Investment Rating - The overall industry investment rating is "Positive" for planting and livestock sectors, "Neutral" for forestry and fishery sectors, and "Positive" for agricultural product processing [6][21]. Core Insights - The agricultural index increased by 1.82% this week, outperforming the Shanghai Composite Index, which decreased by 0.44% [27]. - The planting sector led the gains, with a 9.44% increase, while all secondary industries saw an uptick [27]. - The report emphasizes the importance of the planting industry chain due to rising grain prices [20]. Livestock Industry - **Pork**: The price rebound in the pork market has ended, with the average price at 12.3 CNY/kg, down 0.67 CNY from last week. The average price for piglets increased to 28.62 CNY/kg, up 0.59 CNY [5][20]. - The operating rate of large-scale slaughterhouses rose to 39.69%, an increase of 3.21 percentage points from last week [5][20]. - The total number of breeding sows was 39.61 million, a decrease of 2.9% year-on-year, indicating a slowdown in capacity reduction [21]. - **Chicken**: The industry is experiencing high capacity levels, with chicken prices expected to fluctuate in the medium term. The average price for broiler chickens is 3.83 CNY/kg, up 0.17 CNY from last week [20][22]. - The average price for yellow chickens is 12.95 CNY/kg, with expectations of price increases due to low supply levels [23][24]. Planting Industry - **Seed Industry**: The report highlights the ongoing optimization of industry policies and the advancement of genetically modified organisms, which are expected to boost seed prices and sales [25]. - **Grain Prices**: Recent trends show an increase in grain prices, with corn averaging 2390 CNY/ton and wheat at 2529 CNY/ton, indicating a strong expectation for international grain price increases [26][12]. Recommended Companies - The report recommends buying shares in Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development, all rated as "Buy" [3][51].

Market Strategy - The market shows resilience, with opportunities in consumer and real estate sectors [5][10] - The overall A-share market index has been fluctuating, indicating a correction in upward trends, while maintaining strong trading volumes [8][10] Economic Insights - The national public budget revenue for 2025 is projected at 21.6 trillion yuan, reflecting a 1.7% decrease from 2024 [19][20] - The manufacturing Purchasing Managers' Index (PMI) for January 2026 is reported at 49.3%, indicating a slight contraction in market demand [23][24] Industry Dynamics - Revenue for large-scale cultural enterprises in 2025 is expected to grow by 7.4%, reaching 1521.35 billion yuan [29][30] - The energy sector is focusing on a "four modernization" initiative to enhance renewable energy development [32][33] - Real estate development investment in Shenzhen is projected to decline by 31% in 2025 [35][36] - The Chinese smart glasses market is anticipated to see a significant increase in shipments, with a 211% year-on-year growth expected in 2025 [41][43] Company Tracking - Denghai Seed Industry (002041.SZ) forecasts a net profit growth of 62.29% to 79.99% for 2025, driven by reduced seed costs and increased sales of transgenic corn [46][47] - Longping High-Tech (000998.SZ) expects a net profit increase of 14.17% to 66.86% in 2025, supported by stable domestic operations and improved capital structure [48][49] - Century Huatong (002602.SZ) anticipates a staggering net profit growth of 357% to 475% for 2025, attributed to continuous revenue growth in its gaming business [50][52] - Tongkun Co., Ltd. (601233.SH) projects a net profit increase of 60.55% to 81.96% for 2025, benefiting from policy support and optimized production capacity [53][54] - Enjie Co., Ltd. (002812.SZ) expects to turn a profit in 2025, with net profits projected between 109 million to 164 million yuan, recovering from a previous loss of 556 million yuan [56][57]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The seed industry is currently in a destocking phase, with significant losses reported. The total net profit of listed seed companies from 2021 to Q3 2025 was only positive in 2023, with a collective net profit nearing -1 billion yuan in Q3 2025. The inventory level is also high, exceeding 12 billion yuan, the highest since 2015. The corn seed production area has been declining, with a 10% year-on-year decrease expected in 2025, resulting in a production volume of 1.527 billion kilograms, also down by 10% year-on-year [7][13]. - Policy changes are encouraging breeding innovation, leading to a decrease in the number of approved corn varieties. The revised Plant Variety Protection Regulations published in April 2025 aim to strengthen variety rights protection and stimulate breeding innovation. In 2025, a total of 1,564 crop varieties were approved, with a notable reduction in corn varieties compared to 2024 [24][25]. - The number of high-quality, disease-resistant rice varieties is increasing, with the "three good varieties" (high yield, quality, and green) rising from 22 in 2022 to 53 in 2025. New rice varieties have shown significant yield improvements, with some varieties increasing yield by over 5% [39][40]. - The focus on corn is shifting towards improving planting density and yield levels. The average yield of newly approved corn varieties has surpassed 800 kilograms per mu, a 1.7% increase year-on-year, with some varieties in the Northwest ecological zone exceeding 1,000 kilograms per mu [54][56]. Summary by Sections 1. Seed Industry in Destocking Phase - The seed industry is experiencing a downturn, with significant losses and high inventory levels. The corn seed production area and yield are both declining [7][13]. 2. Policy Encouragement for Breeding Innovation - New regulations are promoting breeding innovation, resulting in fewer approved corn varieties while increasing the number of approved rice varieties [24][25]. 3. Rice: Increase in High-Quality Varieties - The number of high-quality rice varieties is on the rise, with significant improvements in yield and disease resistance [39][40]. 4. Corn: Emphasis on Planting Density and Yield - There is a growing emphasis on increasing planting density and yield levels in corn production, with new varieties showing improved yields [54][56]. 5. Investment Recommendations - The report suggests focusing on leading companies with research and development advantages, such as Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [7][54].

Group 1 - The "Walsh trade" is impacting risk preferences, with a notable focus on the potential reversal of the "weak dollar" trade, which could significantly affect global asset allocation and market styles [11][12] - The North Exchange 50 index experienced a decline of 3.59%, while daily trading volume saw a slight increase [11][17] - Key sectors that performed well this week include space photovoltaic, seed industry, non-ferrous metals, and optical communication, with notable stock performances from companies like Liancheng CNC and Gongbika [11][12] Group 2 - New stock issuances have accelerated, with five new stocks launched in January 2026, and over 120 companies releasing performance forecasts [13][27] - As of January 30, 2026, 123 companies on the North Exchange have issued performance forecasts, with a median net profit forecast exceeding 80 million yuan [13] - The report suggests that the North Exchange needs to expand its number of companies and improve the quality of new stock issuances in 2026 [13] Group 3 - The North Exchange's PE (TTM) average is 83.89 times, with a median of 41.26 times, indicating a decline in valuation metrics [23][24] - The trading volume for the North Exchange reached 5.961 billion shares, with a trading value of 143.655 billion yuan, reflecting an increase of 9.27% and 8.82% respectively [26][29] - The report highlights the performance of individual stocks, with 43 stocks rising and 249 falling, resulting in a rise-to-fall ratio of 0.17 [36]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the pig price is expected to face downward pressure after the Spring Festival due to limited inventory reduction and increased supply pressure [10][11] - The agricultural sector outperformed the market by 2.26 percentage points during the week of January 26 to January 30, 2026, with the agricultural index rising by 1.82% [5][16] - The report indicates that the demand for pork remains weak despite seasonal support, with the average price of live pigs at 12.24 yuan/kg, down 0.68 yuan/kg week-on-week [10][11] Summary by Sections Weekly Observation - The report notes a shift from withholding to active selling in pig breeding, but inventory reduction remains limited, leading to increased risk of price decline after the holiday [10][11] - The average weight of pigs sold has slightly decreased to 127.86 kg, indicating potential supply pressure on prices [10][11] Market Performance - The agricultural sector outperformed the broader market, with the Shanghai Composite Index down 0.44% while the agricultural index increased by 1.82% [5][16] - Notable stock performances include Nongfa Seed Industry (+30.24%), Shennong Technology (+26.06%), and Dunhuang Seed Industry (+16.13%) [5][21] Key News - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of the spring crop seed market, focusing on key crops such as corn, soybeans, and rice [4][24] - The Ministry of Finance has allocated 176.6 billion yuan for high-standard farmland construction in 2025, a 53% increase year-on-year [4][24] Price Tracking - As of January 30, 2026, the average price of live pigs was 12.30 yuan/kg, down 5.17% from the previous week, while the price of piglets rose to 25.04 yuan/kg, up 6.37% [26][30] - The average price of white feather chickens increased to 7.74 yuan/kg, up 3.20% week-on-week [32][30] - The average price of beef was reported at 66.03 yuan/kg, reflecting a 0.56% increase [39][30]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the pig price is expected to face downward pressure after the Spring Festival due to limited inventory reduction and increased supply [10][11] - The agricultural sector outperformed the market by 2.26 percentage points during the week of January 26 to January 30, 2026, with the agricultural index rising by 1.82% [5][16] - The report indicates that the demand for pork remains weak, with the average price of live pigs at 12.24 yuan/kg, down 0.68 yuan/kg week-on-week [10][11] Summary by Sections Weekly Observation - The report notes a shift from reluctance to sell to active sales in the pig breeding sector, but inventory reduction remains limited, leading to increased risk of price decline after the holiday [10][11] - The average weight of pigs sold has slightly decreased to 127.86 kg, indicating potential supply pressure on prices [10][11] Market Performance - The agricultural sector's performance was strong, with notable gains in seed stocks, including increases of 30.24% for Nongfa Seed Industry and 26.06% for Shennong Technology [5][16][21] Key News - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of the spring crop seed market to ensure quality and compliance [4][24] - The Ministry of Finance has allocated 176.6 billion yuan for high-standard farmland construction in 2025, a 53% increase year-on-year [4][24] Price Tracking - As of January 30, 2026, the average price of live pigs was 12.30 yuan/kg, down 5.17% from the previous week, while the price of piglets rose to 25.04 yuan/kg, up 6.37% [26][30] - The average price of white feathered chickens increased to 7.74 yuan/kg, reflecting a 3.20% rise week-on-week [32][40] - The average price of beef was reported at 66.03 yuan/kg, showing a slight increase of 0.56% [39][40]

一是全力推进自贸港建设蓬勃发展。用好自贸港封关运作开放优势，进一步扩大开放政策应用，做 好"外资、外贸、外国人"三篇文章。二是全力推动经济持续回升向好。坚持把扩大内需作为拉动经济增 长的主动力，扩大有效投资，加速释放消费潜力；主动对接、积极融入全省"大招商"架构，大力引进一 批标志性项目。三是全力打造具有三亚特色的现代化产业体系。推动四大主导产业补链延链、优化升 级，聚焦深海、种业，打造全国种业深海科技产业创新示范区，在因地制宜发展新质生产力上取得新突 破。四是全力提升人民群众获得感幸福感。高质量办好就业、教育、医疗、住房、社会保障等民生实 事，大力发展文化体育事业，让发展成果更多更公平惠及人民群众。五是全力守牢不发生系统性风险底 线。把风险防控和安全保障放在自由贸易港建设的前提位置，加强风险跟踪研判，提高应对风险挑战的 能力，牢牢守住安全底线，以高水平安全保障高水平开放。 三亚市委副书记、市长陈希： 打造自贸港建设标杆 推动三亚高质量发展 三亚市将认真贯彻落实省两会精神，严格对照政府工作报告明确的目标任务，全力以赴抓好各项工 作，大力建设世界知名宜居宜游宜业现代化滨海城市，在把海南自贸港打造成为引领我国新时 ...

在"十四五"即将圆满收官、"十五五"征程就要开启的重要历史节点上，省委十一届九次全会在昆明举 行。会议审议通过了《中共云南省委关于制定云南省国民经济和社会发展第十五个五年规划的建议》， 紧紧围绕"一个跨越""三个定位""开创发展新局面"这一总纲，系统谋划云南未来五年发展，是全省经济 社会高质量发展的指导性文件。全会的召开，明确了"十五五"时期云南经济社会发展重点任务，对扎实 推进中国式现代化云南实践具有重大而深远的意义。 必须在强化科技赋能引领上下功夫，推动云南产业向"新"升级。立足云南发展不平衡不充分问题突出实 际，面对困扰高质量跨越式发展诸多堵点卡点，如产业基础比较薄弱、新旧动能接续转换不畅、科技创 新支撑不足，等等，要想加快推进云南产业转型升级，就必须实施好科教兴滇、人才强滇、创新驱动发 展战略，坚持以科技赋能行动为牵引，因地制宜发展新质生产力，以高质量科技供给支撑云南高质量跨 越式发展；就必须加快推动科技创新与产业创新深度融合，将最新科技创新成果运用到具体产业和产业 链上，推动云南产业向"新"升级、向"新"而行。《建议》立足云南科研实际与特色优势，就强化科技赋 能引领、加快创新云南建设作了全面部署，一 ...

为此，她建议首先要提升全省种业产业化能级，破解优秀育种成果"走出实验室、迈向生产线"的转化难题。省级层面应在产业前端牵头建立健全生产标准体 系，指导东风区与崖州湾等国家实验室、院士专家团队及标准制定机构深化合作，系统制定寒地种子质量、种植企业规范、品质评价等全链条标准，以标准 化培育推动优良新品种、先进新技术落地转化，引领种业产业提质增效。 其次要聚力打造区域优质种业品牌。建议统筹整合全省优质种业资源，在产业后端强化基层品牌建设与市场推广支撑，系统推进品牌定位、市场拓展、选品 培育等重点工作，打造特色鲜明、口碑过硬的黑龙江种业名片；同时主动对接国内国际大型采购商与农业合作项目，推动我省种业技术优势向品牌优势、市 场话语权转化，切实打通优质种子推广的"最后一公里"，为佳木斯现代化大农业先行示范注入强劲动能，为全省种业振兴筑牢坚实根基。 记者：李雪君；摄影：姜轶东；视频：姜轶东 "种子是农业的'芯片'，是筑牢粮食安全根基的核心支撑，更是培育农业新质生产力的关键所在。"今年黑龙江省两会期间，省人大代表钟华聚焦种业振兴， 结合佳木斯市打造现代化大农业先行示范地的目标，围绕破解产业发展瓶颈、提升核心竞争力提出针对性建议 ...