2025 年 04 月 15 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 证券研究报告 1、最新报告摘要 1.1、证券业务市占率持续提升，AI 赋能金融生态--东方财富/证券Ⅱ (300059/214901) 公司动态研究 分析师：董栋梁 S0350525030005 分析师：林加力 S0350524100005 投资要点: 东方财富在 4 月 10 日宣布 2024 年度权益分派实施公告，每 10 股分红 0.6 元，且之前在 2025 年 3 月 15 日 发布 2024 年年报，年报表现优秀。东方财富 2024 年实现营收 116.04 亿元，同比增长 4.72%，实现归母净 利润 96.10 亿元，同比增长 17.29%。其中 Q4 单季度实现营收 43.01 亿元，同比增长 65.86%，实现归母净 利润 35.68 亿元，同比增长了 79.81%，我们认为和 2024Q4 资本市场的回暖有关。 ——2025 年第 62 期 观点精粹: 最新报告摘要 证券业务市占率持续提升，AI 赋能金融生态-- ...

2025 年 04 月 14 日 行业研究 评级：推荐(维持) 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn [Table_Title] 关注贸易冲突背景下粮食安全 ——农林牧渔行业周报 最近一年走势 | 行业相对表现 | | 2025/04/11 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 农林牧渔 | 5.1% | 12.8% | 0.2% | | 沪深 300 | -4.8% | 0.5% | 7.0% | 相关报告 《农林牧渔行业周报：养殖底部布局（推荐）*农 林牧渔*程一胜，熊子兴，王思言》——2025-03-24 《农林牧渔行业周报：贸易摩擦格局下，农业板块 配置思路分析（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2025-03-10 《农林牧渔行业周报：粮价回升，宠物线上品牌延 续高景气（推荐）*农林牧渔*程一胜，熊子兴，王 思言》——2025-02-24 《农林牧渔行业周报：玉米豆粕反弹，春节后猪价 走弱（推荐）*农林牧渔*程一胜，熊子兴，王思言》 ——2025-02-10 ...

■田耿文 日前，农业农村部部署2025年"绿剑护粮安"执法行动，聚焦重点领域、关键时点、重要环节，集中力量 严厉打击坑农害农、危害粮食安全和农产品质量安全违法行为。这体现了国家守护"舌尖安全"与粮食生 产根基的决心。 "绿剑护粮安"执法行动自去年开展以来，围绕"三农"工作整体布局和中心任务明确执法重点，去年全年 查办案件9万余件，帮助农民群众挽回经济损失超3亿元，取得了明显成效。但也要看到，当前粮食安全 领域违法行为呈现隐蔽性强、跨区域、违法主体多为不规范小规模单位等特点，仅靠农业行政执法难以 全面覆盖，亟须金融力量的深度参与，通过资金支持、风险防控和科技赋能，构建"法治+金融"的双重 保障机制，为粮食安全注入持久动力。 首先，金融科技可赋能农资监管，破解"假劣农资"流通问题。 农资是粮食生产的"第一关口"。为此，政府部门可充分利用科技手段，通过区块链技术建立农资全生命 周期追溯系统，从生产、流通到使用环节全程记录，确保种子、农药等农资来源、去向可追可查。金融 机构可基于真实溯源数据，确保合规农资企业得到融资服务。同时，通过大数据风控与智能监测技术， 整合农业执法部门与金融机构的数据资源，利用人工智能分析农资 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pig sector shows a narrowing increase in breeding sows, indicating a need to focus on the expectation gap in the pig market [1][3] - The poultry sector, particularly broilers, is experiencing low valuations and potential elasticity in prices due to supply and demand dynamics [19][21] - The planting sector emphasizes food security and the strategic importance of biological breeding, with a focus on self-sufficiency [23] - The pet sector is witnessing a rise in domestic brands and exports, indicating a robust growth trajectory [24][25] - The feed sector is recommended for investment due to its fundamental turning point and relatively low valuations [26] Summary by Sections Pig Sector - As of April 12, the average price of pigs in China is 14.70 CNY/kg, remaining stable week-on-week, with a profit of approximately 164 CNY per head for self-breeding farms [1][16] - The supply side shows a slight decrease in average weight of pigs slaughtered, while demand remains weak, leading to a potential seasonal decline in prices [2][17] - The sector is characterized by low valuations, with major companies like Muyuan Foods and Wens Foodstuffs trading at historical lows [3][18] Poultry Sector - The broiler market faces uncertainties due to import restrictions and trade tensions, impacting supply [19][20] - Prices for broiler chicks have increased, with the average price for broiler chicks in Shandong at 3.25 CNY per chick [20] - Investment recommendations include Shengnong Development and Yisheng Livestock, with a focus on the potential for price recovery [20][21] Planting Sector - The report highlights the importance of food security, with significant imports of soybeans, corn, and wheat from the US [23] - The government is pushing for advancements in agricultural technology, particularly in biological breeding [23] - Recommended companies include Longping High-Tech and Dabeinong [23] Pet Sector - The domestic pet brand market is growing rapidly, with sales on Douyin reaching 818 million CNY in March, a year-on-year increase of 24.32% [24] - Exports of pet food are also increasing, with a total of 52,800 tons exported in the first two months of 2025, reflecting a 17.11% year-on-year growth [24][25] - Key companies to watch include Guibao Pet and Zhongchong Co [25] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed [26] - The report notes a significant recovery in prices for various aquatic products, indicating a positive outlook for the sector [26][27]

登录新浪财经APP 搜索【信披】查看更多考评等级 【导读】吉峰科技控股股东筹划重大事项，公司控制权或变更 中国基金报记者 李智 4月10日晚间，吉峰科技（股票代码：300022）发布公告称，公司控股股东四川特驱教育管理有限公司（以下简称特驱教育）正在筹划公司控制权变更相 关事宜。经申请，吉峰科技股票自4月11日开市起停牌。 筹划公司控制权变更事项 为保证公平信息披露，避免公司股价异常波动，吉峰科技股票自4月11日开市起停牌，预计停牌时间不超过2个交易日。 2024年年报显示，特驱教育为吉峰科技的母公司，注册资本为2000万元，业务性质为企业管理、教育咨询服务。 | 母公司名称 | 注册地 | 业务性质 | 注册资本 | 母公司对本企业 | | 母公司对本企业 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 的持股比例 | | 的表决权比例 | | 四川特驱教育管 | 成都市 | 企业管理、教育 | 2000 万 | | 1.54% | 24.60% | | 理有限公司 | | 咨询服务 | | | | | 吉峰科技股票停牌 4月10日晚间，吉峰科 ...

Core Viewpoint - Longping High-Tech has received approval for a 1.2 billion yuan private placement, aimed at repaying bank debts and improving liquidity, amidst a backdrop of rising agricultural product prices due to escalating Sino-U.S. trade tensions [1][8]. Group 1: Financial Performance - After a significant asset restructuring in 2023, Longping High-Tech's revenue increased by 22.45% from 7.532 billion yuan to 9.223 billion yuan, and the net profit turned from a loss of 833 million yuan to a profit of 200 million yuan, marking a 124.02% increase [3]. - For the first nine months of 2024, the company reported a revenue of 2.881 billion yuan, a decrease of 14.46% year-on-year, with a net loss of 475 million yuan, reducing losses by 17.82% compared to the previous year [3]. Group 2: Market Position and Growth - Longping High-Tech is a leading player in the seed industry, recognized for its integrated breeding and promotion model, and has maintained a strong market position in hybrid rice and corn seeds, ranking first among domestic seed companies and eighth globally [2][5]. - The company aims to leverage the "tariff dividend" period to solidify its leading position in the seed industry and expand its market share [1][13]. Group 3: Research and Development - Longping High-Tech has a robust R&D framework, with R&D expenses of 591 million yuan, 677 million yuan, and 440 million yuan in 2022, 2023, and the first nine months of 2024, respectively, ranking first among A-share seed companies [7]. - The company has developed several leading crop varieties, including high-yield rice and corn, and has made significant advancements in modern breeding technologies such as gene editing and genomic selection [5][7]. Group 4: Policy Environment - The Chinese government has emphasized the importance of agricultural self-sufficiency and innovation in the seed industry through the "Planning for Accelerating the Construction of an Agricultural Power (2024-2035)" [10]. - The recent tariff increases on U.S. agricultural products highlight the critical importance of food security in China, which may benefit domestic seed companies like Longping High-Tech [11].

美东时间4月2日，美国宣布对所有贸易伙伴设立1 0%的"最低基准关税"，并对多个贸易伙伴征收 更高关税，其中对中国实施3 4%的对等关税。北京时间4月4日，国务院关税税则委员会公告，经 国务院批准，自2 0 2 5年4月1 0日1 2时0 1分起，对原产于美国的进口商品加征关税。中美两国分别 作为全球主要的农产品进口国和出口国，中美农产品贸易迎来新变量。 ▍ 投资策略。 ▍ 粮食安全重要性凸显，种源自主可控重中之重。 当前我国粮食安全整体有保障。但仍需高度关注国际贸易风险给我国农产品进口带来的总量和结 构性冲击。1）美国对华出口：中国是美国农产品第一大出口市场，2 0 2 4年对华出口大豆2 2 1 3万 吨、玉米2 0 7万吨，分别占美出口总量5 0%和1 5%。2）中国从美进口：虽然近年来美国在我国农 产品进口中的占比持续下降，但仍是最重要的进口国之一，特别是大豆等特定品种的规模和占比 （2 0 2 4 年2 1%）仍较高。此外，美国还是中国进口高粱的最大来源国。2 0 2 4年中国进口美国高 粱5 6 8万吨（主要作为玉米的替代品种），占高粱进口总量的6 6%。本轮关税风暴，再次凸显粮 食安全的极端重要 ...

风险因素：政策执行力度不及预期；自然灾害导致农产品减产；粮食价格剧烈波动。 农林牧渔｜反制关税提振农产品价格，种植链直接受益 反制关税措施之下，农业种植产业链是稀缺的、直接受益的板块。第一，本轮关税风 暴再次凸显粮食安全的极端重要性。种源自主可控，已成为保障国家粮食安全的重中 之重。种业和粮食种植板块或将再受政策强力支持。第二，农产品价格或有提振，直 接带来种业、种植公司业绩增长预期；农产品加工板块预计也将出现结构性机会。 风险因素：关税政策再次调整风险；农产品价格超预期波动风险；产业支持政策不及 预期风险。 盛夏｜中信证券 农林牧渔和食品饮料行业首席分析师 S1010516110001 农林牧渔｜聚焦粮食安全与科技创新，夯实农业强国根基 规划文件定位为未来十年中央农村工作的顶层设计文件，是中长期农业产业政策的重 要风向标。规划聚焦粮食安全与科技创新，强调筑牢农业强国的物质基础与科技根 基。粮食安全方面，强调耕地保护与产能提升双管齐下。科技创新方面，种业被定位 为农业科技创新的重中之重，将成为发展农业新质生产力的主要方向。规划为种业、 粮食种植等板块提供了中长期政策红利和政策确定性。推荐种子和粮食种植板块。另 ...

中共中央、国务院近日印发《加快建设农业强国规划（2024—2035年）》。 规划提出，到2027年，农业强国建设取得明显进展。乡村全面振兴取得实质性进展，农业农村现代化迈 上新台阶。到2035年，农业强国建设取得显著成效。乡村全面振兴取得决定性进展，农业现代化基本实 现，农村基本具备现代生活条件。到本世纪中叶，农业强国全面建成。乡村全面振兴，农业农村现代化全 面实现。 规划提出，全方位夯实粮食安全根基，把中国人的饭碗端得更牢更稳；全领域推进农业科技装备创新，加 快实现高水平农业科技自立自强；全环节完善现代农业经营体系，促进小农户和现代农业发展有机衔接； 全链条推进农业产业体系升级，提升农业综合效益；进一步深化农业对外合作，培育农业国际竞争新优 势；高质量推进宜居宜业和美乡村建设，提升农村现代生活水平；促进城乡融合发展，缩小城乡差别。 全文 《加快建设农业强国规划（2024－2035年）》主要内容如下。 强国必先强农，农强方能国强。农业强国是社会主义现代化强国的根基。面对新形势新要求，必须把加快 建设农业强国作为统领"三农"工作的战略总纲，摆上建设社会主义现代化强国的重要位置。为加快建设农 业强国，制定本规划。 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The average price of commodity pigs has weakened, with a week-on-week decline of 0.07%, currently at 14.45 CNY/kg. The average price of piglets remained stable after three weeks of decline [8][18] - The planned slaughter volume for March is expected to increase by 2.74% month-on-month, indicating increased market supply pressure [3][27] - The U.S. has imposed tariffs on certain agricultural products, which may affect domestic prices and increase costs for downstream industries [4][32] Summary by Sections Commodity Pig Prices - The average price of commodity pigs has decreased by 0.07% week-on-week, while the average price of piglets has remained stable [8][18] - The average weight of commodity pigs at slaughter has increased, with an average of 123.61 kg, up 0.08% week-on-week [26] Supply and Demand Dynamics - The number of breeding sows has decreased slightly, with a total of 40.62 million sows reported in January, down by 160,000 from the previous month [3][27] - The planned slaughter volume for March is 11.4759 million heads, reflecting a month-on-month increase of 2.74% [3][27] Profitability and Cost Analysis - The average profit for self-bred pigs is 33.56 CNY/head, down by 9.52 CNY from the previous week, while the average loss for purchased piglets is 12.52 CNY/head, a decrease of 21.91 CNY [28] - The price ratio of culling sows to commodity pigs is 0.71, indicating a slight decline from the previous week [18][26] Investment Recommendations - Focus on leading companies with scale and cost advantages in pig farming, such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [11][33] - In the poultry sector, consider companies with proprietary white feather chicken breeding sources [11][33]