Core Viewpoint - The article discusses the progress and achievements of China's seed industry revitalization action plan, emphasizing the importance of seed source security for national security and the advancements made in developing high-quality domestic seed varieties [1][3]. Group 1: Achievements in Seed Industry - High-quality domestic seed varieties such as high-resistant wheat and rice have been developed, contributing to improved agricultural productivity [1][2]. - Over the past five years, the area of self-bred crop varieties has reached over 95%, with domestic seed sources for livestock and aquaculture exceeding 80% and 85% respectively [2][3]. - The establishment of significant research platforms and laboratories has strengthened the foundation for breeding innovation, with 25 wheat varieties selected as national leading varieties during the 14th Five-Year Plan [2][3]. Group 2: Innovations and Technological Advancements - The introduction of intelligent breeding platforms has increased breeding efficiency by over 60%, leading to the development of high-yield rice varieties [2][4]. - The use of artificial intelligence and biotechnology in breeding is transforming the breeding paradigm, aiming to create new advantages in seed development [6][7]. - Companies like Zhongnong Group and Hainan Hai Da Group are leading in the development and sales of various seed varieties, indicating a robust seed industry structure [5][6]. Group 3: Future Directions and Challenges - The next five years are critical for achieving significant breakthroughs in the seed industry, focusing on the protection and utilization of genetic resources [6][7]. - There is a need to address the challenges of homogeneity in seed varieties and enhance the innovation capabilities of seed enterprises [7]. - The government is promoting the integration of research and development with practical applications to ensure the widespread adoption of superior seed varieties [5][7].

Core Viewpoint - The article discusses the progress and achievements of China's seed industry revitalization action plan, highlighting the importance of seed source security for national security and the advancements made in developing high-quality domestic seed varieties [1][3]. Group 1: Achievements in Seed Industry - The seed industry revitalization action has led to the emergence of high-quality domestic seed varieties, such as high-resistant wheat and rice, contributing to improved agricultural productivity [1][2]. - Over the past five years, the area of self-bred crop varieties has reached over 95%, with domestic seed sources for livestock and aquaculture exceeding 80% and 85% respectively [2][3]. - The establishment of major research platforms and laboratories has strengthened the foundation for breeding innovation, with significant investments made by various provinces [2][3]. Group 2: Technological Innovations - The introduction of smart greenhouses and AI-driven breeding platforms has increased breeding efficiency by over 60%, allowing for the selection of high-yield rice varieties [2][4]. - The use of advanced breeding techniques, including artificial intelligence and biotechnology, is transforming the breeding paradigm, aiming to enhance the quality and yield of crops [6][7]. Group 3: Future Directions and Challenges - The next five years are critical for achieving significant breakthroughs in the seed industry, focusing on the protection and utilization of genetic resources [7][8]. - There is a need to address the challenges of homogeneity in seed varieties and to enhance the innovation capabilities of seed enterprises through deeper integration of industry, academia, and research [6][7]. - The goal is to continuously produce high-quality, green, and specialized seeds to ensure food security in China [8].

Core Viewpoint - The article highlights the progress and achievements of China's seed industry revitalization action plan, emphasizing the importance of seed source security for national security and the need for self-reliance in agricultural production [1][3]. Group 1: Achievements in Seed Industry - High-quality Chinese seeds such as disease-resistant wheat and rice varieties have been developed, contributing to improved agricultural productivity [1][2]. - Over the past five years, the area of self-bred crop varieties has reached over 95%, with domestic seed sources for livestock and aquaculture exceeding 80% and 85% respectively [2][3]. - The introduction of advanced breeding platforms and technologies has increased breeding efficiency by over 60%, leading to the development of high-yield rice varieties [2][4]. Group 2: Government Initiatives and Investments - The Ministry of Agriculture and Rural Affairs has implemented various funding initiatives, such as a total investment of 240 million yuan in Henan province for crop breeding projects [2][5]. - Local governments are establishing mechanisms to connect research and promotion, with initiatives like subsidies for major variety research and demonstration platforms [5][6]. Group 3: Challenges and Future Directions - Despite advancements, challenges remain in utilizing agricultural genetic resources effectively, with a need for improved quality and application of research [6][7]. - The next five years are seen as a critical period for achieving significant breakthroughs in the seed industry, focusing on resource protection, breeding innovation, and the integration of artificial intelligence in breeding processes [7][8].

一、非独立董事辞任 证券代码：002299 证券简称：圣农发展 公告编号：2025-071 福建圣农发展股份有限公司 关于非独立董事变更为职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）于 2025 年 9 月 3 日召开 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>的议案》、《关 于修订公司部分内部治理制度的议案》。鉴于公司不再设置监事会，根据修订后 的《公司章程》规定，公司董事会设置职工代表董事 1 人，由公司职工代表大会 选举产生。 董 事 会 二○二五年十二月二日 附件：席军先生简历 公司于 2025 年 12 月 1 日收到公司非独立董事席军先生的辞呈，根据有关规 定，结合工作需要，席军先生申请辞去第七届董事会非独立董事职务。根据《中 华人民共和国公司法》和《公司章程》的有关规定，席军先生的辞职报告自送达 公司董事会时生效，除辞任非独立董事职务外，席军先生担任的公司其他职务不 变，其辞任不会导致公司董事会成员低于法定人数，其本次职务变动系由非独立 董事变更为职工董事 ...

Group 1 - The core viewpoint of the news highlights the mixed performance of the China Livestock Breeding Index, with notable gains from companies like Tianma Technology and Jin Xin Nong, while Wen's shares experienced a decline [1] - The latest price of the Livestock ETF is 0.65 yuan, with a net subscription of 9.5 million units today [1] - To prevent the risk of epidemic transmission and ensure the safety of the domestic pig industry, the General Administration of Customs of China has suspended the acceptance of import declarations for pork products from 12 companies in the Barcelona province of Spain starting November 28 [1] Group 2 - The China Livestock Breeding Index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2] - As of November 28, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Muyuan Foods, Wen's Shares, and others, collectively accounting for 65.6% of the index [2]

Investment Rating - The industry rating is "Strongly Outperform the Market" [5][72]. Core Viewpoints - The supply-demand imbalance in the pig farming sector continues, leading to downward pressure on pig prices. As of November 28, the pig price was 11.20 CNY/kg, a decrease of 0.42 CNY/kg week-on-week. The average weight of pigs sold increased to 129.22 kg, up 0.41 kg week-on-week, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - In the beef sector, calf prices have rebounded, and the long-term trend for beef prices is upward. As of November 28, the price for fattened bulls was 25.55 CNY/kg, down 0.12% week-on-week, while calf prices rose to 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows [3][33]. - The poultry sector is experiencing a decrease in the enthusiasm for restocking broiler chicks, with prices slightly adjusting. As of November 28, the price for white feather broilers was 7.19 CNY/kg, up 0.04% week-on-week, while broiler chick prices were 3.47 CNY each, down 0.01 CNY [4][40]. - The agricultural products sector, particularly soybean meal, is seeing price fluctuations. As of November 28, the spot price for soybean meal was 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels [4][55]. Summary by Sections Pig Farming - The supply-demand imbalance persists, leading to a decrease in pig prices. The average price on November 28 was 11.20 CNY/kg, with a week-on-week decrease of 0.42 CNY/kg. The average weight of pigs sold increased to 129.22 kg, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - The average profit for self-bred pigs was -147.99 CNY/head, and for purchased piglets, it was -248.82 CNY/head, reflecting ongoing losses in the sector [10]. Beef Industry - Calf prices have shown signs of recovery, with the price for fattened bulls at 25.55 CNY/kg, down 0.12% week-on-week, and calf prices at 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows, leading to a potential upward trend in beef prices in the coming years [3][33]. Poultry Sector - The enthusiasm for restocking broiler chicks has decreased, with broiler prices at 7.19 CNY/kg, up 0.04% week-on-week, and broiler chick prices at 3.47 CNY each, down 0.01 CNY. The ongoing avian influenza outbreak may lead to a contraction in upstream production capacity [4][40][43]. Agricultural Products - The soybean meal market is experiencing price fluctuations, with a spot price of 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels and external factors affecting supply [4][55].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The beef price is expected to continue rising, indicating a potential reversal in the beef cycle in 2025 [2][3]. - The pig industry is undergoing a "de-involution," which is likely to support long-term pig prices [1][3]. - The poultry sector is anticipated to benefit from seasonal demand recovery, with limited supply fluctuations [3][4]. Summary by Sections 1. Weekly Overview and Data Summary - The report highlights a steady increase in beef prices, with the average market price at 66.54 yuan/kg as of November 28, 2025, reflecting a week-on-week increase of 0.24% and a year-on-year increase of 8.83% [2][3]. - The average price of live pigs was reported at 11.19 yuan/kg, showing a week-on-week decrease of 4% [1][3]. 2. Fundamental Tracking 2.1 Swine - The report notes that the pig price is supported by industry adjustments, with a current price of 11.19 yuan/kg [1][3]. - The average wholesale price of pork is 17.83 yuan/kg, down 0.45% week-on-week and down 24.13% year-on-year [1][3]. 2.2 Poultry - The price of broiler chickens is 7.19 yuan/kg, up 0.56% week-on-week, while chick prices are slightly down at 3.47 yuan/each [1][3]. - The report indicates that the supply of yellow chickens remains stable, with prices showing slight increases [1][3]. 2.3 Beef - The beef market is experiencing a new round of price increases, with expectations for a bullish cycle in 2025 [2][3]. - The average price of raw milk is 3.03 yuan/kg, with a year-on-year decrease of 3% [2][3]. 2.4 Feed - The report emphasizes that the feed industry is benefiting from deeper industrialization and clearer division of labor, with leading companies expected to gain competitive advantages [3][4]. 2.5 Other Commodities - Soybean meal prices are stable, with a current price of 3100 yuan/ton, reflecting a week-on-week increase of 0.98% [2][3]. - Corn prices are also on a mild upward trend, currently at 2254 yuan/ton, up 1.21% week-on-week [2][3]. 3. Company Profit Forecasts and Investment Ratings - Key companies such as YouRan Agriculture and Modern Agriculture are rated as "Outperform" with respective prices of 4.36 yuan and 1.34 yuan [4]. - Mu Yuan Co. is highlighted with a projected EPS of 3.57 yuan for 2025, maintaining an "Outperform" rating [4].

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [61]. Core Insights - The agricultural sector index has shown a weekly increase of 1.57%, but it has underperformed compared to the Shanghai Composite Index [13][14]. - The pig farming industry is currently facing a downward price trend, with an average price of 11.19 yuan/kg, reflecting a week-on-week decrease of 3.87% [21]. - The poultry farming sector is experiencing a stabilization at the bottom of the market, with yellow feathered chicken prices showing improvement due to better downstream demand [28]. - The beef market is expected to see price increases as it enters the consumption peak season, while dairy cow inventory trends are decreasing [35]. - The planting industry is facing short-term supply and demand pressures, but there is potential for improvement if there are significant reductions in grain production [42]. Summary by Sections 1. Market Review - The agricultural index closed at 2991.22 points, with a weekly increase of 1.57%, while the Shanghai Composite Index increased by 1.40% [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market is 129.22 kg, with ongoing losses in the industry. The number of breeding sows is decreasing, indicating accelerated capacity reduction [3][21][22]. 2.2 Poultry Farming - White feathered chicken prices are under pressure, while yellow feathered chicken prices are improving due to better demand and supply contraction [4][28]. 2.3 Livestock - Live cattle prices in Shandong are at 26.80 yuan/kg, with expectations for steady price increases as the market enters a consumption peak [5][35]. 2.4 Planting Industry - Domestic corn prices are at 2218.57 yuan/ton, with fluctuations expected due to new crop listings and external uncertainties [42][43]. 2.5 Feed & Aquaculture - Feed prices are stabilizing, while aquaculture prices are showing upward trends, particularly for shrimp and fish products [48][55].

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...