Core Viewpoint - Jiangsu Grain Group Co., Ltd. (hereinafter referred to as "Su Grain Group") is a state-owned enterprise in Jiangsu Province, primarily focused on grain safety and agricultural development, playing a crucial role in grain circulation and macro-control tasks since its establishment in 2001 [1][2]. Group 1: Company Overview - Su Grain Group was established in June 2001 and has been a key player in the provincial government's grain and oil macro-control efforts, ensuring food security and supporting agricultural development [1]. - The company has evolved into a comprehensive grain industry group with four main sectors: storage, trade, processing, and logistics, consistently ranking among the top provincial grain enterprises in China [2]. Group 2: Operational Highlights - The storage sector leads provincial reforms, managing nearly 30 storage facilities with a total capacity exceeding 3 million tons [2]. - The trade sector operates an integrated grain and oil business model, handling over 10 million tons of grain and oil annually through a combination of domestic and import markets [2]. - The processing sector has an annual processing capacity of 2.765 million tons, focusing on various products including oils, flour, and soy protein [2]. - The logistics sector has developed a "water-land linkage" logistics network, with an annual throughput of over 15 million tons, positioning the Zhangjiagang Grain and Oil Industrial Park as a core hub in East China [2]. Group 3: Achievements and Future Goals - Su Grain Group has received numerous accolades, including "Most Influential Grain and Oil Enterprise in China" and "National Grain Emergency Guarantee Enterprise," and has consistently improved its ranking in the "Top 500 Service Enterprises in China" [3]. - The company aims for high-quality development, focusing on core responsibilities, enhancing reform and efficiency, and strengthening technological innovation and modern corporate governance to build a leading grain and oil industry system in China [3].

Core Viewpoint - China's agricultural technology, particularly the emergence of controlled-release fertilizer technology, is breaking foreign monopolies and significantly contributing to global food security [1][2]. Group 1: Technological Advancements - The breakthrough and application of controlled-release fertilizer technology in China have improved domestic agricultural production efficiency and provided new solutions for global food security [1][2]. - The development of controlled-release fertilizers has evolved since 2006, when large-scale production began, leading to its commercialization and acceptance among farmers [2][3]. - A new controlled-release fertilizer technology using green bio-based materials has been developed, addressing sustainability issues and showcasing China's innovation in this field [3]. Group 2: Corporate Responsibility and Global Impact - The chairman of Kingenta Ecological Engineering Group announced plans to share controlled-release fertilizer technology and industry models globally, reflecting the company's international vision and responsibility [3][6]. - Kingenta has established multiple high-end research platforms and formed various industry technology innovation alliances over the past two decades, contributing to the development of national and international standards in the controlled-release fertilizer sector [3][5]. Group 3: Agricultural Services and Training - Kingenta has implemented a comprehensive promotion model for controlled-release fertilizers, focusing on increasing production efficiency and integrating agricultural machinery with farming practices [5]. - The company has expanded its demonstration and promotion of controlled-release fertilizers to over 160 million acres across major agricultural regions in China, effectively covering all types of crops [5]. Group 4: Global Collaboration and Custom Solutions - The rise of China's controlled-release fertilizer technology is seen as a key factor in enhancing agricultural production efficiency and ensuring food security in countries along the Belt and Road Initiative [6][7]. - Kingenta's customized solutions for international markets include market research, product customization, technical training, and demonstration field construction, which have helped alleviate initial concerns for foreign partners [6][7]. - The "golden solution" proposed by Kingenta includes global technology sharing, talent training, establishment of demonstration fields, and deepening global collaboration to maintain its leading position in the controlled-release fertilizer sector [7].

Core Points - The fourth China-Japan-South Korea Agricultural Ministers' Meeting was held in Incheon, South Korea, marking the resumption of discussions after a seven-year hiatus since the last meeting in November 2018 in Beijing [1] - The ministers discussed six core topics including food security, animal disease prevention, sustainable agriculture, rural revitalization, cooperation on globally significant agricultural cultural heritage, and global collaboration [1] - The three countries reached a consensus on the importance of information sharing and joint responses to complex challenges in agriculture, such as climate crises, cross-border disease transmission, and supply chain instability [1] - There was an agreement to expand complementary cooperation in areas like smart agriculture, green low-carbon agriculture, and the cultivation of new farmers [1] - The Chinese Minister expressed a willingness to engage in open dialogue and collective action to promote a new framework for agricultural cooperation among the three countries, aiming for a more resilient, broader, and closer collaboration [1] Summary of Agreements - The ministers signed a joint communiqué and agreed on the regular and institutionalized holding of meetings [2] - The next China-Japan-South Korea Agricultural Ministers' Meeting is scheduled to be held in Japan [2]

在大会闭幕环节，韩俊表示，粮食安全是地区繁荣稳定的基石，面对气候变化、供应链不稳等多重挑 战，持续深化区域粮食安全合作极为重要。本次粮食安全部长级会议坦诚交流，达成了一系列共识，对 推动各经济体秉持命运共同体理念，深化粮食安全合作，筑牢亚太区域粮食安全防线，必将发挥积极作 用。中国将坚持普惠包容的亚太发展理念，筹备好2026年APEC农业领域活动，打造高质高效的农业领 域交流平台，推动构建开放融通的亚太农业合作新格局。 人民财讯8月11日电，据农业农村部网站消息，8月10日，亚太经合组织(APEC)第十届粮食安全部长级 会议在韩国仁川召开，农业农村部部长韩俊率团出席。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **agriculture industry**, focusing on **animal protein sectors** such as **pig farming**, **dairy farming**, and **beef cattle farming** [1][2][34]. Core Insights and Arguments Pig Farming - The **pig farming cycle** is driven by production capacity, with the number of breeding sows being a critical leading indicator. This needs to be cross-verified with data on sow feed sales [1][2]. - The **African swine fever** has normalized, raising the industry's cost base, which affects the peak and elasticity of the cycle [1][4]. - **Scale farming** may extend the pig cycle and amplify price fluctuations. Secondary fattening increases price disturbances, influenced by short-term price expectations [1][5]. - The **反内卷 (anti-involution) policy** aims to reduce the number of breeding sows and lower slaughter weights to support pig prices [1][11]. - The average price of pigs is expected to rise to over **16 RMB per kilogram** by **2026**, with **牧原股份 (Muyuan Food)** potentially achieving a profit of nearly **500 RMB per head** [1][14]. Dairy Farming - The dairy industry faces challenges due to falling milk prices, currently around **3 RMB per kilogram**, down from **4.5 RMB**. However, there is potential for demand improvement due to increased willingness to have children and government subsidies for newborns [1][17]. - The beef cattle sector has a long growth cycle and is heavily reliant on imports, with significant industry clearing observed [1][18][20]. Market Dynamics - The **white chicken farming** sector is significantly impacted by overseas breeding policies, with potential for market share growth for **圣农 (Sannong)** during periods of import disruption [3][25]. - The **seafood feed** segment is expected to improve due to rising prices of common aquatic products, with **海大集团 (Haida Group)** showing strong performance in this area [3][27]. Other Important Insights - The **agricultural new consumption trends** include rapid growth in pet food and pet healthcare sectors, indicating new growth potential beyond traditional areas [6][34]. - The **agricultural input products** like feed and veterinary products serve as lagging indicators in the animal protein supply chain, aiding in capacity data assessment [7][34]. - The **grain security** theme is increasingly important, with policies and market dynamics needing close attention [8][30]. Investment Recommendations - Focus on core assets like **牧原 (Muyuan)** and **温氏 (Wens Food)**, which have strong cost control and are less affected by the anti-involution policy [12][13]. - The **港股 (Hong Kong stock market)** upstream livestock companies are currently in a challenging phase but are expected to improve by **2026** as the new cycle begins [22]. - **海大集团 (Haida Group)** is recommended for its strong market position and growth potential in both domestic and international markets [27]. Future Trends - The pig farming sector is expected to benefit from the anti-involution policy, leading to a new upward price cycle in **2026** [15][34]. - The **meat cattle industry** is facing significant challenges, including price declines and industry losses, with a low degree of scale [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the agriculture industry, particularly in the animal protein sectors.

行 华福证券 农林牧渔 2025 年 08 月 11 日 业 研 究 农林牧渔 7 月三方能繁增幅普遍收窄，关注生猪产能变动 投资要点： 行 业 定 期 报 告 生猪养殖：7 月三方能繁增幅普遍收窄，关注生猪产能变动。（1）本 周猪价承压下行。月初集团场缩量拉涨带动猪价短期偏强；随后供应节奏 恢复、叠加消费弱势，猪价下跌。8 月 8 日全国生猪均价为 13.67 元/公斤， 周环比-0.42 元/公斤。（2）本周屠企宰量基本持平。近期猪价跌至低位， 屠企低价分割比例抬升，带动屠宰量低位回升；但消费淡季压制需求，增 量空间仍有限。本周样本屠企日均屠宰量为 13.71 万头，周环比+ 0.05%。 （3）本周生猪出栏均重继续下降。规模养殖集团延续降重出栏，同时夏季 高温天气持续，对猪只的采食量和生长速度造成一定影响，集团出栏均重 继续下滑。截至 8 月 7 日当周生猪出栏均重 127.80kg（周环比-0.18kg）， 其中集团场均重 123.54kg（周环比-0.25kg）、散户均重 142.45kg（周环比 +0.28kg）。短期来看，8 月钢联/卓创/涌益样本企业出栏预计环比 +5.26%/+7.01%/+ ...

【环球时报特约记者 陈朝风】近段时间，大米在日本国内经济和对外贸易事务中所受的关注度不断上升。一方面，持续出现的"米荒危机"推涨米价，对 此，日本首相石破茂5日在内阁会议上宣布，大米政策从维持价格的限产政策转向增产。另一方面，大米成为日美关税谈判的重要议题，日本将罕见地进一 步向美国开放大米市场。而此前的一则消息，更牵动了日本米业动荡中的神经——在一场于广岛举行的权威食味品鉴会上，中国五常大米凭借更高品质超越 昔日有"世界米王"之称的日本越光大米，摘得桂冠。分析认为，曾经辉煌的日本制造被中国智造迎头赶超，而今中国大米也打破了日本大米的"神话地位"， 中国高端大米正在走向世界舞台。 中国大米夺冠的背后 日本家喻户晓的越光大米一度被视为全球高品质稻米的标杆，如今，这一日本引以为傲的"国米"被中国大米超越。据日媒报道，去年11月，日本广岛举行了 年度优质粳稻食味品鉴会，中国的"金龙鱼6步鲜五常基地原香稻"荣获"最优秀奖"。评审方认为，金龙鱼6步鲜五常基地原香稻的米粒晶莹剔透、香气浓郁， 黏度和柔软度适中。 " 米袋子 " 安全有多重要？ 随着地区冲突、极端气候和经济冲击的加剧，世界正处于全球粮食危机之中。联合国机构 ...

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs emphasize enhancing financial support for food security, proposing specific measures to increase financial investment in food production and optimize food supply systems. Group 1: Financial Support for Agriculture - The recent issuance of a document highlights the need for increased financial input to ensure stable production and supply of food and important agricultural products [1] - The Agricultural Development Bank of China (ADBC) in Heilongjiang has provided significant loans for high-standard farmland construction, totaling 25.82 million yuan to support the "Longjiang Grain Warehouse Demonstration Zone" project [2] - ADBC has adopted innovative financial service models, such as "Agricultural Land + Funding Supply Chain," to support high-standard farmland projects, with a total of 770 million yuan in working capital loans issued [3] Group 2: Customized Financial Services for Enterprises - ADBC has provided tailored financial services to agricultural enterprises, such as the Qiaofu Dayuan Agricultural Co., which has received 250 million yuan in funding to support its operations and expansion [4] - The bank has extended its financial service chain, offering various loan products to support agricultural production, with nearly 4.9 billion yuan allocated to land-scale operations and black soil protection [5] - ADBC has approved loans totaling 200 million yuan for innovative products like "Order Loans" and "Planting Loans," enhancing financial support for major agricultural clients [6] Group 3: Overall Financial Performance - ADBC Heilongjiang has cumulatively issued loans of 45.88 billion yuan, with a loan balance of 530.63 billion yuan, effectively utilizing policy-driven financial resources to support rural revitalization [6]

Core Viewpoint - The recent drought in Henan province is the most severe since 2000, with significant implications for China's grain production, particularly as Henan contributes nearly 10% of the nation's grain and 25% of its wheat despite having less than 1/16 of the country's arable land [1][3][6]. Summary by Sections Drought Situation - Henan has experienced extreme drought conditions since July, with some areas going over 30 days without effective rainfall, leading to a significant drop in groundwater levels [3][4]. - The average precipitation in Henan from July has been 79.5 mm, which is over 50% less than the historical average, with specific areas like Zhumadian receiving only 6 mm compared to the usual 184 mm [3][4]. Impact on Agriculture - The drought poses a major challenge for autumn crops, particularly corn and peanuts, which require substantial water during critical growth stages [3][4]. - The summer grain production in Henan has decreased to 750.01 billion jin, a reduction of 7.13 billion jin or 0.94% from the previous year, with Zhumadian managing to maintain its production level [7][8]. Grain Production Dynamics - Henan has become a crucial grain production center, contributing significantly to national food security, with its grain output consistently exceeding 1.3 trillion jin for eight consecutive years [6][7]. - The grain production focus in China has shifted northward, with Henan playing a pivotal role in this transition, producing nearly 10% of the nation's grain with only 6% of the arable land [6][11]. Response Measures - To combat the drought, Henan has implemented various irrigation strategies, including the use of 1.15 million wells and the construction of emergency wells, alongside significant water diversion efforts from major rivers [4][10]. - The province is also exploring advanced agricultural practices and technology to enhance its resilience against extreme weather events, including improved monitoring and data management systems for irrigation [10][11].

Core Insights - Recent rainfall in Henan province has alleviated some drought conditions, but the region remains under significant stress due to prolonged dry spells and high temperatures [1][6][10] - Henan is a critical grain production area in China, contributing nearly 10% of the nation's grain and 25% of its wheat, despite having only 6% of the arable land [7][9][10] - The ongoing drought has led to a decrease in summer grain production, with a reported total of 750.01 billion jin, down 0.94% from the previous year [10][12] Drought Conditions - Henan has experienced severe drought conditions since July, with some areas going over 30 days without effective rainfall [2][5] - The average precipitation in July was 79.5 mm, more than 50% lower than the historical average, with specific locations like Zhumadian receiving only 6 mm [5][6] - The drought has particularly affected corn and peanut crops, which require substantial water during critical growth phases [5][6] Agricultural Impact - The drought has resulted in a significant drop in underground water levels, with an average decrease of 3.57 meters compared to the previous year [5][6] - Emergency measures have been implemented, including the drilling of 12,900 emergency wells and the diversion of 1.1 billion cubic meters of water from major reservoirs [6][15] - Despite the recent rainfall, areas like Zhumadian and Linyi still face ongoing drought challenges, indicating a potential for rapid shifts between drought and flooding [6][12] Grain Production Trends - The grain production focus in China has shifted northward, with Henan becoming increasingly important in the national grain supply chain [7][9] - In 2023, key grain-producing cities like Zhumadian and Zhoukou contributed nearly 60% of Henan's total grain output, highlighting their critical role in the province's agricultural economy [10][12] - The province's grain production has been bolstered by high-standard farmland construction and improved agricultural practices [11][12] Climate Adaptation Strategies - Henan is exploring strategies to enhance its resilience to extreme weather, including the establishment of a dynamic monitoring and early warning system for agricultural disasters [13][16] - The province aims to improve irrigation efficiency and data management for better decision-making in agricultural practices [15][16] - The broader challenge of adapting to climate change impacts on grain production is recognized, with a need for comprehensive strategies to ensure food security in the face of increasing weather extremes [16]