Core Viewpoint - The company, Zhongnongfa Seed Industry Group Co., Ltd. (referred to as "Nongfa Seed Industry"), has made significant progress in its operations and innovation capabilities in 2024, achieving a revenue of 5.563 billion yuan despite ongoing market pressures [1][2] Group 1: Financial Performance - In 2024, Nongfa Seed Industry reported an operating income of 5.563 billion yuan [1] Group 2: Research and Development - The company increased its research and development investment, enhancing its technology innovation system, which focuses on modern biological breeding techniques such as transgenic and gene editing [1] - In 2024, Nongfa Seed Industry successfully registered 35 new crop varieties, including 10 wheat, 12 corn, 8 rice, 2 soybean, 2 rapeseed, and 1 peanut variety [1] - The company received 32 plant variety protection authorizations, 1 invention patent, and 3 utility model patents, and published 1 SCI paper [1] Group 3: International Expansion - Nongfa Seed Industry has made strides in overseas development, successfully registering the rapeseed variety HC-021C in Pakistan for commercial sales [2] - The company is actively involved in agricultural technology assistance projects in Guinea-Bissau and Sierra Leone, and is expanding its market presence in Africa, particularly in Madagascar and Kenya [2] Group 4: Strategic Development - The company aims to integrate its operations around modern seed industry development goals, optimizing resource allocation and enhancing market competitiveness [2] - Nongfa Seed Industry plans to establish a comprehensive service model for modern agriculture, providing package services to farmers and promoting rural agricultural industrialization [2] - The company seeks to develop into a modern agricultural comprehensive service enterprise, encompassing agricultural inputs, machinery, technology services, grain trade, and deep processing of agricultural products [2]

农发种业（600313）公告，2024年营业收入55.63亿元，同比减少17.72%。归属于上市公司股东的净利 润4688.72万元，同比减少63.08%。公司2024年度拟不进行利润分配。 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [47] Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 2.64% from April 4 to April 17, 2025, exceeding the index by approximately 4.96 percentage points [12][13] - Most sub-sectors recorded positive returns during the same period, with only animal health showing a negative return of 5.69%. The other sectors, including planting, feed, breeding, agricultural product processing, and fishery, saw increases of 5.5%, 3.53%, 2.79%, 2.66%, and 1.74%, respectively [13][14] - Approximately 72% of stocks in the industry achieved positive returns, indicating a favorable market environment [14] - The overall price-to-book (PB) ratio for the industry is approximately 2.6 times, reflecting a recovery in valuation, yet it remains at a historical low level, around 57.6% of the valuation center since 2006 [20] Industry Important Data - **Pig Farming**: - The average price of external three-way cross pigs increased from 14.79 CNY/kg to 14.94 CNY/kg between April 4 and April 17, 2025 [21] - The breeding sow inventory reached 40.66 million heads by the end of February 2025, slightly up by 0.1% month-on-month and 0.6% year-on-year, nearing the upper limit of the capacity control green zone [24] - The current prices for corn and soybean meal are 2268.82 CNY/ton and 3502 CNY/ton, respectively, with both showing slight increases [26] - Profitability for self-bred pigs is 79.46 CNY/head, while for purchased piglets, it is 21.88 CNY/head, both showing improvements [29] - **Poultry Farming**: - The average price of broiler chicks is 2.97 CNY/chick, showing an increase, while the price for layer chicks remains stable at 4.25 CNY/chick [30] - The average price for white feather broilers is 7.5 CNY/kg, with a slight decrease in profitability to -0.09 CNY/chick [32] - **Aquaculture**: - The average wholesale price for crucian carp is 20.67 CNY/kg, showing a slight increase, while the price for carp is 14.22 CNY/kg, which has slightly decreased [36] Industry Insights - The report highlights that the impact of trade friction on agriculture is manageable, with the Chinese government promoting agricultural modernization and competitiveness through the "Accelerating the Construction of an Agricultural Power" plan [47] - The report suggests focusing on leading companies in breeding, feed, animal health, and seed industries that are expected to benefit from the implementation of this plan [47] - Specific companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others noted for their competitive advantages in cost control and scale [49]

Group 1 - The A-share transgenic sector has experienced a short-term decline, with Batian Co., Ltd. falling over 9% [1] - Other companies such as Qiule Seed Industry, Yingtai Biological, ChuanYin High-Tech, and Dabeinong also saw declines [1]

Core Viewpoint - The article highlights a serious breach of agricultural security in China, where a researcher illegally exported valuable rice germplasm, posing a significant threat to national food security and agricultural safety [1][6]. Group 1: Incident Overview - A researcher from a Chinese agricultural research institute, referred to as Fu, was sent abroad as a visiting scholar and, despite knowing the regulations, illegally transported 61 samples of rice germplasm out of the country [2][4]. - Fu's actions were motivated by a desire to achieve research results using advanced foreign equipment, leading to a collaboration with his foreign mentor, who encouraged him to bring Chinese wild rice germplasm [2][4]. Group 2: Legal Consequences - The court sentenced Fu to two years in prison and one year of political rights deprivation for illegally providing sensitive agricultural information to foreign entities [6]. - The germplasm Fu exported included a rare wild rice resource unique to China, which is strictly protected under national regulations [6]. Group 3: Implications for Agricultural Security - The illegal export of these germplasm samples could have detrimental effects on China's agricultural development and intellectual property protection, particularly if used in foreign genetic breeding research [6]. - The incident underscores the critical importance of safeguarding agricultural resources, which are vital for national security [6].

金融界消息 截至2025年4月14日收盘，荃银高科（300087）报收于10.84元，上涨1.98%，换手率 10.25%，成交量91.87万手，成交金额9.90亿元。 天眼查商业履历信息显示，安徽荃银高科种业股份有限公司，成立于2002年，位于合肥市，是一家以从 事农业为主的企业。企业注册资本94733.1751万人民币，实缴资本12256.992万人民币。公司法定代表人 为应敏杰。 通过天眼查大数据分析，安徽荃银高科种业股份有限公司共对外投资了31家企业，参与招投标项目284 次，知识产权方面有商标信息233条，专利信息63条，此外企业还拥有行政许可19214个。 来源：金融界 资金流向方面，今日主力资金净流入3264.35万元，占比成交额3.3%。其中，超大单净流入3261.44万 元、占成交额3.3%，大单净流入2.90万元、占成交额0.0%，中单净流出流出4900.89万元、占成交额 4.95%，小单净流入1636.54万元、占成交额1.65%。 荃银高科最新一期业绩显示，截至2024三季报，公司营业总收入20.55亿元、同比增长32.26%，归属净 利润8433.34万元，同比减少892.84%， ...

Core Viewpoint - The A-share market is expected to stabilize at the support levels of 3100 points for the Shanghai Composite Index and 9200 points for the Shenzhen Component Index, leading to a structural market trend favoring domestic demand, domestic substitution, and high-dividend sectors [2][5][6]. Market Overview - The A-share market experienced significant adjustments due to escalating trade tensions with the United States, but showed signs of stabilization in the latter half of the week [3]. - Early in the week, the Shanghai Composite Index fell by 7.34% and the Shenzhen Component Index dropped by 9.66%, with over 5200 stocks declining and nearly 3000 hitting the daily limit down [4]. - Sectors heavily reliant on exports to the U.S., such as the Apple supply chain, automotive parts, and communication equipment, faced the largest declines, while technology stocks showed some recovery later in the week [4]. - The agricultural sector became a market highlight following the release of a policy aimed at advancing agricultural technology and promoting independent innovation in seed industries, leading to active stock performance in related companies [4]. - The high-speed rail sector saw significant gains, and the duty-free segment of consumption benefited from new tax refund measures aimed at attracting foreign tourists [4]. Market Outlook - In the context of overseas market declines and ongoing trade tensions, the health and stability of the A-share market are deemed crucial [5]. - Institutions such as Central Huijin, China Chengtong, and China Guoxin announced plans to increase their holdings in A-shares starting April 7, indicating confidence in the market [5]. - The National Financial Regulatory Administration's announcement to adjust the regulatory ratio of insurance funds to equity assets aims to enhance support for the capital market and the real economy [5]. - A number of A-share companies have also announced stock repurchases, reflecting their confidence in future growth prospects [5]. - The resilience and potential of the Chinese economy are highlighted, with a focus on companies that are becoming globally competitive as key stabilizing forces in the market [5].

四月，乌兰察布大地回暖。位于察右中旗的内蒙古民丰种业有限公司全资子公司阴山优麦生产厂 区，正24小时满负荷生产。该公司副总经理陆晓勇说："有了政府部门和银行的主动上门服务，我们的 产品不仅畅销国内市场，在国外市场的出口规模也在不断扩大，今年计划出口1万吨鲜薯。" 4月10日，记者从乌兰察布市发展和改革委员会了解到，该市深入贯彻中央、自治区关于民营经济 发展的决策部署，以实施"重大项目谋划行动和助企行动"为契机，创新打造以"健全机制、要素赋能、 优化服务、党建引领"为核心，以"政策供给、资源链接、市场拓展、系统培育"为支撑能力的"四维核心 +四力协同"立体化民营经济服务矩阵，形成"服务闭环+促进发展"的双效驱动格局。 要素赋能，激活资源链接力。首先做好资金保障，该市召开"融资助企"银企对接会，建立支持小微 企业融资协调工作机制，开展"千企万户大走访"活动。截至目前，全市累计走访经营主体12.4万户，纳 入"推荐清单"14388户，其中获得授信企业8451户，获得贷款企业7708户。同时，梳理融资需求，"一对 一"了解23家重点民营企业融资金额、意向银行等情况。其次，畅通政企沟通。开展常态化走访调研， 建立"问题 ...

Core Viewpoint - Hainan Province aims to establish a multi-level technological innovation system, focusing on key areas such as South Seed Breeding, deep sea, aerospace, digital economy, and green low-carbon initiatives to create national-level innovation platforms [1] Group 1: Technological Innovation Initiatives - The government plans to promote high-level scientific research platforms like the Yazhou Bay National Laboratory and deep-sea technology innovation centers to tackle critical core technologies [1] - There is an emphasis on optimizing the spatial layout of provincial key laboratories in sectors such as seed industry, deep sea, aerospace, and life health [1] Group 2: Support for Research and Development - The establishment of industrial innovation research institutes and innovation consortia is prioritized, along with the formulation of support policies for new R&D institutions [1] - Companies will be encouraged to build technological innovation platforms, focusing on common and key technologies in various industries [1] Group 3: Research and Development Strategies - The government will employ various methods such as open competition, targeted solicitation, and joint projects to conduct technological breakthroughs [1] - A foundational research action plan will be implemented to support these initiatives [1]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]