撰文丨王聪 编辑丨王多鱼 排版丨水成文 自然界中存在着多种生殖方式，除了 有性生殖 ，还有些动植物能够进行 孤雌生殖、 孤雄生殖 。但是对于高等的哺乳动物来说，只能进行 有性生殖 ，每一个 哺 乳动物生命都始于卵子与精子融合形成的受精卵，其中包含两套基因组，一套来自母亲，一套来自父亲。然而，有些基因只有来自父亲的等位基因表达，有些则 只有来自母亲的等位基因表达，也就是所谓的 基因组印记 ，这种基因组印记是通过表观遗传学的甲基化实现的，基因组印记的存在，阻碍了孤雌生殖或 孤雄生 殖 的实现。 近日，上海交通大学医学院附属仁济医院生殖医学中心 魏延昌 等人在《 美国国家科学院院刊 》 （PNAS） 上发表了题为： Fertile androgenetic mice generated by targeted epigenetic editing of imprinting control regions 的研究论文。 在这项新研究中，研究团队报告了由两个精子细胞的遗传物质培育出的成年哺乳动物后代。研究团队将这些小鼠称之为孤雄生殖小鼠，是通过基于 CRISPR 的表 观基因组工程对 7 个印记控制区域 （ICR） ...

Investment Rating - The industry rating is maintained as "Increase" [4] Core Views - In the second quarter of 2025, the average price of live pigs is expected to be 14.5 CNY/kg, a decrease of 4.6% from the previous quarter and 11.4% year-on-year. However, due to the decline in raw material prices and improved breeding performance, listed companies are optimizing costs [15][16] - The poultry sector is facing challenges, with yellow feathered chicken prices remaining low at an average of 11.3 CNY/kg, down 2.4% quarter-on-quarter and 15.5% year-on-year. The profitability of leading companies like Wen's Group may be under pressure due to these price declines [15][16] - The feed sector is benefiting from stable pig prices and rising aquatic product prices, with Haida Group expected to achieve a feed sales volume of approximately 13.65 million tons in the first half of 2025, a year-on-year increase of about 26% [15][16] Summary by Sections Livestock Farming - The national price of lean meat pigs is 14.54 CNY/kg, down 2% from last week. The current valuation remains relatively low, with a focus on leading companies and low-cost high-growth targets such as Muyuan Foods and Wen's Group [2][16] - The average price of white feathered chickens is 6.24 CNY/kg, down 7.6% from last week, while chicken product prices average 8.38 CNY/kg, down 0.9% [16][30] - The price of parent stock chicken chicks is 47.2 CNY/set, up 1% week-on-week, while the price of meat chicken chicks is 0.99 CNY each, down 27.2% [26][28] Feed Sector - Haida Group is expected to achieve a net profit of 1.218-1.518 billion CNY in the second quarter, with a year-on-year change of -3.64% to +20.1% [15][16] - The pet feed industry continues to maintain high growth, with expectations for Zhongchong Group to achieve a net profit of approximately 120 million CNY in the second quarter, a year-on-year increase of about 40% [15][16] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as actual transaction prices and profit distribution are confirmed [16] - The fluctuation of agricultural product prices is increasing, and leading feed companies are expected to replace smaller companies due to their advantages in procurement, scale, and capital [16]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply contraction and macroeconomic catalysts are expected to resonate positively, with strong support for pig prices in Q3 2025 [4][5] - The leading pig companies are reporting significant profit increases for Q2 2025, with a notable rise in pig output and a decrease in production costs, indicating a potential for sustained profitability [4][13] - The beef cycle remains supported by rising calf prices and a decrease in cattle inventory, suggesting a favorable outlook for beef prices in the latter half of 2025 and into 2026 [6][29] Summary by Sections Weekly Observation - Leading pig companies are expected to report substantial profit growth for H1 2025, with estimates for Muyuan Foods indicating a net profit of 10.2-10.7 billion yuan, a year-on-year increase of 1129.97% to 1190.26% [4][13] - The average cost of production for Muyuan Foods has decreased to below 12.1 yuan/kg, supporting profitability through the cycle [4][13] Market Performance - The agricultural index has risen by 1.09% in the week of July 4-11, 2025, aligning with the overall market performance [39][41] - The pig farming sector is experiencing a supply contraction, which is expected to drive pig prices upward after a period of fluctuation [5][14] Price Tracking - As of July 11, 2025, the average price of pigs is 14.81 yuan/kg, reflecting a decrease of 0.54% from the previous week, while the price of piglets has increased by 1.79% to 31.89 yuan/kg [48][49] - The wholesale price of beef is reported at 69.82 yuan/kg, showing a slight increase of 0.07% [56] Recommendations - The report recommends investment in leading companies such as Muyuan Foods, Wens Foodstuffs, and others in the pig farming sector due to improving investment logic and favorable market conditions [6][35] - In the feed sector, companies like Haida Group and New Hope are recommended due to strong domestic and overseas demand [35]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The report emphasizes the importance of the pig sector, noting a slowdown in the growth rate of breeding sows in June, and highlights the expectation gap in the pig market [1][2] - The pet sector is witnessing a rise in domestic brands and a positive trend in pet food exports, indicating a robust growth potential [3][4] - The poultry sector is focusing on the breeding gap for white chickens and the marginal improvement in demand for yellow chickens, with investment recommendations based on supply and demand dynamics [5][6][7] - The planting sector is prioritizing food security and the strategic importance of biological breeding, with recommendations for key seed and agricultural companies [9][10] - The feed sector is recommended for companies with increasing market share and consistent performance, while the animal health sector is advised to focus on new demands and innovative products [24][25] Summary by Sections Pig Sector - As of July 12, the average price of pigs in China is 14.91 CNY/kg, down 2.42% from the previous week, with self-breeding profits around 177 CNY per head [1][16] - The report highlights the low valuation and expectation gap in the pig sector, recommending leading companies such as Muyuan Foods and Wens Foodstuffs [2][16] Pet Sector - In June 2025, pet sales on Douyin reached 964 million CNY, a year-on-year increase of 73.97%, indicating strong growth for domestic brands [3][17] - Pet food exports from China increased by 10.89% year-on-year in the first five months of 2025, reaching 41.75 billion CNY [4][17] Poultry Sector - The report notes a 33.46% year-on-year decline in the breeding stock of grandparent chickens due to import restrictions, with a total of 529,300 sets updated in the first half of 2025 [5][19] - Investment recommendations include focusing on companies like Shengnong Development and Yisheng Livestock [6][20] Planting Sector - The report stresses the need for high yield production to ensure food security, with a focus on integrating advanced agricultural technologies [9][23] - Key recommendations include leading seed companies such as Longping High-Tech and Dabeinong [10][23] Feed and Animal Health Sectors - The feed sector is highlighted for companies like Haida Group, which is expected to benefit from market share growth and performance consistency [24][26] - The animal health sector is advised to focus on new product development and market expansion, particularly in the pet health segment [25][26]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals [15]. Core Insights - The global demand gap for corn and wheat continues to expand, while soybean supply remains ample [1]. - The USDA report indicates a downward revision in U.S. corn production expectations, but global production is still expected to be high, leading to an increased production gap for the 2025/26 season [2][3]. - For wheat, global production is projected to increase, but the demand gap is also expected to widen, with a notable increase in total consumption [8]. - The soybean market shows a slight increase in global production expectations, but supply remains relatively loose, with domestic demand in the U.S. improving [10][11]. Summary by Sections Corn - The USDA report revised the 2025/26 global corn production down by approximately 2.32 million tons to 1.264 billion tons, a year-on-year increase of 3.1% [2]. - The U.S. corn production is expected to decrease by 1.15 million bushels, with total demand projected to reach a record 1.276 billion tons, resulting in a production gap of 12.1 million tons [3][6]. - The global corn ending stocks-to-use ratio is expected to decline to 21.3%, down 1.3 percentage points year-on-year [2][6]. Wheat - The global wheat production forecast for 2025/26 has been slightly revised down by 40,000 tons to 808 million tons, with a year-on-year increase of 1.1% [8][9]. - Total global wheat consumption is expected to rise by 800,000 tons to 811 million tons, leading to an expanded production gap of 2.07 million tons [8]. - The global wheat ending stocks-to-use ratio is projected to be 32.3%, down from the previous year [8][9]. Soybeans - The USDA report raised the global soybean production forecast by 860,000 tons to 428 million tons, a year-on-year increase of 1.4% [10][12]. - U.S. soybean production is expected to decrease by 140,000 tons to 11.8 million tons, while domestic demand is projected to increase due to higher biodiesel usage [11][13]. - The global soybean ending stocks-to-use ratio is expected to be 29.7%, down from the previous year [10][12]. Investment Recommendations - The report suggests a favorable outlook for international corn and wheat prices, driven by expanding demand gaps and supply dynamics [15]. - The focus on food security is emphasized, with recommendations for companies involved in seed production and agricultural technology, particularly those benefiting from the commercialization of genetically modified corn [15].

Core Insights - The advancements in life sciences have brought genetic research into everyday life, providing scientific support for healthy reproduction and disease prevention [1] - DNA, genes, and chromosomes are different levels of genetic information carriers that work together and have distinct roles [2] Group 1: Genetic Information - DNA is described as the "chemical codebook" of life, responsible for storing and transmitting genetic information and guiding protein synthesis [3] - Genes are specific functional segments of DNA that regulate biological traits and activities, with humans having approximately 20,000 to 25,000 genes, which account for about 1.5% of total DNA length [3] - Chromosomes are the "higher packaging form" of DNA, consisting of tightly coiled DNA and proteins, facilitating efficient distribution during cell division [3] Group 2: Inheritance and Genetic Traits - The saying "boys resemble their mothers, girls resemble their fathers" is based on observations but genetic research indicates that children's traits result from complex recombination of parental genes [4] - Children inherit 50% of their genes from each parent, but the specific combination is random, leading to various expressions of traits [5] - Certain dominant traits, such as double eyelids and curly hair, are more likely to be inherited [5] Group 3: Genetic Screening and Health - Research shows that on average, each normal person carries 2.8 pathogenic variants of recessive genetic diseases, highlighting the importance of genetic screening for healthy offspring [8] - Couples with normal phenotypes should undergo carrier screening to avoid both carrying the same recessive disease gene, which poses a 25% risk for their offspring [9] - 80% of children with single-gene genetic diseases have asymptomatic parents who are carriers, emphasizing the need for pre-pregnancy screening for all couples [11] Group 4: Misconceptions about Genetics - There are common misconceptions regarding genetics, such as the belief that genes determine everything and that environmental factors have no impact [13] - High maternal age is known to affect egg quality, increasing the risk of chromosomal diseases, while paternal age can lead to new gene mutations [16] - The impact of painless delivery on a child's intelligence development lacks substantial evidence, as the anesthetic does not reach the fetus [18]

Core Viewpoint - Synthetic biology aims to "synthesize and design life," with significant advancements in genome synthesis and assembly, particularly in higher organisms, despite facing challenges related to repetitive sequences and cross-species DNA transfer [1][2]. Group 1: Technological Breakthroughs - Tianjin University's team achieved the first precise assembly and cross-species delivery of megabase-scale human DNA, marking a significant milestone in synthetic biology [2]. - The newly developed SynNICE technology enables the precise assembly of highly repetitive human genomic sequences in yeast and facilitates the efficient transfer of synthetic DNA into mouse embryos [3][5]. Group 2: Research Findings - The study successfully demonstrated de novo DNA methylation patterns in mouse embryos, indicating that the synthetic genome can be recognized and modified by the host cell environment [5][7]. - A hierarchical assembly strategy was employed to synthesize a 1.14 Mb region of the human Y chromosome, which is crucial for understanding male infertility [3][7]. Group 3: Implications for Disease Treatment - The research opens new avenues for treating chromosomal abnormalities and could lead to innovative therapeutic strategies for related diseases [7][9]. - The potential for using genetically modified pigs as organ donors for humans could be enhanced, addressing the global organ shortage issue by improving the longevity of transplanted organs [9][10]. Group 4: Future Prospects - The SynNICE technology platform is expected to facilitate large-scale genomic modifications, potentially transforming organ transplantation practices and enhancing the understanding of genetic diseases [11][12]. - The advancements in synthetic genome assembly and transfer techniques are anticipated to propel the field of synthetic biology forward, providing new models for studying epigenetic modifications and chromosomal disorders [10][11].

Core Viewpoint - The CRO (Contract Research Organization) sector is experiencing a significant upward trend, driven by the strong performance forecast of WuXi AppTec, which is expected to see substantial revenue and profit growth in the first half of 2025 [1][3]. Financial Performance - WuXi AppTec anticipates revenue of approximately RMB 20.8 billion for the first half of 2025, representing a year-on-year increase of about 20.6% [3]. - The company expects a net profit attributable to shareholders of around RMB 8.56 billion, reflecting a year-on-year growth of approximately 101.9%, which includes investment income from the sale of equity in an associate [3]. - The adjusted Non-IFRS net profit is projected to be about RMB 6.31 billion, up 44.4% year-on-year, while the net profit excluding non-recurring items is expected to be around RMB 5.58 billion, a 26.5% increase [3]. Business Segments - The chemical business remains the primary revenue source for WuXi AppTec, accounting for over 70% of total revenue in recent years [4]. - The company has successfully supported the approval of multiple new drugs by the FDA and other regulatory bodies, indicating strong performance in its chemical business [4]. - The GLP-1 (glucagon-like peptide-1) drug development area is highlighted as a significant growth opportunity, with the number of clinical candidates increasing substantially [5]. Industry Trends - The Chinese pharmaceutical industry is transitioning from generic drug production to innovative drug development, which is driving demand for CRO services [2][6]. - The total licensing-out transaction amount for innovative drug companies reached USD 45.5 billion in the first five months of the year, nearing the total for the previous year [6]. - The regulatory environment is supportive of innovative drug development, with new measures introduced to enhance the quality of innovation in the pharmaceutical sector [6]. Strategic Moves - WuXi AppTec is optimizing its CGT (cell and gene therapy) business by divesting certain assets to mitigate potential risks associated with regulatory changes [7]. - The global cell and gene therapy market is projected to grow significantly, indicating a favorable environment for WuXi AppTec's strategic focus in this area [7]. Market Dynamics - The CRO sector is expected to benefit from a rebound in investment and financing within the healthcare sector, with a notable increase in financing events and amounts [8]. - However, the industry faces intense competition, with the number of qualified clinical trial institutions in China increasing significantly, leading to price pressures [8]. - Despite challenges, the demand for medical outsourcing services is recovering, and companies with global service capabilities are well-positioned to capitalize on this trend [8].

圣湘生物科技股份有限公司 章程 （2025 年第三次临时股东会审议通过） 二〇二五年七月 第一章总则 第一条 为维护圣湘生物科技股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》、《中华人民共和国市场主体登记管理条 例》和其他有关规定成立的股份有限公司。公司由湖南圣湘生物科技有限公司 整体变更发起设立，在长沙市市场监督管理局注册登记，取得营业执照, 统一 社会信用代码为 91430100673566826X。 第三条 公司于 2020 年 7 月 28 日经中国证券监督管理委员会 第六条 公司注册资本为人民币 579,388,006 元。 第七条 公司为永久存续的股份有限公司。 第八条 代表公司执行公司事务的董事为公司法定代表人。董事长为代表 公司执行事务的董事。担任法定代表人的董事或者经理辞任的，视为同时辞去 法定代表人。法定代表人辞任的，公司将在法定代表人辞任之日起三十日内确 定新的法定代表人。 法定代 ...

流动性方面，粮食ETF广发盘中换手1.3%，成交50.66万元。拉长时间看，截至7月10日，粮食ETF广发 近1年日均成交859.28万元。 截至7月10日，粮食ETF广发近6月净值上涨8.31%。从收益能力看，截至2025年7月10日，粮食ETF广发 自成立以来，最高单月回报为17.24%，最长连涨月数为3个月，最长连涨涨幅为5.78%，上涨月份平均 收益率为4.82%。 粮食ETF广发紧密跟踪国证粮食产业指数，国证粮食产业指数反映沪深北交易所粮食产业相关上市公司 的证券价格变化情况。 截至2025年7月11日 09:49，国证粮食产业指数(399365)上涨0.35%，成分股东方铁塔(002545)上涨 4.73%，亚钾国际(000893)上涨2.55%，兴发集团(600141)上涨2.15%，盐湖股份(000792)上涨1.09%，新 希望(000876)上涨1.03%。粮食ETF广发(159587)上涨1.04%。 消息面上， 中共中央、国务院日前印发《加快建设农业强国规划（2024－2035年）》提到，推进农机 装备全程全面升级。加强大型高端智能农机、丘陵山区适用小型机械等农机装备和关键零部件研发应 ...