances, with a total market value of approximately 6.72 billion yuan, accounting for 25.34% of the ETF's total market value [2][7]. Market Outlook - Multiple institutions have expressed optimistic views on the post-holiday market and dividend strategies. CITIC Securities believes that the A-share market, primarily driven by manufacturing and finance, will be less affected by AI disruptions compared to US and Hong Kong markets, suggesting a continuation of the spring rally [4][9]. - Guotai Junan Securities noted that with China's economic policy focusing on domestic demand, investor pessimism towards traditional domestic industries is likely to be corrected, contributing to a more stable economic outlook for 2026 [4][9]. Investment Strategy - The Huatai-PineBridge Low Volatility ETF, established on December 19, 2018, has achieved a return of 76.88% over the past five years, outperforming its benchmark and ranking 51st among 909 funds. Investors are encouraged to consider regular investment strategies to mitigate volatility risks [10].

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes a recovery in the food and beverage industry, focusing on upstream opportunities. It suggests that the consumption power, which has been constrained by debt cycles, is expected to improve significantly by the second half of 2026, leading to a recovery in traditional consumption [8] - The report identifies three main investment lines: 1. Agricultural processing, including sugar processing, juice processing, and livestock 2. Food raw material suppliers, focusing on bio-extraction and sugar substitutes 3. Food packaging, which is expected to benefit from cost increases and improved competitive dynamics [3][8] Summary by Relevant Sections Investment Suggestions and Targets - Focus on upstream sectors with three main lines: 1. Agricultural processing: - Sugar processing: Recommend COFCO Sugar (600737, Buy), related stock Crown Agricultural (600251, Not Rated) - Juice processing: Related stocks Andeli (605198, Not Rated), Andeli Juice (02218, Not Rated) - Livestock: Recommend Youran Dairy (09858, Buy), related stock Modern Farming (01117, Not Rated) 2. Food raw material suppliers: - Bio-extraction: Recommend Angel Yeast (600298, Buy), Bairun (002568, Buy), related stocks Chenguang Biotech (300138, Not Rated), Huabao International (00336, Not Rated), and Fujian Sunner Development (00546, Not Rated) - Sugar substitutes: Related stocks Bolinbao (002286, Not Rated), Sanyuan Bio (301206, Not Rated), and Bailong Chuangyuan (605016, Not Rated) 3. Food packaging: Related stock Aorui Jin (002701, Not Rated) [3]

Core Insights - The rapid development of information technology and the internet has led to the significant growth of e-commerce in various industries, particularly in the food sector, which is crucial for national economy and people's livelihoods [1] - The food e-commerce market in China is projected to grow from 130 billion yuan in 2016 to 1,279.4 billion yuan by 2025, with a compound annual growth rate (CAGR) of 28.93% [1] Group 1: Industry Overview - Food e-commerce, defined as the sale of food products through online platforms, has emerged as a new business model driven by technological advancements and improved living standards [4] - The operational models of food e-commerce include B2C (business-to-consumer), C2C (consumer-to-consumer), and O2O (online-to-offline) [4][5] - The industry has evolved through distinct phases: exploration (2005-2009), initiation (2009-2012), development (2012-2017), and maturity (2017-present) [6] Group 2: Market Dynamics - The food e-commerce sector has seen a rise in various product categories, including fresh food, imported food, snacks, health food, and baby food [5] - The increasing consumer preference for online food purchases is driven by convenience, product variety, and promotional offers, leading to a steady rise in online food sales penetration [1] - The logistics system's improvement has accelerated food delivery speeds, further enhancing the growth of food e-commerce [1] Group 3: Industry Structure - The food e-commerce industry participants can be categorized into four types: self-operated food e-commerce, vertical food e-commerce, comprehensive e-commerce platforms, and platform-based food e-commerce [9] - Major players in the market include JD Group, Alibaba Group, and various specialized food e-commerce platforms [2][3] Group 4: Future Trends - The future of food e-commerce will be driven by technology, enhancing user experience and integrating online and offline channels [11] - There will be a focus on sustainable practices and supply chain resilience, including green supply chain initiatives and collaboration with eco-friendly suppliers [12] - The industry will increasingly cater to specific consumer segments, offering customized products and health-oriented solutions [13]