农业农村部12日召开全国种业振兴推进会。会议强调，要加快种质资源鉴定改良，再筛选挖掘和创制一 批优异种质，加快创制一批优异新资源，健全种质资源分类管理和共享利用机制，让资源活起来、用起 来。要加快选育推广突破性品种，完善科研育种成果评价机制，树牢面向生产的育种导向，集中力量选 育一批急需品种，尽快推动在生产中推广应用。要着力培育壮大优势种业企业，聚焦种业阵型企业进一 步加大支持，强化企业主导的产学研深度融合。要全面提升种业基地现代化水平，优化种源基地布局， 大力推进基地现代化建设，强化应急供种保障，提升种源保障能力。 ...

Group 1 - The 32nd China Beijing Seed Industry Conference will be held from September 11 to 14, focusing on modern seed industry, biomanufacturing, smart agriculture, and intelligent equipment [1] - The conference will adopt a "1+7" distributed format, with the main venue in Tongzhou District and seven sub-venues in Pinggu, Fengtai, Yanqing, Chaoyang, Daxing, Haidian, and Changping [1] - The theme of the conference is "Deepening Regional Coordination and Promoting Seed Industry Revitalization," featuring a series of activities including forums and technology exhibitions [1][2] Group 2 - The conference will emphasize international elements, inviting representatives from international organizations, academicians, and leaders of global enterprises to discuss global seed industry trends [2] - The event aims to facilitate the international conversion of independent achievements, including plans to enhance cooperation in biobreeding with South American countries and expand international markets for livestock breeding [2] - The conference is jointly organized by the agricultural and rural departments of Beijing, Tianjin, and Hebei, showcasing thousands of breakthrough varieties in corn and vegetables [2] Group 3 - Various peripheral activities are planned, including a vegetable seed industry commercial exhibition, corn variety field exhibition, ornamental fish culture week, and enterprise visit routes [3] - Preparations for the conference are currently underway, aiming to create a platform for in-depth exchanges among professional audiences [3]

Core Insights - The 32nd China Beijing Seed Industry Conference is scheduled to take place from September 11 to 14, 2025, focusing on "Deepening Regional Coordination and Promoting Seed Industry Revitalization" [3][4] - The conference will emphasize three major sectors: modern seed industry, bio-manufacturing, and smart agriculture and equipment, aiming to enhance agricultural collaboration in the Beijing-Tianjin-Hebei region [4][5] Event Highlights - The conference will feature a series of activities including a vegetable variety exhibition, strategic signing events, and a competition showcasing innovative vegetable varieties [5][7] - A total of 322 new vegetable varieties will be presented, covering functional vegetables, local specialties, ornamental varieties, and innovative types [7][9] Industry Development - The event aims to establish Beijing as a "Seed Industry Capital" and contribute to the construction of an agricultural technology innovation center with regional influence [5][10] - The exhibition will create an immersive experience with various themed areas to showcase the latest innovations in Beijing's vegetable seed industry [9][10] Collaboration and Innovation - The opening ceremony will feature the launch of a smart breeding service platform utilizing advanced technologies to enhance breeding and research efficiency [16] - Strategic cooperation agreements will be signed between Beijing University and Beijing Seed Industry Capital Technology Co., focusing on variety research and results transformation [17][18] Quality and Market Trends - A competition for fresh tomatoes and cucumbers will highlight varieties with superior taste and market potential, reflecting the growing demand for high-quality produce [11][12][14] - The event will release a list of "Beijing-Tianjin-Hebei Good Taste" varieties, showcasing products that meet both professional and consumer standards [13][14]

Core Viewpoint - The 32nd China Beijing Seed Industry Conference will be held from September 11 to 14, 2023, focusing on "deepening regional collaboration and promoting seed industry revitalization" with an emphasis on regionalization, internationalization, and marketization [3][4]. Group 1: Conference Objectives and Themes - The conference aims to enhance agricultural regional collaboration in the Beijing-Tianjin-Hebei area, leverage global resources, and promote agricultural technology achievements to ensure food security and build a strong agricultural nation [4][6]. - This year's conference marks a significant transition from a three-year foundational phase to a five-year effectiveness phase in seed industry revitalization [7]. Group 2: Innovation and Development - Beijing has established itself as a leader in seed industry innovation, with significant achievements such as the world's largest DNA fingerprinting database for watermelon and corn, and leading breeding technologies for various species [6][7]. - The conference will feature a "1+7" distributed meeting model, with the main venue in Tongzhou and seven sub-venues across different districts, showcasing over a thousand breakthrough varieties of corn and vegetables [14][16]. Group 3: International Collaboration - The conference will promote international exchanges and transactions in the seed industry, highlighting Beijing's global footprint in seed development and technology transfer [9][10]. - Initiatives include partnerships with countries along the Belt and Road, focusing on the international transformation of domestic agricultural achievements [12]. Group 4: Activities and Engagement - A series of activities under the "1+1+1+10+N" framework will be organized, including technology showcases, competitions, and forums to facilitate industry collaboration and innovation [13][15]. - The event will also feature ten specialized forums focusing on various agricultural sectors, enhancing regional industry advantages and promoting technology integration [17].

Group 1 - The 32nd China Beijing Seed Industry Conference will be held from September 11 to 14, 2023, with the theme "Deepening Regional Coordination and Focusing on Seed Industry Revitalization" [1] - The main venue is located in Tongzhou District, with seven sub-venues in various districts, featuring a series of activities [1][2] - The conference aims to showcase cutting-edge technologies in the seed industry, including biobreeding, synthetic biology, smart agriculture, and intelligent equipment [2][3] Group 2 - The event will include a hundred agricultural technology achievements on display, a hundred named service presentations, and live interactions with a hundred new agricultural economic entities [3] - The conference is a collaborative effort among agricultural departments from three regions, enhancing agricultural cooperation in the Beijing-Tianjin-Hebei area [3][4] - Various specialized forums will be held across different districts, focusing on specific agricultural sectors such as corn, vegetables, and livestock [4][5] Group 3 - The conference will feature a series of pre-heating activities throughout the year, showcasing various crops and agricultural innovations [5] - The event aims to accelerate the application of new varieties and technologies in the agricultural sector, enhancing the quality of life for citizens [5][6] - Beijing's seed industry has made significant advancements, establishing itself as a leader in various breeding technologies and achieving global recognition [6][7]

Core Viewpoint - Hefei Fengle Seed Industry Co., Ltd. is planning to issue A-shares to specific investors to raise funds for working capital and repaying bank loans, subject to regulatory approvals [1][2][3]. Group 1: Issuance Details - The issuance price is set at 5.91 yuan per share, which is not less than 80% of the average trading price over the last 20 trading days prior to the pricing date [3]. - The total amount raised will be used entirely for supplementing working capital and repaying bank loans after deducting relevant issuance costs [3]. - The shares acquired through this issuance will be subject to a lock-up period of 36 months from the date of issuance [3][4]. Group 2: Shareholder Structure - The controlling shareholder of the company is Guotou Seed Industry Technology Co., Ltd., which is wholly owned by the State Development Investment Corporation [12][13]. - The company underwent a change in controlling shareholder from Hefei Construction Investment Holding Group to Guotou Seed Industry in April 2024 [13]. Group 3: Financial Performance - The company reported a net cash flow from operating activities of 396.0586 million yuan, indicating a downward trend in cash flow due to increased operational expenditures and rising inventory [7]. - The company's inventory at the end of the reporting period was valued at 989.2043 million yuan, representing 45.13% of its current assets, which poses a risk of inventory impairment [8]. Group 4: Industry Characteristics - The seed industry is sensitive to climate conditions, making it vulnerable to natural disasters that can affect seed production quality and yield [7]. - The company operates under a "company + base + farmer" model, where it collaborates with production bases and farmers to produce seeds [7]. - The agricultural sector, including seed production, is regulated by the Ministry of Agriculture and Rural Affairs, which oversees seed quality and production standards [16][17].

◆ | 涨幅前 | 万辰集团 | 邦基科技 | 永顺泰 | 罗牛山 | *ST 佳沃 | | --- | --- | --- | --- | --- | --- | | 五 | 14.6% | 14.1% | 10.5% | 7.8% | 7.6% | | 跌幅前 | 瑞普生物 | 田野股份 | 晓鸣股份 | 天康生物 | 雪榕生物 | | 五 | -14.4% | -10.9% | -5.6% | -4.0% | -3.4% | 资料来源：iFinD，中航证券研究所整理 ◆ ◆ 1 [证券研究报告] 正常节奏出栏,意在推动行业理性经营,以及稳定远期生猪价格和产能。此外,对二 次育肥的约束也将有利于行业减少投机行为、减轻短期价格波动。整体上新的行业举 措将维护行业正常生产经营,也有利于推动产业长期高质量发展。 交易上,生猪板块具备长期配置价值,关注优化行业经营发展举措给板块预期 带来的推动。一是股价先于周期，生猪板块估值水平处于历史低位。截至６月６日， 万得猪产业指数为 926.06 点，整体 PB 估值 2.55 倍，处于近 10 年 2.13%分位点, 估值具备较好性价比。二是生猪行业优势企业红利属性增强 ...

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [80]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [22]. - The poultry sector is experiencing price stability despite seasonal demand fluctuations, with potential impacts from overseas avian influenza affecting supply [35]. - The dairy industry is seeing a recovery in milk prices due to reduced supply, while beef prices are expected to rise as the industry undergoes capacity adjustments [39]. - The planting sector is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external uncertainties [47]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, reflecting a weekly increase of 0.91%, outperforming the Shanghai Composite Index [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs sold was 129.17 kg, with a slight decrease in price to 14.05 CNY/kg, down 2.90% week-on-week [20][21]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year, despite anticipated price pressures in the second half [22]. 2.2 Poultry Farming - The average price for white feather chickens was 7.32 CNY/kg, showing a decrease of 0.68% week-on-week, while overall prices remain stable [32][35]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust, potentially boosting poultry product consumption [35]. 2.3 Dairy Industry - The price of raw milk has stabilized at 2.6 CNY/kg, with expectations for further recovery as supply decreases [39]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [39]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies, with corn prices at 2294.29 CNY/ton and soybeans at 3925.26 CNY/ton [46]. - The planting sector is stabilizing, with potential improvements if significant reductions in grain production occur [47]. 2.5 Feed & Aquaculture - Feed prices have stabilized, with pig feed at 3.37 CNY/kg and poultry feed at 3.40 CNY/kg [65]. - Aquaculture prices remain steady, with notable increases in shrimp prices [65].

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [76]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [20][21]. - The poultry sector is experiencing price stabilization despite seasonal demand fluctuations, with potential impacts from avian influenza affecting supply [33][29]. - The dairy and beef sectors are showing signs of recovery, with rising prices for raw milk and beef, indicating a potential upward trend in profitability [37]. - The planting industry is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external factors [44]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, with a weekly increase of 0.91%, outperforming major indices [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market was 129.17 kg, with prices showing a slight decline [19][20]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year [21]. - The report suggests a cautious outlook for the second half of the year due to supply pressures [21]. 2.2 Poultry Farming - White feather chicken prices decreased to 7.32 CNY/kg, while overall prices remained stable [29][33]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust [33]. 2.3 Dairy and Beef Industry - Raw milk prices have stabilized at 2.6 CNY/kg, with expectations for further recovery in the second half of 2025 [37]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [37]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies and external uncertainties [44]. - The report emphasizes the importance of increasing grain yields to counteract potential production declines [44]. 2.5 Feed and Aquaculture - Feed prices have stabilized, with slight variations in water product prices [64]. - The report notes that prices for various fish species remain steady, with some increases in shrimp prices [64].

Group 1: New Development Pattern - The meeting emphasized that accelerating the construction of a new development pattern is a strategic move to enhance survival, competitiveness, and sustainable development in the face of various challenges [2][3] - It was highlighted that the focus should be on problem-oriented approaches, targeting key bottlenecks and difficulties to drive strategic transformation [3] Group 2: Agricultural Modernization - The meeting underscored the importance of seed industry development as a foundation for agricultural modernization, stressing the need for national seed security [2][4] - Significant progress has been made in the seed industry, but the urgency for self-sufficiency in seed sources is greater than ever, with food security being a top priority [4] Group 3: Ecological Protection and Sustainable Development - The meeting pointed out the need for ecological environment protection and sustainable development in the Qinghai-Tibet Plateau, emphasizing the importance of prioritizing ecological protection as a fundamental premise for regional development [5] - It was noted that since the 18th National Congress, efforts have been made to protect and restore key ecological areas, effectively curbing ecological degradation [4][5] Group 4: Free Trade Zones - The establishment of 21 free trade pilot zones has created a comprehensive testing ground for high-level institutional innovations, contributing significantly to high-quality development [6] - The meeting called for deeper institutional opening-up and greater reform autonomy for free trade zones to enhance their international competitiveness [6]