Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]

Group 1 - The report highlights the issuance of the "Accelerating the Construction of an Agricultural Powerhouse Plan (2024-2035)" by the Central Committee of the Communist Party of China and the State Council, which is expected to benefit agricultural machinery and seed industry stocks listed on the Beijing Stock Exchange [2][12][14] - The plan emphasizes innovation in agricultural technology and equipment, focusing on key core technologies and urgent industry needs, particularly in the seed industry [12][14] - As of April 11, 2025, there are 14 listed companies in the agricultural machinery, seed, vaccine, and agricultural product processing sectors on the Beijing Stock Exchange, with a total market capitalization of 34.818 billion yuan [2][16][17] Group 2 - The consumer services sector experienced a significant increase, with an average weekly gain of 11.78% from April 7 to April 11, 2025 [3][25][31] - The report notes that the average price-to-earnings (P/E) ratio for the consumer services sector rose to 54.4X, indicating strong investor interest [3][31] - Top performers in the consumer services sector included Qiu Le Seed Industry, which saw a remarkable increase of 96.77% in stock price [3][31][36] Group 3 - The technology sector on the Beijing Stock Exchange saw a decline, with the total market capitalization dropping from 413.559 billion yuan to 410.949 billion yuan between April 7 and April 11, 2025 [4][39][46] - The average P/E ratio for the technology sector decreased from 49.8X to 49.2X during the same period [4][38][41] - Among the 148 companies in the technology sector, 54 experienced stock price increases, but the median price change was -2.33% [4][37][40] Group 4 - The report includes announcements regarding companies such as Parallel Technology, which plans to purchase AI computing servers for a total estimated amount of 222.95 million yuan [5][61] - Hai Neng Technology received a patent for a reliable Kjeldahl nitrogen steam generation system, indicating ongoing innovation in the sector [5][61][62] - Long Rainbow Energy's major shareholder plans to increase their stake by up to 100 million yuan, reflecting confidence in the company's future [5][61]

Market Overview - The three major indices in A-shares collectively declined this week, with the Shanghai Composite Index dropping by 3.11%, the Shenzhen Component Index falling by 5.13%, and the ChiNext Index decreasing by 6.73% [1][3]. Top Gainers and Losers - The top gainer this week was Qiu Le Seed Industry, which surged by 96.77%. Other notable gainers included Huaguang Source Sea (76.96%), Lianyungang (61.41%), and Guofang Group (61.07%) [3][4]. - On the downside, C Rui Lin led the decline with a drop of 41.14%, followed by Shihang New Energy (30.34%) and Zhejiang Huaye (29.68%) [3][4]. Fund Flow Analysis - The electronic sector experienced significant outflows, with a net sell-off of 223.18 billion yuan. In contrast, Kingsoft Office saw a net inflow of 5.04 billion yuan, making it the top stock in terms of fund inflow [5][6]. - Other stocks with notable net inflows included Fen Zhong Media (4.69 billion yuan) and C Tai Hong (3.78 billion yuan) [5][6]. Trading Activity - A total of 105 stocks had a turnover rate exceeding 100%, with 12 stocks surpassing 200%. Oufu Egg Industry led with a turnover rate of 311.09% [7][9]. - The sectors with high turnover rates included agriculture, machinery, and food and beverage [7]. Margin Trading - Ningde Times topped the list for margin trading with a net buy of 12.24 billion yuan, despite a price drop of 7.85%. Other significant net buys included GF Securities (5.43 billion yuan) and Yonghui Supermarket (5.14 billion yuan) [10][11]. Institutional Research - A total of 172 companies were researched by institutions this week, with Lixun Precision receiving the most attention from 500 institutions. Other companies like Anker Innovation and Jinpan Technology were also researched by over 200 institutions [12][14]. - Institutions focused on sectors such as industrial machinery, integrated circuits, and electronic components [12]. New Institutional Interests - Institutions showed initial interest in 84 stocks this week, with 17 stocks receiving target prices [15][16].

PPPPAAAARRRRTTTT 1111 核心资产将迎来新周期 从政策经济周期、相对盈利优势、长线资金定价和市场生态变化四个维度看，核心资产将迎来新周期， GARP策略预计将明显跑赢。 图片来源：摄图网 聚焦核心资产 裘翔 刘春彤 杨家骥 高玉森 连一席 杨帆 玛西高娃 崔嵘 遥远 关税进展仍有不确定性，但衰退预期交易正加速切换到衰退交易，中美周期同频时点可能提前。风格上， 从政策经济周期、相对盈利优势、长线资金定价和市场生态变化四个维度看，核心资产将迎来新周期， GARP策略预计将明显跑赢。配置上，短期建议聚焦自主可控、军工、内需、红利四大方向，长期建议关注 全球各国制造业重建需求与中国技术出海的趋势。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果或经济复苏不及预期；海内外 宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期。 点击查看全文 外部扰动期，关注内循环 秦培景 刘易 王冠然 侯苏洋 卿施典 任恒毅 白弘伟 田鹏 王涛 王子昂 美国"对等关税"加征幅度和广度超预期之后，中国对美反制力度明显升级，外循环扰动加大，市场风险偏好 下降，建议关注内循环为 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

文/梧桐小新 近日，深交所发布最新一期《会计监管动态》（2025年第1期，总第11期）。在"典型会计案例研究"板块，深交所通过两组六个案例，解答不同场景下知识产权授 权许可业务收入确认和长期股权投资未实现内部交易损益抵销的问题，包括： 案例一： 关于技术转让确认收入的相关问题； 案例二： 关于网络课程的收入确认相关问题； 案例三： 关于"一次性授权、分阶段收款"模式下时点法时段法判断的相关问题； 案例四： 未实现内部交易损益在长投为零时抵销的相关问题； 案例五： 子公司变为联营企业后未实现内部交易损益抵销的相关问题； 案例六： 联营企业变为子企业后未实现内部交易损益抵销的相关问题。 一、知识产权授权许可业务收入确认 A公司从事农作物种子生产、加工、销售以及相关技术开发、服务、转让等。20X4年， A公司与客户Z公司签订某款种子生产经营权（技术秘密）的技术转让合 同，授予Z公司该种子5年的生产经营权。 合同约定： （1）A公司将该项技术秘密的非独占使用权授予给Z公司，限于其在约定区域内用于某款农作物种子生产经营，不得向第三方转让； （2）该项技术秘密具体包括种子培育技术、生产流程、相关实验数据等，以技术文档为载 ...

Core Viewpoint - The article discusses the implications of the recent trade tensions initiated by the Trump administration, highlighting both the sectors that may benefit and those that may face challenges due to increased tariffs and trade barriers [3][4]. Beneficial Industries - **Semiconductors**: The increase in tariffs is aimed at promoting the return of manufacturing to the U.S., particularly in high-tech industries. This situation is expected to benefit domestic semiconductor companies as the competitiveness of imported mature process chips declines in the Chinese market [6][7][8]. - **Agriculture**: The imposition of tariffs on U.S. agricultural products, such as soybeans and corn, is anticipated to support domestic prices. The focus on self-sufficiency in seed technology is expected to accelerate domestic agricultural innovation [9][10]. - **Blood Products**: The increase in tariffs on U.S. blood products is likely to enhance the competitiveness of domestic alternatives, as the price advantage of imported products diminishes [11]. - **Duty-Free Industry**: The new "immediate refund" policy for duty-free shopping is expected to boost the duty-free sector, with significant sales growth reported in recent months [12][14]. Challenging Industries - **Consumer Electronics**: The trade war has led to increased production costs for companies like Apple, which may result in higher prices for consumers and potential declines in sales [15][16]. - **Medical Supplies**: The medical low-value consumables sector, particularly products like syringes and needles, is expected to face significant challenges due to increased tariffs, which will reduce price competitiveness in the U.S. market [17][18]. - **Shipping and Non-Ferrous Metals**: The potential decline in global trade volumes due to escalating trade tensions is likely to adversely affect the shipping industry, particularly container and dry bulk shipping [19][20]. Dual-Edged Sword Industries - **Banking**: The banking sector may experience indirect impacts from high tariffs, with potential increases in non-performing loans in manufacturing and reduced credit demand. However, high dividend yields may attract investors seeking stability [21]. - **Insurance**: The insurance industry faces mixed effects, with potential growth in demand for savings-type products due to market uncertainty, while investment returns may be pressured by market volatility [22]. - **Home Appliances**: Companies in the home appliance sector may benefit from domestic consumption policies, although those heavily reliant on exports to the U.S. may face increased costs and competitive pressures [23][24].

Core Viewpoint - Longping High-Tech has received approval for a 1.2 billion yuan private placement, aimed at repaying bank debts and improving liquidity, amidst a backdrop of rising agricultural product prices due to escalating Sino-U.S. trade tensions [1][8]. Group 1: Financial Performance - After a significant asset restructuring in 2023, Longping High-Tech's revenue increased by 22.45% from 7.532 billion yuan to 9.223 billion yuan, and the net profit turned from a loss of 833 million yuan to a profit of 200 million yuan, marking a 124.02% increase [3]. - For the first nine months of 2024, the company reported a revenue of 2.881 billion yuan, a decrease of 14.46% year-on-year, with a net loss of 475 million yuan, reducing losses by 17.82% compared to the previous year [3]. Group 2: Market Position and Growth - Longping High-Tech is a leading player in the seed industry, recognized for its integrated breeding and promotion model, and has maintained a strong market position in hybrid rice and corn seeds, ranking first among domestic seed companies and eighth globally [2][5]. - The company aims to leverage the "tariff dividend" period to solidify its leading position in the seed industry and expand its market share [1][13]. Group 3: Research and Development - Longping High-Tech has a robust R&D framework, with R&D expenses of 591 million yuan, 677 million yuan, and 440 million yuan in 2022, 2023, and the first nine months of 2024, respectively, ranking first among A-share seed companies [7]. - The company has developed several leading crop varieties, including high-yield rice and corn, and has made significant advancements in modern breeding technologies such as gene editing and genomic selection [5][7]. Group 4: Policy Environment - The Chinese government has emphasized the importance of agricultural self-sufficiency and innovation in the seed industry through the "Planning for Accelerating the Construction of an Agricultural Power (2024-2035)" [10]. - The recent tariff increases on U.S. agricultural products highlight the critical importance of food security in China, which may benefit domestic seed companies like Longping High-Tech [11].

Group 1 - The agricultural sector is experiencing strong performance, with multiple stocks such as XinSai Co., WanXiang DeNong, BeiDaHuang, and QiuLe Seed Industry hitting the daily limit, while others like JinDan Technology and KangNong Seed Industry have risen over 10% [1][2] - Specific stock performance includes QiuLe Seed Industry up by 29.98% to 28.57, KangNong Seed Industry up by 23.67% to 54.66, and JinDan Technology up by 16.50% to 17.70 [2] Group 2 - The Central Committee of the Communist Party and the State Council have issued a plan for building a strong agricultural nation by 2035, aiming for significant progress by 2027 and modernization of rural areas [3] - The plan emphasizes the need for advanced agricultural machinery, highlighting the demand for high-performance and intelligent agricultural equipment, particularly in grain production [3] - The plan also includes upgrading agricultural machinery and promoting the integration of agricultural machinery and agronomy to enhance efficiency and productivity [3] Group 3 - Pacific Securities highlights the defensive attributes of the agricultural sector amid trade tariffs, recommending investment in the planting industry chain related to soybeans and corn, as well as livestock sectors related to pork and poultry [4] - The investment strategy focuses on sectors with strong recovery potential, such as dairy farming and poultry farming, which are experiencing capacity reduction and price reversal expectations [4] - The pet food sector is also identified as a value investment opportunity due to its sustained high demand and overseas production capabilities [4]

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.04.08 | 10.03 | 17.10 | -5774.50 | | 2025.04.07 | 10.01 | 13.95 | 12306.41 | | 2025.04.03 | 2.57 | 3.03 | 435.19 | | 2025.04.02 | 0.35 | 0.76 | 46.72 | | 2025.04.01 | 1.91 | 1.16 | -111.28 | | 2025.03.31 | -0.36 | 0.88 | -127.08 | | 2025.03.28 | -1.75 | 0.85 | -24.78 | | 2025.03.27 | -1.04 | 0.89 | 182.82 | | 2025.03.26 | 1.41 | 1.23 | -420.96 | | 2025.03.25 | 1.07 | 0.88 | 0.00 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 万向德农盘中涨停，已连收3个涨停板，截至9:2 ...