Core Viewpoint - The company, Longping High-Tech, has been awarded the China Quality Award for its innovative "Double Full Zero" quality management model, marking a significant achievement in the agricultural sector and seed industry in China [1] Group 1: Quality Management and Recognition - Longping High-Tech is the first company in the national agricultural and seed industry to receive the China Quality Award, which is the highest honor in the field of quality management in China [1] - The "Double Full Zero" quality management model focuses on comprehensive quality management throughout the entire lifecycle and business processes of crop seeds [1][3] Group 2: Breeding Innovation - The company emphasizes breeding goals such as resistance to adversity, high yield, quality, and safety, integrating modern biotechnology and information technology into its breeding processes [2] - Longping High-Tech has made significant breakthroughs in various fields, including low-cadmium rice, biological breeding corn, drought-resistant millet, and resistant sunflower [2] Group 3: Production and Processing - The company is advancing the construction of a modern processing park with an annual seed production capacity of 335 million kilograms and a high-standard seed production base covering 900,000 acres [2] - A digital management system has been implemented to ensure quality control throughout the production process, with seed purity and germination rates exceeding national standards [2] Group 4: Promotion and Services - Longping High-Tech has developed platforms such as "Longshangtong" and "Cloud Smart Agriculture" to enhance farmer income and productivity, achieving an annual increase of 8 billion yuan for farmers [2] - The company has created an integrated promotion service system combining online and offline sales, with over 100 million views on training courses from the "Cloud Smart Agriculture" platform [2] Group 5: Market Impact and Scale - The company has achieved a global seed sales volume of 293 million kilograms and a promotion area of 20 million acres, producing over 100 billion kilograms of grain annually [3] - Longping High-Tech's seeds contribute significantly to the national food supply, with statistics indicating that one in five bowls of rice and one in two bowls of millet porridge in China come from its seeds [3] - The company has established itself as a comprehensive multinational seed group, ranking among the top eight seed companies globally [3]

9月16日，在由国家市场监督管理总局和江苏省人民政府共同主办的中国质量（南京）大会上，第五届 中国质量奖获奖名单正式公布。隆平高科（000998）凭借其行业首创的中国特色现代种业"双全双零"质 量管理模式，荣获中国质量奖，成为我国农业及种业领域内首家获得该奖项的企业。 资料显示，中国质量奖于2012年经中央批准设立，是我国质量管理领域的最高荣誉，由国家市场监督管 理总局负责评选，旨在推广先进质量管理模式与方法，推进质量强国建设。 生产加工方面，隆平高科着眼机械化、智慧化和标准化，积极推进90万亩高标准制种基地和年产能3.35 亿公斤的现代化加工园区建设，通过数字化系统实现农田监测、智能生产与全流程质量追溯，种子纯 度、芽率等关键指标均超过国家标准。 推广服务方面，公司以帮助农户增产、增收为导向，开发打造"隆商通""云上智农"等App平台，构建"线 上直播、专家互动+线下销售终端"一体化推广服务体系，其中，"云上智农"平台培训课程累计播放超1 亿人次。此外，公司推广"五好模式"，全年助农增收达80亿元。 经多年实践，"双全双零"模式成效显著。据全国农技推广中心2024年10月发布的统计，全国十大杂交水 稻品种中 ...

三大股指集体高开，上证指数开盘报3865.98点，涨0.14%，深成指开盘报13017.58点，涨0.09%，创业 板指开盘报3072.3点，涨0.2%。贵金属、黄金、煤炭板块涨幅居前，养鸡、猪肉、种业、互联网保险板 块表现低迷。（AI生成） ...

Group 1 - Precious metals, gold, and coal sectors showed strong performance, while chicken farming, pork, seed industry, and internet insurance sectors underperformed [1][2] - The A-share market opened with all three major indices rising: Shanghai Composite Index up 0.14%, Shenzhen Component Index up 0.09%, and ChiNext Index up 0.2% [2][3] - Hong Kong's Hang Seng Index opened up 0.34%, with the Hang Seng Tech Index rising 0.45%, driven by gains in the new energy vehicle supply chain and gold sector [4][5] Group 2 - Specific stocks such as Shanghai Construction Group and Northern Copper saw significant gains, with Shanghai Construction Group achieving a three-day consecutive rise [1] - The gold sector continued its upward trend, with companies like Shandong Gold and Jiangxi Copper rising by 4% [4] - The chicken farming sector experienced a decline of 0.44%, while the pork sector also fell by 0.42% [3]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The report highlights that the agricultural sector is experiencing a recovery, with specific segments such as the pig and beef industries showing signs of improvement. Cost reduction and efficiency enhancement are key drivers for performance improvement in the pig sector, while the beef sector is witnessing a rebound from a cyclical low [6][7][47]. Summary by Sections 1. Pig Industry - The pig sector has shown significant improvement in performance, with 15 listed pig companies achieving a revenue of 196.98 billion yuan in the first half of 2025, a year-on-year increase of 19%. The net profit attributable to shareholders reached 16.33 billion yuan, up 625% year-on-year [9]. - The average pig price has been under pressure, dropping to a low of 13.96 yuan/kg in June 2025. However, leading companies like Muyuan and Wens continue to maintain high profitability per head due to their efficiency advantages [15][42]. - Recommendations include focusing on low-cost, high-certainty leaders such as Muyuan and Wens, as well as high-growth small pig companies like Shennong Group and Juxing Agriculture [7][43]. 2. Beef Industry - The beef sector is experiencing a cyclical recovery, with live cattle prices increasing significantly since mid-February 2025. As of September 8, 2025, the prices for fattened bulls, calves, and cull cows have risen by 2.39, 8.33, and 3.18 yuan/kg respectively [47]. - The report notes that the overall beef market is supported by a trend towards protein upgrading, which is expected to continue despite economic fluctuations [57]. 3. Animal Health Sector - The animal health sector is stabilizing, with a focus on the development of pet business. The rapid release of pet vaccines is anticipated to enhance valuations across companies [7]. 4. Seed Industry - The seed market is shifting from quantity to quality competition, with a focus on superior varieties as the core competitiveness of seed companies. The report emphasizes the importance of resource integration and mergers in the seed industry [7]. Companies with strong variety reserves, such as Dabeinong and Longping High-Tech, are expected to benefit [7].

Financial Performance - In the first half of 2025, the company's seed segment sales revenue decreased compared to the same period last year due to oversupply in the domestic corn seed market and increased competition [2] - The pesticide segment also saw a decline, primarily due to a strategic shift to reduce low-margin product sales and improve safety and environmental production standards [2] - Fertilizer business revenue dropped due to climate change affecting planting seasons, leading to delayed fertilizer demand [2] Strategic Development - Mergers and acquisitions (M&A) are a key development strategy, focusing on high-quality targets in the corn and rice seed industries [3] - The company is analyzing potential acquisition targets and plans to conduct M&A activities in the near future [3][7] - The company has committed to increasing investment in research and development, maintaining an annual investment intensity of over 8% [8] Capital Increase and Stock Performance - The pricing benchmark for the upcoming capital increase is set at 5.91 CNY per share, based on the average stock price over the 20 trading days prior to the board meeting on November 14, 2024 [4] - The company acknowledges that its stock price is influenced by macroeconomic conditions, industry trends, and market sentiment, and aims to enhance company value through internal growth and external M&A [10][20] Research and Innovation - The company is focusing on integrating conventional, biological, and information technologies to enhance the competitiveness of its seed varieties [8][9] - It is actively pursuing partnerships with core biotechnology firms and research institutions to accelerate the development of genetically modified corn varieties [9] Market Position and Challenges - The company holds a market share of only 15% in the national seed industry, significantly lower than the 60% share held by the top ten global seed companies [7] - The fragmented nature of the seed industry presents challenges for consolidation and growth, with a need for policies to protect intellectual property and support leading enterprises [7]

Core Viewpoint - The development prospects for the private economy in the Hainan Free Trade Port are broad and promising, with significant opportunities for private enterprises and entrepreneurs to thrive as the port construction progresses [1]. Group 1: Private Enterprises in Hainan - As of June 30, 2023, there are 360.44 million private business entities in Hainan, accounting for 97.54% of the province's total business entities, with 937,200 private enterprises contributing nearly 60% of the GDP and about 90% of employment [2]. - Private enterprises are seen as a crucial driving force in the construction of the Hainan Free Trade Port, enhancing overall strength, innovation capability, and market competitiveness [2]. Group 2: Legislative Support for Private Economy - The "Several Provisions on Promoting the Development of the Private Economy in Hainan Free Trade Port" was implemented on July 30, 2023, aimed at optimizing the development environment for private enterprises and ensuring fair market competition [3]. - This legislation is the first local regulation following the national "Private Economy Promotion Law" and consists of 29 articles focusing on fair competition, policy empowerment, and financial support [3]. Group 3: Policy Empowerment for Private Economy - The provisions encourage private economic organizations to participate in key industries such as tourism, modern services, high-tech industries, and tropical agriculture, and to engage in significant project construction [4]. - The regulations also support technological innovation, urging private enterprises to increase R&D investment in strategic emerging industries and establish mechanisms for collaboration with research institutions [4]. Group 4: Internationalization and Trade Support - The provisions require relevant departments to enhance service and regulatory collaboration, providing one-stop services for cross-border trade and investment, and supporting private enterprises in international expansion [5]. - Hainan's policies, including "zero tariffs" and "low tax rates," are expected to reduce corporate tax burdens and investment costs, thereby attracting more investors [6].

新京报讯 据"副中心之声"微信公众号消息，9月14日，第三十二届中国北京种业大会在北京城市副中心 落下帷幕。除了众多项目成功签约落地，大会还了展示633项农业黑科技，让市民在大饱眼福的同时， 近距离领略科技魅力。 步入科技成果发布展馆内，仿佛步入了机器人和AI的世界。核心展区内，集中展示了我国种业与人工 智能前沿科技深度融合的7个大模型成果，这些技术都称得上是"最强大脑"，其中最抢眼的就是我国自 主研发的世界首台育种机器人。"它叫吉儿（GEAIR），融合了人工智能和生物技术，能够精准识别花 朵并完成杂交授粉，从而减少对人工的依赖。"展区内，中国科学院遗传与发育生物学研究所研究员许 操向中外嘉宾介绍。 有了"大脑"的宏观指挥，科技育种还需要"眼睛"精准解读生命密码，拥有自主知识产权的基因芯片大显 身手。核心展区内，集中展示了9家单位的玉米、小麦、种猪、绵羊、牛、鸡等11个类型29款种业芯 片，其中北京市农林科学院的玉米60K芯片全球应用最广。 大模型和基因芯片最终都是为了高效精准培育出优良的品种。本届大会集中展示了人工智能+生物技术 +大数据为基本特征的精准设计育种成果，这些成果加速推动了由传统育种2.0时代到 ...

其中，种业政策落实及任务完成方面，重点关注种业基地建设、种质资源保护利用、救灾备荒种子储 备、种业市场监管、科技研发等情况，涉及种业设施规划布局、种质资源库建设利用、储备种子管理处 置、种业监管检测及科技研发等事项，审查布局不合理、管理不到位、利用率不高、质量不达标等方面 的问题。资金管理使用方面，围绕制种大县奖励资金、救灾备荒储备经费等，重点关注相关资金支出及 绩效情况，审查支出是否真实合规，财政资金补贴标准、环节、对象等是否科学合理，是否存在超范围 发放、骗取套取财政资金等问题。项目建设管护方面，围绕种业基地建设、现代种业提升工程等重点项 目，关注项目建设管理、发挥效益等情况，重点审查以旧抵新、虚假立项、重复申报等违规申报审批， 偷工减料、以次充好等问题。 为提升审计质量和效益，此次审计调查将利用地理信息系统等先进技术，强化大数据分析，在涉及项目 数量多、地域分布广、位置偏远、项目真实性难以核实的情况下，快速精准定位疑点，深入揭示存在问 题。目前，该项审计调查已全面展开，预计10月底前完成现场审计任务。（记者 刘童 通讯员 王泽钰 耿 天竹） 近日，省审计厅启动种业相关资金和项目建设管护情况专项审计调查， ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Viewpoints - The report emphasizes the importance of the pig sector, highlighting the expected decline in production capacity due to policy guidance amid strong supply and weak demand conditions [1][2][13] - The dairy and beef sectors are noted for potential recovery, with the beef super cycle possibly starting, and the report suggests focusing on companies with mother cow resources or those adopting a "milk-meat linkage" model [3][15] - The pet sector is experiencing rapid growth of domestic brands and a positive trend in pet food exports, indicating a robust pet economy [3][16] - The poultry sector is advised to focus on the white chicken breeding gap and the marginal improvement in demand for yellow chickens, with recommendations for specific companies [4][17][19] - The planting sector is encouraged to wait for a turnaround in conventional seed industries while emphasizing opportunities in biological breeding [5][21] - The feed sector highlights Hai Da Group as a key recommendation due to its market share increase and consistent performance [6][23] Summary by Sections Pig Sector - Current pig prices are under pressure, with an average price of 13.50 CNY/kg, down 2.67% from the previous week, and the industry is facing a narrowing profit margin [1][13] - The report suggests focusing on undervalued companies with strong profitability, with specific recommendations for leading firms like Muyuan Foods and Wens Foodstuffs [2][14] Beef Sector - The report indicates that the dairy cow capacity reduction is nearing its end, with potential price recovery for raw milk and beef [3][15] - Recommended companies include Youran Dairy and China Shengmu Organic Milk [3][15] Pet Sector - The domestic pet economy is thriving, with significant growth in sales and exports of pet food [3][16] - Key recommendations include Guibao Pet Food and Zhongchong Co., Ltd. [3][16] Poultry Sector - The report highlights the need to focus on the breeding gap for white chickens and the improving demand for yellow chickens [4][17][19] - Recommended companies include Shengnong Development and Lihua Stock [4][17][19] Planting Sector - The report emphasizes the importance of improving yield through advanced breeding techniques and the integration of agricultural practices [5][21] - Key recommendations include Longping High-tech and Dabeinong Technology Group [5][21][22] Feed Sector - Hai Da Group is highlighted as a key player in the feed sector, with expectations of market recovery and increased market share [6][23]