近日，由申万宏源证券有限公司担任主承销商的先正达集团股份有限公司（以下简 称"先正达集团"）2025年度第二期科技创新债券圆满发行。本期债券发行规模50亿 元，票面利率2.12%，期限3+N年。本期科创债券的成功发行，标志着先正达集团在资 本市场的持续吸引力及投资者对其长期价值的深度认可，同时也展现了科创金融工具在 服务国家战略中的重要作用。 先正达集团始终站在农业科技创新的国际前沿，构建了覆盖"育、繁、推"一体化的 全产业链布局。申万宏源作为本次科创债的主承销商，充分发挥了专业优势和资源整合 能力，保障债券圆满发行。展望未来，申万宏源将继续秉承"根植金融，服务实体"的经 营理念，与先正达集团等优质央企保持紧密合作，不断探索创新金融服务模式，为实体 企业提供更加多元化、个性化的金融解决方案。同时，申万宏源也将积极响应国家政策 号召，加大对科技创新领域的支持力度，为推动我国实体经济实现更高质量、更可持续 的发展贡献更多金融力量。 免责 声 明 聚焦可续期优势，彰显长期发展信心 本内容最终解释权归申万宏源证券有限公司所有。 作为可续期科技创新债券，本期债券的赎回选择权充分匹配农业科技研发的长周期 特性。投资者踊跃 ...

Group 1 - The core viewpoint is that Shou Nong Food Group is actively promoting the transformation and upgrading of traditional agriculture, aiming to build a complete agricultural industry chain and advantageous industrial clusters [1][3] - Shou Nong's Xijiao Farm covers an area of 1,040 acres, featuring over 5,000 cherry trees and modern greenhouses with a total greenhouse area of 600 acres, producing over 100 types of vegetables and fruits [1] - The farm has successfully achieved green food A-level certification for over 30 products, including more than 10 varieties of "south fruits grown in the north" [1] Group 2 - The Cuihu Smart Agriculture Innovation Factory is a key research demonstration base for promoting agricultural modernization in China, covering 878 acres and housing the largest vegetable production greenhouse in the Beijing-Tianjin-Hebei region [3] - The smart greenhouse has achieved over 80% localization in materials and main framework, reducing construction costs by 30% [3] - Shou Nong also owns Yuno Quality Agricultural Products Planting Company, which has 1,427.5 acres of self-owned bases and over 6,000 acres of cooperative bases, supplying raw materials to factories in Beijing and other provinces [3]

Market Overview - The overall market showed a mixed performance with the Shanghai Composite Index down by 0.18%, while the Shenzhen Component and ChiNext Index experienced larger declines. However, the trading volume decreased to 998.9 billion, indicating a strong sense of caution among investors [3] - Despite the overall decline, more than 2,600 stocks rose, suggesting a structural differentiation within the market rather than a complete downturn [3] Sector Analysis Agricultural Chemicals - The glyphosate and agricultural chemical sectors saw significant gains, with companies like Zhongqi Co. hitting the daily limit up. This surge is attributed to global agricultural policy adjustments and increased demand for efficient pesticides [3] - Domestic companies are upgrading their technologies, which enhances their competitiveness. For instance, Guangxin Co. has adopted environmentally friendly production processes, reducing costs [3] Food and Beverage - The food and beverage sector, particularly the dairy industry, is benefiting from recent policy changes that increase subsidies for families with children, thereby boosting demand for infant formula [4] - The implementation of new national standards is leading to quality upgrades in the goat milk industry, with compliant companies like Ausnutria gaining market share [4] Consumer Electronics - The consumer electronics sector faced declines, with companies like Weimao Electronics and Transsion Holdings leading the losses. Despite an overall recovery in the industry, concerns about the global economic recovery and technological lag in some firms have led to a temporary withdrawal of funds [4] - However, the long-term outlook remains positive due to the potential of AI technology in consumer electronics, particularly in new applications like AI smartphones and smart wearable devices [4] CPO Technology - The CPO (Chiplet Packaging Option) sector also saw declines, with leading companies like Lingyun Optics and Zhongji Xuchuang experiencing significant drops. The uncertainty surrounding the adoption of CPO technology by downstream manufacturers and increased competition has led to a shift in market sentiment [5] - Despite the short-term challenges, the long-term market potential for CPO technology remains strong, with predictions indicating a market size of $2.6 billion by 2033 [5] Investment Strategy - The current market environment is characterized by rapid sector rotation, and long-term investors are advised to focus on core trends such as consumption upgrades, agricultural modernization, and technological empowerment [6] - The emphasis is on selecting the right sectors for long-term investment rather than chasing short-term gains, likening the investment approach to a marathon rather than a sprint [6]

Group 1: Agricultural Sector - The glyphosate sector is experiencing significant growth, with companies like Zhongqi Co. and Guangxin Co. seeing stock surges due to increased export orders following changes in pesticide import policies in major agricultural countries like Brazil and Argentina [3] - Zhongqi Co.'s new glyphosate formulation has a 92% approval rate in the South American market and is 15% cheaper than traditional methods, enhancing its competitive edge [3] - Glyphosate prices are heavily influenced by international grain prices, making it essential to monitor global soybean and corn planting area data for long-term demand indicators [3] Group 2: Dairy Industry - Keta Bio and Junyao Health are emerging as strong players in the dairy sector, with Keta Bio's adult probiotics sales increasing by 80% year-on-year, driven by rising demand for gut health among young people [3] - Junyao Health is focusing on differentiated low-temperature milk products, establishing seven ecological farms in the Yangtze River Delta to ensure freshness and quality [3] - The implementation of new national standards is expected to further consolidate the dairy industry, making companies with resource barriers and niche market positions worthy of observation [3] Group 3: Cultivated Diamond Industry - The cultivated diamond sector is in a penetration breakthrough phase, with domestic penetration rates rising from 6.5% to 9.2%, and prices being one-third of natural diamonds, appealing to Gen Z consumers [4] - Huanghe Xuanfeng has developed mass production technology for 1-5 carat diamond roughs, achieving an 85% yield rate, which is 10 percentage points higher than competitors [4] - Long-term monitoring of equipment localization progress is crucial for cost reduction and capacity expansion in the cultivated diamond industry [4] Group 4: Investment Philosophy - The recent stock surges are not just short-term market trends but reflect underlying long-term investment logic in technology upgrades in agriculture, innovative consumer segments, and domestic manufacturing replacements [4] - Long-term investment is likened to planting trees, emphasizing the importance of selecting the right "seeds" over chasing short-term gains [4]

老字号油企的经营革新 2025年的中央一号文件将挖掘花生扩种潜力作为保障我国粮油安全的重要举措之一。农业农村部启动了"一扩双提"行动。这体现出国家对发展花生产业的重 视。在关乎"油瓶子"的战略布局中，山东作为全国花生种植面积最大、产业链最完整的省份，正通过期货赋能与全产业链创新，演绎小作物成就大产业的精 彩故事。 期货日报记者历时一周，深入齐鲁大地，从莒南县的万亩花生田到青岛港的万吨级冷链码头，从非遗压榨工坊到智能加工车间，见证了一粒花生如何串联起 种植、加工、金融、贸易的完整生态。小花生承载着山东"花生人"的大梦想，花生期货托举着他们高质量发展产业、造福一方的真情怀。 在莒南县，"中华老字号"山东玉皇粮油食品有限公司（简称玉皇粮油）的生产线正在轰鸣。 "我们经过75年的发展，如今已经成为以花生压榨为主的年粮油综合加工能力60万吨的龙头企业。公司形成了四个核心文化——家文化、诚文化、精益求精 的匠人精神和勤俭节约的粮食人品格。"玉皇粮油总经理张永琥告诉期货日报记者，公司历经私营、公私合营、国有、民营的改革历程，见证了我国近代粮 油加工制造的发展，2024年玉皇粮油被认定为"中华老字号"企业，在花生油行业实现了 ...

在学术研讨中，山东省农业农村厅党组成员刘振杰从重要农产品稳产保供、乡村富民产业高质量发展、 乡村振兴片区建设、农业科技创新提出乡村振兴齐鲁样板发展的四大重点任务；山东农业大学副校长、 教授周玉玺阐述了自然环境变化对农业生产的影响，提出以技术创新破解农业发展难题。 在圆桌论坛环节，围绕"乡村产业振兴与农业现代化"的主题，山东省发展和改革委员会农村经济处处长 翟振然介绍了山东乡村产业的综合实力与重要发力点和着力点；山东大学管理学院教授许峰提出"文旅 融合+村貌优化+品牌构建"助力乡村产业振兴的路径；山东大学经济学院教授常东风建议构建乡村金融 服务体系，推动科技赋能农村金融。 据了解，山东大学国家治理研究院聚焦服务于国家重大战略需求，持续推进国家治理体系和治理能力现 代化的经验总结与理论创新。 5月25日，以"乡村振兴齐鲁样板及其提档升级"为主题的第一期山东大学国家治理研究重要成果发布式 暨研讨会在济南举行，分为成果发布、专家研讨和圆桌讨论三个环节。 据山东大学原校长、山东大学国家治理研究院院长樊丽明介绍，本次会议聚焦"乡村振兴齐鲁样板及其 提档升级"，旨在通过成果展示与专家研讨，推动理论创新、政策建议与实践应用的 ...

Core Viewpoint - The article highlights the efforts of a young farmer, Cai Baoyi, who returned to his hometown to modernize agricultural practices and improve wheat harvest efficiency in the face of impending rainstorms [1][6]. Group 1: Agricultural Practices - Cai Baoyi is actively involved in harvesting 800 acres of wheat before the rainy season, showcasing the urgency and importance of timely agricultural practices [1]. - The use of new agricultural machinery, such as high-power harvesters and seeders, has significantly improved the efficiency of wheat harvesting and increased yield [6]. - The local agricultural office emphasizes the need for young farmers like Cai, who possess modern knowledge and technological awareness, to drive agricultural modernization [6]. Group 2: Personal Background and Challenges - Cai Baoyi previously worked in finance in Shenzhen before returning to agriculture, indicating a trend of young professionals seeking opportunities in farming [1]. - Initial resistance from his father regarding the purchase of modern farming equipment reflects the generational divide in agricultural practices [2][3]. - Cai Baoyi's proactive approach to learning about advanced agricultural techniques and machinery demonstrates a commitment to improving farming outcomes [4]. Group 3: Community Impact - The successful completion of the wheat harvest in Jiangzhou Town, with over 50,000 acres harvested before the rain, highlights the collective effort and the impact of modern farming techniques [6]. - Local officials recognize the cultural and technological advancements brought by younger farmers, which are essential for the future of agriculture [6].

Company Overview - The company aims to become a global leader in agricultural technology services, focusing on the integration of biological and digital technologies to empower global agriculture [3][4]. Corporate Culture and Mission - The core values include creating value for customers and helping achievers succeed, guiding long-term strategic development and daily operations [2]. - The company’s vision is to create new value in biological and digital agriculture [2]. Strategic Focus Areas - The company emphasizes a dual approach of "biotechnology + digital technology" to drive modernization in agriculture [3]. - Key product areas include specialty fertilizers, soil conditioners, and biological agents, with a focus on customized solutions for clients [3][4]. Marketing Strategy - The "1+X" strategic marketing model will be implemented in 2025, focusing on core clients while optimizing traditional distribution channels and e-commerce [4]. - The company aims to enhance customer satisfaction through tailored, one-stop solutions and long-term partnerships [4]. Research and Development - In 2024, R&D investment reached CNY 46.85 million, significantly boosting the company's competitive edge [5]. - The company has developed several new eco-friendly products, including cadmium and arsenic removal agents, and has made advancements in biological fertilizers and pest control [6]. Financial Performance - The modern agriculture segment achieved a revenue of CNY 206.61 million in 2025, marking a 169.05% year-on-year increase [9]. - The company has successfully launched multiple new products in the biological and agricultural sectors, enhancing market conversion efficiency [9]. Supply Chain and Risk Management - The company is expanding procurement channels to enhance supply chain resilience and flexibility, focusing on strategic sourcing to mitigate raw material price fluctuations [7]. - Measures to address currency exchange risks include shortening quotation cycles and increasing the use of local currency settlements [7]. Subsidiary Management - A specialized management system has been established for subsidiaries, ensuring clear positioning and collaborative development across various business areas [8]. - The company employs a "professional operation + group synergy" management mechanism to optimize resource allocation and technical sharing [8].

Core Insights - The introduction of a "double subsidy" policy in Tongwei County significantly reduces the cost of agricultural machinery for farmers, allowing them to save nearly 40% on purchases [1][2] - The policy aims to enhance agricultural mechanization and modernize farming practices in the region, with a target of exceeding 75% mechanization rate by the end of 2025 [2] Subsidy Policy - The "double subsidy" policy allows farmers to receive both provincial and county-level subsidies, creating a differentiated support system [1] - In 2023, the county secured a total of 15.3 million yuan in central financial subsidies, benefiting 964 households with a total of over 6.43 million yuan in subsidies [1] Agricultural Machinery Optimization - The subsidy program covers 23 categories and 146 types of agricultural machinery, leading to a significant optimization of the machinery structure in Tongwei County [2] - The proportion of tillage machinery has reached 47%, and the number of grass and livestock industry machinery has increased by 10% [2] Modernization and Innovation - The county is actively promoting the replacement of old agricultural machinery with energy-efficient and safe new equipment, completing the scrapping and updating of 723 old machines last year [2] - Plans are in place to pilot smart agricultural technologies, including Beidou navigation and unmanned machinery, to further enhance agricultural modernization [2]

Core Points - The 2025 provincial document emphasizes deepening rural reform and advancing comprehensive rural revitalization, signaling strong support for agriculture and rural development [1] - The document outlines key focus areas for the province's "three rural" work, including ensuring food security and preventing large-scale poverty [1][2] Group 1: Food Security and Agricultural Production - The province aims to maintain grain production above 1.3 trillion jin, with a total grain output of 1.344 trillion jin in 2024, marking eight consecutive years above this threshold [1][2] - Strategies include stabilizing grain acreage while enhancing yield, implementing a new round of grain production capacity enhancement, and improving agricultural disaster prevention capabilities [2][3] Group 2: Rural Economic Development - The document highlights the importance of cultivating county-level industries and improving rural living conditions, focusing on practical measures for industrial quality enhancement and environmental improvement [3][4] - It emphasizes the development of collective rural economies and the establishment of rural collective economic organizations to enhance income and service capabilities [4][5] Group 3: Governance and Community Engagement - The governance framework aims to strengthen grassroots party organization, address formalism, and promote rural harmony through a combination of self-governance, rule of law, and moral governance [5][6] - The document outlines the need for a new agricultural operation support policy that links agricultural enterprises with farmers to enhance income sharing [5][6] Group 4: Technological and Reform Initiatives - The document stresses the dual approach of technological innovation and reform to drive agricultural modernization, including the establishment of innovation platforms and support for seed industry development [6][7] - It calls for the extension of land contracts and the establishment of a rural credit system to support rural revitalization and protect farmers' rights [7]