今年我国粮食总产量达14298亿斤，比去年增长1.2%，创历史新高。在今年气象条件复杂多变、粮食生产面临严峻挑战的情况下，这份成绩来得尤为不 易。今年春季，我国多地出现罕见干旱，入夏后7月全国平均气温为1961年以来历史同期最高。 山西洪洞县是干旱最严重的地区之一，当时正是小麦成熟前的灌浆期，是籽粒形成和充实的关键阶段，需水量占整个生育期的30%左右。此时得不到充 足的水分，会导致籽粒干瘪，影响产量。 山西洪洞县锦秀生态种植有限公司负责人吕凌："墒情差到什么程度？向土里挖四五十厘米都不见墒，很着急。老天不下雨，我们的措施只是拿井水来 浇地，就没有停过，就这样都缓解不了旱情。" 仅仅依靠浇水远远不够，当地在农技专家的指导下，增加了"一喷三防"的次数。也就是喷洒多功能的混合药剂，缓解高温干旱对灌浆的影响，同时补充 营养、降低病虫害发生风险，从而将干旱的影响降到最低。 央视网消息（焦点访谈）：12月12日，国家统计局发布2025年粮食产量数据。2025年，全国粮食产量14298亿斤，比上年增加167.5亿斤，增长1.2%。这 也是我国粮食产量自去年首次达到1.4万亿斤后，连续第二年稳定在1.4万亿斤以上。更加难能可 ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report emphasizes the importance of the EU's anti-dumping duties on imported pork, which are expected to alleviate domestic supply pressures and stabilize prices in the pork market. The anti-dumping tax rates range from 4.9% to 19.8% and will take effect from December 17, 2025 [2][12] - The report highlights the ongoing adjustments in the pig breeding capacity, with a noted decrease in the number of breeding sows, which is expected to support price recovery in the pork market [2][12] - The report suggests that the commercialization of genetically modified seeds will accelerate, enhancing self-sufficiency in key crop varieties and benefiting companies in the seed industry [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated inspections to ensure the safety of seeds for the upcoming spring and summer planting seasons, focusing on key crops such as corn, rice, soybeans, cotton, and vegetables [11] - The report identifies companies like Beidahuang and Suqian Agricultural Development as beneficiaries in the planting sector, while companies with significant advantages in the seed industry include Dabeinong and Longping High-Tech [11] Pig Breeding - The average price of live pigs is reported at 11.64 CNY/kg, with a week-on-week increase of 1.45%. The total number of breeding sows is 39.9 million, reflecting a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, including Li Hua Co., Muyuan Foods, and WH Group in the breeding sector, and Haida Group in the feed sector [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2351.76 CNY/ton, with a week-on-week decrease of 0.26% [25] - Wheat: The average price is 2517.30 CNY/ton, with a week-on-week increase of 0.04% [28] - Soybeans: The average price is 4014.74 CNY/ton, remaining stable week-on-week [40] - Cotton: The average price is 14950.00 CNY/ton, with a week-on-week increase of 0.67% [44] Feed and Vitamin Prices - The average price of pig feed is 2.62 CNY/kg, with no change week-on-week. The average price of chicken feed is 3.5 CNY/kg, reflecting a week-on-week increase of 0.29% [51][53]

清晨5点，北大荒集团勤得利农场公路站闻令而动，第一时间启动清雪应急预案，兵分多路奔赴各条干 线公路。作业现场，黄色铲雪车轰鸣穿梭，宽大的推雪板将路面厚雪快速推至路肩，原本积雪封路的路 面随即恢复整洁通畅。工作人员顶风冒雪、坚守一线，重点针对弯道、坡道等易滑高危路段，加大清雪 作业频次与力度，同步做好积雪结冰隐患排查防范，确保道路通行条件持续稳定。 （徐祯禄 井淼） （来源：黑龙江日报） 转自：黑龙江日报 近日，漫天风雪席卷勤得利场区，沿线公路被皑皑积雪覆盖，路面湿滑难行，群众出行安全面临严峻考 验。 今年冬季以来，农场公路站以"提前部署、快速响应"的工作节奏，高效完成多轮清雪任务，及时消除道 路通行风险，为群众冬季安全出行筑牢坚实防线。 ...

Core Viewpoint - The North China Agricultural Group aims to achieve a total grain production of 46.314 billion jin by 2025, driven by a modern agricultural management revolution centered on "good systems" [1] Group 1: Agricultural Management Innovations - The "six unifications" management model focuses on large-scale operations to ensure balanced high yields across all planting areas and processes [2] - The integration of fragmented land into large-scale planting units allows for efficient use of modern agricultural equipment and standardized production [2][3] - A three-tiered supervision system has been established to ensure precise implementation of agricultural practices, achieving both cost reduction and yield enhancement [3] Group 2: Mechanism Innovations - The North China Agricultural Group has implemented a competitive mechanism to motivate farmers, including monthly evaluations based on key performance indicators [6] - Directly linking service payments to final grain yields encourages accurate execution of agricultural measures [6] - Professional technical service teams provide comprehensive guidance, while demonstration teams facilitate peer-to-peer learning of new technologies [6] Group 3: Standardization and Technical Integration - The "good systems" approach has transformed traditional agricultural practices into standardized, replicable processes, laying a solid foundation for balanced yield increases [4][7] - The establishment of a comprehensive responsibility system ensures that agricultural standards are effectively implemented throughout the production cycle [7][8] - The North China Agricultural Group has created numerous high-yield demonstration fields and tailored local production strategies to enhance overall productivity [8]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry, indicating a favorable outlook for future performance [5]. Core Insights - The report highlights the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in this segment [3]. - The report identifies several investment opportunities across different segments, including pig farming, animal health, crop planting, and the pet food industry, suggesting specific stocks for potential investment [3]. Summary by Sections Investment Recommendations - The report recommends a positive outlook for the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份, 002714) and Wens Foodstuff Group (温氏股份, 300498) being highlighted for investment [3]. - It notes a structural growth trend in the post-cycle sector, with potential profit transmission to downstream segments if the current capacity reduction in pig farming proceeds smoothly, recommending stocks like Haida Group (海大集团, 002311) [3]. - In the planting chain, the report indicates a confirmed upward trend in grain prices, presenting significant investment opportunities in large-scale planting, with stocks like Suqian Agricultural Development (苏垦农发, 601952) suggested [3]. - The pet food sector is noted for its growth potential, with increasing recognition of domestic brands and ongoing price increases, recommending stocks such as Guibao Pet (乖宝宠物, 301498) [3]. Industry Fundamentals - The report discusses the pig market, noting that as of December 19, the average price of live pigs was 11.58 yuan/kg, reflecting a week-on-week increase of 0.87% [12]. - It highlights the ongoing supply pressure in the pig market due to increased slaughtering activity and the impact of diseases on farmers' willingness to sell [12]. - The white feather broiler market is also discussed, with prices for broilers rising to 7.35 yuan/kg, while chick prices have slightly decreased [16]. - The report mentions the feed sector, indicating a slight decline in prices for corn, soybean meal, and wheat, with corn prices averaging 2348.63 yuan/ton [26]. Market Performance - The agriculture sector outperformed the broader market indices, with the agricultural index rising by 0.87% during the week of December 15-19, 2025 [43]. - Specific stocks within the agriculture sector showed significant price movements, with the top gainers including Wancheng Group (+8.49%) and Tiankang Biological (+6.63%) [45].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn futures continued to decline this week. The closing price of the main 2603 contract was 2,192 yuan/ton, a decrease of 41 yuan/ton from last week. The US corn is in the peak export season with high short - term supply pressure, but the reduction of the US corn ending stocks forecast by USDA supports the price. In China, the purchase of reserve depots in the Northeast has increased, but high prices limit the purchasing enthusiasm of grain - using enterprises. The rumor of wheat and reserve corn regulation and release has led to the release of grain sources, causing the price to decline. In the North China and Huanghuai regions, the rising temperature stimulates the willingness of grain holders to sell. Feed enterprises have low willingness to replenish stocks, and deep - processing enterprises have limited ability to accept high - priced corn. It is recommended to wait and see for now [6]. - Dalian corn starch futures fluctuated and closed down. The closing price of the main 2603 contract was 2,492 yuan/ton, a decrease of 29 yuan/ton from last week. With the increase in the listing volume of new - season corn, the supply of raw material corn is abundant, and the industry operating rate has continued to rise, increasing the supply - side pressure. As of December 17, the total starch inventory of national corn starch enterprises was 1.074 million tons, an increase of 25,000 tons from last week. However, the stocking before New Year's Day and the Spring Festival may boost the downstream demand, and some downstream customers have repurchased corn starch due to the large increase in tapioca starch prices. It is recommended to wait and see in the short term [8]. 3. Summary According to the Directory 3.1. Week - to - Week Summary 3.1.1. Corn - **Market Review**: The main 2603 contract of corn futures closed at 2,192 yuan/ton, down 41 yuan/ton from last week [6]. - **Market Outlook**: US corn is in the export peak season with high supply pressure, but the reduction of ending stocks forecast by USDA supports the price. In China, Northeast reserve depots' increased purchase supports the market bottom, but high prices limit demand. Rumors and rising temperature in North China and Huanghuai regions lead to increased supply and price decline. It is recommended to wait and see [6]. 3.1.2. Corn Starch - **Market Review**: The main 2603 contract of corn starch futures closed at 2,492 yuan/ton, down 29 yuan/ton from last week [8]. - **Market Outlook**: Abundant raw material supply and rising operating rate increase supply - side pressure, with inventory rising. However, pre - holiday stocking and tapioca starch price increase may boost demand. It is recommended to wait and see [8]. 3.2. Futures and Spot Market 3.2.1. Futures Price and Position Changes - The 3 - month contract of corn futures continued to decline, with a total position of 1,004,517 lots, an increase of 67,310 lots from last week. The 3 - month contract of corn starch futures also continued to decline, with a total position of 141,225 lots, an increase of 32,215 lots from last week [15]. 3.2.2. Top 20 Net Position Changes - The top 20 net position of corn futures was - 82,982, compared with - 111,571 last week, with a decrease in net short positions. The top 20 net position of starch futures was - 28,994, compared with - 37,848 last week, with a slight decrease in net short positions [21]. 3.2.3. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 52,650 lots, and the registered warehouse receipts of corn starch were 2,500 lots [27]. 3.2.4. Spot Price and Basis - As of December 18, 2025, the average spot price of corn was 2,349.61 yuan/ton, and the basis between the active 3 - month contract of corn and the spot average price was + 157 yuan/ton. The spot price of corn starch in Jilin was 2,700 yuan/ton, and in Shandong was 2,800 yuan/ton. The basis between the 3 - month contract of corn starch and the spot price in Changchun, Jilin was 208 yuan/ton [32][36]. 3.2.5. Futures Inter - month Spread - The 3 - 5 spread of corn was - 36 yuan/ton, at a medium level in the same period. The 3 - 5 spread of starch was - 47 yuan/ton, also at a medium level in the same period [41]. 3.2.6. Futures Spread between Starch and Corn - The spread between the 3 - month contract of starch and corn was 300 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 410 yuan/ton, a decrease of 56 yuan/ton compared with last week [51]. 3.2.7. Substitute Spread - As of December 18, 2025, the average spot price of wheat was 2,516.39 yuan/ton, and the average spot price of corn was 2,349.61 yuan/ton, with a wheat - corn spread of 166.78 yuan/ton. In the 51st week of 2025, the average spread between tapioca starch and corn starch was 712 yuan/ton, a narrowing of 13 yuan/ton compared with last week [55]. 3.3. Industrial Chain Situation 3.3.1. Corn - **Supply Side** - As of December 12, 2025, the domestic trade corn inventory in Guangdong Port was 191,000 tons, an increase of 125,000 tons from last week; the foreign trade inventory was 262,000 tons, an increase of 13,000 tons from last week. The total corn inventory in the four northern ports was 1.792 million tons, a week - on - week increase of 261,000 tons; the shipping volume from the four northern ports was 684,000 tons, a week - on - week decrease of 124,000 tons [45]. - As of December 18, the total sales progress of corn in the main producing areas was 42%, an increase of 2 percentage points from last week and 4 percentage points from the same period last year [58]. - In November 2025, the total import volume of ordinary corn was 560,000 tons, the highest this year, an increase of 260,000 tons or 86.67% compared with the same period last year, and an increase of 200,000 tons compared with the previous month [62]. - As of December 18, the average inventory of national feed enterprises was 29.98 days, an increase of 0.45 days from last week, a month - on - month increase of 1.52% and a year - on - year decrease of 2.63% [66]. - **Demand Side** - At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads or 2.3% year - on - year, and an increase of 12.33 million heads or 2.9% quarter - on - quarter. As of the end of October, the inventory of breeding sows was 30.9 million heads, a decrease of 450,000 heads or 1.12% month - on - month [70]. - As of December 12, 2025, the breeding profit of self - breeding and self - raising pigs was - 163.34 yuan/head, and the breeding profit of purchasing piglets was - 240.69 yuan/head [73]. - As of December 18, 2025, the corn starch processing profit in Jilin was - 67 yuan/ton. The corn alcohol processing profit in Henan was - 379 yuan/ton, in Jilin was - 708 yuan/ton, and in Heilongjiang was - 202 yuan/ton [77]. 3.3.2. Corn Starch - **Supply Side** - As of December 17, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 3.24 million tons, an increase of 10.20% [81]. - From December 11 to 17, 2025, the total national corn processing volume was 631,700 tons, a decrease of 4,100 tons from last week; the national corn starch output was 328,300 tons, a decrease of 2,800 tons from last week; the weekly operating rate was 62.31%, a decrease of 0.53% from last week. As of December 17, the total starch inventory of national corn starch enterprises was 1.074 million tons, an increase of 25,000 tons from last week, a week - on - week increase of 2.38%, a month - on - month increase of 0.47%, and a year - on - year increase of 22.32% [85]. 3.4. Option Market Analysis As of December 19, the implied volatility of the options corresponding to the main 2603 contract of corn was 8.72%, a decrease of 1.84% from 10.56% last week. The implied volatility decreased this week and was at a relatively low level compared with the 20 - day, 40 - day, and 60 - day historical volatility [88].

北大荒所属申万行业为：农林牧渔-种植业-粮食种植。所属概念板块包括：种业、土地流转、乡村振 兴、生态农业、区块链等。 截至9月30日，北大荒股东户数10.45万，较上期减少10.26%；人均流通股17013股，较上期增加 11.43%。2025年1月-9月，北大荒实现营业收入41.08亿元，同比减少5.73%；归母净利润13.57亿元，同 比增长0.70%。 分红方面，北大荒A股上市后累计派现111.57亿元。近三年，累计派现25.07亿元。 12月19日，北大荒盘中上涨2.06%，截至13:18，报14.85元/股，成交2.98亿元，换手率1.14%，总市值 263.99亿元。 资金流向方面，主力资金净流入296.55万元，特大单买入3372.69万元，占比11.30%，卖出2775.99万 元，占比9.30%；大单买入7391.66万元，占比24.76%，卖出7691.81万元，占比25.77%。 北大荒今年以来股价涨4.58%，近5个交易日涨0.81%，近20日涨0.07%，近60日涨2.63%。 今年以来北大荒已经2次登上龙虎榜，最近一次登上龙虎榜为4月11日，当日龙虎榜净买入-1.78亿元； 买入总 ...

Market Overview - The Shanghai Composite Index rose by 1.19% on December 17, with 28 out of 33 sectors experiencing gains, led by the communication and non-ferrous metals sectors, which increased by 5.07% and 3.03% respectively [1] - The agriculture, forestry, animal husbandry, and fishery sector had the largest decline, falling by 0.54% [1] Capital Flow Analysis - The net inflow of capital in the two markets was 9.51 billion yuan, with 16 sectors seeing net inflows [1] - The communication sector had the highest net inflow of 6.45 billion yuan, coinciding with its 5.07% increase [1] - The electronics sector also saw a significant net inflow of 6.34 billion yuan, with a daily increase of 2.48% [1] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - This sector experienced a decline of 0.54%, with a net outflow of 1.94 billion yuan [2] - Out of 105 stocks in this sector, 60 rose, while 39 fell, including 3 that hit the daily limit down [2] - The top three stocks with the highest net inflow were COFCO Sugar Industry (35.26 million yuan), Beidahuang (33.62 million yuan), and Muyuan Foods (31.82 million yuan) [2] Capital Outflow in Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The top three stocks with the highest net outflow were Pingtan Development (-1.28 billion yuan), Luoniushan (-264.82 million yuan), and Biological Shares (-142.17 million yuan) [4] - Pingtan Development saw a significant drop of 10.03%, while Luoniushan and Biological Shares fell by 9.19% and 10.01% respectively [4]

黑龙江北大荒农业股份有限公司（以下简称："公司"）于2025年12月15日召开第七届董事会第三十三次 会议（临时），会议通知于2025年12月9日以专人送达、传真和电子邮件的形式发出，本次会议以通讯 表决方式，全部董事均参加了会议。会议符合《公司法》及《公司章程》的有关规定，会议的召开及议 案事项合法有效。本次会议决议通过以下议案： 一、关于修改《董事会战略与可持续发展委员会工作制度》的议案 原《董事会战略委员会工作制度》修改为《董事会战略与可持续发展委员会工作制度》。 同意9票，反对0票，弃权0票。 证券代码：600598 证券简称：北大荒 公告编号：2025-036 黑龙江北大荒农业股份有限公司 第七届董事会第三十三次会议（临时）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 同意9票，反对0票，弃权0票。 六、关于修订《固定资产管理制度》的议案 同意9票，反对0票，弃权0票。 七、关于修订《金融及衍生品交易管理制度》的议案 二、关于修订《发展战略管理制度》的议案 同意9票，反对0票，弃权0票。 三、关于修 ...

中国北大荒（600598）(00039)发布公告，陈晨先生已遭免除执行董事职务;及程娟女士已遭免除独立非 执行董事职务。柯雄瀚先生及李建利先生已获选任或重选(视情况而定)为执行董事;何咏欣女士及覃海霞 女士已获选任或重选(视情况而定)为非执行董事;陈智锋先生、黎碧芝女士及郑育淳先生获选任或重选 (视情况而定)为独立非执行董事。 董事会欣然宣布，陈智锋先生继续担任公司提名委员会、公司薪酬委员会及公司审核委员会的成员，而 黎碧芝女士则继续担任公司审核委员会的成员。因程娟女士被罢免公司独立非执行董事职务，彼已不再 担任公司审核委员会成员。 ...