农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/6/6-2025/6/19） 行 业 能繁母猪有望持续去化 2025 年 6 月 20 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 所 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑输沪深300指数。2025年6月6日—2025年6月19日，SW 农林牧渔行业下跌1.11%，跑输同期沪深300指数约0.22个百分点；细分板 块中，仅养殖业录得正收益，上涨1.51%；种植业、动物保健、农产品加 工、渔业和饲料均录得负收益，分别下跌2.15%、2.77%、3.51%、4.15%和 4.92%。估值方面，截至2025年6月19日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约2.58倍，近两周先回升后回落。目前行 业估值处于行业2006年以来的 ...

Group 1 - The eighth World Min Business Conference was held in Fujian, focusing on how financial tools can drive industrial structure optimization and invigorate the private economy [1][2] - Tianma Technology (603668.SH) was highlighted for its comprehensive layout in modern aquaculture and achievements in digital transformation, showcasing its strategic commitment to the marine economy and global market [1][2] - The conference resulted in over 60 billion yuan in signed agreements, indicating a positive trend in financial institutions supporting local industrial upgrades [2] Group 2 - Tianma Technology has been a leader in the eel industry for over 20 years, establishing a full industrial chain covering seed breeding, smart farming, processing, and food consumption, leading globally in scale [2][3] - The company is actively promoting digital aquaculture, integrating cutting-edge technologies such as "fishing-solar complementary" systems and AI water quality monitoring, contributing to a unique smart aquaculture development model [2] - The company has established multiple national-level platforms, including a national enterprise technology center and a demonstration area for healthy aquaculture, playing a leading role in industry standards and sustainable development [3] Group 3 - During the conference, Tianma Technology addressed the need for innovative financial tools and structures to support the industrialization and modernization of the aquaculture sector [4] - The company emphasized the importance of a flexible and diverse financial empowerment system to facilitate the transition from resource-based to efficiency and technology-driven models in agriculture and marine economy [4] - Tianma Technology is expanding its business into smart farming, seed improvement, and animal nutrition, creating a modern aquaculture ecosystem that integrates primary, secondary, and tertiary industries [5] Group 4 - The company is committed to sustainable development, aligning with national strategies for carbon peak and carbon neutrality through green factory construction and resource recycling [5] - Tianma Technology's Vice Chairman was recognized as an "Outstanding Builder of Non-Public Economy in Fujian Province," highlighting the company's exemplary role in the development of the private economy [5] - Looking ahead, Tianma Technology aims to strengthen its capabilities in global fisheries competition, focusing on a "smart, green, and international" marine industry system [5]

Core Insights - The article discusses the monitoring of seafood prices and sales in Qingdao, highlighting the selection of seven representative seafood production and sales units for emergency price monitoring [1] Group 1: Price Monitoring - Qingdao's price monitoring includes three large supermarkets, three farmers' markets, and one seafood processing enterprise, focusing on various seafood products such as hairtail, mackerel, shrimp, dried kelp, oyster, eel, and pomfret [1] - The monitoring data indicates a slight decrease in fish prices compared to the previous week, while prices for other seafood remained stable [1] Group 2: Sales Volume and Trends - Overall sales volume in markets and supermarkets saw a slight increase due to promotional discounts and the influence of substitute products [1] - Eel export volume increased slightly due to rising customer order demands, with an export price of 159 yuan/kg and a volume of 11.4 tons, up 14% from the previous week [1] Group 3: Retail Prices and Sales Data - Retail prices for various seafood products showed significant fluctuations, with hairtail averaging 13 yuan (down 17.04%) in farmers' markets and 18.83 yuan (down 5.38%) in supermarkets [2] - The average price of mackerel was 10.67 yuan in farmers' markets (down 20.96%) and 18.5 yuan in supermarkets (down 3.5%), with total sales volumes increasing in farmers' markets [2] - Shrimp prices remained stable, with average prices of 35.33 yuan in farmers' markets and 28.53 yuan in supermarkets, while total sales volumes increased significantly [2] - Dried seafood products like shrimp skin and dried kelp showed mixed price stability, with varying sales volumes across markets and supermarkets [2][3]

证券代码：002086 证券简称：东方海洋 公告编号：2025-031 山东东方海洋科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 （一）会议召开情况 （1）现场会议的召开时间为：2025 年 6 月 18 日（星期三）上午 9:30。 （2）网络投票时间：2025 年 6 月 18 日，其中： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 6 月 18 日 通过深圳证券交易所互联网系统进行网络投票的具体时间为 2025 年 6 月 18 日 共和国公司法》《上市公司股东大会规则》等有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 （二）会议出席情况 通过现场和网络投票的股东 671 人，代表股份 436,082,491 股，占公司有表决权 股份总数的 22.2611％。 其中：通过现场投票的股东 2 人，代表股份 7,400 股，占公司有表决权股份总 数的 0.0004％；通过网络投票的股东 669 人，代表股份 436,075,091 股，占公司有表 决权股份总数的 ...

在黄海之畔，距离日照海岸线130海里的深海之中，有一片巨大的冷水团，全球首座全潜式深海渔 业养殖装备"深蓝1号"，已连续3年实现规模化收获三文鱼1800吨，而"深蓝2号"网箱也于去年6月正式投 入使用。越来越多的日照产深海三文鱼正被端上中国人的餐桌。 从"一粒卵"育苗养殖到深海中"一条鱼"捕捞运输，再到成为人们的"餐桌美味"，日照正全力以赴 将"深海三文鱼"打造成城市的"蓝色名片"。据悉，未来日照将积极引进推广深远海养殖网箱、智能化养 殖平台，加快三文鱼产业标准体系建设，力争今年全市三文鱼产量突破6000吨，到2030年三文鱼年产能 裂变至10万吨。同时，推动全链条协同发展，积极搭建政产学研金服用紧密结合的创新平台，推动疫苗 饲料、智能装备、产品开发等全方位创新，着力打造全国首个三文鱼全产业链发展示范区。（记者 吴 宝书 丁兆霞） 6月13日，一场聚焦三文鱼产业发展的行业盛会在日照启幕。当日，三文鱼陆海统筹全产业链发展 会议召开，首届日照深海三文鱼美食节也同步开幕。此次活动以"海韵三文 鲜动日照 中国深海三文鱼之 都"为主题，吸引了国内知名科研专家及相关领域优秀企业、金融服务机构优秀代表共100余人齐聚日 照 ...

Core Viewpoint - The price of eel seedlings has dropped to half, indicating that grilled eel in Japan may become cheaper after autumn [1] Group 1 - The decline in eel seedling prices is attributed to an increase in supply, which has led to a significant reduction in costs for producers [1] - The current market price for eel seedlings is around 1,500 yen per thousand, down from 3,000 yen, reflecting a 50% decrease [1] - This price drop is expected to positively impact the retail price of grilled eel, making it more affordable for consumers in the upcoming season [1] Group 2 - The eel farming industry in Japan has faced challenges in recent years, including environmental factors and rising production costs, but the current trend suggests a recovery [1] - Increased availability of eel seedlings is likely to stabilize the market and encourage more restaurants to offer grilled eel dishes [1] - The potential for lower prices may also lead to a resurgence in consumer demand for grilled eel, which has been declining due to high prices [1]

Core Viewpoint - The government of Shaanxi province is implementing a comprehensive initiative to assess the financing needs of agricultural and forestry enterprises, aiming to enhance financial services for the rural sector through a coordinated mechanism for supporting small and micro enterprises [1][2] Group 1: Financing Needs Assessment - Shaanxi province has issued a notification to investigate the financing needs of agricultural and grain purchasing entities, leveraging a mechanism to support small and micro enterprises [1] - The initiative involves a thorough assessment of various agricultural sectors, including planting, forestry, livestock, aquaculture, and related services, to identify financing requirements across the entire agricultural supply chain [1] - The assessment will include small and micro enterprises, individual businesses, farmer cooperatives, and family farms, ensuring a comprehensive understanding of financing needs [1] Group 2: Coordination and Implementation - The provincial development and reform commission, along with the Shaanxi Financial Regulatory Bureau and other departments, is coordinating efforts to facilitate the flow of credit to the agricultural sector [2] - The mechanism aims to implement policies such as the "two-eight" risk-sharing model and to relax the tolerance for non-performing loans for small and micro enterprises, ensuring that credit reaches the grassroots level efficiently [2] - The goal is to provide timely and affordable credit to support the development of the agricultural industry [2]

Group 1 - The 17th China (Fuzhou) International Fisheries Expo concluded with a retail sales figure of 350 million yuan and an intended transaction amount of 1.56 billion yuan [1][3] - A total of 138 "Gold Award Enterprises" and 317 "Gold Award Products" were recognized during the award ceremony [3] - The event featured various competitions, including goldfish contests and the first Betta fish competition, enhancing the appeal of the leisure fishery sector [3][4] Group 2 - The expo included multiple exhibition areas such as international zones, prepared seafood, catering ingredients, and deep-sea fishery sectors, attracting over 500 enterprises from more than 30 countries and regions [4] - An Indonesian exhibitor expressed satisfaction with the popularity of their seaweed products, indicating potential for future collaborations with other enterprises [5]

Core Viewpoint - The event in Zhuhai, Guangdong, showcased local agricultural products, particularly the collaboration between Zhuhai's "Nianyu" fish and Guangdong lychee, aiming to penetrate the Macau market with a "fresh and sweet" combination [2][4][32]. Group 1: Event Overview - The event was held on June 13, featuring Zhuhai's Nianyu fish and Guangdong lychee as a promotional duo [2][32]. - It was organized by the Guangdong Provincial Department of Agriculture and Rural Affairs and the Zhuhai Municipal Bureau of Agriculture and Rural Affairs [10][32]. - The event attracted over 40 Macau buyers, channel merchants, and freight companies for discussions and collaborations [31][32]. Group 2: Product Highlights - Zhuhai's lychee cultivation spans approximately 42,000 acres, with an annual production nearing 10,000 tons [19][20]. - The "Yujin Qiu" lychee variety is noted for its high yield, quality, and unique flavor, while the "Meizi Xiao" and "Guiwei" varieties also received attention for their taste [15][20][23]. - Zhuhai's Nianyu fish products, including various types of fish, were presented alongside lychee, emphasizing their quality and safety [24][28]. Group 3: Market Potential - The collaboration between Zhuhai and Macau is seen as a significant step in agricultural cooperation, enhancing food security and diversifying Macau's food sources [5][8][32]. - Macau buyers expressed strong interest in the featured products, highlighting their potential for entry into high-end supermarkets and dining channels [33][32]. - The event also included signing agreements for the procurement of lychee and Nianyu fish between Zhuhai suppliers and Macau companies [36][41]. Group 4: Future Prospects - The event emphasized the potential for cultural and tourism cooperation between Zhuhai and Macau, beyond just agricultural trade [48][49]. - Zhuhai's geographical advantages and rich agricultural resources position it as a key player in the Greater Bay Area's agricultural landscape [51][52]. - The development of the "Hong Kong-Macau Agricultural Trade Distribution Center" is anticipated to facilitate smoother agricultural product exchanges [42][43].

Core Points - The fourth China-Africa Economic and Trade Expo was held in Changsha from June 12 to 15, focusing on "China-Africa Cooperation to Dream of Modernization" [1] - In 2024, the trade volume between China and Africa is projected to reach $295.6 billion, marking a 4.8% year-on-year increase and setting a new historical high [4] Group 1: Development Stages of China-Africa Economic Cooperation - The cooperation has gone through four stages: initial aid-focused cooperation, expansion into trade and investment, rapid growth post-2000, and quality enhancement in the new era [2][3] - From 1980 to 1999, bilateral trade grew from $1 billion to $6.5 billion, reflecting a steady development [2] - By 2012, trade surged to $198.56 billion, with China becoming Africa's largest trading partner [3] Group 2: Recent Progress in China-Africa Economic Cooperation - The bilateral trade structure is optimizing, with significant growth in exports of new energy vehicles, lithium batteries, and photovoltaic products from China [4] - As of the end of 2023, China's investment stock in Africa reached $42.12 billion, with nearly 3,300 Chinese companies operating in 51 African countries [4] - The establishment of economic and trade parks by Chinese enterprises in Africa has created numerous job opportunities and tax revenues [4] Group 3: Innovative Cooperation Models - Chinese companies are exploring new cooperation models in infrastructure, such as public-private partnerships and integrated project management [5] - In agriculture, companies are adopting order-based planting and "company + farmer" models to enhance the value and competitiveness of African agricultural products [5] Group 4: Strategic Enhancements and Future Prospects - The relationship between China and Africa is at its best historical period, with plans to elevate bilateral relations to a strategic level [6] - The complementary advantages in economic cooperation remain significant, with China's diverse industrial products meeting African needs [6] - Emerging fields like green development, digital economy, and artificial intelligence present vast cooperation opportunities [6] Group 5: Institutional Support for Economic Cooperation - China has signed investment promotion and protection agreements with 34 African countries, providing a stable institutional framework for trade and investment [7] Group 6: Establishment of China-Africa Economic Cooperation Pilot Zone - The China-Africa Economic Cooperation Pilot Zone aims to promote strategic alignment and innovative practices in trade and investment [8][10] - The pilot zone has made progress in establishing cooperation mechanisms and facilitating trade, including a pre-assessment system for African food products [10] Group 7: Zero Tariff Policy Impact - China's zero-tariff policy for least developed countries has significantly boosted imports from Africa, with a 15.2% increase in imports from these nations [15][16] - The policy has facilitated the entry of various African agricultural products into the Chinese market, enhancing their competitiveness [15][17] Group 8: Broader Implications of China-Africa Cooperation - The cooperation has become a model for global South-South cooperation, emphasizing mutual benefits and shared development opportunities [18][19]