Core Insights - The "Suhai 1" is the world's first self-propelled closed-type salmon farming vessel, integrating breeding, fishing, and processing functions into a mobile marine aquaculture facility [1][10] - The vessel is designed to enhance the safety and stability of salmon farming by allowing for rapid relocation in adverse environmental conditions [1][3] Group 1: Vessel Features and Technology - "Suhai 1" can reach a maximum speed of 18 kilometers per hour, enabling it to move to safer waters during adverse weather conditions [1] - The vessel has a displacement of 132,000 tons, equivalent to that of two medium-sized aircraft carriers, and features 15 breeding compartments with a total water capacity of 83,000 cubic meters [7] - It employs a centralized automated feeding system that manages the entire feeding process through automation, enhancing operational efficiency [9] Group 2: Market Potential and Production Capacity - China is projected to become the fastest-growing market for salmon consumption globally, with the market size expected to reach 12.6 billion in 2024, reflecting a 21% year-on-year growth [10] - Current domestic salmon production is insufficient to meet rising consumer demand, with less than 50,000 tons produced annually [12] - "Suhai 1" aims to significantly increase production capacity and stabilize supply, thereby mitigating market price fluctuations [12] Group 3: Future Prospects and Versatility - The vessel is designed to accommodate various high-value fish species, not just salmon, thanks to its intelligent adjustment systems for water, oxygen, feed, light, and waste [15] - The first batch of salmon from "Suhai 1" is expected to be available for sale by the Dragon Boat Festival in 2024, following its operational launch in the Yellow Sea [14]

"从农业农村部全国500个县集贸市场价格定点监测数据可以看出，今年以来，全国肉羊出栏价格、羊肉 价格都终止了近几年的快速下降趋势，呈现稳定态势。"肖海峰说。 对于行业而言，肉羊养殖效益止跌趋稳。农业农村部肉羊监测数据显示，今年以来，全国肉羊养殖效益 结束了近几年下降的趋势，呈现稳定态势。这几个月，养殖户每出栏一只肉羊平均纯收益基本稳定在35 元左右。从全行业平均状况来看，目前肉羊养殖已有一定收益。 肖海峰表示，去产能步伐加快，总体供给减少，是肉羊价格及养殖效益止跌企稳的主要原因。2021年以 来，全国活羊出栏价格及羊肉价格一路下跌，主要原因是供大于求。今年以来，肉羊产能优化和羊肉供 给减少，肉羊价格及养殖效益止跌趋稳。从2023年开始，肉羊养殖户主动调整产能，2024年以后产能调 整步伐进一步加快。国家统计局数据显示，到2024年年末，我国肉羊存栏量3亿只，同比下降6.8%。到 今年一季度末，全国肉羊存栏同比下降6.9%。 肉羊存栏量下降，带动羊肉产量下降。国家统计局数据显示，2024年全国羊肉产量为518万吨，同比下 降2.5%。今年一季度羊肉产量106万吨，同比下降5.1%。同时，羊肉进口量也在下降。20 ...

春冠食品公司的工人正在取鹅肝。 鹅肝及鹅体熟制品。 本文图片均为张书宁摄 煎鹅肝制品。 作为与鱼子酱、松露齐名的世界三大名贵食材，原产于法国的朗德鹅肝，以其质地细腻、口味鲜美著称 于世。近几年，各类鹅肝食品纷纷走入寻常百姓家。鲜为人知的是，全球每年两成的法式鹅肝产自山东 省潍坊市临朐县。 "咯咯咯……"临朐县东城街道春冠朗德鹅养殖专业合作社生产基地的养殖车间内，传来一阵短促高亢的 鸣叫声。 44岁的贾利伟，土生土长的临朐人，在家门口养了20多年的鹅。作为亲历者，他见证了鹅肝产业在当地 从无到有的全过程。 "我养的这鹅可不一般，是'舶来品'呢！"聊起养鹅，贾利伟打开了话匣。 他养殖的是法国朗德鹅。朗德鹅是世界著名的鹅肝专用品种，从其体内取出的鹅肝质地鲜嫩，口味独 特，含有维生素A、B族等多种维生素以及铁、锌等矿物质，营养价值丰富。 这个洋品种，缘何远渡重洋来到鲁中山区安家落户？这得益于临朐得天独厚的环境。临朐地处鲁中山 区、沂山北麓，山水资源丰富，与法国朗德省纬度相近，土壤气候等条件高度相似，适合朗德鹅生存， 具备朗德鹅养殖的基础条件。 带有精致优雅光环的"洋玩意儿"，缘何能在临朐落地生根？从引入国内到返销海外 ...

齐鲁晚报.齐鲁壹点易雪通讯员张妍周忠畅 鸡舍宽敞明亮，温度宜人，无任何异味，母鸡精神抖擞，欢快进食，鸡蛋大小均匀，表面干净……近日，在曲阜市时庄街道新田村的山 东牧丰农业科技有限公司现代化智能养殖车间里，9万只鸡住上了"空调房"、吃上了"营养餐"、喝上了"自来水"，蛋鸡养殖实现了生态养 殖一体化、自动化作业。 9万只鸡住进"五星级"宿舍 跟随山东牧丰农业科技有限公司负责人朱年波的脚步走进鸡舍，一排排鸡架紧凑排列，秩序井然，每列鸡架有4层，蛋鸡们在悠闲地吃着 饲料，一枚枚鸡蛋被自动传送带不断送出。没有鸡毛纷飞、臭气熏天、鸡屎满地的场景，而是整齐有序、凉爽宜人。 随着传输带转动，一枚枚干净光滑的鸡蛋被整整齐齐地运送到分拣线上，不一会工夫，两名工人就将传送来的鸡蛋全部码放到蛋托上， 准备进行下一步包装。 "居住环境如此舒适，都得益于智能环境控制系统。"朱年波指着自动化环境控制器介绍，"你看，我们鸡舍内现在的温度、湿度都可以实 时监测显示。"通过控制箱显示器，我们看到鸡舍平均温度为28.5℃，室外温度为33.9℃。"鸡舍内除了安装有温湿度传感器，温度、湿度 实时显示、调控外，还有二氧化碳浓度传感器、氨气浓度传感器等智 ...

Core Viewpoint - The delivery of the world's first self-propelled closed salmon farming vessel "Suhai No. 1" in Guangzhou marks a significant advancement in China's seafood consumption market, reducing reliance on imported fresh salmon [1]. Group 1: Vessel Specifications and Capabilities - "Suhai No. 1" has a length of 249.8 meters, a width of 45 meters, and a depth of 21.6 meters, with a farming water capacity of 83,000 cubic meters and a displacement of 132,000 tons [1]. - The vessel is equipped with four 2,800 kW main generator sets, enabling various operational modes such as anchorage and mobile farming, with a full-load speed of 10.3 knots and a range of 20,000 nautical miles [1]. - It has a self-sustaining capability of 90 days and can accommodate 50 crew members [1]. Group 2: Innovative Farming Technology - "Suhai No. 1" integrates functions for breeding, fishing, and processing high-value fish species, distinguishing itself from traditional fixed deep-water net cage farming by its mobile production characteristics [1]. - The vessel can quickly relocate to safe waters in adverse conditions such as typhoons and red tides, significantly enhancing farming safety and stability [1]. - It features 15 closed cabins for intelligent control and management of the five essential elements for salmon farming: water, oxygen, feed, light, and waste [1]. Group 3: Processing and Market Impact - The vessel operates as a floating salmon farming and processing factory, equipped with a globally leading automated processing workshop for salmon [2]. - It can achieve automated processing of fish products for both fresh and refrigerated options, delivering products to major Chinese consumer markets within 24 hours [2].

禾丰食品股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕5230 号 联合资信评估股份有限公司通过对禾丰食品股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持禾丰食品 股份有限公司主体长期信用等级为 AA，维持"禾丰转债"信用等级 为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受禾丰食品股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 正 ...

02 农产品研究跟踪系列报告（164） 优于大市 看好养殖龙头低估值修复，布局肉牛及原奶景气共振 周度农产品跟踪：生猪出栏均重开启下降趋势，橡胶价格短期企稳。 生猪：产能维持低波动，预计 2025 年猪价景气有望延续。6 月 20 日生猪价 格 14.16 元/公斤，周环比+1.22%；7kg 仔猪价格约 446 元/头，周环比-4.98%。 白鸡：中期父母代同比减量且存在结构变化，消费或逐步上移。6 月 20 日， 鸡苗价格 1.23 元/羽，周环比-43%；毛鸡价格 6.84 元/千克，周环比-5%。 黄鸡：供给维持底部，有望率先受益内需改善。6 月 20 日浙江快大三黄鸡/ 青脚麻鸡/雪山草鸡斤价分别为 3.5/4.1/5.9 元，周环比-13%/-7%/-8%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。6 月 20 日，鸡蛋主产 区价格 2.90 元/斤，环比+9.85%，同比-35.27%。 肉牛：牛肉价格淡季不淡，看好 2025 年牛周期反转上行。6 月 20 日，国内 牛肉市场价为 59.35 元/kg，环比-0.05%，同比+27.63%。 豆粕：短期到港成本及生物燃料政策支撑，中长期 ...

"从农业农村部全国500个县集贸市场价格定点监测数据可以看出，进入2025年后，全国肉羊出栏价格、 羊肉价格都终止了近几年的快速下降趋势，呈现出稳定态势。"肖海峰说。 对于肉羊养殖行业而言，最好的消息莫过于养殖效益止跌趋稳。农业农村部肉羊监测数据显示，进入 2025年后，全国肉羊养殖效益也结束了近几年快速下降的颓势，呈现出稳定趋势。养殖户每出栏一只肉 羊，这几个月平均纯收益基本稳定在35元左右。虽然部分养殖户可能仍存在亏损，但从全行业平均来 看，目前肉羊养殖已经有一定的收益。 肖海峰表示，去产能步伐加快，总体供给减少，是肉羊价格及养殖效益止跌企稳的主要原因。2021年以 来，全国活羊出栏价格及羊肉价格一路下跌，主要原因是供大于求。进入2025年后，肉羊价格及养殖效 益止跌趋稳的主要原因是产能优化和羊肉供给减少。受2021年以来肉羊价格下跌的影响，从2023年开 始，全国养殖户开始主动调整产能，2024年后产能调整步伐进一步加快。国家统计局数据显示，到2024 年年末，我国肉羊存栏量3.0亿只，同比下降6.8%，较上年1.2%的降幅明显扩大。到2025年一季度末， 全国肉羊存栏同比下降了6.9%。 肉羊存栏量下 ...

Group 1: June Yellow Crab Industry - The "June Yellow" crab, a type of juvenile hairy crab, is now in season, providing a unique flavor to consumers' tables as summer heats up [1][3] - In Changzhou, Jiangsu, crab farmers are successfully harvesting "June Yellow" crabs, which typically weigh around 2 taels, known for their tender meat and distinctive taste [3] - Local farmers have adjusted their farming practices, significantly increasing the proportion of "June Yellow" crabs, with thousands of pounds being sold daily to regions like Jiangsu, Zhejiang, Shanghai, and Guangzhou [4] Group 2: Colorful Cherry Tomato Industry - In Henan's Huai County, over 35,000 acres of colorful cherry tomatoes are in peak harvest, allowing farmers to earn an additional 0.6 yuan per pound due to staggered planting [5][9] - Farmers in Zhangluzhai Village are efficiently harvesting around 4,000 pounds of cherry tomatoes daily from their 8 acres, benefiting from the staggered planting strategy [7] - The local industry has successfully opened sales channels by promoting improved varieties and implementing staggered planting, with the current planting area reaching over 35,000 acres [9]

Core Insights - The delivery of the world's first self-propelled closed salmon farming vessel, "Suhai No. 1," marks a new phase in China's deep-sea salmon farming and opens new opportunities in the blue food supply chain [2][5]. Group 1: Vessel Specifications and Capabilities - "Suhai No. 1" is designed as a giant offshore salmon farming and processing factory, capable of producing 8,000 tons of salmon annually, equivalent to approximately 1.5 million fish [5]. - The vessel features an automated processing workshop for salmon, allowing for both ice-fresh and frozen processing, with the ability to deliver products to major domestic markets within 24 hours [6]. - The total construction cost of "Suhai No. 1" is nearly 600 million yuan, and it is operated by Jiangsu Lian Deep Ocean Technology Co., Ltd. [5]. Group 2: Operational Advantages - The vessel can perform 16 water exchanges with natural seawater within 24 hours, ensuring the freshness and cleanliness of the farming water [5]. - Unlike traditional fixed deep-water intelligent net cages, "Suhai No. 1" has a mobile production capability, allowing it to quickly relocate to safe waters in adverse conditions such as typhoons or red tides, enhancing farming safety and stability [5]. - The vessel's continuous farming capability allows for staggered market releases, which can help stabilize supply and potentially lower prices for salmon in the domestic market [6].