Core Viewpoint - Zhongnong Zongyuan is a leading pig breeding technology platform in China, combining top-notch research capabilities with mature industrialization abilities, recently completing an A+ round of financing to further its technology development and commercialization [3][5]. Group 1: Company Overview - Zhongnong Zongyuan was established in October 2022 and is a national high-tech enterprise incubated by the Shenzhen Agricultural Genomics Research Institute of the Chinese Academy of Agricultural Sciences [3]. - The company has completed several rounds of financing amounting to hundreds of millions of RMB, with notable investors including Sequoia China Seed Fund and Lenovo Ventures [3]. - The company has established a collaborative network across multiple locations in Shenzhen, Tianjin, Hainan, and Wuhan, focusing on disruptive breeding technology and disease model creation [3]. Group 2: Technology and Product Development - Zhongnong Zongyuan has developed a diverse product pipeline, including standardized disease model pigs for new drug development and disease research [4]. - The company has achieved a full-chain technology closed loop from design breeding to production application, leveraging its leading somatic cell cloning technology and proprietary "Zongyuan Zhixin" liquid phase chip [5]. - The company is positioned favorably in the context of global regulatory policy optimization for gene-edited animals, with significant developments in the U.S. and EU regarding gene editing regulations [5]. Group 3: Strategic Importance and Market Position - The company aims to drive independent innovation in animal breeding technology and ensure genetic resource security, aligning with China's agricultural technology and seed industry revitalization strategies [6]. - Zhongnong Zongyuan's focus on precision editing for key traits such as disease resistance and meat quality is expected to provide a competitive edge in the breeding industry, particularly in the context of China's reliance on imported breeding stock [6]. - The company is set to expand its breeding bases and international market presence, with plans to establish subsidiaries in Hainan, Tianjin, and Wuhan, and a new subsidiary in Hunan [5][6]. Group 4: Investment and Future Growth - The recent financing round will primarily support the advancement of core product lines, expansion of breeding bases, and international market strategies [5]. - The company is anticipated to experience explosive growth as domestic and international regulatory policies for gene editing become clearer, enhancing its market share and technological barriers [7].

人民财讯1月5日电，2026年1月4日，国务院国资委党委召开扩大会议。会议强调，要助力乡村全面振 兴，支持帮扶县培育壮大县域富民产业，拓展农民参与产业发展渠道和方式，健全联农带农机制，建好 用好"和美乡途""和美乡品"平台，加大对革命老区、民族地区、边疆地区和欠发达地区的投资力度。要 更好服务农业强国建设，聚焦生物育种、农机装备、农药化肥、粮食增产等领域，加强农业关键核心技 术攻关和科技成果高效转化应用，提升农业供给保障能力、科技创新能力、可持续发展能力和国际资源 市场利用能力，守牢国家粮食安全底线。 ...

转自：北京日报客户端 种业创新事关粮食安全和人民的美好生活需要。近年来，中种集团与崖州湾国家实验室在生物育种、基 础研究和成果转化等方面开展持续合作，成功转化一批耐盐碱大豆种源并实现产业化应用。 这是记者近日在中国中化举办的2025年种业现代产业链建设暨崖州湾国家实验室战略协同推进会上了解 到的。 会上还发布了《2025年农作物种业现代产业链发展蓝皮书》，系统梳理了我国种业发展方位、国际竞争 与合作态势、市场变化趋势、产业链发展动态及年度主题研究成果，并提出产业链建设的新模式和新建 议。 来源：新华社 作者: 胡璐 中种集团首席科学家谢旗说，自2023年中种集团与崖州湾国家实验室签订战略合作协议后，双方加强了 联合攻关，合作成果逐步显现。在耐盐碱大豆研究方面，为我国盐碱地的开发利用提供了新思路；在玉 米等领域，开展了玉米全基因组智能选择技术研究。 他表示，下一步，中种集团将继续深化与崖州湾国家实验室的合作，在共建AI育种联合实验室，大 豆、玉米等粮食作物的育种和成果转化，以及行业共用型平台建设等方面推进协同创新。 据了解，中种集团为中化集团全资子公司，是国有大型种业集团。近年来，中种集团从打造种业创新力 量、 ...

新京报讯（记者曹晶瑞）12月26日，位于平谷区的农业中关村综合科研中心4号中心项目主体结构封 顶。 项目选址于平谷区峪口镇国家级农业科技产业园内，总建筑面积3.8万平方米。其中地上2.6万平方米、 地下1.2万平方米，包括中试区、研发实验室、路演厅、会议室以及商业配套等。 据平谷国家农业科技园区管理委员会相关负责人介绍，作为平谷农业中关村重点项目，项目空间内已规 划落地平谷区与中国农业大学合作共建的全健康国际合作科学中心，聚焦"人宠健康协同、产学研融 合"，致力于打造集科研、临床、产业转化于一体的国际合作科学中心。 北京市平谷区联扶实业管理有限公司相关负责人介绍，项目预计2026年正式投入使用，建成后将持续聚 焦宠物经济、生物育种、合成生物三大领域，打造集研发、中试、验证、孵化、成果转化于一体的产业 综合创新平台，吸引科研人才与优质企业集聚，为农业中关村建设注入强劲动力。 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

证券日报网讯12月17日，国投丰乐（000713）在互动平台回答投资者提问时表示，公司控股股东国投种 业已布局隆平生物、瑞丰生物、国丰生物、粮元生物、国锐生物、大北农（002385）生物6家性状公 司，公司与隆平生物、国丰生物等多家分别开展合作，目前已有多个品种开展回交转育及新品种参试审 定。此外，作为央企种业发展平台，公司主持或参与了国家、省级玉米、水稻等多项重大生物育种专 项。 ...

证券日报网讯 12月16日，国投丰乐在互动平台回答投资者提问时表示，公司控股股东国投种业已布局 隆平生物、瑞丰生物、国丰生物、粮元生物、国锐生物、大北农生物6家性状公司，公司与隆平生物、 国丰生物等多家分别开展合作，目前已有多个品种开展回交转育及新品种参试审定。此外，作为央企种 业发展平台，公司主持或参与了国家、省级玉米、水稻等多项重大生物育种专项。 （编辑 丛可心） ...

Core Insights - The report emphasizes the accelerated reduction of pig production capacity and highlights investment opportunities in raw milk and beef cattle sectors [2][15]. Livestock Farming - As of December 12, the average price for lean pigs in China is 11.03 CNY/kg, unchanged from the previous week but down 33.2% year-on-year. The industry continues to face significant supply pressure and losses due to short-term demand stagnation and regional epidemics [7][15]. - The number of breeding sows decreased by 1.1% month-on-month in October, indicating a more pronounced decline compared to September. The winter season is noted as a high-risk period for pig diseases, which may further impact production capacity [15]. - Recommended leading companies include Wens Foodstuffs Group and Muyuan Foods, with additional attention on Dekang Agriculture and New Hope Liuhe. Companies with potential for operational turnaround include Zhengbang Technology, while smaller firms like Tiankang Biological and Shennong Group are also suggested for consideration [15]. - For broiler chickens, the average price for live chickens and chicks is 3.65 CNY/jin and 3.54 CNY/chick, respectively, both showing a week-on-week increase of 1.4% [15]. Dairy Sector - The current price for fresh milk in major production areas is 3.02 CNY/kg, stable week-on-week but down 3.2% year-on-year. The industry is expected to continue reducing capacity due to long-term losses and financial pressures [16]. - The report anticipates a gradual balance in supply and demand as previous capacity reductions take effect, with a positive outlook for the raw milk cycle in 2026-2027 [16]. - Recommended companies in the dairy sector include Yurun Agriculture and Modern Farming [16]. Feed and Animal Health - The report notes a mixed performance in aquatic product prices, with a significant rebound in white shrimp prices due to previous disease outbreaks and delayed stocking [17]. - The aquaculture industry is expected to improve in 2025 compared to 2023-2024, although profitability is projected to remain lower than pre-2023 levels, necessitating upgrades in feed formulations and farming techniques [17]. - Leading feed companies are expected to enhance their market share domestically and expand internationally, leveraging their cost advantages [17]. - Key companies to watch in the animal health sector include Keqian Biological, Pulaike, Ruipu Biological, and Biological Shares, as they expand into pet healthcare [17]. Crop Sector - The domestic corn spot price is 2357 CNY/ton, remaining stable, while soybean meal prices have increased by 1.5% to 3159 CNY/ton [18]. - The report highlights the importance of monitoring weather conditions in South America and trade factors affecting soybean prices [18]. - Companies to focus on in the seed industry include Suqian Agricultural Development, Beidahuang, and Longping High-Tech [18]. Pet Food Industry - The global production layout of pet food companies is maturing, with limited impact from trade frictions on overseas operations. The domestic market shows high growth potential, driven by functional and health-oriented products [20]. - The industry is witnessing a trend towards consolidation, with leading companies like Guibao Pet and Zhongchong Shares showing strong brand performance [20]. - The long-term outlook remains positive for industry growth and the rise of domestic brands [20].

Investment Rating - The report assigns a rating of "Buy" to the company, with a market price of RMB 9.55 and a sector rating of "Outperform" [1]. Core Insights - The report highlights that Longping High-Tech is a leading player in the domestic seed industry, with a well-established industrial layout and a focus on high-quality development. The company's research capabilities are industry-leading, and its asset quality is continuously improving, leading to a positive outlook for its medium to long-term development [2][5]. Financial Performance - The company is expected to achieve revenues of RMB 85.8 billion, RMB 92.2 billion, and RMB 99.3 billion for the years 2025 to 2027, reflecting year-on-year growth rates of +0.1%, +7.5%, and +7.7% respectively. The net profit attributable to shareholders is projected to be RMB 2.0 billion, RMB 3.1 billion, and RMB 4.5 billion for the same years, with growth rates of +71.4%, +57.6%, and +46.8% respectively. The current market capitalization corresponds to P/E ratios of 71.9X, 45.6X, and 31.1X for the years 2025 to 2027 [6][8]. Company Overview - Longping High-Tech, established in 1999 and listed in 2000, is recognized as a modern high-tech seed enterprise. The company has a comprehensive business structure that includes seed operations and agricultural services, focusing on major crops such as rice, corn, and wheat, as well as specialized crops like cucumbers and sunflowers [16][18]. Research and Development - The company leads the industry in R&D investment, with RMB 6.9 billion allocated in 2024, representing 9.1% of its revenue. The number of dedicated R&D personnel reached 712, accounting for 17.02% of the total workforce. The company has significantly increased its plant variety applications, with 113 authorized in 2024 compared to just 12 in 2016 [31][39]. Market Position - Longping High-Tech holds a dominant position in the seed market, with a market share of 42% in corn seeds and 36% in rice seeds. The company is actively expanding its international presence, particularly in Brazil, where it ranks among the top three corn seed companies [17][44]. Strategic Acquisitions - The company has accelerated its acquisition strategy since the entry of CITIC Group as a major shareholder in 2016, enhancing its market position and operational capabilities through various acquisitions in the seed industry [28][30].

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the livestock and pet industries, while highlighting ongoing challenges in pig farming due to supply pressures and price adjustments [2][5][9]. Livestock Industry Overview - Pig farming is experiencing downward price adjustments due to increased supply from smallholders and insufficient demand for cured products, leading to a supply-demand struggle [9][18]. - The number of breeding sows decreased by 0.38% in November, indicating a potential acceleration in capacity reduction [21][9]. - As of December 4, the average price for market pigs was 11.30 CNY/kg, reflecting a week-on-week decline of 1.57% [32][33]. - The profitability of pig farming remains negative, with losses of 167.69 CNY per head for self-bred pigs and 259.39 CNY per head for purchased piglets reported [39][42]. Poultry Industry Insights - The poultry sector is seeing a rise in white chicken prices, with an average price of 7.27 CNY/kg as of December 5, up 1.11% week-on-week [40][44]. - The ongoing outbreaks of avian influenza in overseas markets are expected to benefit the white feather chicken industry in the medium to long term [40][41]. Animal Health Sector - The animal health industry is under pressure due to a decline in demand linked to the overall losses in pig farming, with significant year-on-year decreases in vaccine approvals [50]. - However, the development of new vaccines, including progress in African swine fever vaccine trials, may provide a boost to the sector [50]. Seed Industry Trends - The prices of key agricultural commodities such as wheat, corn, and soybean have shown slight increases, with wheat prices at 2515 CNY/ton, corn at 2357 CNY/ton, and soybean meal at 3111 CNY/ton as of December 5 [53][55]. - The USDA's November report indicates a decrease in global corn and soybean stocks, which may impact future pricing and availability [54][57]. Pet Industry Developments - The pet food export market faced a decline, with October exports amounting to 772 million CNY, down 15.9% year-on-year [58][60]. - Domestic sales of pet food are growing rapidly, with e-commerce sales in October increasing by 19% year-on-year, driven by strong performances from local brands [61][62]. - The Double Eleven shopping festival saw significant sales growth for domestic pet brands, indicating a shift towards local products in the market [62].