撰文丨王聪 编辑丨王多鱼 排版丨水成文 植物胞内核苷酸结合结构域和富含亮氨酸重复序列受体蛋白 （Nucleotide-binding domain, Leucine-rich repeat containing Receptors, NLR） 通过直接或者间接的方式识别病原微生物分泌的效应蛋白激活效应 子引发的免疫 （Effector-Triggered Immunity, ETI） ，引发细胞坏死进而抵御病原菌的侵染。 目前克隆的抗病基因大都编码这类免疫受体蛋白，因此，NLR 是抗病育种的重要靶蛋白。然而，NLR 基因 在亲缘关系较远的植物中可能无法发挥作用，即所谓的" 受限的分类学功能 " （Restricted Taxonomic Functionality，RTF） 。 2025 年 6 月 17 日， 中国农业大学 郭海龙 教授团队 在国际顶尖学术期刊 Cell 发表了题为： Interfamily co-transfer of sensor and helper NLRs extends immune receptor functionality between angiosperms 的论文。 ...

证券研究报告：农林牧渔|行业周报 发布时间：2025-06-17 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2704.99 | | 52 | 周最高 | 2838.04 | | --- | --- | --- | | 52 | 周最低 | 2110.64 | 行业相对指数表现 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-06 2024-08 2024-11 2025-01 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 《生猪供应压力大，价格继续调整》 - 2025.06.10 农林牧渔行业报告 （2025.6.8-2025.6.15） 生猪供应压力大，5 月产能惯性增加 ⚫ 行情回顾：反弹上涨 农林牧渔（申万）行业指数涨 1.62%，在申万 31 个一级行业中涨 幅排名第 3 位。因中美关系波折，农业板块防御性体现，农业行业指 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company, a leader in the domestic corn seed industry, is currently facing short-term performance pressure but is expected to see a turning point as it ramps up research and development and expands its distribution channels [3] - The overall corn seed market is experiencing oversupply and intense competition, leading to declines in both sales volume and price [3] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan respectively for those years [3] Financial Summary - In 2024, the company is projected to achieve revenue of 391 million yuan, a decrease of 26.77% year-on-year, with a net profit of 50 million yuan, down 36.49% [3][6] - The gross margin is expected to be 27.86%, down 4.23 percentage points, and the net margin is projected at 12.89%, down 1.98 percentage points [3] - For Q1 2025, revenue is expected to be 19.19 million yuan, a decline of 45.25%, with a net loss of 4.48 million yuan [3] Research and Development - The company increased its R&D expenditure to 2160.87 million yuan in 2024, a year-on-year growth of 17.98% [5] - Several of the company's corn varieties have been recognized for their disease resistance and high yield, with specific varieties selected as leading agricultural varieties in various provinces [5] Market Position and Strategy - The company is actively exploring online sales channels, including establishing its own e-commerce platform and collaborating with influencers and e-commerce teams [5] - The company aims to enhance its market position in the wheat and peanut seed markets, anticipating accelerated expansion in these areas [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 16 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 国内农药价格有所分化，关注北交所农药行业领先企业颖泰生物 ——北交所消费服务产业跟踪第十八期（20250613） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水润泽中华大地 内容目录 | 1. | 国内农药价格有所分化，静待价格走出周期低谷 | 4 | | --- | --- | --- | | 1.1. | 全球农药市场稳中有升，中国原药产量居世界前列 4 | | | 1.2. | 北交所企业：颖泰生物—位列国内农药销售百强榜前十 | 7 | | 2. | 总量：北交所消费服务股股价涨跌幅中值-1.81% | 11 | | 3. | 行业：泛消费产业市盈率 中值+16.93%至 TTM 78.5X | 13 | | 4. | 公告：锦波生物成为服贸基金二期的有限合伙人 ...

行 华福证券 农林牧渔 2025 年 06 月 15 日 业 研 究 农林牧渔 行业库存持续释放，生猪均重降幅扩大 投资要点： 行 业 定 期 报 告 生猪养殖：行业库存持续释放，出栏均重降幅扩大。（1）本周猪价跌 后小幅反弹。猪价跌破 14 元/公斤后，养殖主体惜售情绪有所增强，叠加 低价二育进场比例增加，带动周后期猪价小幅反弹，6 月 13 日猪价 14.02 元/公斤，周环比-0.05 元/公斤。（2）本周屠企宰量下滑。端午节过后市场 消费明显下滑，屠企订单量处于低位，本周宰量呈下滑趋势。6 月 7-13 日 涌益样本屠企日均宰杀量为 14.31 万头，周环比-1.83%。（3）本周生猪出 栏均重继续下降。随气温升高，大猪需求量减少，养殖端压栏情绪减弱，6 月多个集团场均有不同程度降重策略，行业出栏均重维持下滑趋势。6 月 12 日当周生猪出栏均重 128.82kg，周环比-0.35kg，已连续四周下降，本周 降幅较前期扩大。展望后市，涌益/钢联/卓创监测 6 月样本企业日均出栏预 计环比+4.39%/+2.84%/+3.88%，供应压力预计增大。叠加气温升高抑制养 殖端压栏增重意愿，行业去库存开启，猪 ...

Core Insights - The article discusses the potential of marine resources, particularly deep-sea aquaculture, to enhance food supply and address challenges in the industry [1][2] - It emphasizes the need for advanced technology and sustainable practices to optimize marine farming and improve resilience against environmental risks [3][4] Group 1: Marine Aquaculture Development - The deep-sea aquaculture sector faces challenges such as equipment durability and environmental risks, particularly from typhoons [3][4] - There is a call for scientific assessment and careful site selection for marine ranching to ensure sustainability and effectiveness [4] - Advanced equipment, such as gravity cages and specialized fishing vessels, is crucial for the success of deep-sea aquaculture [5][6] Group 2: Environmental Impact and Sustainability - High-density farming can lead to environmental issues like nutrient accumulation, necessitating innovative solutions to mitigate these effects [7][8] - The article advocates for a green development approach, focusing on ecological balance and resource efficiency in marine farming [8] Group 3: Aquatic Breeding Innovations - The development of high-quality aquatic breeds is essential for the success of deep-sea aquaculture, with a focus on self-sufficiency in key species [9][10] - Modern molecular breeding techniques are highlighted as a means to enhance breeding efficiency and produce disease-resistant varieties [10][11] Group 4: Seafood Processing and Market Integration - China's seafood processing sector is underdeveloped compared to global standards, with a need for increased processing rates and value addition [13][14] - Experts suggest enhancing cold chain logistics and developing integrated supply chains to reduce waste and improve market access for seafood products [14][15] Group 5: Cross-Industry Collaboration - The article proposes the integration of marine ranching with other industries, such as tourism and renewable energy, to create synergistic benefits [15]

Investment Rating - Industry rating is maintained at "Outperform the Market" [8] Core Viewpoints - The report emphasizes the importance of "self-controllable seed sources" in the context of ongoing US-China trade negotiations, particularly focusing on agricultural imports such as soybeans, corn, and wheat [4][3] - The gap in corn yield between China and the US is widening, which may accelerate the domestic biotechnology breeding industry [5] - The transition of genetically modified organisms (GMOs) into large-scale demonstration phases is highlighted, with significant policy support for the industrialization of biological breeding [6] Summary by Sections Trade and Agricultural Imports - In 2024, China is projected to import 22.13 million tons of soybeans, 2.07 million tons of corn, and 1.90 million tons of wheat from the US, accounting for 44.1%, 3.6%, and 9.0% of US exports respectively [4] - The report suggests that grain trade will be a critical area in the short term for negotiations with the US [4] Yield Disparity and Biotechnology - The US corn yield has reached 766 kg/mu by 2024, with a GMO penetration rate exceeding 90%, while China's corn yield is only 439 kg/mu, resulting in a yield gap of 327 kg/mu [5] - The report identifies the promotion of biotechnology breeding as a key factor contributing to this yield disparity [5] Policy and Market Developments - The central government's focus on biological breeding has been consistent for five years, shifting from research to application, with plans to accelerate the industrialization of biological breeding from 2024 to 2035 [6] - By 2024, GMO grain industrialization will transition from a trial phase to large-scale demonstration in eight provinces, with further expansion planned by 2025 [6] Investment Recommendations - The report recommends investing in leading companies in the biotechnology sector, including Longping High-Tech, Dabeinong, and Quanyin High-Tech, while also suggesting to pay attention to Fengle Seed Industry and Denghai Seed Industry [6]

Investment Rating - Industry rating is maintained at "Outperform the Market" [8] Core Insights - The report emphasizes the importance of "self-controllable seed sources" in the context of ongoing US-China trade negotiations, particularly focusing on agricultural imports such as soybeans, corn, and wheat [4][3] - The gap in corn yield between China and the US is widening, which may accelerate the domestic biotechnology breeding industry [5] - The transition of genetically modified organisms (GMOs) into large-scale demonstration phases is highlighted, with significant policy support for the industrialization of biological breeding [6] Summary by Sections Trade and Agricultural Imports - In 2024, China is projected to import 22.13 million tons of soybeans, 2.07 million tons of corn, and 1.90 million tons of wheat from the US, accounting for 44.1%, 3.6%, and 9.0% of US exports respectively [4] - Short-term agricultural trade is expected to be a key area in US-China negotiations [4] Domestic Yield and Biotechnology - The yield of corn in the US is expected to reach 766 kg/mu by 2024, while China's yield is only 439 kg/mu, resulting in a yield gap of 327 kg/mu [5] - The report identifies the promotion of biotechnology breeding as a critical factor contributing to the widening yield gap [5] Policy and Market Developments - The central government's focus on the industrialization of biological breeding has been consistent for five years, with a shift from research to application [6] - By 2024, the domestic GMO grain industry will transition from a trial phase to large-scale demonstration, with several provinces allowing GMO planting [6] - The report recommends key companies such as Longping High-Tech, Dabeinong, and Quanyin High-Tech for investment, highlighting their competitive advantages in the GMO sector [6]

Core Viewpoint - The development of the "South Breeding" lotus industry in Baogu Village, Sanya, Hainan, is contributing to rural revitalization and creating a complete industrial chain from planting to sales [1][5]. Group 1: Industry Development - The lotus base in Baogu Village covers an area of 64 acres, previously a marshland unsuitable for cultivation [5]. - Since 2018, the village has adopted a "company + cooperative + farmer" model to promote the lotus industry [5]. - The daily sales of lotus flowers from Baogu Village reach approximately 1,000 blooms [5]. Group 2: Research and Resources - The lotus germplasm resource nursery in Hainan, established in collaboration with Nanjing Agricultural University, is recognized as a provincial-level resource nursery [5]. - The nursery has collected around 333 samples of lotus germplasm from five subgenera, making it the largest tropical lotus germplasm resource nursery in China [5]. - Plans are in place to collect an additional 800 to 1,000 samples over the next 3 to 5 years, aiming to become the world's largest lotus germplasm resource nursery [7].

业内人士普遍认为，中美经贸高层会谈取得实质性进展，大幅降低双边关税水平。同时，叠加欧美航线 迎来集装箱发运旺季，市场预期美国供应链库存需求将集中增长，带动货量需求超预期改善。预计美国 采购商将迅速行动起来，增加中美航线的订舱，扩大自华进口商品保障。 信达证券（601059）表示，关税减免幅度远超市场预期，叠加欧美传统运输旺季临近，货主企业出于降 低关税成本和赶工交货的双重考虑，可能集中启动"抢运"操作，短期内亚欧、跨太平洋航线货量或现脉 冲式增长。 商报讯(记者苗露)昨日，A股、港股午后全线回落，创业板指、科创50指数等跌超1%。盘面上，港口航 运板块午后拉升，上演"涨停潮"；创新药概念与稀土永磁板块依旧维持高热度；银行板块走强，民生银 行一度涨约4%，兴业银行、南京银行盘中创出新高；农业板块午后上涨，秋乐种业、康农种业涨超 10%；短剧概念尾盘拉升，慈文传媒（002343）直线涨停；体育概念热度不减，共创草坪（605099）斩 获7连板。 截至收盘，上证指数跌0.44%，深证成指跌0.86%，创业板指跌1.17%。全市场成交额约1.45万亿元，较 上一交易日增加1386亿元。个股总体跌多涨少，场内超4000 ...