[Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 农林牧渔 沪深300 [分析师： Table_Author]钱浩 SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 请注意，高一岑并非香港证券及期货事务监察委员会的注 [Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 玉米种业处于去库存阶段，政策推动行业高质量发展 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-01 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 农林牧渔行业:白鸡专题四： | 2026-0 ...

热点话题："青薯9号"连续四年蝉联全国马铃薯推广面积第一 事件意义：彰显青海高原马铃薯育种创新能力，筑牢国家种业安全防线，为我国马铃薯主产区提供优质 种源支撑。推动良种良法配套，实现亩均增产15%以上、亩增收超500元，累计带动农牧民增收超240亿 元，成为乡村振兴"金蛋蛋"。适配多区域种植需求，突破地域限制，既激活青海高原农业优势，又为干 旱、多雨等不同产区提供适配品种，助力保障国家粮食安全。其全链条培育推广模式与四级种薯繁育体 系，为高原特色农业产业化、标准化发展提供可复制经验，更推动青海种业技术逐步走向国际。 新闻事实：2025年9月30日，全国农业技术推广服务中心发布2024年度主要作物推广面积数据，由青海 省农林科学院自主选育的"青薯9号"以747万亩推广面积蝉联全国马铃薯品种榜首，实现连续四年位居全 国第一。该品种由王舰团队历经23年培育，依托省级4000万元科技专项资金支持，构建 "育种—繁育— 推广—产业化"全链条创新体系，突破抗晚疫病基因聚合、高效脱毒种薯繁育等关键技术，建成超10万 亩高原种薯繁育基地，年产微型薯500万粒以上。 ...

Core Insights - The core viewpoint of the articles emphasizes the significant progress in China's seed industry, highlighting the country's increasing self-sufficiency and export capabilities in agricultural seeds, particularly in hybrid rice and other crops [1][2][3]. Group 1: Seed Export and Trade Surplus - By 2025, China's seed export volume is projected to reach 62,000 tons, achieving a trade surplus of $7.5 million, marking the second consecutive year of surplus following the first instance in 2024 [1]. - Currently, over 95% of the area planted with crops in China consists of self-bred varieties, with domestic market shares exceeding 80% for livestock and over 86% for aquatic species [1]. Group 2: Technological Advancements and Innovation - The seed industry has seen a significant increase in self-bred varieties, with the area of self-selected corn varieties rising from 91% in 2020 to 94%, and vegetable varieties from 87% to 91% [2]. - China has established a world-class national resource bank for crop, livestock, and marine fish genetic resources, and has created multiple national and regional innovation platforms for seed industry development [2]. Group 3: Strategic Goals and Future Plans - The "14th Five-Year Plan" suggests the continuation of the seed industry revitalization actions, aiming to enhance seed quality and ensure food security by 2030 through improved breeding innovation and resource utilization [3].

Core Insights - The barley team of Yancheng Agricultural Science Institute has made significant contributions to barley variety breeding and comprehensive utilization over the past 60 years, generating over 5 billion yuan in social and economic benefits, and becoming a key player in high-quality agricultural development in Jiangsu coastal areas [1] Group 1: Breeding Innovation - The team has established a development path of "broad resource collection and precise breeding," utilizing modern molecular biology techniques to shift breeding work from "experience selection" to "precise design," focusing on high-quality specialty beer barley, salt-tolerant barley, and high-quality food (feed) barley [1] - The team has developed over 20 new barley varieties, with 13 recognized at the provincial level or above, and has received 14 new variety rights, creating several "star varieties" that fill domestic gaps [2] Group 2: Cultivation Technology - The team has developed a high-yield, high-quality, and efficient cultivation technology system tailored to different variety characteristics, promoting a "good seed + good method" model to quickly translate research results into field benefits [1] - The forage variety "Salt Barley 7" achieves over 3,000 kg per mu in silage yield, while the selected "Su Beer 12" integrates high yield, quality, and stress resistance, with multiple demonstration points exceeding 600 kg per mu [2] Group 3: Open Cooperation - The team has established multiple barley demonstration points in Shandong, Hubei, and Qinghai, spreading coastal breeding experience to national barley production areas [3] - In 2024, the team will co-host an international academic seminar with the Chinese Academy of Agricultural Sciences and the Leibniz Institute of Plant Genetics and Crop Plant Research in Germany, focusing on the climate adaptability mechanisms of barley, highlighting its international influence in barley research [3]

Core Insights - The livestock breeding industry is a strategic and foundational core industry for the country, essential for the development of animal husbandry [1] - Inner Mongolia's Ordos City is focusing on breeding innovation as a key driver for the transformation and upgrading of the livestock industry, aligning with national rural revitalization strategies [1] Group 1: Breeding Innovation - Breeding innovation is increasingly recognized for its value in industrial development, exemplified by the high-end beef cattle breeding base in Uxin Banner, which has introduced Wagyu cattle and achieved A5 grade beef production [2] - The base has introduced over 1,000 high-end Wagyu cattle by 2025, with an estimated annual output of over 500 cattle, showcasing a successful model of "good breeds" leading to "good markets" [2] Group 2: Technological Empowerment - The focus in Etuoke Banner is on releasing the value of the Albas white cashmere goat, overcoming the challenge of high-quality products being confined to local markets [3] - A collaboration with research institutions has led to significant improvements in cashmere quality, enabling the local industry to connect better with broader markets [3] Group 3: Systematic Foundation - The revitalization of the livestock breeding industry in Ordos is a result of a coordinated approach under the "secondary industry supporting primary industry" strategy, integrating industrial advantages into agriculture [4] - The involvement of industrial enterprises, such as Inner Mongolia Xingguang Coal Group, has brought standardized practices to the livestock sector, enhancing the entire supply chain from breeding to sales [4] Group 4: Resource Protection and Joint Efforts - Ordos is enhancing the protection of genetic resources and advancing a breeding system that combines leading experts and innovative teams with local enterprises [5] - This approach aims to revitalize traditional livestock breeds with modern breeding technologies, ensuring that high-quality breeds contribute to the prosperity of local farmers [5]

Core Insights - The company reported a revenue of 4.709 billion yuan for 2024, marking a year-on-year increase of 14.77% and a net profit of 114 million yuan, driven by steady growth in seed sales and exports [1] - The company achieved a total seed sales volume of 21,620.91 million kilograms, reflecting a year-on-year growth of 6.81%, with significant increases in rice and corn sales [1] - The company has enhanced its breeding innovation capabilities, with 59 new rice varieties and 19 hybrid corn varieties passing national certification in 2024 [1] Group 1 - The company has optimized its business structure by establishing dedicated divisions for rice and corn, exploring a new marketing model that integrates "advantage products + services" [2] - The company has expanded its sales network across 17 provinces and cities in China, strengthening market control and combating infringement [2] - The company’s overseas sales reached 19,373.48 tons, a 74.80% increase year-on-year, with overseas revenue of 492 million yuan, up 72.39% [2] Group 2 - The company reported a revenue of 835.32 million yuan for Q1 2025, a 24.13% increase compared to the same period last year, attributed to increased seed exports and grain orders [3] - The net profit for Q1 2025 was 2.197 million yuan, indicating positive growth in the company's financial performance [3]