Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.82% closing at 3369.24 points, the Shenzhen Component Index up by 1.72% at 10301.16 points, and the ChiNext Index up by 2.63% at 2064.71 points [1][12] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3084 trillion yuan, an increase of approximately 116.4 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, electric equipment, machinery, non-bank financials, and automotive, with gains of 4.80%, 2.69%, 2.24%, 2.08%, and 1.91% respectively [1][12] - The sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, pharmaceuticals, public utilities, and beauty care, with decreases of 0.49%, 0.27%, 0.26%, and 0.04% respectively [1] Concept Sectors - The top-performing concept sectors included aircraft carriers, top ten military industrial groups, large aircraft, stock trading software, military-civilian integration, TWS headsets, wireless charging, satellite internet, and satellite navigation [2][11] - Conversely, sectors such as gold and jewelry, generic drugs, and biological breeding experienced pullbacks [11]

白鸡：4月祖代更新同比缩量近30%，5月父母代价格启动上涨【天风农业】 1、#海外引种不确定性犹存、4月祖代更新同比缩量29% ▪ 自24年12月美国俄克拉荷马州（24 年中国自美国的唯一祖代引种州）、新西兰相继爆发高致病禽流感以来，国内从美国（AA+、Ross308、 Hubbard）、新西兰（Cobb）的引种均处于暂停状态。 受此影响，#25年1-4月国内祖代更新量仅30.8万套，同比降4 白鸡：4月祖代更新同比缩量近30%，5月父母代价格启动上涨【天风农业】 1、#海外引种不确定性犹存、4月祖代更新同比缩量29% ▪ 自24年12月美国俄克拉荷马州（24 年中国自美国的唯一祖代引种州）、新西兰相继爆发高致病禽流感以来，国内从美国（AA+、Ross308、 Hubbard）、新西兰（Cobb）的引种均处于暂停状态。 受此影响，#25年1-4月国内祖代更新量仅30.8万套，同比降44%（来源：畜牧业协会、Mysteel），其中海外引种占 比不足28%，均来自法国。 ▪ #25年4月国内祖代更新量12.4万套，同比缩量29%；其中AA+/ Ross（法国）占比25.8%、利丰（法国）占比14.5%、科宝（自繁 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

培育中的"德热6号"种苗。 德宏热作所苗圃内咖啡树上的小花。 曹再会摄 本报记者 张 驰摄 李锦红（左）与白学慧查看咖啡树生长情况。 曹再会摄 习近平总书记考察云南时指出，"云南咖啡还是代表着中国的"。云南咖啡种植面积和产量均占全国的 98%以上，2024年出口量达3.25万吨，同时形成了从种植、加工到体验、消费的咖啡全产业链条。产业 兴旺背后，离不开种质资源的培育。近日，本报记者走进云南省德宏热带农业科学研究所，记录科研人 员选育咖啡良种、创新田间管理、对接技术需求的生动故事。 ——编 者 "在海拔1650米的高原咖啡馆喝咖啡是一种什么样的体验？"近日，位于云南临沧沧源佤族自治县的秋珀 庄园咖啡基地，吸引了不少年轻游客前来打卡。 基地内，咖啡树开满了星星点点的白色小花；咖啡厅里，游客正在专注地手磨、冲泡秋珀庄园生产的咖 啡。"咱们喝的，是云南本地的咖啡品种，叫'德热'系列。味道怎么样？"庄园负责人赛敏一边招呼游客 王静敏（左）与同事挑选种苗。 曹再会摄 一边介绍。 "从'种子'到'杯子'，游客可以了解到咖啡生产的全流程。"赛敏说，"云南咖啡越来越有名，我们的庄园 也借势发展。说起来，这一切都离不开德宏热作所 ...

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 19 周周报：它博会归来，如何看宠物经济发展新趋势？ 1、宠物板块：高景气延续，国产替代与消费升级共筑量价双升 1）它博会看点：①今年关注度再上一层。第五届 TOPS 它博会于本周在上海国家会展中心开幕，展会以超 10 万平展览面积、1200 余家展商、8000+ 品牌缔造行业盛况，折射宠物赛道强劲增长动能。展会首日观众数同比激增 43%，创历史新高，核心数据验证行业扩容。②产品和工艺趋势变化：宠 物主粮精细化趋势显著，分龄分阶喂养成为核心升级方向：幼年期主打高蛋白、原生营养（麦富迪奶弗羊奶肉主粮系列），老年期聚焦肠胃调理、关节 养护（麦富迪老年犬粮）；工艺革新驱动高端化：低温烘焙成军备竞赛焦点（领先烘焙鲜肉猫粮、弗列加特鲜肉烘焙粮），鲜粮/湿粮赛道崛起（ZEAL 新西兰进口主食罐），国产技术迭代创新，行业从"粗放供给"迈向"精准营养+体验升级"新周期；③部分参展公司亮点：外资品牌如皇家、渴望、 爱肯拿，国产头部品牌如麦富迪、鲜朗、蓝氏，以及国产宠物用品公司天元宠物等齐聚展会，其中国产品牌表现较为亮眼——麦富迪它博会以"超级 工厂+天性数据研 ...

Core Viewpoint The company, Yuan Long Ping High-Tech Agriculture Co., Ltd., is conducting a private placement of shares to raise approximately 1.2 billion RMB, primarily aimed at repaying bank loans and supplementing working capital. The issuance has received necessary approvals from regulatory bodies and is structured to avoid significant changes in control or ownership distribution. Group 1: Issuance Details - The total amount to be raised from the issuance is 1,199,999,994.81 RMB, with a net amount of 1,187,526,409.91 RMB after deducting related issuance costs [3][4] - The issuance price is set at 7.87 RMB per share, which is not lower than 80% of the average trading price over the previous 20 trading days [4] - The number of shares to be issued is 152,477,763, which does not exceed 30% of the total share capital prior to the issuance [4][5] Group 2: Shareholder Structure - After the issuance, the controlling shareholders will remain as CITIC Agriculture and CITIC Xingye, and the issuance will not trigger mandatory tender offer obligations [5] - The first major shareholder, CITIC Agriculture, holds 16.54% of the shares, while the top ten shareholders collectively hold 33.85% of the total share capital [19][20] Group 3: Financial Performance and Risks - The company has experienced fluctuations in net profit, with figures of -980.31 million RMB, 486.87 million RMB, -288.75 million RMB, and 10.74 million RMB for the periods from 2022 to the first quarter of 2025 [8] - The company faces risks related to grain price volatility, which can impact seed sales prices and overall revenue [7][8] - The company has significant overseas operations, with foreign currency exposure that may affect financial performance due to exchange rate fluctuations [9][10] Group 4: Regulatory Environment - The company operates under the supervision of the Ministry of Agriculture and Rural Affairs in China, with relevant industry regulations governing seed production and sales [23][24] - The seed industry in China is regulated by a comprehensive legal framework, including laws on variety protection and seed quality inspection [24]

2025世界品牌莫干山大会由新华社品牌工作办公室等单位主办，大会期间举办了涵盖主论坛等在内的数十场丰富活动。而作为大会重要组成部分的"巾帼科 技创新论坛"，由全国妇联妇女发展部、新华社中国图片社联合举办，吸引了知名女科学家、高新技术企业等百余名行业嘉宾参会，旨在搭建起助力女性科 技工作者交流合作、成果转化的优质平台，全方位激发新时代女性科技创新活力。 编辑：郭洲洋 5月9日，以"科技引领发展，创造美好未来"为主题的2025世界品牌莫干山大会・巾帼科技创新论坛在浙江德清隆重召开。黑龙江省农业科学院原党组书记、 院长，二级教授、博士生导师，同时兼任国家生猪技术创新中心东北中心主任、农业农村部重点实验室主任的刘娣女士，受邀发表题为"蓄德修养，育猪为 民"的主题演讲，向与会者分享其深耕生猪育种领域的奋斗历程与科研成果。 转自：新华财经 刘娣在演讲中深情回溯了自己的科研初心与成长轨迹。求学时期，她的硕士、博士导师盛志廉先生等老一辈教授严谨治学的态度与矢志报国的情怀，如明灯 般照亮她前行的道路，深深影响着她的学术追求与人生选择。在传承老一辈科学精神火种的过程中，她毅然坚定了投身生猪育种事业的理想信念，将个人理 想与国家农 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][8] Core Insights - The company's performance is under short-term pressure, with total revenue for 2024 at 391 million yuan, down 26.77% year-on-year, and a net profit of 50 million yuan, down 36.49% year-on-year [7] - The sales of corn seeds are under pressure, with revenue from corn seeds at 196 million yuan, down 42.05% year-on-year, while wheat seeds saw a slight increase of 5.52% [7] - The company continues to strengthen its R&D capabilities, with a 17.98% increase in R&D expenses in 2024, which is crucial for maintaining its competitive edge in the industry [7] - The company’s gross margin for 2024 was 27.86%, down 4.23 percentage points year-on-year, and the net profit margin was 12.89%, down 1.98 percentage points year-on-year [7] - The commercialization of biotechnology breeding is progressing steadily, with significant policy support for the seed industry, indicating potential for future growth [8] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 19 million yuan, down 45.25% year-on-year, and a net profit of -4.48 million yuan, indicating a shift from profit to loss [7] - The company’s total revenue for 2024 was 391 million yuan, with a projected revenue of 370 million yuan for 2025, reflecting a continued decline [9] Product Performance - Revenue from corn seeds decreased significantly, while wheat seed revenue increased slightly, indicating a mixed performance across product lines [7] - The company’s core products, particularly its corn varieties, have maintained a strong competitive position in the market [7] R&D and Competitive Position - The company has been increasing its investment in R&D, which is essential for sustaining its competitive advantage in the seed industry [7] - Several of the company’s corn and peanut varieties have been recognized as leading products in various regions, showcasing its strong market position [7] Market Outlook - The report anticipates that the company will achieve net profits of 55 million yuan in 2025, 66 million yuan in 2026, and 77 million yuan in 2027, indicating a recovery trend [8][9] - The company is expected to remain within a reasonable valuation range compared to industry peers, with projected P/E ratios of 58.86 for 2025, 48.92 for 2026, and 42.21 for 2027 [8][9]

种植业 资料来源：Wind、中原证券研究所，聚源 相关报告 《秋乐种业(831087)公司深度分析：乘政策东 风，做科技强企》 2024-12-24 《秋乐种业(831087)季报点评：公司业绩短期 承压，Q3 净利同比增长》 2024-10-29 《秋乐种业(831087)中报点评：玉米种子需求 承压，加强研发维持核心竞争力》 2024-09-05 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩短期承压，静待行业拐点 证券研究报告-公司点评报告 增持(维持) 市场数据(2025-05-08) | 收盘价(元) | 19.66 | | --- | --- | | 一年内最高/最低(元) | 32.44/5.12 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 5.84 | | 流通市值(亿元) | 31.58 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 3.37 | | 每股经营现金流(元) | 0.31 | | 毛利率(%) | 18.20 | | 净资产收益率_摊薄(%) ...

Group 1: Seed Industry Segment - The company's market share for the traits corresponding to actual planting area is approximately 60% in 2024, with expectations to further increase in 2025 [2] - The company is the only domestic enterprise with formal planting licenses in Brazil, Argentina, and Uruguay, currently implementing the "Technology Export, Grain Import" strategy [3] - The total area for soybean planting in China is around 15 million hectares, requiring approximately 500,000 hectares for seed production [4] Group 2: Pig Farming Segment - In 2024, the total number of pigs slaughtered by the company (including subsidiaries) was 6.405 million, representing a year-on-year growth of 5.9% [6] - The complete cost of fattening pigs as of March 2025 is 12.9 CNY/kg, with a target for further cost reduction [7] Group 3: Feed Segment - The company has significant technical reserves in low-protein diets and can fully replace soybean meal with other protein sources when prices are high [8] - The company is exploring regional industrial chain collaboration to maximize overall efficiency and has established a comprehensive management and supply chain platform [8] Group 4: Other Aspects - The company emphasizes operational management and market value maintenance, implementing measures such as executive stock purchases and profit distribution to share growth dividends with investors [10] - The company aims to be a global leader by 2035, focusing on technological innovation in agricultural development [10] - Sales and management expenses showed a significant decline in 2024, with sales expenses down by 11.31% and management expenses down by 8.46% [11]