Core Viewpoint - The recent investment of 50 million yuan by Haida Group in "spine-free grass carp" gene editing technology has sparked significant discussion, highlighting the contrasting perceptions of gene editing as either a boon or a Pandora's box in agriculture [2][5]. Group 1: Gene Editing Technology Overview - Gene editing is referred to as the "5G technology" of agriculture, focusing on precise modifications of an organism's own genes without introducing foreign genes, which distinguishes it from traditional genetic modification [4][11][13]. - The efficiency of gene editing is notable, with the time required to cultivate a new variety being significantly reduced to 4-6 years compared to 8-12 years for transgenic breeding [25][26]. Group 2: Regulatory Challenges - Despite advancements, the commercialization of gene-edited animals in China faces hurdles due to stringent regulations that equate gene-edited animals with transgenic organisms, requiring extensive safety evaluations [36][37]. - Currently, there are no established safety evaluation guidelines for agricultural gene-edited animals in China, which hampers their market entry [42][43]. Group 3: Global Context and Future Prospects - Internationally, countries like Argentina, the USA, and Japan have approved various gene-edited animal products, indicating a faster pace of commercialization compared to transgenic animals [72]. - The potential for China's gene-edited animals to capitalize on the current global momentum could significantly influence the future landscape of the aquaculture industry [73].

Group 1 - The event on May 30th celebrated the contributions of scientists, particularly focusing on the relationship between plants and human life, as part of a series aimed at promoting the spirit of scientists by 2025 [1][5] - Professor Gu Hongya emphasized the importance of plants in human civilization, discussing their role in food sources and the process of domestication versus breeding [2][4] - The introduction of various plants throughout history, such as grapes and potatoes, illustrates the evolution of human civilization and the significance of plant resources [2][3] Group 2 - Gu highlighted the strategic importance of wild plant resources, noting that even non-endangered species like wild soybeans are crucial for food security due to their unique genetic traits [3] - The lecture showcased the dedication of scientists like Yuan Longping and Tu Youyou, who made significant contributions to agriculture and health, respectively, demonstrating the spirit of perseverance and innovation [4][5] - The event aimed to foster a scientific atmosphere and enhance public scientific literacy, aligning with national goals for technological advancement and national rejuvenation [5]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The planting industry chain is progressing well, with 1.29 million acres of summer grain wheat harvested as of May 30, 2025, which is over 30% of the total expected harvest. Regions such as Hubei, Sichuan, and South China have completed their wheat harvests, while Anhui has surpassed 80% and Henan over 60% [1][9] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of tracking weather changes and preparing for emergency harvesting to ensure timely collection of mature wheat. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency in key varieties [1][9] - In the pig farming sector, the average price of external three-way cross pigs is 14.39 CNY/kg, with a week-on-week increase of 0.36%. The number of breeding sows is 40.38 million, showing a slight decrease [2][10] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose. However, due to slow recovery in production capacity in 2024, pig prices are expected to exceed expectations in the second half of 2025 [2][10] Summary by Sections Planting Industry - As of May 30, 2025, 1.29 million acres of summer grain wheat have been harvested, with significant progress in various provinces. The upcoming rainfall is beneficial for soil conditions and will facilitate mechanized sowing [1][9] - The Ministry of Agriculture will focus on ensuring the timely harvesting of wheat and improving mechanization to enhance yield [1][9] - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Longping High-Tech and Dabeinong [1][9] Pig Farming - The average price of pigs is 14.39 CNY/kg, with a slight increase from the previous week. The number of breeding sows has decreased slightly, while slaughtering volume has increased significantly year-on-year [2][10] - The report highlights the need to monitor cost improvements and suggests stocks such as Dekang Animal Husbandry, Jinke Intelligent Agriculture, and Muyuan Foods for potential investment [2][10] Market Performance - The agricultural sector index increased by 1.79% during the week of May 26 to May 30, 2025, outperforming major indices like the Shanghai Composite and Shenzhen Component [11][12] - The top-performing sub-sectors include aquaculture and livestock farming, indicating a positive trend in the agricultural market [11][12]

Investment Rating - Industry Rating: Recommended [3] Core Views - The planting industry is seeing significant progress with summer grain wheat harvest, reaching over 30% completion as of May 30, with favorable weather conditions expected to enhance soil moisture and facilitate mechanized sowing [10][11] - The commercialization of genetically modified crops is anticipated to accelerate, aiming to improve yield and self-sufficiency in key varieties, supported by government initiatives to protect new plant varieties [10] - In the pig farming sector, the average price of live pigs is showing a slight increase, with a current price of 14.39 CNY/kg, reflecting a week-on-week rise of 0.36% [11][60] - The supply of breeding sows has slightly decreased, with a total of 40.38 million heads reported, while slaughtering volumes have increased significantly year-on-year [11][60] Summary by Sections Planting Industry - As of May 30, 1.29 million acres of summer wheat have been harvested, with regions like Hubei and Sichuan completing their harvests [10] - The Ministry of Agriculture emphasizes the importance of mechanization to enhance yield and efficiency in sowing [10] - Recommended stocks include Beidahuang and Suqian Agricultural Development for planting, and leading seed companies like Longping High-Tech and Dabeinong for seed production [10] Pig Farming - The average price of external three-way cross pigs is 14.39 CNY/kg, with a slight increase from the previous week [11] - The number of breeding sows has decreased slightly, while slaughtering volumes have increased by 20% year-on-year [11] - Recommended stocks in the breeding sector include Dekang Agriculture, Jinke Smart Agriculture, and Muyuan Foods, with feed companies like Haida Group also highlighted [11] Key Agricultural Products Data Tracking - Corn: Current average price is 2378.15 CNY/ton, with a week-on-week increase of 0.15% [23] - Wheat: Current average price is 2457.51 CNY/ton, with a week-on-week decrease of 0.35% [26] - Soybeans: Current average price is 3927.89 CNY/ton, remaining stable [38] - Cotton: Current average price is 14480.00 CNY/ton, with a slight decrease of 0.14% [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 CNY/kg, showing a week-on-week decrease of 0.73% [48] - Vitamin E is priced at 101.60 CNY/kg, with a decrease of 4.87% [48]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the global soybean market, focusing on the impact of U.S.-China trade relations and the dynamics of soybean production and consumption in major producing countries like the U.S., Brazil, and Argentina [1][2][3][4][16]. Core Insights and Arguments - **Global Soybean Production**: The global soybean production is expected to reach 427 million tons in the 2025/26 season, with Brazil contributing the majority of the increase, reaching 175 million tons, accounting for 41% of global production [4][16]. - **U.S. Soybean Market**: The U.S. soybean planting area is projected to decrease by 4% to 84.5 million acres, but yield estimates are higher, leading to a slight decline in production by 0.6% [4][5]. - **Export Challenges**: U.S. soybean exports are facing challenges due to trade tensions, with a projected decline of 1.9% for the 2025-2026 season. If China and the EU shift to Brazilian soybeans, U.S. soybeans may struggle to find buyers [8][19]. - **Chinese Import Trends**: China has significantly increased its reliance on Brazilian soybeans, with Brazil accounting for 70% of imports in 2024, up from 45% in 2017, while U.S. imports have decreased to 22.8% [9][10]. - **Domestic Demand and Pricing**: The USDA forecasts a 16% decrease in carryover stocks, which is expected to drive U.S. soybean prices up, despite a slight downward adjustment in export forecasts [5][6]. Additional Important Insights - **Impact of Trade Policies**: The ongoing trade war has led to significant changes in the soybean market, with the U.S. imposing tariffs that have affected export dynamics. The potential for further tariffs on European imports remains a concern [2][19]. - **Domestic Soybean Production**: China's domestic non-GMO soybean production has increased but is facing growth limitations. The reliance on traditional planting methods is seen as a bottleneck, necessitating the adoption of GMO technology for further increases [12][14][13]. - **Future Market Trends**: The global soybean market is expected to see increased trade flows, particularly in soybean meal, driven by demand from major producing countries. However, the overall growth in global feed demand is anticipated to be limited, leading to excess supply pressures [20][21][17]. - **Plant Oil Market Dynamics**: The plant oil market is showing potential for growth, with a focus on the relationship between oil prices and soybean production costs. The market for plant oils is expected to outperform the soybean market in terms of resilience [24][25]. Conclusion - The global soybean market is undergoing significant changes due to trade tensions, shifts in import dependencies, and production dynamics. The U.S. faces challenges in maintaining its export levels, while Brazil continues to strengthen its position as a leading supplier. Future market trends will be influenced by various factors, including trade policies, weather conditions, and international oil prices.

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

江山股份 20250428 摘要 • 江山股份一季度业绩受益于产品价格和销量双重提升，其中杀虫剂、酰胺 类除草剂、氯碱和日电贸分别贡献毛利占比 30%、18%、13%和 21%， 制剂板块（含杀虫剂、酰胺类除草剂和草甘膦制剂）毛利占比达 20%。 • 公司通过控制销售节奏，将部分产品转入库存以待价格上涨，并在 2025 年一季度适时销售库存产品，推动销量增长。预计二季度酰胺类除草剂销 量将因季节性因素低于一季度。 • 2024 年江山股份制剂板块收入 15 亿元，占总收入约 27%，毛利率为 10.6%，毛利占比 20%，净利润约 4,000 万元。销售费用较高，主要由 于推广费用和人员成本。 • 公司草甘膦目前基本满负荷生产，IDA 法草甘膦开工率约 80%，总体开工 率 80%-90%。库存控制在一个月以内，目前库存量约为半个月产量。 • 草甘膦备货旺季因地区而异，南美洲 9-10 月开始备货，次年 1-2 月进入 用药高峰。价格受气候、生产端事件和政策因素影响，转基因技术推广可 能对草甘膦价格产生影响。 Q&A 请介绍一下江山股份 2025 年第一季度的经营情况。 2025 年第一季度，江山股份实现营业 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, China's genetically modified (GM) corn industry has reached a crucial development stage. The Ministry of Agriculture and Rural Affairs' public announcement of 99 GM corn and soybean varieties on April 8 demonstrates China's determination to promote GM technology, responding to the call of the Central No. 1 Document to "develop new - quality productivity in agriculture." GM corn, as a pilot crop, is expected to be more widely promoted [1][3]. - With the increase in the planting area of GM corn year - by - year and the subsequent growth of penetration rate, China's domestic corn yield per unit is expected to increase, and the supply - demand structure will be further improved [3]. - In the future, with increased policy support and technological maturity, the commercialization of GM corn, soybeans and other crops is expected to make further breakthroughs, becoming an important means to ensure food security and agricultural modernization [11]. 3. Summaries Based on Relevant Catalogs 3.1 Transgenic Introduction and Global Development Situation 3.1.1 Basic Introduction of GM Corn - GM corn is created by using genetic engineering to introduce foreign genes into the corn genome, endowing it with new genetic traits such as insect resistance, herbicide tolerance, stress tolerance, and improved nutritional value. Global large - scale commercial GM crops are mainly concentrated in the first - generation products, with herbicide - tolerance (HT) and insect - resistance (Bt) being the main target traits, and most GM corn has both traits [4]. - Different target genes in GM corn have different action mechanisms. For example, the Bt gene makes corn produce insecticidal proteins to kill pests, and the epsps gene makes corn tolerate glyphosate herbicides [5]. 3.1.2 Global GM Crop Situation - Since 1996, the global commercial planting area of GM crops has been increasing steadily. By 2024, it had reached 210 million hectares. Currently, more than 30 countries allow the commercial planting of GM crops [5]. - Globally, the main GM crops are soybeans, corn, cotton, rapeseed, and sugar beets. In terms of planting area, soybeans rank first, followed by corn. In terms of the proportion of GM crops, cotton has the highest GM coverage rate [6][7]. - The countries with the largest GM crop planting areas are the United States, Brazil, Argentina, India, and Canada, accounting for over 90% of the global total. In the United States, the proportion of GM corn with stacked traits has been increasing, and by 2024, it accounted for 83%. The penetration rate of GM corn in the United States reached 94% in 2024 [7]. 3.2 Policy Driven 3.2.1 Development Process - China's development of GM crops follows the path of "non - edible → indirectly edible → edible." The development of GM technology in China started in 1986 and has gone through several stages, and in the future, the commercialization of GM crops is expected to make further breakthroughs [10][11]. 3.2.2 Approval Process and Current Achievements - The commercial planting of domestic GM crops follows a strict approval process, including three - scale tests, application for a safety certificate, and variety approval. As of December 31, 2024, there were 34 GM corn varieties in the valid period in China. If the varieties in the third - batch list pass the approval, China will have a cumulative total of 161 GM corn varieties and 19 GM soybean varieties approved [13][14][15]. 3.3 Impact of GM Technology on Yield per Unit - According to US experience, the yield per unit of Bt insect - resistant corn has increased significantly compared to traditional varieties. In China, the average yield of corn has been increasing, and the large - scale application of GM corn will further increase the yield potential [17][18]. - GM corn technology has great application potential in insect resistance and herbicide tolerance. It can reduce the cost of pest control by 30% - 50%, increase yield by 8% - 12%, and has a control success rate of over 90% against pests such as fall armyworms. The herbicide - tolerance effect can reach over 95%. The average yield increase of GM corn is about 8.9% [18]. - Different companies' GM corn varieties have different yield - increasing effects. For example, Dabeinong's GM corn varieties in the Yellow - Huai region and Northeast China have an average yield increase of about 10% compared to conventional varieties [19]. 3.4 Seed Pricing and Impact on Corn Planting Costs - The profitability of using GM seeds for individual farmers depends on yield loss reduction and relevant pesticide and seed costs. If the benefits from yield loss reduction plus the reduction in pesticide expenditure are greater than the premium of GM seeds, it is profitable to use GM seeds [19]. - GM crop seeds have a premium compared to conventional seeds. Assuming a 40% premium rate for domestic GM corn seeds, GM corn can significantly reduce pesticide use. A rough cost calculation for Jilin Province shows that the production cost per mu of corn wet grain can be reduced by about 7% [20]. 3.5 Estimation of GM Corn Promotion Area - From 2021 to 2024, the pilot planting area of GM corn in China has gradually expanded. According to reports, in 2025, the planting area of GM corn in China is expected to reach 45 - 50 million mu, and the number of permitted planting provinces will increase from 8 to 13. The estimated penetration rate in 2025 is about 6% - 7.7%, reaching 20% in 2026, increasing by 30% - 40% annually from 2027 - 2028, and approaching the international mature level in 2029 [24][25].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]