行业报告 | 行业研究周报 农林牧渔 证券研究报告 1、生猪板块：行业盈利空间持续压缩，重视生猪板块预期差！ 1）猪价低位震荡&仔猪价格继续回落。截至6 月21 日，全国生猪均价 14.37 元/kg，较上周末下跌 0.28%（智农通），本周行业自繁自养盈利约 92 元/ 头，较前期大幅缩窄（5 月头均盈利160 元/头）；本周7kg 仔猪和50kg 二元母猪价格为443 元/头和 1619 元/头，仔猪价格较高点回落超200 元/头。 供应端，本周出栏均重为 128.28kg（环比-0.42%），150kg 以上生猪出栏占比为4.74%（环比-0.08pct），近期降重趋势明确但绝对体重仍处历史同期高 位。需求端，上周价格跌至年内低点后，多数屠企低价分割意愿增强，本周屠宰样本日均宰杀量环比+1.96%。但短期来看，高温期季节性消费淡季， 拖累整体鲜品走货难度增加。近期天气炎热或加速前期大猪出栏，猪价或呈季节性走弱趋势，行业盈利空间持续压缩，或加强去化逻辑。 2）重视生猪板块低估值、预期差！重视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况下，后续产能去化容易程度及复产难度或再度提 升，产能有望波 ...

Group 1 - The Henan province successfully signed intention orders for 385,000 tons of grain with a transaction amount of 1.15 billion yuan during the 21st Grain Production and Marketing Cooperation Conference [1] - Over 500 grain and oil enterprises participated in the conference, showcasing nearly 100 products, including frozen foods and intelligent grain storage equipment [1] - The "Meiyu Grain and Oil" promotion event highlighted the quality of Henan's grain products, attracting significant interest from buyers [2] Group 2 - The focus on promoting high-quality wheat from Jiaozuo, which is a core breeding base in the Huang-Huai-Hai region, with an annual production of 400 million kilograms of quality wheat seeds [2] - The promotion of the Huai Chuan 66 high-quality special strong gluten wheat, which fills a gap in the market for noodle-specific wheat in China [2] - The Henan Grain and Material Reserve Bureau plans to continue leveraging the "Meiyu Grain and Oil" brand to expand the reach of Henan's quality grain products nationwide [2]

Group 1 - The Agricultural Development Bank of China (ADBC) Harbin Bin County Branch has issued a special loan of 47 million yuan to local grain storage enterprises to support the construction of the regional grain reserve system, enhancing financial momentum for stabilizing the regional grain market and reinforcing national food security [1] - The loan aligns with local grain reserve rotation needs, focusing on supporting enterprises in market-oriented grain acquisition, standardized storage, and periodic rotation, which optimizes the quality of reserve grain and ensures efficient connection between "grain and money" [1] - The loan enables local grain storage enterprises to flexibly manage grain reserves according to market rules, providing a buffer against price fluctuations and offering stable selling expectations for grain producers [1] Group 2 - The credit practice reflects ADBC's commitment to the 2025 Central No. 1 Document's requirement to strengthen grain reserve adjustment capabilities, marking a proactive approach to local food security responsibilities [2] - ADBC plans to deepen online and offline integrated services around key links in the grain reserve, processing, and circulation industry chain, enhancing the financial resilience of food security [2] - The bank aims to contribute significantly to stabilizing China's food supply as the national food security strategy is implemented [2]

中新网湖南新闻6月19日电 (阳望春 王波 陈正果)仲夏时节，行走在湖南城步苗族自治县的苗乡大地，映 入眼帘的是一派生机勃勃、欣欣向荣的景象：山坡上桃李挂满枝头，田野里禾苗茁壮成长，高山蔬菜基 地里红茄即将上市…… "过去五年，城步县新增耕地3589亩，其中通过恢复耕地新增耕地3183.2亩，补充耕地项目新增耕地 405.8亩，城乡建设用地增减挂钩项目新增耕地850亩，为守护全县人民的粮食安全作出积极贡献。"城 步县自然资源局工作人员介绍。 一组组数据的背后，凝聚着城步县自然资源局全体工作人员的辛勤付出和不懈努力。他们用实际行动诠 释着对耕地保护事业的忠诚与担当，为守护好全县人民的"饭碗田"贡献着自己的力量。 近年来，城步始终将耕地保护视为重中之重的任务，以铁腕手段严守耕地红线，以真心举措保障粮食安 全，为全县农业高质量发展筑牢根基。 耕地保护，宣传先行。在2024年"6·25"全国土地日宣传活动中，城步县自然资源局工作人员深入西岩、 茅坪等乡镇集市，向过往民众发放《耕地保护宣传册》等资料，现场讲解耕地保护的重要性以及违法占 用耕地的法律后果。 城步县创新宣传方式，拓宽宣传渠道，持续加大耕地保护宣传力度，营造 ...

Core Viewpoint - Food security is a critical national issue, and the efforts of Shou Nong Food Group are pivotal in ensuring the food safety of the capital and the happiness of its citizens [1][3]. Group 1: Agricultural Production - Shou Nong Food Group has significantly increased wheat yields through technological advancements, achieving an average increase of nearly 539 jin per mu in the yield of wheat from reclaimed land [1]. - The Longyang Farm, part of the South Suburban Farm, reported a wheat yield of 1018 jin per mu from 300 mu of reclaimed land, surpassing the average yield of 755 jin per mu in Beijing for 2024 [3]. - The promotion of experimental techniques in reclaimed land has resulted in an annual increase of 2500 tons of wheat in Beijing [3]. Group 2: Food Storage and Emergency Preparedness - A modern industrial park located outside Beijing's South Sixth Ring Road plays a crucial role in the city's grain and oil emergency guarantee system, with a storage capacity of 200,000 tons for raw grains and 50,000 tons for finished grains [3]. - The design of the storage facilities includes three-story buildings with a total height of 34 meters, allowing for the storage of tens of thousands of tons of grain [3]. Group 3: Food Processing and Technology - Guochuan Food Company, part of Jingliang Group, has integrated automated packaging lines to enhance efficiency and accuracy in the food processing stage [4]. - The company has developed a diverse product matrix of over 80 types of flour, catering to various needs from home kitchens to high-end food industries [4]. - The research team at Jingliang Group has participated in numerous national and industry standards, establishing a strong technical foundation for food safety [4].

Group 1 - Canada announced over 4 billion CAD in support to Ukraine, including 2 billion CAD in military aid for drones, ammunition, and armored vehicles [1] - Canada will provide 2.3 billion CAD in loans through the G7 special income acceleration loan mechanism for Ukraine's infrastructure and public system reconstruction [1] - New sanctions against Russia include measures targeting 77 individuals and 39 entities, as well as 201 additional ships, bringing the total to over 300 vessels [1] Group 2 - Canada and India agreed to appoint new high commissioners to restore regular services between their citizens and businesses [2] - Discussions between Canada and India included cooperation in technology, digital transformation, food security, and critical minerals [2] - Diplomatic tensions between Canada and India have escalated due to allegations of Indian government involvement in a serious crime on Canadian soil [2]

Core Viewpoint - The article highlights the importance of timely grain drying during the summer harvest season in Hebei Province, China, due to extreme weather conditions affecting wheat quality [1][2]. Group 1: Weather Impact and Grain Quality - Extreme weather conditions such as high temperatures and heavy rainfall can lead to wheat spoilage if not dried promptly, resulting in decreased grain quality [1]. - The timely operation of grain drying equipment is crucial to maintaining the quality of the harvested wheat [1]. Group 2: Power Supply Management - The State Grid Wangdu County Power Supply Company has proactively planned and implemented a detailed power supply guarantee scheme to meet the electricity needs for grain drying [1]. - The company conducted thorough inspections and maintenance of electrical equipment, including transformers and distribution boxes, to ensure stable power supply during the critical grain drying period [1]. Group 3: Collaboration and Support - The power supply company collaborates closely with farmers and grain drying enterprises, providing safety education on electricity usage and proper operation of drying equipment [1]. - The company monitors electricity load changes in grain drying areas in real-time and adjusts power supply methods accordingly to ensure the successful storage of summer grain [2].

河南夏粮大盘稳不稳？各地如何应对连续旱情？在机收、田间管理方面有哪些新举措？大地麦熟之际， 记者在河南多地进行了走访。 1 夏粮大盘稳不稳？ 部分地区有减产，但绝大多数地方实现持平或增产 南阳市唐河县位于河南西南部，平原和低山丘陵地貌皆有。在城郊乡大井村，400多亩小麦已收割完 毕。 站在田埂上，振群家庭农场负责人乔振群给记者细算"抗旱账"："3%的地，上灌溉设备划不来，浇水量 不够，有减产；90%的地，浇了两次水，和去年基本持平；7%的地，浇了三次水。天气干燥，小麦没 了赤霉病等病虫害，浇水足够的条件下，产量反而增了不少。" 鹤壁市位于河南北部，以平原为主。在河南春晓种业有限公司的制种田里，公司负责人董本波忙得热火 朝天："俺这百亩地，种子好、浇水足、管护也用心，今年又是一个丰收年！" 作为农业大省和主要粮食调出省，河南省承担着保障国家粮食安全的重要任务。今春以来，河南持续高 温少雨，旱情对粮食生产造成一定影响。 "只要浇够水，现在不怕旱！"采访中，许多农户告诉记者，总体算下来，今夏粮食产量与去年基本持 平。 灌溉用水如何保障？近年来，河南累计建成高标准农田8808万亩，占全省农田的78%。建设成熟的高标 ...

Core Viewpoint - The article emphasizes the importance of stabilizing summer grain production in Henan, a major agricultural province in China, amidst challenges such as drought and adverse weather conditions. The focus is on ensuring food security and supporting the economy through effective agricultural practices and government initiatives [1][8]. Group 1: Agricultural Challenges and Responses - Henan, which produces a quarter of China's wheat, faces severe challenges due to drought and unfavorable weather conditions affecting summer harvests [1][2]. - The provincial government has mobilized resources, investing 4.66 billion yuan to combat drought and ensure timely wheat harvesting, with significant efforts in irrigation and machinery deployment [6][8]. - The province has implemented various supportive measures, including free passage for agricultural vehicles and training for farmers, to enhance harvesting efficiency [6][7]. Group 2: Food Security and Economic Impact - The article highlights that summer grain production is crucial for the overall food supply and economic stability in China, with Henan's wheat harvest playing a vital role in maintaining price stability and consumer confidence [8][10]. - Henan's agricultural output not only meets local needs but also contributes significantly to national grain supply, with the province exporting around 600 billion jin of grain and processed products annually [4][8]. Group 3: Technological and Management Innovations - The adoption of advanced agricultural technologies, such as smart farming and precision irrigation, has improved crop yields and management efficiency, with mechanization rates reaching 99.8% for wheat harvesting [10][12]. - The introduction of high-yield and drought-resistant wheat varieties, like "Pu Bing 03," has been pivotal in enhancing production capabilities under challenging conditions [11][12]. Group 4: Future Strategies and Goals - Henan aims to stabilize its autumn grain planting area and enhance production through innovative measures, ensuring that the province meets its agricultural targets while addressing the diverse needs of consumers [19][20]. - The government is focused on maintaining a sustainable agricultural framework that includes financial support for farmers and the establishment of quality assurance systems for grain production [15][20].

1999年出生的王庆凯是一名博士生，记者见到他时，他正和同学一起拉线，以保证秧苗的行距。"我是 泰州兴化人，家里人非常支持我成为一名'新农人'。"王庆凯说，从2022年开始，他就跟着老师下地种 植，手插秧更是这几年的必修课。"看着我们的'实验秧'成为种植户喜欢的品种，是我最开心的事情。" 南京农业大学水稻遗传育种与种质创新团队教授王益华告诉记者，种子是农业的芯片，也是保障国家粮 食安全的重要基础。以"宁香粳9号"为代表的一系列品种，去年的推广面积超过了250万亩，尽管去年夏 天高温，但"宁香粳9号"综合效益高于市场一般品种。某种植户提供的数据显示，该种植户亩产增效超 过400元。"因为去年'宁香粳9号'表现优异，今年很受种植户喜欢，可以说是一粒种子难求。" 据悉，1个优良品种的培育，至少要花上10年。这款很受欢迎的"宁香粳9号"，就是这样从试验田的万份 株系中选育出来的高产、优质、高效新品种。该品种摘得全国优质稻品种食味品质鉴评（粳稻）金奖， 被农业农村部认定为"超级稻"品种，目前是江苏、安徽、贵州等省份的主导品种。 田埂上，团队老师带着学生忙碌着，男生负责对体力要求较高的装秧、运秧、排秧、拉绳工作，女生则 ...