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 ...

从为2万元贷款发愁，到建成全球最大羊胚胎工厂；从牧民增收乏力、草原生态过载，到实现牧民富、 草原绿的双赢……在祖国北疆四子王旗的草原上，刚刚被授予全国劳模称号的李俊龙用30年的坚守与 600次试验的破釜沉舟，将一粒科技育种的"芯"深深植入羊产业。 四子王旗位于我国正北方，隶属于内蒙古自治区乌兰察布市，北与蒙古国接壤，国境线全长104公里， 总面积2.55万平方公里，因神舟飞船多次着陆于此，被誉为"神舟家园"。 30年前，面对家乡养羊产业效益低迷、草原生态恶化，李俊龙立志要改变这一现状。"用现在的话说， 当时我就是想通过'肉羊育种'这一科技手段，带领一部分牧民实现增收致富。"李俊龙说，"但没想到， 说起来容易，做起来可真的是太难了。" 李俊龙说，创业初期，他全身上下只有1000元钱，是信用社的2万元贷款帮他救了急。 出国考察、调研市场、深入基层、为牧民讲解"肉羊育种"的先进理念……从1992年跟着外国专家学胚胎 技术，到1997年创办赛诺公司，李俊龙把家当全押在了育种上。 尽管遭遇了一次又一次的困难与挑战，但李俊龙认定了"种子是羊产业的根"。在他看来，制约羊产 业"低成本、高效益"发展的几个因素中，"种子"才是 ...

Core Insights - The article highlights the unique qualities of 米脂小米 (Mizhi millet) and its successful branding and marketing strategies that have positioned it as a premium product in the market [1][10][12] Group 1: Product Quality and Unique Characteristics - 米脂小米 is recognized for its superior taste and quality, attributed to its long growth period and favorable climatic conditions in 米脂 County, which contribute to its rich flavor and high oil content [2][4][5] - The cultivation of 米脂小米 involves a focus on traditional farming methods combined with modern agricultural techniques, including the development of new seed varieties through space breeding and other scientific methods [3][4][11] Group 2: Market Development and Sales Strategies - The establishment of e-commerce platforms, such as the 淘米易购 platform, has significantly enhanced the market reach of 米脂小米, allowing it to penetrate both domestic and international markets [6][8][12] - The company has implemented a direct purchasing model that ensures farmers receive higher prices for their crops, thereby promoting sustainable farming practices and improving local economies [6][11] Group 3: Government and Institutional Support - 米脂 County's government has played a crucial role in promoting the 米脂小米 brand through various initiatives, including participation in national branding programs and the establishment of quality standards [10][12] - Collaborative efforts between local government, agricultural universities, and businesses have created a comprehensive support system for the 米脂小米 industry, facilitating its growth and development [10][12] Group 4: Future Prospects and Innovations - The 米脂小米 industry is poised for further growth with ongoing efforts to enhance product quality, expand market presence, and develop new processing techniques [11][12] - The introduction of deep processing products has diversified the offerings of 米脂小米, increasing its appeal and marketability [9][12]

Group 1: Banking Sector - The banking sector is expected to see a performance turning point due to the accumulation of positive fundamental factors [3] - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity, which helps banks manage the pressure from maturing interbank certificates of deposit and lower deposit rates [3] - Enhanced transparency in monetary policy and the expansion of ETFs are expected to bring continuous incremental funds to the banking sector, aiding in valuation reconstruction [3][4] Group 2: Seed Industry - The seed industry is receiving favorable policies, with a focus on strengthening technological innovation and commercial development in aquaculture seed industry during the 14th Five-Year Plan [7] - The Ministry of Agriculture has implemented measures to combat counterfeit and substandard seeds, which will help purify the seed market and ensure agricultural production safety [9] - The emphasis on food security highlights the importance of biological breeding as a means to increase yield and efficiency, accelerating the industrialization process [9]

证券研究报告：农林牧渔|行业周报 发布时间：2025-06-10 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2682.22 | | --- | --- | --- | | 52 | 周最高 | 2838.04 | | 52 周最低 | | 2110.64 | 行业相对指数表现 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024-06 2024-08 2024-11 2025-01 2025-03 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，政策释放稳猪价信 号》 - 2025.06.03 农林牧渔行业报告 （2025.5.30-2025.06.08） 生猪供应压力大，价格继续调整 ⚫ 行情回顾：顺势上涨 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 农林牧渔（申万）行业指数涨 0.91%，在申万 31 个一级行业中涨 幅 ...

记者9日从中国农业科学院油料作物研究所（以下简称"油料所"）获悉，该所王汉中院士团队培育的油 菜新品种"中油杂501"创中度盐碱地油菜单产纪录。在陕西蒲城半干旱区中度盐碱地油菜50亩连片示范 田里，陕西省农作物学会组织来自青海、陕西、湖北、江苏等地科研及推广部门的行业专家开展的田间 评价显示，该品种一次性机械实收亩产达312.23公斤。 "2024年秋播以来，陕西持续干旱导致土壤盐分浓度升高，对作物生长造成双重不利影响。'中油杂 501'在陕西蒲城半干旱区中度盐碱地示范区表现出极强的耐旱、耐盐碱能力，在特旱年份仍实现稳产高 产。"油料所油菜遗传育种创新团队研究员顿小玲介绍，种植该品种后土壤盐含量降至约3.2‰，相比周 边冬闲区土壤盐含量降低20%，显示了良好的生态改良效益。 "中油杂501"历时十年攻关培育而成，是我国生物育种专项油菜领域唯一的重大标志性成果，具有耐密 植、高产、高油、耐盐碱、抗病等特性。"'中油杂501'通过特殊的生理机制，在干旱、盐碱等胁迫条件 下仍能维持较高光合效率，配套每亩3万株以上密植技术，可显著提升水肥利用效率，实现'以密抗 逆'。"顿小玲说，农业农村部已将"中油杂501"列入20 ...

Core Viewpoint - Hefei Fengle Seed Industry Co., Ltd. is planning to issue A-shares to specific investors to raise funds for working capital and repaying bank loans, subject to regulatory approvals [1][2][3]. Group 1: Issuance Details - The issuance price is set at 5.91 yuan per share, which is not less than 80% of the average trading price over the last 20 trading days prior to the pricing date [3]. - The total amount raised will be used entirely for supplementing working capital and repaying bank loans after deducting relevant issuance costs [3]. - The shares acquired through this issuance will be subject to a lock-up period of 36 months from the date of issuance [3][4]. Group 2: Shareholder Structure - The controlling shareholder of the company is Guotou Seed Industry Technology Co., Ltd., which is wholly owned by the State Development Investment Corporation [12][13]. - The company underwent a change in controlling shareholder from Hefei Construction Investment Holding Group to Guotou Seed Industry in April 2024 [13]. Group 3: Financial Performance - The company reported a net cash flow from operating activities of 396.0586 million yuan, indicating a downward trend in cash flow due to increased operational expenditures and rising inventory [7]. - The company's inventory at the end of the reporting period was valued at 989.2043 million yuan, representing 45.13% of its current assets, which poses a risk of inventory impairment [8]. Group 4: Industry Characteristics - The seed industry is sensitive to climate conditions, making it vulnerable to natural disasters that can affect seed production quality and yield [7]. - The company operates under a "company + base + farmer" model, where it collaborates with production bases and farmers to produce seeds [7]. - The agricultural sector, including seed production, is regulated by the Ministry of Agriculture and Rural Affairs, which oversees seed quality and production standards [16][17].

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [76]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [20][21]. - The poultry sector is experiencing price stabilization despite seasonal demand fluctuations, with potential impacts from avian influenza affecting supply [33][29]. - The dairy and beef sectors are showing signs of recovery, with rising prices for raw milk and beef, indicating a potential upward trend in profitability [37]. - The planting industry is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external factors [44]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, with a weekly increase of 0.91%, outperforming major indices [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market was 129.17 kg, with prices showing a slight decline [19][20]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year [21]. - The report suggests a cautious outlook for the second half of the year due to supply pressures [21]. 2.2 Poultry Farming - White feather chicken prices decreased to 7.32 CNY/kg, while overall prices remained stable [29][33]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust [33]. 2.3 Dairy and Beef Industry - Raw milk prices have stabilized at 2.6 CNY/kg, with expectations for further recovery in the second half of 2025 [37]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [37]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies and external uncertainties [44]. - The report emphasizes the importance of increasing grain yields to counteract potential production declines [44]. 2.5 Feed and Aquaculture - Feed prices have stabilized, with slight variations in water product prices [64]. - The report notes that prices for various fish species remain steady, with some increases in shrimp prices [64].

投资要点： 行 华福证券 农林牧渔 2025 年 06 月 08 日 业 研 究 农林牧渔 养殖出栏加速，猪价跌破 14 元 行 业 定 期 报 告 生猪养殖：养殖出栏加速，猪价跌破 14 元。（1）本周猪价下跌。端 午假期后，养殖端出栏加速，叠加气温升高大猪需求下降，二育补栏积极 性下降，猪价宽幅下调，已跌破 14 元/公斤。6 月 8 日猪价 13.91 元/公斤， 周环比-0.51 元/公斤。（2）节后消费回落，屠企宰量下滑。端午节后消费 惯性回落，5 月 31 日-6 月 6 日涌益样本屠企日均宰杀量为 14.58 万头，周 环比-2.21%。（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，肥标价差缩窄，养殖端压栏增重情绪减弱，6 月 5 日当周生猪出栏 均重 129.17kg，周环比-0.01kg。展望后市，短期来看，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，猪价预计 承压下行，关注行业降重情况。中期来看，全国能繁母猪存栏缓慢回升， 2025 年猪周期下行背景下， ...

Group 1 - The event "Space Agriculture · Future Farm" was held on June 7 at the Shaanxi Aerospace Breeding Engineering Technology Research Center, aimed at popularizing aerospace agricultural technology and inspiring public interest in modern agricultural innovation [1][2] - The Shaanxi Aerospace Breeding Engineering Technology Research Center has conducted over 100 aerospace breeding experiments and obtained 11 patents in the agricultural field, developing high-yield and high-quality plant varieties with independent intellectual property rights [2] - The center's achievements include the development of varieties such as Shaanbei small grains, Dahongpao pepper, and the interstellar Shennong series of forage, which have been industrially promoted through partnerships with seed companies, generating significant socio-economic benefits [2] Group 2 - The event featured interactive experiences and demonstrations of cutting-edge technology, aiming to bridge the gap between science and public understanding, and to contribute to the promotion of high-tech agriculture and the cultivation of future scientific talent [2]