证券研究报告——晨会聚焦 2025 年 12 月 12 日 | 12 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 1519.HK | 极兔速递-W | | 601872.SH | 招商轮船 | | 600309.SH | 万华化学 | | 688019.SH | 安集科技 | | 603799.SH | 华友钴业 | | 603345.SH | 安井食品 | | 603099.SH | 长白山 | | 300395.SZ | 菲利华 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3873.32 | (0.70) | | 深证成指 | 13147.39 | (1.27) | | 沪深 300 | 4552.18 | (0.86) | | 中小 100 | 7947.12 | (1.04) | | 创业板指 | 3163.67 | (1.41) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing objectively analyzed the development situation of the Chinese economy, addressing various concerns regarding consumption, investment, real estate, corporate accounts, and market competition order. The policy direction for next year is "stability while seeking progress, improving quality and efficiency" [2][14]. Macro: Responding to Concerns, Improving Quality and Efficiency - The conference highlighted the importance of domestic demand as a primary task, emphasizing the implementation of special actions to boost consumption and the expansion of quality goods and services supply. It also aims to eliminate unreasonable restrictions in the consumption sector to unleash service consumption potential [5][6]. - On the demand side, the conference proposed a plan to increase urban and rural residents' income and optimize the implementation of "two new" policies, which may involve increasing social security spending to enhance disposable income and promote consumption growth [6][9]. - Government investment is expected to lead the way in stabilizing investment, with a focus on increasing central budget investment and optimizing the use of local government special bonds to alleviate financial pressures [6][9]. - The conference emphasized the need to actively and prudently resolve risks in key areas, particularly in the real estate sector, where it aims to stabilize the market and improve residents' purchasing power [7][9]. Strategies: Balancing Growth and Reform - The conference reiterated the need for a proactive fiscal policy while maintaining necessary fiscal deficits and total debt levels. It aims to optimize fiscal spending and strengthen fiscal management [10][23]. - Monetary policy is expected to remain moderately loose, with a focus on promoting stable economic growth and reasonable price recovery. The use of various policy tools, including interest rate cuts, is anticipated to be more flexible and efficient [11][24]. - The conference stressed the importance of innovation-driven development, with measures to enhance the role of enterprises in innovation and promote high-quality development of key industrial chains [12][16]. Real Estate: Focus on Supply Issues - The conference underscored the need to stabilize the real estate market, advocating for measures to control new supply, reduce inventory, and improve supply quality. It encourages the acquisition of existing homes for affordable housing [29][30]. - The emphasis on resolving inventory issues reflects a heightened focus on the real estate sector's challenges, particularly in light of the ongoing supply-demand imbalance [29][30]. Consumption: Continuous Policy Support - The conference prioritized domestic demand, reiterating the importance of consumption in driving economic growth. It plans to implement measures to enhance residents' income and stabilize employment for key groups [38]. - Policies aimed at boosting consumer confidence and spending are expected to continue, with a focus on increasing the quality and availability of goods and services [38].

Group 1 - The company Guotou Fengle stated that its research achievements and main varieties are detailed in the annual report [2]

证券日报网讯12月11日，国投丰乐（000713）在互动平台回答投资者提问时表示，公司全资子公司张掖 丰乐属于公司的内部供应商，主要为公司内部种子经营单位提供制种服务。国投金种是国投种业的控股 子公司，主要从事市场化代繁业务，向全国各地种子公司提供代繁服务并收取费用。截至目前没有注入 公司规划。 ...

（来源：甘肃农垦） 近日，甘肃省总工会、甘肃省科学技术厅、甘肃省人力资源和社会保障厅、甘肃省工业和信息化厅联合发文通报了 2025年度甘肃省职工技术创新竞赛获 奖情况。甘肃莫高实业发展股份有限公司的蜜桃乌龙低度果味葡萄酒研发项目、甘肃亚盛种业集团有限责任公司的高抗青枯病国审玉米新品种"亚盛 13 号"选育与应用项目荣获第十八届全省职工优秀技术创新成果三等奖。 近年来，农垦集团持续深化产业工人队伍建设改革，大力弘扬劳模精神、劳动精神和工匠精神，为产业工人搭建了广阔的技能提升、技术攻关和创新成果 转化平台，在改进生产技术和工艺、完善经营管理、提高质量管理水平等方面取得显著成效。下一步，农垦集团将进一步深化产业工人队伍建设改革，积 极搭建富有农垦特色的职工创新创效平台，调动广大职工参加群众性创新活动的积极性，激励职工立足岗位作贡献，激发广大职工的创新活力和创造潜 能，力争在核心技术攻关和科技成果转化上取得更多突破。 （来源：甘肃农垦） 近日，甘肃省总工会、甘肃省科学技术厅、甘肃省人力资源和社会保障厅、甘肃省工业和信息化厅联合发文通报了 2025年度甘肃省职工技术创新竞赛获 奖情况。甘肃莫高实业发展股份有限公司的蜜桃 ...

荃银高科公告，中国种子集团有限公司以11.85元/股的价格要约收购1.89亿股，收购期限为2025年12月4 日至2026年1月5日。 ...

来源：农民日报 农业现代化，种子是基础。种业，是粮食安全这一"国之大者"的基石，在整个农业生产和粮食安全中发 挥着举足轻重的作用。 习近平总书记高度重视我国种业发展，叮嘱"用中国种子保障中国粮食安全""把当家品种牢牢攥在自己 手里"。2020年中央经济工作会议明确提出"解决好种子和耕地问题""立志打一场种业翻身仗"。2021年7 月9日，中央全面深化改革委员会第二十次会议审议通过《种业振兴行动方案》，为推动我国种业振兴 明确了路线图、任务书。一系列紧锣密鼓的顶层部署，足见国家对种业的重视，以及我国种业攻关"破 卡"的信心与决心。 回顾"十四五"，种业振兴行动已走过前半程，一批标志性成果竞相涌现——种源安全水平稳步提升，农 作物自主选育品种占比95%以上，畜禽、水产国产种源市场占有率分别超过80%和85%，"五年见成 效"目标任务将如期完成。 育良种—— 资源"绘"底色 培育更多满足人们美好生活的种子 种质资源是良种选育的基础材料，直接决定品种水平优劣。作为种业振兴行动"一年开好头、三年打基 础"的第一仗，历时3年的农业种质资源普查于2024年顺利收官。 "我们举全国之力、动员150多万人，完成了新中国成立以来 ...

Core Insights - The official launch of the Hainan Free Trade Port will occur on December 18, 2025, marking a significant milestone in China's economic strategy [1][2]. Policy Benefits - Tax Policy: The number of zero-tariff items will expand from 1,900 to 6,600, increasing the proportion to 74%. Corporate income tax will be reduced to 15%, and goods with over 30% added value will be exempt from tariffs when sold to the mainland [2]. - Trade Facilitation: A regulatory model of "one line open, one line controlled" will be implemented, allowing for the free flow of goods, capital, and personnel, with customs efficiency expected to improve by over 40% [2]. - Financial Opening: The cross-border asset management pilot will expand to 10 billion yuan, with QFLP/QDLP pilots launched to attract global capital [2]. Investment Opportunities - **Shennong Seed Industry**: Positioned as a leader in seed technology, expected to benefit from the modern seed industry cluster in Yajiao Bay, with projected revenue exceeding 20 billion yuan by 2027 [4]. - **Kangzhi Pharmaceutical**: Aimed at leveraging the three-child policy and flu season, with anticipated performance exceeding expectations in Q4 2025 [5]. - **Xinlong Holdings**: Transitioning to cross-border business in non-woven fabrics, benefiting from Hainan's Free Trade Port policies [6]. - **Luoniushan**: Focused on agricultural industrialization and land value appreciation, with significant potential from the horse racing industry policy in 2025 [9]. - **Hainan Development**: A dual beneficiary of infrastructure and photovoltaic sectors, with a notable increase in northbound capital holdings [10]. - **Haima Automobile**: Leading in the hydrogen energy industry, with a new MPV model set to launch in Thailand in Q4 2025, benefiting from RCEP tariff reductions [11]. - **Jingliang Holdings**: A pioneer in tropical agriculture and cross-border trade, launching a series of Hainan specialty food products in Q4 2025 [12]. - **Haide Co., Ltd.**: The only financial stock in Hainan, with significant growth potential in cross-border asset management [13]. - **Hainan Highway**: Valued for its infrastructure and land reserves, with a projected increase in commercial real estate occupancy rates [14]. - **Hainan Ruize**: A leader in green building materials, with confirmed participation in major infrastructure projects [15]. - **Haixia Co., Ltd.**: Dominating logistics in the Qiongzhou Strait, with plans to enhance cross-border trade flow through a new "green channel" [17][20]. - **Caesar Travel**: Positioned to lead in high-end tourism and cruise economies, with expected explosive growth post-border closure [18].

Group 1 - The article emphasizes the importance of accelerating the revitalization of the seed industry in China, focusing on technological self-reliance and the protection of seed resources [4][5][6] - It highlights the achievements of Guangdong's seed industry over the past five years, including the implementation of the "Yue Strong Seed Core" project and the "Hundred Million Thousand Project," which have led to significant advancements in seed quality and innovation [10][11][12][13] - The article discusses the ongoing comprehensive land reform in Guangdong, aimed at addressing challenges related to land use and promoting urban-rural integration and high-quality development [18][21][24] Group 2 - The upcoming Greater Bay Area Agricultural Trade Fair will showcase high-quality agricultural products from various provinces, highlighting the region's agricultural diversity and economic potential [28][30][31] - The article mentions a successful event in Qingyuan that integrates agriculture and tourism, demonstrating the potential for rural revitalization through cultural and agricultural synergy [34][39] - The Guangdong Zhongheng Mountain Forum focuses on the high-quality development of plant protection disciplines, bringing together experts to discuss advancements in agricultural science and technology [49][51][52]

Core Viewpoint - Sanya aims to become a world-renowned modern coastal city by 2035, focusing on high-quality development and leveraging its unique geographical advantages and industrial strengths [4][5]. Economic Development Goals - The Sanya Municipal Committee has approved a development plan that emphasizes building a modern industrial system supported by four leading industries, with a GDP target of over 100 billion yuan by 2024 [5]. - Sanya is positioned as a key player in Hainan's coordinated regional development, benefiting from the province's reforms and the establishment of a free trade port [5]. Tourism Industry Focus - Sanya's tourism strategy aims to enhance the quality of tourism offerings, transitioning from merely being a fun destination to providing high-quality experiences [8]. - The city plans to develop a comprehensive tourism service network, improve marine tourism infrastructure, and promote integrated tourism products such as "duty-free + tourism" and "cruise + tourism" [8][9]. Emerging Industries - Sanya is focusing on developing emerging industries, particularly in seed and deep-sea sectors, which are seen as crucial for sustainable high-quality development [10][12]. - The establishment of the Sanya Yazhou Bay Science and Technology City has attracted over 4,000 enterprises, with projected revenues exceeding 50 billion yuan in 2024, doubling since the park's inception [10]. Infrastructure and Urban Development - The city is investing in infrastructure projects, including a new airport and an economic zone, to enhance its status as a regional aviation hub [7]. - Sanya aims to create a modern urban environment that integrates various sectors, promoting a coordinated development model that enhances both urban and rural areas [15]. Innovation and Research - Sanya is committed to fostering innovation through the establishment of a national high-tech industrial development zone and a research innovation cluster [10][12]. - The city plans to enhance its agricultural and marine industries by developing a comprehensive supply chain from seed breeding to market [12]. Quality of Life and Urban Planning - The municipal government is focused on improving the living standards of residents and creating a resilient urban environment that prioritizes safety and cultural enrichment [15][16]. - Sanya's development blueprint includes creating a smart city and a comprehensive transportation hub, ensuring that urban development benefits all citizens [15].