Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The USDA supply and demand report indicates that new crop inventories for soybeans and corn are lower than expected, which is favorable for prices [4][6] - Global corn production for the 2024/25 season is estimated at 1.221 billion tons, with significant increases in production from the U.S., Brazil, and Argentina [1][12] - The soybean production forecast for the 2025/26 season is 410 million tons, with Brazil expected to reach a record 175 million tons [2][3][18] - The global wheat production forecast for 2025/26 is 667 million tons, reflecting a 1.0% year-on-year increase, with the EU showing significant growth [4][28] Summary by Sections Corn - The USDA report estimates a global corn production of 1.221 billion tons for 2024/25, with U.S. production increasing by 24.22 million tons due to expanded planting [1][12] - The projected global corn ending stocks for 2025/26 are 95.68 million tons, a 7.4% increase year-on-year, with a low stocks-to-use ratio of 10% [1][12] Soybeans - The global soybean production for 2024/25 is estimated at 421 million tons, with U.S. ending stocks significantly reduced to 295 million bushels [2][3][18] - The forecast for global soybean ending stocks for 2025/26 is 80.47 million tons, a 1.6% increase year-on-year, with a stocks-to-use ratio of 27.6% [3][19] Wheat - The global wheat production for 2025/26 is projected at 667 million tons, with the EU's production expected to increase by 11.4% to 136 million tons [4][28] - The global wheat ending stocks for 2025/26 are estimated at 14.2 million tons, reflecting a 2.5% year-on-year increase, with a stocks-to-use ratio of 21.6% [5][28] Investment Recommendations - In light of increasing global weather extremes and geopolitical tensions affecting grain prices, the report emphasizes the importance of seed source control for national food security [6][36] - Recommended companies include leading seed firms with transgenic advantages such as Longping High-Tech, Dabeinong, and Qianyuan High-Tech, along with suggestions to monitor Kangnong Seed Industry, Denghai Seed Industry, and Fengle Seed Industry [6][36]

Core Insights - The "Tianshu Plan" initiated by the Chinese Academy of Agricultural Sciences aims to decode the genetic codes of 223,000 germplasm resources of rice, wheat, corn, and soybeans, enhancing the understanding of crop genetic resources [1][2] - The plan seeks to establish a core germplasm population covering over 95% of the diversity of the four major staple crops, creating a standardized dataset of genetic and phenotypic resources [1] - The initiative is part of a broader strategy to promote the intelligent and digital transformation of crop breeding in China, ensuring high-quality development in the agricultural sector [1][2] Group 1 - The "Tianshu Plan" will utilize over 580,000 long-term strategic preserved agricultural resources in China, with genotype and phenotype identification accounting for over 60% and 25% respectively [1] - The plan is expected to foster collaboration between scientific enterprises to enhance the protection and utilization of germplasm resources, which is crucial for revitalizing the seed industry [1][2] - The integration of biotechnology and information technology is emphasized to create a unified intelligent breeding technology platform, aiming to cultivate high-yield, high-quality, cost-effective, and broadly adaptable new varieties [1][2] Group 2 - The plan is seen as a significant exploration to transform the advantages of germplasm resources into innovation and industrial advantages, with important practical implications [2] - The project will focus on decoding the complex genetic codes contained in the crop genomes preserved in the national germplasm resource bank [2] - The initiative aims to ensure self-sufficiency and controllability of seed sources, promoting technological independence in the seed industry [2]

Group 1 - The "Hundred Million Thousand Project" in Guangdong aims to promote rural revitalization through the integration of agriculture, technology, and innovation [1][3] - The agricultural industry is likened to a "chip" that determines production efficiency and quality, emphasizing the importance of seed innovation [2] - The introduction of advanced agricultural machinery and internet thinking is transforming agricultural production and product sales [1] Group 2 - The "Wanxiang Breeding Accelerator" system developed by a research team enhances genetic information utilization in breeding, addressing key challenges in China's biological breeding sector [2] - The integration of IoT technology in agriculture has significantly increased equipment usage rates from 30% to 85%, showcasing the impact of technology on agricultural efficiency [3] - The stories of entrepreneurs like Liu Xuefei and Huang Zixin illustrate the successful application of the "Hundred Million Thousand Project" in reshaping agricultural value chains and providing technical support to local farmers [3]

财报显示，南方基金旗下南方中证1000ETF为农发种业前十大股东，今年一季度减持。今年以来收益率3.38%，同类排名963(总3383)。 5月13日，农发种业连续4个交易日下跌，区间累计跌幅-3.92%。中农发种业集团股份有限公司成立于1999年,于2001年1月在上海证券交易所上市,A股代码 600313,目前已发行股份108,220万股。 | | | 今年以来各阶段业绩及同类排名 | | | | | --- | --- | --- | --- | --- | --- | | 阶段涨幅 | 李度涨幅 | 年度涨幅 | | | | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 0.82% | 5.02% | -0.91% | -4.80% | 3.38% | | 同类平均9 | 2.98% | 4.43% | -0.71% | -3.35% | 2.30% | | 沪深300 | 2.30% | 3.89% | -0.23% | -5.22% | -0.98% | | 股房标的� | 0.79% | 4.93% | -0.99% | -4.99% | 3.24% | ...

Core Insights - The research team led by Professor Li Yibo from Huazhong Agricultural University has identified the gene QT12 as a "secret weapon" for rice to combat high temperatures, with findings published in the journal Cell [1] - The gene QT12 forms a "dual lock" structure with the NF-Ys complex, acting as a molecular "firewall" to protect rice grains from heat stress, ensuring quality and yield [1] - The study provides a theoretical basis for achieving high-quality and high-yield rice production in high-temperature environments, guiding green breeding efforts [1] Temperature Impact on Agriculture - Extreme high-temperature events have become more frequent over the past 20 years, posing serious threats to global agricultural production, particularly affecting the yield and quality of staple crops like rice [1] - Agricultural models indicate that a 1°C increase in global average temperature directly results in a 3.2% reduction in rice yield [1] - The Yangtze River Basin is China's largest rice-producing area, where large-scale field trials were conducted in 2024 under extreme heat conditions [1] Performance of Gene QT12 - In high-temperature environments, the QT12 gene demonstrated strong heat resistance, with CRISPR-edited QT12 rice strains showing yield increases of 92.5%, 64.1%, and 54.7% in Wuhan, Hangzhou, and Changsha, respectively, compared to wild types [1] - The introduction of gene QT12 into the hybrid rice variety "Huazhan" significantly improved its seed setting rate, single-plant yield, and rice quality, resulting in yield increases of 49.1%, 77.9%, and 31.2% in the same locations [2] - The research team has reached transformation and development agreements with several leading domestic companies, indicating the practical application of these findings in breeding practices [2]

Group 1: Investor Relations Activities - The company held an investor relations event on May 13, 2025, via an online platform [1] - Key participants included the Chairman and General Manager, the Vice General Manager and CFO, and the Board Secretary [1] Group 2: Key Questions and Responses - The impact of Hainan's closure on the company is currently unquantifiable due to the lack of specific implementation details [1] - The first phase of the Shennong Aquaculture Seed Technology Industrial Park is expected to begin production in 2025, with sales figures to be disclosed in future reports [1] - The company does not currently provide genetically modified seeds, focusing instead on conventional varieties [3] Group 3: Strategic Measures and Future Plans - The company plans to enhance the promotion of its "Celebration Oil" series of rapeseed, particularly in Hunan Province, to improve profitability [4] - A marketing strategy focused on "branding and efficiency" will be implemented to build a nationwide sales network for high-end agricultural products [4] - The company aims to optimize resource efficiency through asset integration and strategic partnerships to enhance production capabilities [4] Group 4: Corporate Governance - A proposal for a simplified procedure to issue stocks to specific investors was approved by the board on April 24, 2025, pending shareholder approval [2]

Core Insights - The 2025 National (Yangling) Wheat Variety Observation Event was held from May 9 to 11 in Shaanxi and Henan provinces, showcasing new wheat varieties and their performance in the field [1][2] - The event highlighted the successful breeding of the high-yield, disease-resistant wheat variety "Xiyuan 151," developed through collaboration between Northwest A&F University and Nanyang Agricultural Science Institute [2] Group 1: Event Overview - The observation event included representatives from universities, research institutions, seed companies, and agricultural departments, who examined various wheat varieties such as Xiyuan 162, Xiyuan 962, and Weilong 169 in Shaanxi, and Xiyuan 151, Xiyuan 511, and Xiyuan 161 in Henan [1] - The event served as a platform for understanding cultivation management and promoting new varieties [1] Group 2: Wheat Variety Development - Xiyuan 151 was recognized for its excellent performance in trials, particularly in Nanyang, a key grain production area in China, which provides favorable conditions for agricultural research and application [1][2] - The variety is noted for its good cold and drought resistance, making it suitable for early and mid-season planting in high water and fertilizer areas of Shaanxi, Henan, and Anhui [2] Group 3: Industry Collaboration and Development - The Yangling Demonstration Zone aims to create a "Silicon Valley for Dryland Seed Industry," promoting integration between industry and academia, and fostering a comprehensive development model of "production, learning, research, breeding, and promotion" [2] - The region currently hosts over 68 provincial and ministerial-level seed research platforms, more than 1,000 breeding scientists, and over 100 seed companies, establishing a complete industrial chain for seed development [2]

活力潮涌，景致时新——浙江着力缩小城乡差距、地区差距、收入差距"三大差距"，加快城乡融合发 展，城乡居民收入倍差从2012年的2.37，缩小至2024年的1.83。 平畴沃野，乡村秀美——河南扎实推进宜居宜业和美乡村建设，2024年乡村建设项目入库近1.5万个， 总投资近1000亿元。 深耕细作，生机勃勃——湖南坚决扛稳国家粮食安全重任，以占全国2.8%的耕地生产了占全国4.4%的 粮食，水稻面积和产量均居全国前列。 习近平总书记强调："推进中国式现代化，必须全面推进乡村振兴""加快农业农村现代化步伐，推动农 业基础更加稳固、农村地区更加繁荣、农民生活更加红火，朝着建设农业强国目标扎实迈进"。 藏粮于地、藏粮于技是保障国家粮食安全的关键举措。 "种子是农业的'芯片'。我们培育出的小麦新品种融入冰草优秀的抗旱、抗寒、高产基因，已在全省推 广种植。"河南新乡市中原农谷的试验基地里，中国农业科学院作物科学研究所研究员李立会拿起"普冰 03"小麦种子介绍。河南深入实施种业振兴行动，2024年，河南共有11个品种纳入农业农村部主导品种 目录，全省农作物良种覆盖率超过97%。 湖南省农业科学院农业装备研究所加快高端化、智 ...

Core Viewpoint - The introduction of certified seeds in China marks a significant advancement in the agricultural sector, enhancing seed quality and promoting higher yields for farmers [1][10]. Group 1: Certification Process - The seed certification process involves field inspections to ensure quality at various stages, including production, processing, and packaging [2][4]. - Inspectors use coded labels to maintain objectivity during evaluations, focusing on traits such as plant morphology and purity [3][4]. - Independent third-party organizations monitor the entire seed production process to ensure compliance with high standards [4]. Group 2: Benefits of Certified Seeds - Certified seeds show significant improvements in germination rates and purity, with certified corn seeds increasing germination rates by 4 percentage points and purity by 1.5 percentage points compared to standard seeds [5]. - The economic impact of certified seeds is notable, with potential yield increases of 1% for each percentage point improvement in germination and purity [6]. - Companies report increased revenue for farmers using certified seeds, with examples showing additional earnings of 220 yuan per acre and 80 yuan per acre for different crops [6]. Group 3: Market Implementation - The seed certification system was officially established in August 2023, with the first batch of certified seeds entering the market in March 2023 [8][10]. - Over 50 million kilograms of certified seeds have been made available, with expectations to boost production significantly [7]. - Farmers are encouraged to select suitable varieties and recognize the "China Seed Certification" mark to ensure quality [9].

Core Viewpoint - The "Jin Garlic No. 5" variety, developed by Shandong Jinchunyu Seed Industry Co., has shown significant agricultural advancements, including a yield increase of 19.39% and a reduction in growth cycle by 5-10 days, enhancing the economic efficiency of garlic production [2][6]. Group 1: Agricultural Innovation - "Jin Garlic No. 5" is a new early-maturing variety of purple garlic, with a maximum bulb diameter of 8 cm and plant height reaching 99 cm, showcasing a revolutionary innovation in the garlic industry [2][6]. - The variety has a growth period of only 223 days in specific regions, allowing for mechanical harvesting and cost savings exceeding 1,000 yuan per acre [2][3]. Group 2: Performance and Adoption - The measured yield of "Jin Garlic No. 5" reached 2,199.3 kg per acre, marking a 19.39% increase compared to conventional varieties [2][6]. - By 2025, the planting area for "Jin Garlic No. 5" has expanded to 20,000 acres, with an order volume of 1,500 tons already secured [4][6]. Group 3: Research and Development Journey - The development of "Jin Garlic No. 5" took 12 years, involving collaboration with various agricultural research institutions to overcome challenges such as seed degeneration and market fluctuations [4][5]. - The company established a comprehensive garlic seed database, preserving 484 garlic varieties from various regions, which played a crucial role in the breeding process [6].