行 业 及 产 业 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 (8621)23297818× zhujy@swsresearch.com 农林牧渔 2025 年 04 月 28 日 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 25Q1 公募配置比例降至历史低位，重视宠食企业业 绩兑现 看好 ——农林牧渔周观点（2025.4.21 -2025.4.27） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 - ⚫ 本周申万农林牧渔指数下跌 0.2%，沪深 300 上涨 0.4%。个股涨幅前五名：万辰集团（22.2%）、 中宠股份（15.5%）、乖宝宠物（15.3%）、瑞普生物（15.0%）、ST 佳沃（14.9%），跌幅前五名： 益客食品（-13.6%）、福成股份（-12.9%）、祖名股份（-10.9 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 04 月 28 日 猪肉3 月能繁去化，屠宰量同环比均大增 [Table_Title2] 农林牧渔行业周报第 15 期 [Table_Summary] 本周观点: 种植产业链：4 月 22 日，农业农村部种业管理司、计划财务司 联合中国农业银行三农对公业务部，通过线上直播方式介绍中 国农业银行支持种业振兴的最新政策与服务举措、融资租赁产 品、投资金融服务模式等内容。国家农作物、畜禽、水产种业 阵型企业、各省优势种业企业和各级种业管理部门、农业银行 系统相关单位线上参加推介会。为落实全国种业企业座谈会有 关部署要求，今年以来农业农村部种业管理司、计划财务司探 索开通"金融惠种直播间"，搭建常态化政银企对接平台，把 重点金融机构最新政策信息第一时间送达种业企业，推动惠企 政策落实落地。此次直播是"金融惠种直播间"第二期，邀请 中国农业银行及子公司通过"政策解读+案例分享"的形式详 细介绍了支持政策措施。截至目前，中国农业银行已出台《支 持种业振兴行动金融服务方案》《支持种业振兴信贷政策》和 《农作物种业行业信贷政策》，启动实施种业振兴服务提升行 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 04 月 28 日 猪肉3 月能繁去化，屠宰量同环比均大增 [Table_Title2] 农林牧渔行业周报第 15 期 [Table_Summary] 本周观点: 种植产业链：4 月 22 日，农业农村部种业管理司、计划财务司 联合中国农业银行三农对公业务部，通过线上直播方式介绍中 国农业银行支持种业振兴的最新政策与服务举措、融资租赁产 品、投资金融服务模式等内容。国家农作物、畜禽、水产种业 阵型企业、各省优势种业企业和各级种业管理部门、农业银行 系统相关单位线上参加推介会。为落实全国种业企业座谈会有 关部署要求，今年以来农业农村部种业管理司、计划财务司探 索开通"金融惠种直播间"，搭建常态化政银企对接平台，把 重点金融机构最新政策信息第一时间送达种业企业，推动惠企 政策落实落地。此次直播是"金融惠种直播间"第二期，邀请 中国农业银行及子公司通过"政策解读+案例分享"的形式详 细介绍了支持政策措施。截至目前，中国农业银行已出台《支 持种业振兴行动金融服务方案》《支持种业振兴信贷政策》和 《农作物种业行业信贷政策》，启动实施种业振兴服务提升行 ...

Investment Rating - The industry rating is "Outperform the Market" [4][69] Core Viewpoints - The report highlights that the pig price has been fluctuating, with the average price on April 24 being 14.92 yuan/kg, showing a slight increase of 0.01 yuan/kg week-on-week. The second batch of fattening pigs accounted for 9.73% of the total sales, an increase of 4.38 percentage points compared to the previous ten days [2][12][34] - In the poultry sector, the white chicken price has slightly adjusted downwards due to limited demand as the May Day stocking approaches its end. The average price for meat chickens was 7.47 yuan/kg, down 0.03 yuan/kg week-on-week [3][36] - The seed industry is seeing enhanced regulatory activities focusing on intellectual property protection, which is expected to improve market order and support the supply of essential agricultural products [3][48] Summary by Sections Pig Farming - The pig price has shown fluctuations, with a slight recovery in average weight. The average weight of pigs sold was 128.94 kg, up 0.37 kg week-on-week. The slaughter volume has slightly increased, with an average daily slaughter of 139,600 pigs, up 2.16% week-on-week [2][12][16][24] - The price difference between different weight categories of pigs is narrowing, indicating a shift in market dynamics [2][24][34] Poultry Sector - The white chicken market is experiencing a slight price adjustment due to seasonal factors and limited demand. The average price for chicken chicks was 2.85 yuan/bird, down 0.12 yuan/bird week-on-week [3][36][40] - The egg price has continued to rise, with an average price of 7.25 yuan/kg, up 0.11 yuan/kg week-on-week [3][36] Seed Industry & Agricultural Products - The Ministry of Agriculture has initiated a regulatory campaign to enhance intellectual property protection in the seed industry, which is expected to support the supply of essential agricultural products [3][48] - The report notes a strong short-term trend in soybean meal prices, with the current price at 3,580.00 yuan/ton, up 78.00 yuan/ton week-on-week, driven by supply constraints [3][49]

2025 年 04 月 28 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：62 分（较热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 1、《双融日报》2025-04-25 2、《双融日报》2025-04-24 3、《双融日报》2025-04-23 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 62 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：跨境支付、虚拟电厂、农业 1、跨境支付主题：中国央行等印发《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》。主要内容提 到，跨境清算公司增强与金融机构协同联动，共同提升对 "走出去"企业的服务水平。推动更多银行加入 CIPS，持续 扩大 CIPS 网络覆盖范围。相关标的：跨境通（002640）、青 岛金王（002094） 2、虚拟电厂主题：近日，国家发展改革委、国家能源局 发布《关于加快推进虚拟电厂发展的指导意见》。其中提 到，到 2027 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The rice seed industry is experiencing counter-cyclical growth with better-than-expected profitability; the domestic corn seed industry maintains its leading advantage and demonstrates operational resilience; the overseas corn seed industry may reach a transformative turning point and is expected to benefit from changes in international trade dynamics, leading to market expansion. The long-term development prospects of the company are viewed positively [1][6]. Financial Data and Valuation - The company is projected to achieve total revenue of 85.66 billion yuan in 2024, a year-on-year decrease of 7%, with a net profit attributable to shareholders of 1.14 billion yuan, down 43% year-on-year. The earnings per share (EPS) for 2024 is expected to be 0.09 yuan [2][18]. - Revenue is expected to grow to 94.81 billion yuan in 2025, with a net profit of 4.32 billion yuan, reflecting a significant year-on-year increase of 279% [18][21]. - The company’s total market capitalization is approximately 13.6 billion yuan, with a current share price of 10.29 yuan [3][6]. Performance Summary - The domestic rice seed business has shown strong performance, with a revenue increase of 13% in 2024, leading to a net profit of 340 million yuan, which is over 50% growth [6][19]. - The domestic corn seed business generated revenue of 2.12 billion yuan despite high inventory pressures, showcasing operational resilience [6][19]. - The overseas corn seed business faced challenges due to falling international grain prices and extreme weather, but maintained a market share of around 20% [6][19]. Future Outlook - The domestic hybrid rice seed industry is entering a destocking phase, indicating a potential upward trend in the rice seed market; the company’s product lineup is well-prepared, and high growth is expected to continue [6][19]. - The overseas corn seed market is anticipated to benefit from changes in international trade patterns, leading to market expansion opportunities [6][19]. - The company is expected to see a recovery in its Brazilian corn seed business, contributing positively to its overall performance [6][19].

Group 1 - The event marked the first巡回审判 of the "Law Protects Innovation" initiative by the Beijing Intellectual Property Court, focusing on a trademark dispute related to the geographical indication of livestock breeding, specifically the "Rongchang Panda Pig" [1] - The case involved a challenge to the trademark's validity based on claims of imitation of an existing trademark, "Rongchang Pig," which had achieved a certain level of recognition [1] - The court session aimed to enhance awareness among enterprises regarding the importance of intellectual property rights in agricultural innovation and production [2] Group 2 - The discussion highlighted the need for a collaborative governance model to optimize the agricultural business environment, emphasizing the role of judicial rulings, internal controls by market entities, and public supervision [2] - The Beijing Intellectual Property Court's initiative is seen as a way to reshape modern agricultural development by protecting geographical indications, which can transform local ecological resources into competitive advantages [2] - The court's efforts, including the establishment of legal education stations and the publication of typical cases, aim to enhance risk prevention capabilities for agricultural intellectual property enterprises and boost innovation [2]

Core Viewpoint - The A-share companies are currently in a concentrated disclosure phase for their Q1 2025 reports, highlighting the importance of both year-on-year and quarter-on-quarter data for a comprehensive assessment of their operational status [1] Group 1: Company Performance - 27 companies have reported a continuous increase in net profit both quarter-on-quarter and year-on-year, indicating a positive trend in their financial performance [2] - Among these, the semiconductor sector has a notable representation, with companies like 澜起科技 (Lianqi Technology) showing significant growth in revenue and net profit due to increased sales of DDR5 memory interface chips and high-performance chips [3][4] - 澜起科技 achieved a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, with a year-on-year growth of 135.14%, marking a record high for a single quarter [4] Group 2: Market Trends - The semiconductor industry is expected to benefit from the acceleration of domestic substitution due to recent trade frictions, particularly in high-end computing chips and related products [3] - 11 out of the 27 companies exhibit a bullish moving average pattern, indicating strong investor confidence and potential for further price increases [6][7] - Companies like 山高环能 (Shangao Environmental) and 晓鸣股份 (Xiaoming Co.) are also showing promising growth, with 山高环能 reporting a net profit of approximately 28.27 million yuan, a year-on-year increase of 222.23% [8][9] Group 3: Institutional Interest - Several companies have attracted significant institutional buying, with 晓鸣股份 receiving a net purchase of 51.73 million yuan, indicating strong market interest [10][11] - 福达股份 (Fuda Co.) has also seen substantial institutional investment, with a net purchase of 23.64 million yuan and a year-on-year net profit growth of 106.06% [10][12]

2025年4月25日，最高人民法院知识产权法庭公开开庭，对恒某种业有限公司（以下简称恒某公 司）与河南金某种业股份有限公司（以下简称金某公司）侵害植物新品种权纠纷一案进行公开宣判。办 案合议庭当庭针对案件的争议焦点简要阐述了裁判意见，随后宣布撤销原判、依法改判金某公司停止侵 害、赔偿恒某公司经济损失及维权合理开支共计5354.7万元，并明确了停止侵害责任的具体承担方式以 及迟延履行金等。 本案曾作为最高法知产法庭2024年知识产权宣传周公开开庭活动的压轴案件，时隔一年又作为今年 公开开庭活动的压轴案件公开宣判，判赔金额创目前我国植物新品种侵权案件新高，对于我国种业知识 产权司法保护事业意义重大。 小小种子引出巨额赔偿 该案所涉玉米植物新品种"NP01154"的品种权人法国企业利马格兰欧洲（Limagrain Europe）授权恒 某公司在中国境内独家生产经营玉米自交系"NP01154"。恒某公司向一审法院提起诉讼，主张金某公司 生产、销售的"郑品玉491""金苑玉304""金苑玉171""郑品玉597""金苑玉181""郑原玉777""郑原玉887"等 七个通过审定的玉米杂交品种均系未经许可使用"NP0115 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000998 证券简称：隆平高科 公告编号：2025-12 袁隆平农业高科技股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 ■ 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）行业基本情况 从全球农作物种业市场来看，生物育种技术的发展为种业市场注入强大动力，如通过基因编辑、全基因 组等技术培育出抗虫、抗病等优良性状品种，有效提高农作物产量与质量。伴随着生物育种的种子市场 渗透率提高、人们对于植物蛋白质和蔬菜的需求不断增加等多种因素共同驱动，全球农作物种业市场规 模呈现稳步增长态势。亚洲种业市场正经历结构性变革，政 ...