Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the sentiment in the pork market is supporting an upward shift in pork prices, with the average price for external three-line pigs at 14.20 CNY/kg, reflecting a week-on-week increase of 1.43% [2][12] - The report emphasizes the importance of increasing soybean and oilseed production, with a focus on enhancing yield through advanced agricultural practices and the promotion of genetically modified varieties [1][11] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but medium to long-term projections indicate that pork prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to discuss the production and demand situation for soybeans and oilseeds, emphasizing the need to enhance production capacity and implement key measures for yield improvement [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Suqian Agricultural Development, and recommends companies with a strong first-mover advantage in the seed industry such as Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of external three-line pigs is reported at 14.20 CNY/kg, with a significant increase in slaughter volume and consumer demand noted [2][12] - The report indicates that the number of breeding sows has decreased slightly, and the profitability of self-breeding operations has turned positive, suggesting a potential for recovery in the swine sector [2][12] - Recommended stocks in the swine farming sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2412.94 CNY/ton, with a week-on-week increase of 0.54% [26] - Wheat: The average price is 2440.61 CNY/ton, with a week-on-week increase of 0.46% [29] - Soybeans: The average price is 3946.32 CNY/ton, with a week-on-week increase of 0.21% [40] - Cotton: The average price is 14760.00 CNY/ton, with a week-on-week increase of 0.15% [45] Feed and Vitamin Prices - The average price of pig feed is reported at 2.69 CNY/kg, with a week-on-week increase of 0.75% [51] - Vitamin E prices have decreased by 10.02% to 80.80 CNY/kg [51][59]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector is experiencing continuous compression of profit margins, with a focus on the expected differences in the pig market. As of June 21, the average price of pigs in China was 14.37 CNY/kg, down 0.28% from the previous week, with self-breeding profits around 92 CNY/head, significantly narrowed from 160 CNY/head in early May. The average weight of pigs at slaughter was 128.28 kg, showing a slight decrease, while the proportion of pigs over 150 kg was 4.74% [1][15][16]. Summary by Sections Pig Sector - The pig price remains low, and the price of piglets continues to decline. The average price of 7 kg piglets is 443 CNY/head, and 50 kg sows are priced at 1619 CNY/head, with piglet prices down over 200 CNY from their peak. The supply side shows a clear trend of reduced weight, but absolute weights remain historically high [1][15]. - The report emphasizes the low valuation and expected differences in the pig sector, highlighting the profitability of leading companies. The average market value per head for major players like Muyuan Foods and DeKang Agriculture is between 2000-3000 CNY, while others are below 2000 CNY, indicating a relative historical low in valuations [2][16]. Pet Sector - JD.com reported significant growth in the pet sector during the 618 shopping festival, with a 32% year-on-year increase in transaction users and a 39% increase in new pet owners. Domestic brands are gaining a strong foothold, with 7 out of the top 10 pet food brands being Chinese [3][17]. - Pet food exports have shown continuous growth, with 139,100 tons exported from January to May 2025, a year-on-year increase of 10.89%, amounting to 4.175 billion CNY [3][18]. Poultry Sector - The white chicken sector faces uncertainties in breeding imports due to outbreaks of avian influenza, leading to a 40.66% year-on-year decline in breeding stock updates. The average price of broiler chicks is 2 CNY/bird, down from the previous week [4][19]. - The yellow chicken supply may contract, with demand being a critical variable. The current breeding stock is at a low level, and the demand for yellow chicken is expected to improve in the second half of the year [5][21]. - The egg-laying chicken sector is experiencing high prices due to restricted imports, with the average price of egg-laying chicks at 4.0 CNY/bird, down 2% from the previous week [6][22]. Planting Sector - The focus on food security emphasizes the need for self-sufficiency in grain production, with a significant contribution from yield improvements. The Ministry of Agriculture reports that yield increases contributed over 80% to grain production growth in 2024 [7][23]. - The report highlights the importance of biotechnology in enhancing agricultural competitiveness, with recommendations for leading seed companies and agricultural resource firms [8][24]. Feed and Animal Health Sectors - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to see improved market share and performance. The prices of various fish species are showing mixed trends, with overall fish prices expected to rise due to policy support [9][25]. - The animal health sector is adapting to new demands and competition, with a focus on innovative products and potential growth in the pet health market. Key recommendations include companies like Keqian Biological and Zhongmu Co [10][26].

Group 1 - The Henan province successfully signed intention orders for 385,000 tons of grain with a transaction amount of 1.15 billion yuan during the 21st Grain Production and Marketing Cooperation Conference [1] - Over 500 grain and oil enterprises participated in the conference, showcasing nearly 100 products, including frozen foods and intelligent grain storage equipment [1] - The "Meiyu Grain and Oil" promotion event highlighted the quality of Henan's grain products, attracting significant interest from buyers [2] Group 2 - The focus on promoting high-quality wheat from Jiaozuo, which is a core breeding base in the Huang-Huai-Hai region, with an annual production of 400 million kilograms of quality wheat seeds [2] - The promotion of the Huai Chuan 66 high-quality special strong gluten wheat, which fills a gap in the market for noodle-specific wheat in China [2] - The Henan Grain and Material Reserve Bureau plans to continue leveraging the "Meiyu Grain and Oil" brand to expand the reach of Henan's quality grain products nationwide [2]

Group 1 - The Agricultural Development Bank of China (ADBC) Harbin Bin County Branch has issued a special loan of 47 million yuan to local grain storage enterprises to support the construction of the regional grain reserve system, enhancing financial momentum for stabilizing the regional grain market and reinforcing national food security [1] - The loan aligns with local grain reserve rotation needs, focusing on supporting enterprises in market-oriented grain acquisition, standardized storage, and periodic rotation, which optimizes the quality of reserve grain and ensures efficient connection between "grain and money" [1] - The loan enables local grain storage enterprises to flexibly manage grain reserves according to market rules, providing a buffer against price fluctuations and offering stable selling expectations for grain producers [1] Group 2 - The credit practice reflects ADBC's commitment to the 2025 Central No. 1 Document's requirement to strengthen grain reserve adjustment capabilities, marking a proactive approach to local food security responsibilities [2] - ADBC plans to deepen online and offline integrated services around key links in the grain reserve, processing, and circulation industry chain, enhancing the financial resilience of food security [2] - The bank aims to contribute significantly to stabilizing China's food supply as the national food security strategy is implemented [2]

Core Viewpoint - The article highlights the efforts of Chengbu County in Hunan Province to protect arable land and ensure food security through various initiatives and technological advancements [1][4][7]. Group 1: Arable Land Protection Efforts - Chengbu County has added 3,589 acres of arable land in the past five years, with 3,183.2 acres restored and 405.8 acres from supplementary projects [1]. - The county has implemented strict measures to safeguard arable land, emphasizing the importance of food security and high-quality agricultural development [1][7]. - A comprehensive monitoring system has been established, utilizing satellite remote sensing and drones to ensure real-time surveillance of arable land [4][5]. Group 2: Public Awareness and Education - Chengbu County has increased public awareness of arable land protection through various campaigns, including distributing brochures and hosting educational events [4][7]. - The county has utilized significant dates like "Earth Day" and "National Land Day" to promote the importance of arable land protection [4]. - Innovative methods, such as short videos and cartoons, have been employed to engage the community and disseminate knowledge about land protection laws [4][7]. Group 3: Technological Integration - The county has partnered with China Tower Company to enhance arable land monitoring through the installation of 147 high-definition cameras [4][5]. - The "Iron Tower Sentinel" monitoring system covers approximately 80% of the county's arable land, providing efficient and precise technical support for protection efforts [5]. - The integration of technology aims to facilitate real-time monitoring and intelligent alerts regarding land use and violations [5]. Group 4: Long-term Mechanisms and Quality Improvement - Chengbu County has established a long-term mechanism for arable land protection, implementing a responsibility system that assigns specific individuals to oversee each piece of land [7]. - The county is focused on both increasing the quantity and improving the quality of arable land through high-standard farmland construction projects [7]. - Efforts include upgrading irrigation and drainage systems to enhance the resilience and productivity of arable land [7].

Core Viewpoint - Food security is a critical national issue, and the efforts of Shou Nong Food Group are pivotal in ensuring the food safety of the capital and the happiness of its citizens [1][3]. Group 1: Agricultural Production - Shou Nong Food Group has significantly increased wheat yields through technological advancements, achieving an average increase of nearly 539 jin per mu in the yield of wheat from reclaimed land [1]. - The Longyang Farm, part of the South Suburban Farm, reported a wheat yield of 1018 jin per mu from 300 mu of reclaimed land, surpassing the average yield of 755 jin per mu in Beijing for 2024 [3]. - The promotion of experimental techniques in reclaimed land has resulted in an annual increase of 2500 tons of wheat in Beijing [3]. Group 2: Food Storage and Emergency Preparedness - A modern industrial park located outside Beijing's South Sixth Ring Road plays a crucial role in the city's grain and oil emergency guarantee system, with a storage capacity of 200,000 tons for raw grains and 50,000 tons for finished grains [3]. - The design of the storage facilities includes three-story buildings with a total height of 34 meters, allowing for the storage of tens of thousands of tons of grain [3]. Group 3: Food Processing and Technology - Guochuan Food Company, part of Jingliang Group, has integrated automated packaging lines to enhance efficiency and accuracy in the food processing stage [4]. - The company has developed a diverse product matrix of over 80 types of flour, catering to various needs from home kitchens to high-end food industries [4]. - The research team at Jingliang Group has participated in numerous national and industry standards, establishing a strong technical foundation for food safety [4].

Group 1 - Canada announced over 4 billion CAD in support to Ukraine, including 2 billion CAD in military aid for drones, ammunition, and armored vehicles [1] - Canada will provide 2.3 billion CAD in loans through the G7 special income acceleration loan mechanism for Ukraine's infrastructure and public system reconstruction [1] - New sanctions against Russia include measures targeting 77 individuals and 39 entities, as well as 201 additional ships, bringing the total to over 300 vessels [1] Group 2 - Canada and India agreed to appoint new high commissioners to restore regular services between their citizens and businesses [2] - Discussions between Canada and India included cooperation in technology, digital transformation, food security, and critical minerals [2] - Diplomatic tensions between Canada and India have escalated due to allegations of Indian government involvement in a serious crime on Canadian soil [2]

Core Viewpoint - The article highlights the importance of timely grain drying during the summer harvest season in Hebei Province, China, due to extreme weather conditions affecting wheat quality [1][2]. Group 1: Weather Impact and Grain Quality - Extreme weather conditions such as high temperatures and heavy rainfall can lead to wheat spoilage if not dried promptly, resulting in decreased grain quality [1]. - The timely operation of grain drying equipment is crucial to maintaining the quality of the harvested wheat [1]. Group 2: Power Supply Management - The State Grid Wangdu County Power Supply Company has proactively planned and implemented a detailed power supply guarantee scheme to meet the electricity needs for grain drying [1]. - The company conducted thorough inspections and maintenance of electrical equipment, including transformers and distribution boxes, to ensure stable power supply during the critical grain drying period [1]. Group 3: Collaboration and Support - The power supply company collaborates closely with farmers and grain drying enterprises, providing safety education on electricity usage and proper operation of drying equipment [1]. - The company monitors electricity load changes in grain drying areas in real-time and adjusts power supply methods accordingly to ensure the successful storage of summer grain [2].

河南夏粮大盘稳不稳？各地如何应对连续旱情？在机收、田间管理方面有哪些新举措？大地麦熟之际， 记者在河南多地进行了走访。 1 夏粮大盘稳不稳？ 部分地区有减产，但绝大多数地方实现持平或增产 南阳市唐河县位于河南西南部，平原和低山丘陵地貌皆有。在城郊乡大井村，400多亩小麦已收割完 毕。 站在田埂上，振群家庭农场负责人乔振群给记者细算"抗旱账"："3%的地，上灌溉设备划不来，浇水量 不够，有减产；90%的地，浇了两次水，和去年基本持平；7%的地，浇了三次水。天气干燥，小麦没 了赤霉病等病虫害，浇水足够的条件下，产量反而增了不少。" 鹤壁市位于河南北部，以平原为主。在河南春晓种业有限公司的制种田里，公司负责人董本波忙得热火 朝天："俺这百亩地，种子好、浇水足、管护也用心，今年又是一个丰收年！" 作为农业大省和主要粮食调出省，河南省承担着保障国家粮食安全的重要任务。今春以来，河南持续高 温少雨，旱情对粮食生产造成一定影响。 "只要浇够水，现在不怕旱！"采访中，许多农户告诉记者，总体算下来，今夏粮食产量与去年基本持 平。 灌溉用水如何保障？近年来，河南累计建成高标准农田8808万亩，占全省农田的78%。建设成熟的高标 ...

Core Viewpoint - The article emphasizes the importance of stabilizing summer grain production in Henan, a major agricultural province in China, amidst challenges such as drought and adverse weather conditions. The focus is on ensuring food security and supporting the economy through effective agricultural practices and government initiatives [1][8]. Group 1: Agricultural Challenges and Responses - Henan, which produces a quarter of China's wheat, faces severe challenges due to drought and unfavorable weather conditions affecting summer harvests [1][2]. - The provincial government has mobilized resources, investing 4.66 billion yuan to combat drought and ensure timely wheat harvesting, with significant efforts in irrigation and machinery deployment [6][8]. - The province has implemented various supportive measures, including free passage for agricultural vehicles and training for farmers, to enhance harvesting efficiency [6][7]. Group 2: Food Security and Economic Impact - The article highlights that summer grain production is crucial for the overall food supply and economic stability in China, with Henan's wheat harvest playing a vital role in maintaining price stability and consumer confidence [8][10]. - Henan's agricultural output not only meets local needs but also contributes significantly to national grain supply, with the province exporting around 600 billion jin of grain and processed products annually [4][8]. Group 3: Technological and Management Innovations - The adoption of advanced agricultural technologies, such as smart farming and precision irrigation, has improved crop yields and management efficiency, with mechanization rates reaching 99.8% for wheat harvesting [10][12]. - The introduction of high-yield and drought-resistant wheat varieties, like "Pu Bing 03," has been pivotal in enhancing production capabilities under challenging conditions [11][12]. Group 4: Future Strategies and Goals - Henan aims to stabilize its autumn grain planting area and enhance production through innovative measures, ensuring that the province meets its agricultural targets while addressing the diverse needs of consumers [19][20]. - The government is focused on maintaining a sustainable agricultural framework that includes financial support for farmers and the establishment of quality assurance systems for grain production [15][20].