近日，全国扩大农业农村有效投资工作会议在安徽芜湖召开，农业农村部党组成员、副部长张兴旺出席 会议并讲话。各省、自治区、直辖市和新疆生产建设兵团农业农村部门以及农业农村部有关司局负责人 参加会议。 安徽、江苏、浙江、江西、广东、四川、宁夏等7省（自治区）农业农村部门负责人和部分金融机构、 农业企业代表作交流发言。广发银行作为唯一一家金融机构代表在会上作专题发言，介绍在专项债支农 金融服务领域的实践经验。 会议研究分析农业农村投资面临的新形势新任务，部署推动各地各方面共同扩大农业农村有效投资，为 推进乡村全面振兴、加快建设农业强国提供有力支撑。 会议要求，扎实抓好今年农业农村投资各项重点工作，编制好"十五五"重大建设规划，加强重大项目谋 划储备，推动优化农业补贴政策体系，推动持续加大土地出让收入和地方政府债券支农力度，引导撬动 金融和社会投资有序投入乡村振兴，认真抓好乡村振兴资金使用监管突出问题专项整治，加强资金、项 目、资产一体化监管，不断扩大农业农村有效投资，切实提高投资效益，为完成今年"三农"重点任务提 供有力保障。 广发银行落实党中央决策部署，全力做好专项债支农金融服务，取得积极成效。目前，全行已为23个 ...

Core Viewpoint - The National Bureau of Statistics announced the preparation phase for the Fourth National Agricultural Census, scheduled for 2026, which aims to assess the current state of agriculture and rural development in China, reflecting new conditions and changes in rural life and reforms [1] Group 1: Census Overview - The Fourth National Agricultural Census will be conducted in 2026, following the ten-year cycle mandated by the Statistical Law of the People's Republic of China and the National Agricultural Census Regulations [1] - The census is significant for understanding the "three rural issues" (agriculture, rural areas, and farmers) and will aid in formulating policies for rural revitalization and agricultural modernization [1] Group 2: Current Status - Currently, the census work is in the preparation stage, which includes establishing census institutions, developing census plans, and conducting pilot surveys [1]

Core Insights - The fourth national agricultural census will be conducted in 2026, marking a significant step in understanding the agricultural landscape in China and supporting the construction of a strong agricultural nation [1][2] Group 1: Importance of the Census - The census aims to comprehensively assess the current state of agriculture, rural development, and farmers' living conditions, which is crucial for formulating effective agricultural policies and promoting rural revitalization [2] - It reflects the historical achievements and transformations in agricultural development since the last census in 2016 [2] Group 2: Census Subjects and Scope - The census will target various subjects, including rural households, urban agricultural operators, agricultural production units, village committees, and township governments [3] - The industry scope includes crop cultivation, forestry, animal husbandry, fishery, and related services [4] Group 3: Main Content of the Census - The census will investigate five key areas: agricultural production conditions, food production status, new agricultural productivity, rural development basics, and rural residents' living conditions [5] Group 4: Innovations and Changes - The census will incorporate updated content reflecting new agricultural practices and rural modernization, utilizing a combination of comprehensive and sampling surveys to enhance efficiency [6] - Modern technologies such as satellite remote sensing, drones, and artificial intelligence will be employed to improve data collection and analysis [6] Group 5: Timeline and Phases - The census will be conducted in four phases: preparation (2025-2026), on-site registration (January-May 2027), data processing and publication (June-December 2027), and data application (2028-2029) [8] Group 6: Implementation and Support - A leadership group has been established to oversee the census, ensuring collaboration among various government departments and local authorities [9] - Participation from census subjects is essential, requiring accurate and timely reporting of data [10]

Core Viewpoint - The Chinese government emphasizes the importance of building a strong agricultural nation as a foundation for national strength, highlighting the need for innovation and international collaboration in agriculture [1]. Group 1: Event Overview - The "2025 Digital Agriculture Innovation Training Camp" took place in Dali, Yunnan, involving 18 young agricultural entrepreneurs from eight countries, aimed at promoting digital agriculture innovation [1][2]. - The training camp is co-hosted by the Food and Agriculture Organization (FAO), Zhejiang University, and Pinduoduo, focusing on technology-driven agricultural practices and farmer behavior analysis [2]. Group 2: Pinduoduo's Role - Pinduoduo has actively contributed to building a strong agricultural nation by supporting various agricultural competitions and initiatives, including a "100 Billion Support" plan aimed at agricultural research and innovation [2][8]. - The company emphasizes the importance of integrating global agricultural entrepreneurs and technology to foster innovation and sustainable agricultural practices [4][8]. Group 3: Training Camp Activities - Participants engaged in field research to understand local farming practices, with a focus on sustainable and high-value agricultural methods [3][4]. - The training camp showcased innovative agricultural technologies, such as a nutrient management platform that can reduce nitrogen and phosphorus runoff into the Erhai Lake by over 30% [4][6]. Group 4: Impact and Future Initiatives - The training camp is part of a broader initiative that has seen the establishment of over 1,800 technology-driven agricultural training centers across China, extending its influence to countries like Tanzania and Brazil [6][8]. - The "Global Agricultural Innovators Competition" has identified and nurtured 600 youth agricultural projects since its inception, aiming to enhance global agricultural technology applications [8].

Core Viewpoint - The agricultural sector in Jianyang District, Nanping City, Fujian Province is focusing on becoming a national seed production hub, enhancing rice seed production, and promoting financial support for agricultural innovation and farmer income growth [1] Group 1: Support for Research and Breeding - Yongfu Agricultural Technology Co., Ltd. has invested over 100 million yuan in breeding research and established a collaborative research institute with several agricultural research institutions to address funding shortages in the seed industry [2] - Jianyang Rural Credit Cooperative provided over 10 million yuan in loans to Yongfu Agricultural Technology Co., Ltd., enabling the company to focus on its breeding and production efforts without financial concerns [2][3] - The cooperative has launched the "Fuzhong Loan" product to offer customized financial solutions for seed enterprises, simplifying approval processes and reducing financing costs [3] Group 2: Strengthening New Agricultural Entities - Jianyang Rural Credit Cooperative supported He Tianxia Agricultural Development Co., Ltd. with a 200 million yuan loan to facilitate land transfer, helping the company achieve an annual output value of 80 million yuan [4] - The cooperative has issued 1,766 million yuan in loans to over 20 agricultural entities to promote the collaborative development of the seed industry, cooperatives, and farmers [4] - A service center for new agricultural entities has been established to provide comprehensive support, resulting in 42,179.12 million yuan in loans issued through this platform [5] Group 3: Supporting Seed Farmers for Stable Production - The cooperative has introduced the "Agricultural Machinery Loan" to help farmers purchase automated equipment, saving costs significantly during the planting season [6] - A total of 8,215 million yuan in loans has been provided to over 605 entities in the seed production chain, alleviating financial pressures during the spring farming season [6] - The cooperative has implemented a quick loan application process through mobile banking, allowing farmers to access funds rapidly [6] Group 4: Promoting Agricultural Modernization - Jianyang Rural Credit Cooperative plans to invest 50 million yuan in agricultural machinery loans by 2025, aiming to modernize farming practices and support over 300 farmers [7] - The cooperative emphasizes its commitment to agricultural development and financial support, aligning with national food security strategies [7]

Core Viewpoint - The core viewpoint emphasizes that a strong agricultural operating system is a common characteristic of agricultural powerhouses, but there is no single model for achieving this. Innovation in operating systems is essential for expanding agricultural development space [1][3]. Summary by Sections Agricultural Structure - China's agricultural reality consists of approximately 200 million contracted farming households, 4 million family farms, 2.136 million farmer cooperatives, over 1.09 million agricultural social service entities, and more than 90,000 agricultural industrialization leading enterprises at the county level and above. This indicates a coexistence of small-scale farmers and new agricultural operating entities [2]. Modernization and Scale - Agricultural modernization requires scale but must align with the actual conditions of smallholder farmers. The average farming scale should not be arbitrarily increased without considering the implications for the remaining farmers. A historical perspective is necessary to address the challenges of transitioning from smallholder farming to larger-scale operations [2][3]. Diversity in Operating Methods - The diversity of operating methods in China's agriculture is attributed to the rich variety of agricultural resources and the strengths and weaknesses of different agricultural entities. While smallholders are the basic operating units, they face challenges such as high costs and low competitiveness. New agricultural entities can enhance product supply and competitiveness but require better organization and regulation [3]. Pathways for Improvement - To improve the agricultural operating system, two main pathways are suggested: cultivating scale operating entities through land transfer and developing socialized services to nurture scale service entities. The development of agricultural social services is crucial for equipping smallholders with advanced technologies and addressing existing challenges in service quality and scope [4].

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook despite short-term disturbances from trade tensions [4][6]. Core Insights - The report highlights that while short-term trade tensions may impact certain agricultural products, the long-term outlook remains manageable through diversification of import sources and enhancing self-sufficiency [6][14]. - The Chinese agricultural sector is expected to benefit from the implementation of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" which emphasizes food security and agricultural competitiveness [6][14]. Summary by Sections Trade Tensions - Recent data shows that the proportion of agricultural imports from the U.S. has decreased, with 2024 imports from the U.S. accounting for approximately 6.3% of total imports, down from 8.3% in 2017 [6][14]. - The report notes that most agricultural products have low import dependency, while a few, such as soybeans and sorghum, are more reliant on imports, particularly from the U.S. [6][14]. Meat Products - China is a major producer of pork, with a projected production of 57 million tons in 2025, accounting for nearly 50% of global production [18][20]. - The report anticipates a recovery in China's pig production capacity in 2025, with prices expected to fluctuate, initially declining before rising later in the year [39][40]. - Chicken production in China is projected to reach 15.5 million tons in 2025, with low import dependency, particularly from the U.S. [41][46]. Grain Products - China ranks second globally in corn production, with a projected output of 294.92 million tons in 2024/25, while maintaining a low import dependency [75][78]. - The report indicates that corn prices have shown signs of recovery, with domestic prices reaching 2285.29 yuan per ton as of April 2025 [79][80]. Investment Recommendations - The report suggests focusing on leading companies in the agricultural sector, including Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the sector's growth [6][14].

Group 1: Policy and Market Environment - The Chinese government is increasing investment in agricultural water management, with plans to build 1.35 billion mu of high-standard farmland by 2030 and improve 280 million mu by 2035 [4] - The total investment in water conservancy construction has exceeded 1 trillion yuan annually for three consecutive years, reaching a historical high of 1.35 trillion yuan in 2024 [5] - The "soft construction" initiative is expected to significantly benefit private sector leaders in the industry, enhancing project organization and financing [5] Group 2: Company Performance and Financials - The company achieved a revenue of 4 billion yuan in 2024, benefiting from national policies promoting water conservation and agricultural modernization [6] - The company has maintained an order acquisition scale of 5 billion yuan for three consecutive years, ensuring revenue growth and performance certainty [6] - Operating cash flow for the company reached 597 million yuan, indicating strong financial health compared to industry peers [7] Group 3: Profitability Challenges - The average project gross margin has declined due to increased competition and a focus on market share over profit margins [6] - High operational costs, including sales and management expenses, have impacted net profit, although these costs are expected to stabilize [7] - The company anticipates a gradual recovery in industry gross margins, which will positively affect profitability [7] Group 4: Business Strategy and Future Outlook - The company plans to balance its revenue streams across three business segments: agricultural engineering, water information technology, and operational services, each targeting a one-third share [7] - The company is expanding its international presence, particularly in emerging markets along the Belt and Road Initiative, to mitigate risks and capture higher-margin opportunities [11] - The company is committed to technological innovation, with ongoing projects in smart irrigation and water resource management, including the development of a sound wave rain enhancement device [12]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [47] Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 2.64% from April 4 to April 17, 2025, exceeding the index by approximately 4.96 percentage points [12][13] - Most sub-sectors recorded positive returns during the same period, with only animal health showing a negative return of 5.69%. The other sectors, including planting, feed, breeding, agricultural product processing, and fishery, saw increases of 5.5%, 3.53%, 2.79%, 2.66%, and 1.74%, respectively [13][14] - Approximately 72% of stocks in the industry achieved positive returns, indicating a favorable market environment [14] - The overall price-to-book (PB) ratio for the industry is approximately 2.6 times, reflecting a recovery in valuation, yet it remains at a historical low level, around 57.6% of the valuation center since 2006 [20] Industry Important Data - **Pig Farming**: - The average price of external three-way cross pigs increased from 14.79 CNY/kg to 14.94 CNY/kg between April 4 and April 17, 2025 [21] - The breeding sow inventory reached 40.66 million heads by the end of February 2025, slightly up by 0.1% month-on-month and 0.6% year-on-year, nearing the upper limit of the capacity control green zone [24] - The current prices for corn and soybean meal are 2268.82 CNY/ton and 3502 CNY/ton, respectively, with both showing slight increases [26] - Profitability for self-bred pigs is 79.46 CNY/head, while for purchased piglets, it is 21.88 CNY/head, both showing improvements [29] - **Poultry Farming**: - The average price of broiler chicks is 2.97 CNY/chick, showing an increase, while the price for layer chicks remains stable at 4.25 CNY/chick [30] - The average price for white feather broilers is 7.5 CNY/kg, with a slight decrease in profitability to -0.09 CNY/chick [32] - **Aquaculture**: - The average wholesale price for crucian carp is 20.67 CNY/kg, showing a slight increase, while the price for carp is 14.22 CNY/kg, which has slightly decreased [36] Industry Insights - The report highlights that the impact of trade friction on agriculture is manageable, with the Chinese government promoting agricultural modernization and competitiveness through the "Accelerating the Construction of an Agricultural Power" plan [47] - The report suggests focusing on leading companies in breeding, feed, animal health, and seed industries that are expected to benefit from the implementation of this plan [47] - Specific companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others noted for their competitive advantages in cost control and scale [49]

Core Insights - The report indicates that the current market sentiment score is 76, categorizing it as "relatively hot," suggesting a positive market outlook and potential for upward movement in stock prices [5][9]. - Key themes identified for investment opportunities include cross-border payments, duty-free shopping, and agriculture, driven by recent policy changes and economic strategies [6]. Cross-Border Payments - The cross-border payment theme is gaining traction due to increased trade uncertainties and costs from tariff policies, necessitating more efficient payment systems. The CIPS system is expanding its functionalities and business volume, providing secure and efficient RMB cross-border payment services [6]. - Related stocks include Cross-Border Communication (002640) and Qingdao Kingking (002094) [6]. Duty-Free Shopping - A recent announcement from the State Administration of Taxation promotes the "immediate purchase and refund" service for outbound travelers, which is expected to boost domestic consumption, particularly in the tourism retail sector [6]. - Beneficiaries of this trend may include China Duty Free Group (601888) and Gree Real Estate (600185) [6]. Agriculture - The Central Committee and State Council have released a plan to accelerate the construction of a strong agricultural nation from 2024 to 2035, emphasizing self-innovation in seed industry and resource protection [6]. - Key stocks in this sector include Dabeinong Technology Group (002385) and Fengle Seed Industry (000713) [6]. Market Capital Flow - The report highlights significant net inflows into various stocks, with Industrial Fulian (601138) leading at 802.79 million, followed by Shenghong Technology (300476) at 585.44 million [10]. - The report also notes the top ten stocks with net outflows, indicating investor sentiment and potential areas of concern [12]. Industry Performance - The report provides insights into the performance of different industries, with electronics, food and beverage, and retail showing strong net inflows, while sectors like telecommunications and steel are experiencing net outflows [16][17].