Core Viewpoint - The article emphasizes the importance of agricultural technology in building a strong agricultural nation, highlighting the need for both original innovation and effective technology application to enhance agricultural productivity and competitiveness [1][2]. Group 1: Agricultural Technology and Innovation - The "Planning for Accelerating the Construction of a Strong Agricultural Nation (2024-2035)" outlines a strategic framework for high-level agricultural technology self-reliance and innovation [1]. - Key characteristics of a strong agricultural nation include strong supply security, technological equipment, operational systems, industry resilience, and competitive capabilities [1]. - The article notes that while China has made significant progress in agricultural technology innovation, it still does not rank as a strong agricultural technology nation compared to international standards [2]. Group 2: Collaboration and Systematic Innovation - There is a need for collaboration among various agricultural innovation entities to overcome issues such as low-level repetition and homogeneous competition [3]. - The article advocates for breaking down industry barriers and fostering systematic research cooperation to enhance overall innovation effectiveness [3]. Group 3: Application and Market Integration - The article stresses the importance of integrating technological innovations into practical applications, addressing the disconnect between supply and demand in agricultural technology [4]. - It highlights the necessity of focusing on core technologies, key resources, and digital agriculture to improve the overall effectiveness of agricultural innovation [4].

本报记者 田耿文 腾空、起飞，每秒可飞行13.8米，每分钟可撒播化肥100斤——植保无人机飞过青青麦田，科技范儿十 足。走进山东济宁市微山县丰源家庭农场的小麦种植基地，种植大户韩明正操作无人机为麦苗追肥。 "多亏了微山农商银行给予的30万元贷款资金支持，今年我早早就添置了植保无人机，它成了我的好帮 手。现在农业政策好，农商银行的金融夜校还经常请农技专家来为我们授课，指导种植管理。咱心里也 有底儿了，干活更有劲儿了。"韩明信心满满地向《农村金融时报》记者介绍。 韩明是一名"90后"新农人。在跟随父亲销售、配送农资的过程中，他发现人工植保效率低、成本高。 2023年他成立了家庭农场，在近期县里组织的新型农业实用技能培训会上，他产生了购买植保无人机的 想法，但流动资金不足让他犯了难。 微山农商银行在了解到他的春耕备耕资金需求后，第一时间为其提供了定制化金融服务，助力农场购买 农资、更新农业设施，并优化种植技术。有了微山农商银行的金融支持，韩明的农场不仅解决了资金短 缺难题，还顺利引入先进的自动化设备，实现从播种到采收的智能化操作。 "我是新农人，更是兴农人。无人机在作业效率、作业效果、作业适应性等方面有显著优势。从 ...

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]

Group 1 - The report highlights the issuance of the "Accelerating the Construction of an Agricultural Powerhouse Plan (2024-2035)" by the Central Committee of the Communist Party of China and the State Council, which is expected to benefit agricultural machinery and seed industry stocks listed on the Beijing Stock Exchange [2][12][14] - The plan emphasizes innovation in agricultural technology and equipment, focusing on key core technologies and urgent industry needs, particularly in the seed industry [12][14] - As of April 11, 2025, there are 14 listed companies in the agricultural machinery, seed, vaccine, and agricultural product processing sectors on the Beijing Stock Exchange, with a total market capitalization of 34.818 billion yuan [2][16][17] Group 2 - The consumer services sector experienced a significant increase, with an average weekly gain of 11.78% from April 7 to April 11, 2025 [3][25][31] - The report notes that the average price-to-earnings (P/E) ratio for the consumer services sector rose to 54.4X, indicating strong investor interest [3][31] - Top performers in the consumer services sector included Qiu Le Seed Industry, which saw a remarkable increase of 96.77% in stock price [3][31][36] Group 3 - The technology sector on the Beijing Stock Exchange saw a decline, with the total market capitalization dropping from 413.559 billion yuan to 410.949 billion yuan between April 7 and April 11, 2025 [4][39][46] - The average P/E ratio for the technology sector decreased from 49.8X to 49.2X during the same period [4][38][41] - Among the 148 companies in the technology sector, 54 experienced stock price increases, but the median price change was -2.33% [4][37][40] Group 4 - The report includes announcements regarding companies such as Parallel Technology, which plans to purchase AI computing servers for a total estimated amount of 222.95 million yuan [5][61] - Hai Neng Technology received a patent for a reliable Kjeldahl nitrogen steam generation system, indicating ongoing innovation in the sector [5][61][62] - Long Rainbow Energy's major shareholder plans to increase their stake by up to 100 million yuan, reflecting confidence in the company's future [5][61]

Group 1 - The core viewpoint of the articles highlights the transformation of agricultural practices in Heilongjiang Province through the integration of technology, particularly in the context of spring plowing activities [1][3] - The North China Agricultural Group is implementing a strategy focused on "technology-driven agriculture, green transformation, and full-chain integration," aiming to modernize traditional farming methods with smart technologies [1] - The company has completed 30 digital farm pilot projects and 14 smart agriculture demonstration bases, advancing applications in smart seedling cultivation, irrigation, and fertilization [1] Group 2 - The "North China Smart Soil COOMAP" system, launched by North China Information Co., has redefined modern agricultural management by integrating over 33,000 IoT terminals and monitoring more than 200 key parameters [2] - This system processes over 5 terabytes of data daily and provides intelligent services to more than 100,000 users, creating a comprehensive smart decision-making hub for the entire agricultural production cycle [2] - The system has been promoted across the North China Group, with training completed for various subsidiaries, set to serve over 3,000 authorized users in the current agricultural production season [3]

数据显示，截至2025年3月31日，国证粮食产业指数(399365)前十大权重股分别为大北农(002385)、隆平 高科(000998)、北大荒(600598)、荃银高科(300087)、苏垦农发(601952)、农发种业(600313)、海大集团 (002311)、亚盛集团(600108)、登海种业(002041)、盐湖股份(000792)，前十大权重股合计占比52.74%。 粮食ETF(159698)联接基金(A：021086；C：021087；I：022848)。 截至2025年4月7日 09:59，国证粮食产业指数(399365)上涨0.36%，成分股万向德农(600371)10cm涨停， 神农种业(300189)上涨8.08%，利尔化学(002258)上涨8.07%，北大荒(600598)上涨6.11%，敦煌种业 (600354)上涨5.72%。粮食ETF(159698)上涨1.27%，盘中成交额已达2384.88万元，居同类产品首位，换 手率12.11%，市场交投活跃。 东兴证券认为，农产品再次作为重要的关税反制手段，粮食安全战略的关注度提升。25年一号文件中大 篇幅聚焦粮食安全问题，并首提"农业 ...

证券研究报告 | 2025年03月16日 美国农业部（USDA）月度供需报告数据分析专题 优于大市 全球大豆压榨量环比调增，中国玉米进口预估进一步下修 种植链农产品：中国玉米进口量预估下修，全球大豆压榨量调增。 1）玉米：国内供需宽松顶部已现，玉米价格有望维持温和上涨。USDA3 月供 需报告将玉米 24/25 产季期末库销比环比调减 0.13%至 23.32%，其中，中国 玉米 24/25 年度进口目标较 2 月预估进一步下调 200 万吨至 800 万吨玉米， 最终中国玉米期末库销比环比减 0.64%至 64.27%。目前国内玉米价格已处于 历史周期底部位置，中储粮自 2024 年 12 月起多次扩大收储，提振国内玉米 市场，后续预计价格底部支撑较强。 2）大豆：南美丰产压力下预计上半年价格维持底部震荡，新季美国大豆减 产或在今年秋季兑现。USDA3 月供需报告中预计 24/25 产季全球产量维持、 压榨量调增、期末库存略减，最终全球大豆期末库销比环比调减 0.94pcts 至 29.67%；总体 2025 上半年全球大豆供应压力仍大，考虑到贸易政策扰动 影响，预计价格维持底部震荡。当前豆系产品价格处于历 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The agricultural sector is expected to perform better than the market, with specific focus on corn, soybeans, wheat, sugar, cotton, and livestock [5] Corn - The USDA March report indicates a slight increase in global corn production and usage, with the ending stocks-to-use ratio adjusted down by 0.13% to 23.32% [16][17] - China's corn import target for the 2024/25 season has been revised down by 2 million tons to 8 million tons, leading to a reduction in the ending stocks-to-use ratio to 64.27% [17][18] - Domestic corn prices are expected to maintain a recovery trend supported by state reserves and a historical price bottom [19][20] Soybeans - The USDA report maintains global soybean production estimates while increasing the crushing volume by 0.84% to 295 million tons, with ending stocks reduced to 121.41 million tons [25][26] - The soybean market is expected to experience price fluctuations in the first half of 2025, with long-term trends indicating a tightening supply [28][29] - The U.S. soybean planting area is projected to decrease by 3.6%, which may lead to a tighter supply in the upcoming season [31] Wheat - The USDA report shows an increase in global wheat production and consumption, with the ending stocks-to-use ratio rising to 32.24% [35][36] - China's wheat import target for the 2024/25 season has been reduced by 1.5 million tons to 6.5 million tons, indicating a relatively loose supply situation [36][37] Sugar - The report indicates a continuation of a loose supply-demand balance for sugar, with domestic production expected to increase by 1.04 million tons [4] - Short-term sugar prices are anticipated to remain weak due to high inventory levels and seasonal consumption patterns [4] Cotton - Global cotton demand is projected to increase, with the ending stocks-to-use ratio adjusted down to 67.21% [4] - Domestic cotton prices are at historical lows, and a recovery in demand could lead to a rebound [4] Livestock - U.S. pork prices are expected to see a slight increase, while domestic pig prices may decline, but low-cost producers are likely to maintain profitability [7] - The poultry market is affected by avian influenza, with expectations for a gradual recovery in supply [7] - Egg supply in China is currently abundant, with pressure on prices expected to persist throughout the year [7]

Core Viewpoint - The article highlights the significant improvements in air quality and environmental protection in China, emphasizing the government's commitment to green transformation and sustainable development through various initiatives and policies [1][2]. Group 1: Air Quality Improvement - The average annual concentration of PM2.5 in Beijing decreased from 80.6 micrograms per cubic meter in 2015 to 30.5 micrograms per cubic meter in 2024, representing a reduction of 62% [1]. - The number of heavy pollution days in Beijing dropped from 46 days in 2015 to just 1 day in 2024, indicating a substantial improvement in air quality [1]. Group 2: Renewable Energy and Carbon Market - As of 2024, renewable energy generation capacity in China exceeded 300 million kilowatts, accounting for 56% of total installed capacity and over 35% of total electricity generation [2]. - The carbon market's trading scale has expanded, with carbon emissions intensity in coal-fired power generation decreasing by 8.78 percentage points, saving companies approximately 35 billion yuan in carbon reduction costs [2]. Group 3: Water and Flood Management - The Ministry of Water Resources is enhancing flood safety systems and capabilities, acknowledging the persistent threat of extreme rainfall and flooding [5]. - The government is focusing on comprehensive river and lake management, including the "Mother River Revival Action" to ensure ecological flow in water bodies [2][5]. Group 4: Food Security and Agricultural Innovation - China's grain production reached a record 1.4 trillion jin, an increase of 221.8 million jin, despite facing severe natural disasters [5][6]. - The concept of "new agricultural productivity" has been introduced, emphasizing the use of modern technology to enhance agricultural efficiency and support grain production through various policies [6].

2024年，辽宁省粮食单产为931.88斤/亩，位居全国第四、粮食主产省第二，而韩秋香所在的营口市优 质稻种植面积达20余万亩，品种升级换代初步形成规模。 3月6日下午3时，十四届全国人大三次会议辽宁代表团举行开放团组活动。"听到总理在政府工作报告 中，对粮食产销区省际横向利益补偿机制用了'启动'二字，说明这件事已经走到了实际操作的步骤，我 非常开心看到咱们农业发展中遇到的问题正在一步步地解决。"全国人大代表、辽宁省营口市农业农村 综合发展服务中心高级农艺师韩秋香声情并茂地对记者说，今年的政府工作报告中各种涉及"三农"的细 节令她感到振奋。 "我看到报告中再一次提到加快种业振兴行动！"即便透过方寸大小的相机屏幕看，韩秋香眼里也尽是藏 不住的欣慰。"种业振兴行动已经连续几次出现，今年的政府工作报告让我们种业工作者深刻感受到国 家对于这个问题持之以恒的重视。"作为一名从事种业推广工作的基层人员，韩秋香备受鼓舞。 今年的政府工作报告中提出："稳定粮食播种面积，主攻单产和品质提升。"这正是韩秋香和她的同事们 一直在做的事情，26年间，她作为一名基层工作者，扎根优质水稻品种推广的工作，将科技成果与广大 农民建立联系，将 ...