Core Insights - Shenzhen Aerospace Exploration Technology Co., Ltd. has completed a seed round financing of several million yuan, led by Qiji Chuangtan and a strategic industry investor, with funds allocated for the development of its first model, the L400 [2] - The company focuses on the research and manufacturing of electric and intelligent medium-sized aircraft, with a strategy starting from agriculture and gradually expanding to other applications [2][4] Company Overview - Founded in August 2024, the company is led by a founder with a master's degree from the China Academy of Aerospace Aerodynamics and experience in various aviation and drone companies [2] - The core team comprises members from prestigious institutions and companies, bringing extensive experience in aerodynamics, flight loads, and structural strength [2] Product Development - The L400 is an all-electric short takeoff and landing (eSTOL) fixed-wing agricultural drone designed for large farms, with a takeoff weight of 850 kg and a takeoff distance of 150 m [4] - Compared to traditional agricultural aircraft, the L400 reduces takeoff distance by 60%, increases payload capacity by 20%, lowers BOM costs by 30%, and decreases overall operating costs by 40% while improving operational effectiveness by 15% [4] Technology and Innovation - The L400's efficient short takeoff and landing capabilities are attributed to the company's self-developed distributed electric propulsion system, which enhances safety and reduces material and maintenance costs [5] - The flight control system incorporates automotive technology, including automotive-grade chips and modular algorithms, preparing for future manned aircraft development [5] Market Strategy - The company targets overseas markets primarily, as the demand for large farms is significantly higher than in the domestic market, with a focus on mechanized operations [6] - The L400 has already received multiple intention orders from overseas clients in regions such as Russia, Australia, Central Asia, and the United States [6] Future Plans - Following the assembly completion of the L400 by the end of July, the company plans to conduct its first flight in September and aims to optimize the product by the end of the year for mass production [7] - The company intends to initiate a second round of financing in the second half of the year after completing the test flight of the L400 [7]

表弟也不例外。 他本职兽医，90后，曾经也是个除了医猫治狗，就是"吃鸡开黑"的年轻人。不知怎地，几年前决定花光所有积蓄，在黑龙江北部小镇买下一座农场，说是 要创业，肉牛养殖。每天穿着我们这里的"工装"迷彩服，开着一辆快报废的小皮卡，家和农场两点一线。不仅皮肤变得粗糙，手指关节粗大，有次用这辆 皮卡到幼儿园接侄女，还获得了三岁小朋友的拒绝，声称皮卡散发的牛粪味"会让公主裙不美丽"，而老叔的头发"看起来就像一个野人"。 但表弟并不在意，铁了心要在农业上走出自己的未来。即便牛肉价格下跌，同行纷纷转向其它生意，表弟依然时不时发张自拍，配以农场野猪出没、二手 农机转卖、肋骨受伤等信息，全方位展示自己。 今年春天，表弟家的黑龙江北部小镇接连下雨。农户们天天盯着天气预报，想着大雨过后，土地晾晒一番，即刻开工。可这样过了半个月。终于，天有放 晴的样子，农户们坐不住了，陆陆续续把自家的拖拉机开进了地里。 农场共10垧地，按照一垧地15亩计算，就是115亩。除了养牛，也种粮食和蔬菜。粮食一部分自己食用，一部分给肉牛做饲料。 那天我们早早赶到农场，气温低的让人有种"夏天没到，秋天来了"的错觉，天阴得仿佛随时要下场雨，所以我带了一个 ...

证券研究报告：农林牧渔|行业周报 发布时间：2025-07-01 行业投资评级 | 收盘点位 | | 2671.67 | | --- | --- | --- | | 52 | 周最高 | 2838.04 | | 52 周最低 | | 2110.64 | 行业相对指数表现 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 农林牧渔 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 强于大市|维持 | 行业基本情况 | | --- | 《生猪偏弱震荡，政策调控影响或在明 年体现》 - 2025.06.24 农林牧渔行业报告 （2025.6.22-2025.6.29） 猪价触底反弹，降重缓慢推进 ⚫ 行情回顾：弱于大盘 农林牧渔（申万）行业指数涨 0.80%，在申万 31 个一级行业中涨 幅排名第 25 位。虽然农业调控政策频出，但仍跑输大盘，主要原因 是生猪 ...

Group 1 - The core viewpoint highlights the seamless transition from harvesting early rice to planting late rice in Jiangxi, with over 18 million acres of early rice maturing for harvest [1] - In Ganzhou's Quannan County, the use of large combine harvesters has significantly improved efficiency, reducing the time for harvesting and planting from one month to approximately two weeks [3] - The comprehensive mechanization rate for rice farming in Ganzhou has reached 84.94%, indicating a high level of technological adoption in agricultural practices [3] Group 2 - In Henan's Xinyang, the introduction of a rice-duck co-cultivation model has enhanced productivity and income for farmers, with ducks effectively controlling weeds and pests while providing natural fertilizer [4] - The rice-duck co-cultivation method not only reduces costs but also improves the quality of rice produced [4] - A local cooperative in Xinyang reports a diversified income model, achieving over 1,500 yuan per mu through a combination of rice and duck farming, along with shrimp cultivation [6]

Group 1 - The core viewpoint of the news is the launch of the "Farming Mall" by Hong Kong Zhongnong International Investment Group, marking the world's first on-chain mall that integrates agricultural physical assets with blockchain technology [1][3] - The platform features a digital circulation system for agricultural products, allowing direct access from producers to global consumers, enhancing transaction efficiency and consumer trust [3][5] - The initial product offerings include high-quality agricultural products from Latin America, Southeast Asia, and Africa, all managed through a self-developed blockchain traceability certification system [3][5] Group 2 - The "Farming Mall" plans to introduce over 2,000 product SKUs in the next three years and aims to create a multi-layered trading ecosystem, including live traceability and AI product recommendations [5] - The platform will establish B2B channels with large overseas buyers and food chains to facilitate bulk orders and increase agricultural product export rates [5] - The launch of the mall supports the digital transformation of agricultural brands and the assetization process through blockchain, with plans for deeper collaboration with governments and international organizations [5]

Core Viewpoint - The agricultural sector in Weihai is addressing challenges such as water resource scarcity and fragmented land through enhanced water management practices and infrastructure development. Group 1: Water Resource Management - Weihai has constructed 1,949 various water source and irrigation facilities since 2019, including 591 ponds, 617 agricultural wells, 619 pump stations, and 122 water storage pools, effectively collecting surface water for agricultural use [1] - The promotion of integrated water and fertilizer technology has led to the development of 181,000 acres of efficient water-saving irrigation, saving approximately 5 million cubic meters of water annually [1] - Compared to traditional irrigation methods, water savings for major crops exceed 30%, while savings for economic crops exceed 50% [1] Group 2: Drainage Improvement - A three-year action plan for the repair and improvement of farmland drainage ditches has been established, aiming to dredge 43.25 kilometers of farmland ditches to enhance drainage systems [2] - The initiative seeks to connect water source projects with irrigation systems, thereby improving agricultural disaster resilience [2]

Core Viewpoint - The central government emphasizes the importance of agricultural development, rural revitalization, and farmers' prosperity, highlighting that the key to achieving these goals lies in the Party's leadership [1]. Group 1: Agricultural Insurance and Risk Management - Agricultural insurance serves as a solid foundation for farmers to stabilize production, ensuring national food security and preventing large-scale poverty [1]. - Guoyuan Insurance's Anhui branch integrates Party leadership into the agricultural insurance service chain, focusing on food security as a strategic priority [3]. - In response to drought conditions, the company formed a "Party Member Agricultural Technology Service Team" to assist farmers with irrigation and disaster prevention [3]. Group 2: Emergency Response and Support - During heavy rainfall, the company conducted inspections and advised large-scale operators on water management and emergency preparations [4]. - The company streamlined claims processes to ensure timely compensation for farmers affected by disasters, reinforcing the "red barrier" of risk prevention [4]. Group 3: Innovative Insurance Products - The introduction of "insurance + futures" models has provided farmers with financial security against price fluctuations in livestock, exemplified by a farmer receiving 374,000 yuan in compensation for insured pigs [7]. - New insurance products, such as the "meat chicken target price insurance" and "goose farming insurance," have been launched to help farmers mitigate risks in livestock farming [9]. Group 4: Agricultural Innovation and Development - The company is not only stabilizing production but also acting as a catalyst for agricultural innovation, as seen with the introduction of insurance for medicinal herbs like cat's claw grass [11]. - The "leadership plan" implemented by the company has been recognized and included in provincial training programs, showcasing its commitment to integrating Party leadership with agricultural insurance [11][12]. Group 5: Commitment to Rural Revitalization - Guoyuan Insurance aims to continuously support rural revitalization by deepening its agricultural insurance services and maintaining a close relationship with farmers [12].

Core Viewpoint - The article highlights the advancements in smart agricultural machinery and the implementation of fully automated production systems for crops, showcasing the integration of technology in agriculture to enhance efficiency and productivity [1][2] Group 1: Smart Agricultural Machinery - A demonstration event featuring over 20 smart agricultural machines was held in Beijing, showcasing a complete intelligent production chain for wheat, corn, and vegetables [1] - The team led by Academician Zhao Chunjiang has developed key technologies for unmanned production, achieving a path tracking error of ±2.0 cm and a corn sowing distance qualification index exceeding 95% [1] Group 2: Cloud Management Platform - The smart farm management cloud platform developed by the team integrates intelligent decision-making, remote monitoring, and multi-machine collaboration, resulting in over 30% savings in labor costs and more than 20% increase in machine utilization [1] - The platform also contributes to a 30% reduction in fertilizer and pesticide inputs and improves land utilization by 1% to 2% [1] Group 3: Vegetable Production System - The team has created a fully domestic unmanned production system for open-field vegetables, achieving continuous unmanned operations from tillage to harvesting for major crops like cabbage, peppers, and carrots [2] - Multiple unmanned farms have been established in various regions, serving as models for smart agriculture across the country [2] Group 4: Operational Scale and Impact - The operational cloud service platform has expanded its reach to 31 provinces, 795 counties, covering 6,464 cooperatives and 133 state-owned farms, with over 100,000 intelligent agricultural terminals promoted [2] - The total monitored service area has reached 220 million acres [2]

夏收已接近尾声，今年有望再迎一个丰收年。丰产的背后，离不开农业技术的进步，包括灌溉技术、 育种技术、农业专业技术服务能力的提升。 传统农业收成很大程度上靠天吃饭。近些年，国内一些地方干旱天气不断，今年同样如此，持续干旱、高温、 大风日数偏多。此时恰逢小麦孕穗期至抽穗期，需要大量水分。麦田如果缺水干旱，会减少亩穗数，对穗粒数 也有较大影响。 河南是小麦种植大省，每年小麦播种面积达8500万亩。水肥一体化滴灌设备和技术正在快速推广应用。小麦 播种时，滴灌带随着播种机械一同铺设至田间，连接主管、接上水井后，浇地十分方便。亩次灌溉用水量由原 来的200立方米降为40立方米，减少了地下水抽取。另外，滴灌配合施肥罐，还能实现水肥一体化，降低了施 肥难度，也便于作物吸收。滴灌大大减少了劳动数量和劳动强度，管理起来比较轻松。因为滴灌可以做到少量 多次，根据农作物需求进行灌溉，保证了农作物一直处于比较良好的墒情中。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 滴灌本 ...

Core Viewpoint - The article emphasizes the risks associated with "contract agriculture" scams, highlighting the need for farmers to be vigilant and conduct thorough due diligence when seeking partners in this sector [1][2][4]. Group 1: Scam Characteristics - Scams often target niche agricultural products such as edible fungi and traditional Chinese medicine, which have high technical barriers and volatile market conditions, making farmers susceptible to fraud [2][3]. - Common tactics used by scammers include offering free visits, reimbursing travel expenses, and creating a false sense of urgency to lure farmers into signing contracts [2][3]. - The scams are increasingly sophisticated, utilizing online platforms to promote projects with exaggerated claims of low investment and high returns, often misrepresenting government support [2][3]. Group 2: Identifying Scams - Two main characteristics of scams are identified: the "shell" nature of the companies, lacking real operational capacity, and unrealistic promises of high repurchase prices that deviate from market norms [3][4]. - Legitimate "contract agriculture" involves farmers planting according to orders, which helps secure sales and manage costs, thus reducing market risks [3][4]. Group 3: Recommendations for Farmers - Farmers are advised to assess the longevity and creditworthiness of potential partners in "contract agriculture" and to be cautious of any claims that significantly deviate from established market practices [1][4]. - The article suggests enhancing public services to support farmers, such as promoting cooperative development and establishing reliable channels for "contract agriculture" partnerships [4].