Group 1 - The total import and export value of Jiyuan in the first three quarters reached 38.44 billion yuan, a year-on-year increase of 8.2%, ranking second in the province, with the highest export growth rate in the province [2] - Jiyuan exported silver worth 10.22 billion yuan, a year-on-year increase of 28.1%, accounting for 97.9% of the province's total silver exports [2] - The export of silver jewelry reached 15.53 million yuan, a significant increase of 112% year-on-year, representing 85.0% of the province's total exports of precious metal or semi-precious metal jewelry [2] Group 2 - Jiyuan's export of planting seeds amounted to 2.4135 million yuan, ranking first in the province, with Qingyin Seed Industry becoming a key player in "Jiyuan Good Seeds" [2] - Jiyuan Sunshine Food Co., Ltd. received official registration approval from the EU, achieving a breakthrough in rabbit meat exports to the EU, with an additional export value of 2.51 million yuan this year [2] Group 3 - The impressive foreign trade performance is attributed to Jiyuan's focus on characteristic development and optimized industrial layout, along with the Jiyuan Customs' precise support for local advantageous industries [3] - Jiyuan Customs has implemented customized services for key agricultural industries, reducing average customs clearance time by over 30% and resolving over 20 export-related issues for agricultural enterprises this year [3] - For the silver industry, Jiyuan Customs has tailored solutions to enhance customs efficiency, helping enterprises transition from raw silver to high-end jewelry for international markets [3] Group 4 - The 20th Central Committee of the Communist Party of China emphasized expanding high-level opening-up and creating a new situation of win-win cooperation, which Jiyuan Customs aims to implement by optimizing regulatory services and supporting more "Jiyuan-made" products to enter the global market [4]

Core Insights - The core viewpoint of the article highlights the significant improvements in China's seed industry over the past five years, particularly in seed source security and self-sufficiency in crop varieties [1] Group 1: Seed Source Security - The national seed supply guarantee rate has reached 80%, an increase of 10 percentage points since 2020 [1] - The domestic self-breeding crop varieties account for over 95%, with domestic seed market shares for livestock and aquatic products exceeding 80% and 85% respectively [1] Group 2: New Varieties Development - A number of urgently needed new varieties have been developed, including disease-resistant wheat and rice, high-yield soybeans, and corn suitable for machine harvesting [1] - The area of self-bred corn varieties has increased from 91% in 2020 to 94% currently, while vegetable varieties have risen from 87% to 91% [1] Group 3: Seed Supply Capacity - The seed supply capacity of national seed bases has significantly strengthened, ensuring that "Chinese grain" primarily uses "Chinese seeds" [1] - National and provincial disaster relief seed reserves have achieved full coverage, with nearly 22 million kilograms of national reserve seeds utilized over the past five years, supporting over 11 million acres of disaster-affected farmland [1]

Core Insights - The article highlights the significant progress made in China's seed industry over the past five years, emphasizing the importance of self-reliance in seed technology and the cultivation of domestic seed varieties to ensure food security [1][3][7]. Group 1: Seed Industry Development - The proportion of independently bred crop varieties has reached over 95%, with domestic seed sources for livestock and aquaculture exceeding 80% and 85% respectively [1]. - The national seed supply guarantee rate has improved to 80%, an increase of 10 percentage points since 2020, indicating a stronger reliance on domestic seeds for food production [3]. - New varieties such as disease-resistant wheat and high-yield soybeans have been developed, enhancing the overall safety and quality of agricultural seeds in China [3][10]. Group 2: Agricultural Practices and Innovations - Farmers in Jilin province have reported significant yield increases due to the adoption of new dense-planting corn varieties, achieving over 3,000 pounds per hectare [2]. - In Hubei province, local farmers have transitioned from relying on imported cabbage seeds to cultivating multiple domestically bred varieties, resulting in a production area exceeding 110,000 acres and an annual output of around 500,000 tons [5]. - The integration of breeding chips and big data technology has led to the successful development of disease-resistant fish species, showcasing innovation in aquaculture [6]. Group 3: Future Directions and Goals - The "14th Five-Year Plan" emphasizes the need for continued innovation in the seed industry, with a focus on improving the competitiveness of domestic seed varieties and enhancing the overall quality of agricultural products [8][10]. - The goal is to achieve a 60% identification rate of genetic resources by 2030, with current identification at 35%, indicating a need for accelerated efforts in resource management and breeding innovation [9]. - The Ministry of Agriculture aims to strengthen the role of enterprises in seed innovation, promoting collaboration between industry and research institutions to enhance the development of competitive seed varieties [10].

证券日报网讯敦煌种业11月14日在互动平台回答投资者提问时表示，截至2025年三季度末，公司股东总 户数为54，206户。如需查询其他特定时点的股东人数，请向公司提供证明其持股情况的书面文件，公 司经核实股东身份后将予以提供。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯敦煌种业11月14日在互动平台回答投资者提问时表示，海南经济特区敦种作物种子研究院 有限公司为公司的二级子公司，主要业务是玉米新品种培育与开发，海南封关对公司的相关业务没有影 响。 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Group 1 - The core viewpoint is that the decline in investment growth is a result of multiple factors, including both investment主体 factors and structural factors [1] - External environment is complex and severe, leading to cautious investment decisions from market entities due to declining investment returns [1] - The real estate sector has a significant share in overall investment, and its adjustment has a noticeable downward effect on investment growth [1] Group 2 - From January to October, national fixed asset investment decreased by 1.7% year-on-year, with the decline expanding by 1.2 percentage points compared to January to September [2] - Infrastructure investment saw a year-on-year decline of 0.1%, a drop from a 1.1% increase in the previous period [2] - Real estate development investment fell by 14.7% year-on-year, with the decline widening by 0.8 percentage points compared to the previous period [2] - Manufacturing investment grew by 2.7% year-on-year, a decrease of 1.3 percentage points from the first nine months [2]

Core Insights - The article discusses the domestication, global dissemination, and improvement trajectories of soybean, highlighting its significance as a major source of protein and oil for human consumption and animal feed [3][4][7]. Group 1: Research Findings - The research utilized genomic information from 8,105 soybean accessions, covering wild types, local varieties, and modern cultivated varieties, to conduct a systematic comparative genomic analysis [4][7]. - Key genes related to soybean adaptability and improvement were identified, providing insights that could guide future breeding efforts and sustainable agricultural development [7][8]. - The study revealed that black soybean serves as a crucial intermediate type in the domestication process, with two independent domestication centers identified in China: the Huang-Huai-Hai region and the Northwest region [7][9]. Group 2: Implications for Breeding - The research highlights the temporal changes in breeding focus for soybean in China, shifting from high-protein varieties in the early years to an emphasis on high yield, high oil content, and stress resistance in recent years [8][9]. - An online database was established, including a high-density soybean genome variation map and quantitative trait nucleotide (QTN) library, to facilitate global research collaboration [8][9]. Group 3: Institutional Background - The Yanzhou Bay National Laboratory, established in September 2022, focuses on major scientific and technological issues related to national food security and seed industry innovation [11].

Core Viewpoint - Yantai City has achieved significant advancements in agricultural green development, with a comprehensive mechanization rate of 93%, a scientific fertilization technology coverage rate exceeding 90%, and a straw comprehensive utilization rate of 96%, showcasing a model for high-quality agricultural development [1] Group 1: Agricultural Production - Yantai focuses on three core elements: "seed, field, and machinery," driving agricultural production towards a model that prioritizes green development while ensuring high yields [2] - The city has established 52 research platforms, including a national-level corn engineering technology research center, to support the development of crop and livestock seed industries, contributing to green innovation [2] - The self-bred "Yannong 1212" wheat has set a national record for drought-resistant high-yield wheat, promoting efficient agricultural development [2] - High-standard farmland construction has reached 4.497 million acres, increasing average yields by over 15% and breaking the traditional model of resource consumption for production [3] - The comprehensive mechanization rate for crop planting and harvesting has reached 93%, with an average grain saving of over 10 kg per acre, enhancing efficiency and reducing resource waste [3] Group 2: Agricultural Input - Yantai is transitioning agricultural inputs from "extensive consumption" to "precise efficiency," addressing issues like water waste and excessive use of fertilizers and pesticides [4] - The city has implemented water-saving irrigation techniques, achieving a comprehensive water-saving rate of 30%-40% compared to traditional methods, and increasing crop yields by 8%-10% [4] - The coverage rate of scientific fertilization technology has reached over 90%, with 167,000 acres newly integrated into water-fertilizer systems [4] Group 3: Agricultural Waste Management - Yantai aims to transform agricultural waste from an "environmental burden" into a "resource treasure" through a comprehensive recycling system [7] - The city has established a waste film recycling system with a recovery rate of 94.29%, significantly reducing white pollution [7][8] - The comprehensive utilization rate of straw has reached 96.08%, with 103 market entities established for straw utilization, leading to an annual market utilization of 380,000 tons [8] - Over 400,000 tons of livestock manure have been utilized, with 139,000 tons processed into organic fertilizer, supporting a circular economy in agriculture [8]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed industry (2.45%) [12]. - The overall price-to-book (PB) ratio for the industry is approximately 2.94 times, indicating a recovery in valuation, yet it remains at a relatively low historical level, around the 65.9 percentile since 2006 [17]. Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability compared to the previous week [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird, showing a slight improvement in profitability [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance of seed technology and ensuring the autonomy of seed sources during a recent meeting, highlighting the importance of domestic seed industry leaders [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from the ongoing industry trends and developments [48][49].