食用菌景气上行,冬虫夏草迎发展机遇 athy Market Virtus ■ 证券研究报告 因 投资评级:看好(首次) 最近 12 月市场表现 159 分析师 手服 SAC 证书编号: S0160525110001 wangcong@ctsec.com 肖珮菁 分析师 SAC 证书编号: S0160524070005 xiaopj@ctsec.com 相关报告 内容目录 | 1 冬虫夏草: 规模化人工培育持续推进…………………………………………………………………………………………………………………………………………………………………………… 4 | | --- | | 1.1 冬虫夏草．产业链持续完善，应用领域广泛 | | 1.2 价格复盘： 稀缺性驱动，野生虫草价格偏强 | | 1.3 政策复盘: 推动技术进步，可持续规范发展 | | 1.4 规模化人工培育冬虫夏草迎发展机遇 | | 2 食用菌：市场格局优化，产能回归理性 . | | 2.1 食用菌行业: 规模持续增长，市场格局优化 . | | 金针菇，竞争格局稳定，价格底部企稳 . 2.2 | | 2.3 双孢菇：龙头份额较高，行业产能稳定 . | | ...

Investment Rating - The report maintains a "Positive" investment rating for the Cordyceps industry, indicating optimism about its growth potential and market opportunities [2]. Core Insights - The Cordyceps industry is characterized by a market size exceeding 30 billion, with a gradual decline in natural production due to environmental changes and overharvesting. The demand for Cordyceps remains stable, while artificial cultivation technologies are advancing, potentially replacing some natural supply [6][7]. - The report highlights that artificial Cordyceps cultivation has made significant technological breakthroughs, allowing for standardized production and the potential to meet market demand more effectively [6][7]. Summary by Sections 1. Overview of Cordyceps - Cordyceps is a rare medicinal fungus primarily found in China, with over 98% of global production originating from the Tibetan Plateau. The natural growth cycle takes approximately 2-3 years [5][17]. - The fungus is known for its health benefits, including immune system regulation and anti-fatigue properties, making it a valuable medicinal resource [5][24]. 2. Industry Status - The natural production of Cordyceps has been declining, with current annual output around 200 tons, while the market size is estimated at approximately 30 billion. The main production areas are Qinghai and Tibet, which together account for over 80% of the total output [28][30]. - Historical data shows that production has decreased from over 1,000 tons in the 1950s to about 200 tons in the 21st century, with prices experiencing significant fluctuations over the decades [28][36]. 3. Artificial Cultivation - Recent advancements in artificial cultivation techniques have opened new avenues for production, with three main methods identified: factory-based cultivation simulating high-altitude conditions, artificial infection of adult insects followed by outdoor rearing, and semi-wild cultivation with minimal intervention [41][44]. - The report notes that while the industry is still in its early stages of industrialization, companies like Dongyangguang have successfully achieved stable production, with significant investments from other players like Zhongxing Junye [6][41]. 4. Competitive Landscape - The market is currently dominated by a few key players, with significant concentration of production capacity. Companies are actively investing in artificial cultivation, indicating a shift towards more sustainable supply sources [6][7]. - The report emphasizes that the entry of edible mushroom companies into the Cordyceps cultivation space is expected to enhance competition but will have a limited impact on pricing in the short term due to the high technical barriers [8].