Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, reflecting a 0.14% decrease [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies that boost consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system, emphasizing the importance of technological innovation in agricultural modernization [36][37]

中新网太原5月9日电 (任丽娜)科技解锁田野新动能。从填补中国无黑小麦的历史空白，到科技创新培育 出一系列黑小麦品种，从实验室到农田，从加工链到餐桌，山西一粒优质黑小麦，如何实现从田间到舌 尖的全链条向新提质的蜕变？ 小麦是中国重要的粮食作物之一，而山西是面食大省。日常食用的小麦以白粒为主，山西农业大学农学 院(山西省农业科学院作物科学研究所)特种小麦创始人孙善澄研究员通过远缘杂交和复合杂交的方法创 制了一系列黑小麦品种，选育的黑小麦76号是中国第一个通过审定的黑小麦品种，填补了中国黑色食品 中没黑小麦的历史空白。 9日，山西农业大学农学院特种小麦团队负责人崔磊表示，我国开展优质小麦育种接近40余年，该团队 以黑小麦为突破口，通过阶梯式杂交，历时20年培育出黑小麦，实现了黑小麦育种领域的突破。 使用高粱、大麦、豌豆的白酒，将黑小麦76号作为原粮酿造的龙麦酒，则更增添了麦香的绵密和健康营 养成分。 除了黑小麦76号，在实验室里，山西农业大学农学院特种小麦团队对黑小麦的基因进行了更深入的解码 和分析，试图找到让其品质变得更优异的秘密。 如今，在山西农业大学农学院特种小麦团队持续的努力下，先后选育出冬黑1号、冬黑1 ...

科研院所和高校是农业科技创新的重要策源地。针对不同层级、不同类型的科研院所和高校，实施意见 作出明确职责分工：中央级科研院所要聚焦服务国家重大需求，主攻全局性、战略性、前瞻性农业重大 科技问题。地方科研院所要着力支撑区域发展，主攻区域性、特色性产业科技问题。高校要强化为农服 务使命，以立德树人为根本，以强农兴农为己任，大力培养知农爱农新型人才，加快提升农业科技创新 能力。 南京农业大学副教授仇童伟表示，这些部署为不同科研院所和高校划好重点，有助于各司其职，各展其 长，避免重复劳动，推动科研院所之间形成合理分工、良性竞争的创新局面，提升农业科技创新的整体 效率。 新华社北京5月9日电 题：提升农业科技创新体系整体效能！这份实施意见作出明确部署 此外，实施意见还就提升农业科技条件支撑能力、加快农业科技成果转化、推动农业科技高水平开放合 作等方面作出部署，为提升农业科技创新体系整体效能打造良好环境。 新华社记者古一平 农业农村部等7部门近日联合印发《关于加快提升农业科技创新体系整体效能的实施意见》。记者注意 到，实施意见聚焦更好发挥科研院所、企业、人才等各方面力量，部署推动提升农业科技创新体系整体 效能，为农业科技 ...

华夏时报记者王悦北京报道 农业科技创新进程再加速！ 科技领军企业不仅是国家战略科技力量的重要组成部分，更是突破关键核心技术、构建现代化产业体系 和发展新质生产力的主力军。因此，农业科技领军企业在加快提升农业科技创新体系整体效能过程中的 作用不容忽视。 而在我国农业科技创新整体迈进了世界第一方阵，但农业科技进步贡献率同世界先进水平相比还有不小 差距的背景下，《实施意见》的目标要求强调，将科技创新放在农业现代化建设的突出重要位置，进一 步全面深化农业科技体制改革，依靠改革激发创新活力。强调充分发挥新型举国体制优势，统筹创新资 源，强化企业在科技创新中的主体地位，构建梯次分明、分工协作、适度竞争的农业科技创新体系。强 调优化科技组织模式和创新范式，改善创新生态和科研环境，提升农业科技的系统化组织水平和体系化 攻关能力，加快实现高水平农业科技自立自强。 "《实施意见》将农业科技创新明确为国家农业强国建设的核心支撑，强化科技对农业现代化的关键驱 动作用。同时，打破部门壁垒，构建'中央统筹-地方协同-企业主导'的梯次分工体系，推动产学研从分 散攻关转向协同作战。同时，《实施意见》首次明确企业在产业应用型项目中的主导地位， ...

Core Insights - The collaboration between Jiangsu Agricultural Reclamation Group and Budweiser China has led to the successful cultivation of two high-quality barley varieties, Y131 and Y148, which meet high standards for beer brewing [3][4] - A modern indoor hop cultivation base of 2,200 square meters has been established in Lianyungang, enhancing the production capacity of hops through advanced agricultural technologies [6][7] - An environmentally friendly fertilization model has been developed, aiming to reduce chemical fertilizer usage by 20% while increasing barley yield by 5%-10% by 2025 [4][7] Group 1: Collaboration and Development - Since establishing a strategic partnership in 2016, Budweiser China and Jiangsu Agricultural Reclamation have deepened their cooperation in barley breeding and research [3] - Budweiser China has sourced a total of 230,000 tons of barley from Jiangsu Agricultural Reclamation Group to date [4] Group 2: Technological Innovations - The indoor hop cultivation project utilizes air-source heat pump systems and intelligent lighting technology to optimize key environmental parameters, significantly increasing the frequency of harvests from once a year to three to four times [6][7] - The innovative use of brewery by-products to develop organic fertilizers has replaced traditional fertilizers, contributing to carbon reduction [7] Group 3: Sustainability Initiatives - The partnership has initiated the 100+ Innovation Alliance to promote sustainable agriculture and development, leveraging various stakeholders for innovative technology applications [6][7] - The environmentally friendly fertilization model not only optimizes fertilization plans but also achieves significant breakthroughs in reducing chemical fertilizer use and carbon emissions [7]

Group 1 - China's software business revenue increased by 10.6% year-on-year in the first quarter [8] - Measures are being implemented to promote the effective implementation of the private economy promotion law [7] - The overall efficiency of the agricultural science and technology innovation system will be accelerated [9] Group 2 - The launch of the teacher education capability enhancement project has commenced [10] - The nationwide lifelong learning activity week is set to start in 2025 [11]

Core Insights - China's grain production is projected to exceed 1.4 trillion jin in 2024, marking a significant milestone in food security and quality improvement since the founding of the People's Republic of China [1][2] - The government emphasizes the importance of food security as a strategic issue, with a focus on self-sufficiency and domestic production [2][3] - The country has maintained a grain output of over 1.3 trillion jin for the past decade, with per capita grain availability significantly above the international safety line [2] Group 1: Food Security Strategy - The Chinese government prioritizes food security as a top governance issue, with a strategic focus on self-reliance and domestic production capabilities [2][3] - The national food security strategy includes ensuring basic grain self-sufficiency and absolute safety in staple food supplies [2][4] - The government has set a target of approximately 1.4 trillion jin for grain production in its development goals, signaling a strong commitment to food production [1][3] Group 2: Agricultural Development and Technology - Technological innovation in agriculture is crucial for increasing grain production and efficiency, with a contribution rate exceeding 63% [5][6] - The use of advanced agricultural technologies, such as drones and precision farming equipment, is enhancing productivity [5][6] - There is a need for breakthroughs in key agricultural technologies, particularly in crop breeding and smart equipment [5][6] Group 3: Land and Resource Management - Protecting arable land is fundamental to ensuring food security, with strict regulations in place to maintain the 1.8 billion mu red line for cultivated land [4][5] - The government is focused on improving the quality and ecological sustainability of farmland, with over 1 billion mu of high-standard farmland already established [4][5] - Efforts are being made to address issues of land misuse and non-agricultural encroachment on farmland [4][5] Group 4: Waste Reduction and Food Conservation - Approximately 35 million tons of food are wasted annually in China, accounting for about 6% of total grain production [7] - The government has implemented laws and initiatives to promote food conservation and reduce waste across the supply chain [7][8] - A comprehensive approach is being adopted to enhance public awareness and participation in food-saving initiatives [7][8]

Market Performance - The Shanghai Composite Index and Shenzhen Component Index opened with gains exceeding 1%, while the ChiNext Index rose over 2% before narrowing gains by the close [1] - As of the close, the Shanghai Composite Index increased by 0.8% to 3342.67 points, the Shenzhen Component Index rose by 0.22% to 10104.13 points, and the ChiNext Index gained 0.51% to 1996.51 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 150.53 billion yuan, an increase of over 140 billion yuan compared to the previous day [1] Financial Policy Impact - A comprehensive financial policy package was introduced to stabilize the market and expectations, including interest rate cuts and structural policy adjustments [2] - The People's Bank of China emphasized the need for coordinated efforts to implement these policies effectively, aiming to support economic recovery and high-quality development [7] - The new policies are expected to positively influence the banking sector, particularly in terms of asset quality and risk management [3][2] Nuclear Fusion Development - Significant advancements in nuclear fusion technology were reported, with key projects like the International Thermonuclear Experimental Reactor (ITER) and China's compact fusion experimental device (BEST) entering critical phases [4][5] - The BEST project aims to complete construction by 2027, with expectations for experimental demonstration of fusion power [4] - The global nuclear fusion research landscape is rapidly evolving, indicating potential growth in the industry [5] Agricultural Technology Innovation - The Ministry of Agriculture and Rural Affairs outlined plans to enhance the agricultural technology innovation system, aiming for high-level self-sufficiency by 2035 [8] - The initiative emphasizes the integration of agricultural technology innovation with industry needs and the importance of talent development [8] Smartphone Market Growth - China's smartphone market saw a shipment volume of 68.7 million units in Q1 2025, marking a 9% year-on-year increase and continuing a growth trend for five consecutive quarters [10] - The growth is attributed to market recovery and government subsidy policies [10]

（一）重要市场新闻 1、当地时间5月7日，美联储最新的联邦公开市场委员会货币政策会议纪要显示，美联储决定将联邦基 金利率目标区间继续维持在4.25%至4.5%之间。这是今年1月以来美联储连续第三次维持利率不变。美 联储鲍威尔会后再次重申，联储不急于行动，不认为应该先发制人降息应对关税冲击。他也表示，新关 税的水平远超美联储的预期。 2、美股三大指数集体收涨，道指涨0.7%，标普500指数涨0.43%，纳指涨0.27%，谷歌跌超7%，苹果跌 超1%，此前有消息称苹果正在"积极考虑"对其设备上的浏览器进行重大改版，重点转向以AI驱动的搜 索引擎，这一决定或将终结苹果与谷歌之间长达多年的合作关系，对谷歌在搜索领域的主导地位构成挑 战。中概股多数下跌，纳斯达克中国金龙指数跌2.34%。 3、国际油价走弱，美油主力合约收跌1.93%，报57.95美元/桶；布伦特原油主力合约跌1.91%，报60.96 美元/桶。国际金价走低，现货黄金跌1.95%，报3364.07美元/盎司；COMEX黄金期货跌1.47%，报 3372.60美元/盎司；COMEX白银期货跌2.31%，报32.61美元/盎司。欧洲三大股指收盘全线下跌，德国 ...