"北方冬麦区大部降水接近常年或偏多，利于补充土壤水分和缓和旱情，气象条件总体利于冬小麦 产量形成。"黄卓说，长江流域油菜产区气温偏高，降水正常或偏少，有利于油菜灌浆成熟和收获晾 晒；西南地区南部油菜陆续成熟，需防范阶段性阴雨天气影响收晒，以防籽粒霉变。 需要注意的是，江淮、江汉、江南、华南东部等地温度高降雨少，部分地区可能出现农业干旱和用 水紧张；5月中下旬黄淮南部、江淮、江汉温度高降雨少，出现阶段性农业干旱和干热风天气风险较 高。 国家气候中心副主任肖潺说，目前，华南西部、西南地区东南部等地仍存在中旱及以上等级气象干 旱，广西局地特旱。 中国气象局统计显示，4月下旬南方多地频繁降水，一定程度上缓和了华南东部等地气象干旱，华 南中旱及以上等级气象干旱面积由4月19日的37万平方公里减少到4月27日的22.6万平方公里，同期特旱 面积由22.6万平方公里下降到8.7万平方公里。 新华社北京4月28日电 新闻分析：近期天气对春耕春种影响几何？ 新华社记者 刘诗平 5月，我国夏收粮油作物将进入产量形成关键期，东北地区将大面积开展春播。近期天气将对春耕 春播和作物生长带来哪些影响？ 国家气象中心副主任黄卓28日在中国 ...

北大荒（600598）公告，2025年第一季度营收为9.56亿元，同比下降0.05%；净利润为5.39亿元，同比 下降2.90%。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The supply of the pig market continues to put pressure on pig prices, but the decline in the first quarter was weaker than expected. The second quarter will continue to focus on supply pressure, and there is a risk of compression in pig prices and breeding profits [3][4]. - Policy support for the corn market is nearing its end, and in the fourth quarter, it will be tested whether downstream consumption can support prices [5]. - In the first quarter of 2025, the global oilseed and fat market first rose and then fell, with the domestic market outperforming the international market. The second quarter will continue to be troubled by trade uncertainties, and attention should be paid to changes in biodiesel policies [7]. 3. Summaries According to the Table of Contents First Part: Factors Affecting the Pig Market in the Second Quarter - Pig prices in the first quarter were stronger than expected, but supply pressure still exists. The terminal demand entered the off - season after the Spring Festival, and pig prices oscillated at a low level [3][4]. - Affected by the change in the mentality of the breeding side, the price of piglets first rose, then fell, and then rose again in the first quarter [3]. - The inventory of breeding sows decreased for two consecutive months. If this trend continues, the supply pressure in the second half of the year will be substantially improved [3]. - In the first quarter, the slaughter weight of pigs first decreased and then increased. The import volume of pork decreased as domestic pig prices were at a low level [3][4]. - The breeding profit of self - breeding and self - raising decreased, while that of purchasing piglets increased. The slaughter opening rate was higher than the same period last year, but it was not driven by the increase in terminal demand [4]. - In the futures market, pig prices stabilized and rebounded in the first quarter. In the second quarter, the supply pressure of increased inventory will continue to affect spot pig prices and long - term trading sentiment [4]. Second Part: Analysis of Factors Affecting the Corn Market - From January to March, the prices of US wheat and corn first rose and then fell. Affected by weather, policy, and other factors, the CBOT grain futures prices declined jointly [5]. - The spot price of domestic corn rose with the futures price. By the end of March, the average domestic corn spot price increased by 163 yuan/ton compared with the beginning of January. After mid - March, due to multiple negative factors, the futures and spot prices of corn fell back [5]. - The 5 - month contract of corn oscillated repeatedly at the 2300 - yuan integer mark, and the market was worried about the lack of upward space in the future. Pay attention to the price performance of the 5 - month corn futures price at the previous support level of 2260 [6]. - The supply of new - season corn is expected to increase, and the inventory in the quarterly report at the end of March decreased by 2.4% compared with the same period. The ratio of US soybeans to corn is at a low level, which is conducive to the expansion of corn planting area [15][29][39]. - Affected by policies and other factors, the import of corn and its substitutes decreased in 2025, which increased the consumption of domestic corn. In the second quarter, the problem of limited supply of imported corn and substitutes will still appear periodically [52]. - In early April, the average price of wheat in the main producing areas decreased. The price of wheat followed the rise of corn in March and continued to oscillate weakly in April. The supply of wheat was relatively abundant, and the downstream demand was weak [55]. - In mid - April, the operating rate of the corn starch industry decreased, and the processing in Shandong was in a state of loss. The contradiction in the starch market was prominent, and the support from the demand side was insufficient [56]. Third Part: Analysis of Factors Affecting the Soybean Meal Market - The global oilseed and fat trade pattern has changed. Brazil supplies soybeans to China, the EU, etc., the US supplies soybeans to other regions, and Canadian rapeseed competes for the US soybean market [105]. - China's pig industry has strong demand for replenishment, which increases the demand for feed. The price is strong in stages, and the supply pressure is postponed [112]. - From January to February 2025, the feed output increased year - on - year, and the consumption of soybean meal also increased [116]. - The inventory of soybeans in China showed an inflection point in April, but the soybean procurement of oil mills from June to September was slow [119]. - The spot basis of soybean meal weakened, and the inter - month spread changed from backwardation to contango [121]. Fourth Part: Outlook for the Future Market - In the second quarter, pay attention to tariffs and weather for the US corn market. The policy support of CGC is nearing its end, and it will be tested whether downstream demand can accept high - priced raw materials [66][68]. - Russia's corn production has decreased, and the toxin content in domestic corn is high. The CBOT corn has emerged from the trough. In the future, Sino - US relations will determine the country of import and the rhythm [70]. - In the first quarter, the price of US corn rebounded to the profit range. The market expects an increase in the sown area of new - season corn, and the area will be confirmed in June [77]. - In the first quarter, the spot price of corn rebounded, and the futures price followed. The basis of the 3 - month and 5 - month contracts returned to normal. In the second quarter, the market will speculate on the sowing and cost changes of new - season grain [84]. - In 2024, the cost of corn planting decreased by 15 - 20%. The market expects the cost of corn planting in the new year to decrease by 100 - 150 yuan/ton [90]. - The by - products of starch rose and fell alternately. In 2024, the spread between starch and corn mainly widened. In 2025, pay attention to starch exports and the substitution of tapioca starch [97]. - In 2024, the supply of corn exceeded demand, and the price declined all the way. In 2025, it remains to be seen whether the strengthening of supply and demand can drive the price to rise continuously [102].

央视网消息：春来农事忙。眼下，河南8500万亩小麦逐渐进入扬花灌浆期。在商丘，当地农技人员抢抓农时，指导种植户做好"一喷三 防"，保障夏粮稳产增收。 在河南商丘市梁园区的一处高标准农田，刚刚进入扬花期的小麦长势喜人，几名飞手正操作着植保无人机在麦田上空作业。 由于小麦的扬花期时间比较短，相关部门派出多个农业服务队同时开展飞防作业。种植户刘志平有1200亩小麦，农技人员免费指导他进行 飞防作业，不仅效果好，还省了不少成本。 记者来到了从江县的加榜梯田，这里主要生活的是苗族同胞。"开秧门"是从江县加榜乡水稻种植地区传承了千百年的农耕习俗，"开秧 门"也叫"开秧节"，就是告诉大家可以开始撒谷种、育秧苗了。 在"开秧门"农耕仪式上，600多名村民身着少数民族服装，大家在梯田里唱起赞美家乡、展现劳动场景的民歌，寄托风调雨顺、五谷丰登 的美好祝愿。 目前，河南全省超90%的小麦已完成"一喷三防"。信阳、南阳、驻马店、周口等地已在统筹开展抗旱浇麦和第二遍喷防作业。 贵州从江：万亩梯田"开秧门" 农文旅融合引客来 在贵州黔东南州从江县，加榜梯田进入到春耕时节。梯田蓄水，村民犁田，呈现出一幅春耕画卷。这两天，当地的"开秧门"农 ...

证券研究报告·公司点评报告·种植业 秋乐种业（831087） 2024年报&2025一季报点评：盈利短期承压， 2025 年有望恢复增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 534.24 | 391.21 | 437.15 | 512.98 | 602.34 | | 同比（%） | 22.10 | (26.77) | 11.74 | 17.35 | 17.42 | | 归母净利润（百万元） | 79.42 | 50.44 | 52.83 | 60.17 | 69.61 | | 同比（%） | 28.68 | (36.49) | 4.74 | 13.89 | 15.69 | | EPS-最新摊薄（元/股） | 0.48 | 0.31 | 0.32 | 0.36 | 0.42 | | P/E（现价&最新摊薄） | 37.63 | 59.25 | 56.57 | 49.67 | 42.93 | [Table ...

四月春光好，广袤的田野农机轰鸣，各地春耕春播进入了高峰。北方冬小麦孕穗抽穗，长江中下游抽穗扬花，西南地区已经开始灌浆，冬油菜陆 续灌浆成熟。最新农情调度数据显示，截至4月17日，全国春播粮食进度近两成，略快于上年。 农业农村部总农艺师、种植业管理司司长潘文博说，"总的看，今年夏收粮油生产形势还是不错的，丰收有了好的基础，呈现'一稳一好'的特点： 面积稳。据农情调度，预计今年冬小麦面积3.4亿亩、基本保持稳定。冬油菜面积1.1亿亩，连续7年增加。长势好。冬小麦拔节期一二类苗的比例 是91.2%，比常年同期高了2个百分点、与上年基本持平。冬油菜主产区去年冬天和今年春季气候条件总体有利，加上增产措施技术到位率高，油 菜长势是近几年最好的。" 今年，从春耕开始，农业农村部指导各地持续推进良田、良种、良机、良法的"四良"融合，力争大面积单产提升取得新突破。 4月1日，工作人员在榆中县金崖镇的甘肃鑫通源农业科技有限公司育苗基地内劳作。新华社记者 陈斌 摄 在吉林省四平市梨树县，凤凰山农机农民专业合作社理事长韩凤香正带领乡亲们采用"升级版"黑土地保护性耕作模式进行春耕生产。新华社记者 司晓帅 摄 不仅如此，凤凰山农机农民专 ...

Core Viewpoint - The supply of "vegetable basket" products is stable and sufficient, ensuring the livelihood of the population, with various measures being implemented to address challenges in the livestock and dairy sectors [1][2][3]. Group 1: Supply and Production - As of the end of March, the national breeding sow inventory reached 40.39 million heads, with a total meat production of 25.4 million tons in the first quarter, reflecting a year-on-year increase of 2% [1]. - The area of vegetables planted nationwide reached 83.25 million acres in early April, an increase of 1.9 percentage points year-on-year [1]. - The wholesale price index for "vegetable basket" products was 120.92 in the week of April 7-13, showing a slight decrease of 0.09 points from the previous week and a year-on-year decrease of 2.78 points, indicating overall price stability [1]. Group 2: Quality and Safety - The overall compliance rate for national agricultural product quality safety monitoring reached 98% in 2024, with a first-quarter rate of 98.3% [1]. - A classification supervision system for production origins is being implemented to ensure quality control at the initial stages of agricultural product sales [2]. Group 3: Policy Measures and Support - Various departments have proposed a package of relief policies to address the low market prices for beef and dairy, including projects to enhance the quality and capacity of dairy production [2]. - Since February, live cattle prices have been on the rise, alleviating losses in beef cattle farming, while fresh milk prices remain low due to seasonal consumption patterns [2]. - The Ministry of Agriculture and Rural Affairs is set to strengthen financial and insurance support to enhance the quality and efficiency of the agricultural supply chain [2][3]. Group 4: Future Outlook - The production capacity for meat, eggs, milk, vegetables, fruits, and fish is robust, ensuring that supply can meet urban and rural demand [3]. - The government plans to implement a "vegetable basket" mayor responsibility system to oversee production, supply, market circulation, and quality safety [3].

Group 1: Agricultural Innovation in Aral City - The Aral National Agricultural Science and Technology Park is a new efficient water-saving fruit and vegetable production base located at the northern edge of the Taklamakan Desert [1][5] - The park utilizes advanced technologies such as smart irrigation and environmental monitoring systems to overcome the challenges of desert agriculture [1][5] - Blueberry trees have been successfully cultivated for the first time in the region, showcasing the potential of modern agricultural practices in arid climates [3][5] Group 2: Water-Saving Techniques - The modern greenhouses employ innovative irrigation methods like "drip arrow," which delivers water and soluble fertilizers directly to the roots, reducing evaporation and pest proliferation [7] - The reduction in humidity within the greenhouses minimizes the need for pesticides, promoting organic fruit and vegetable production [7] Group 3: Environmental Contributions - The greenhouses also contribute to desertification control by successfully nurturing Hu Yang tree seedlings, which are crucial for combating desert expansion [9][11] - The controlled environment in the greenhouses significantly increases the germination rate of Hu Yang seeds, which typically have a low natural germination success [11] Group 4: Broader Agricultural Developments - In the wider Xinjiang region, 120,000 acres of chickpeas are being planted, with advanced sowing techniques ensuring optimal planting conditions [12][15] - In Liaoning Province, corn planting has commenced with the use of advanced machinery, including autonomous seeders that enhance efficiency and reduce labor [16][18] - Inner Mongolia is focusing on recycling old agricultural films to prevent soil pollution, with a robust collection system in place [23][27]

01 主题： 天赐材料交流 主讲： 郭彬 纺服首席分析师 参会密码： 278756 时间： 4月27日（周日）17：00 主讲： 刘强 院长助理&电新首席分析师 嘉宾：公司副总&董秘 韩总 参会密码： 101211 02 主 题： 嘉诚国际报告解读 时间： 4月28日（周一）14：00 主讲： 程志峰 交运分析师 参会密码： 376632 03 主 题： 内需美护板块推荐电话会议 时间： 4月28日（周一）20：00 04 主题： 专项债收购存量闲置土地发行落地提速 时间： 4月29日（周二）08：00 主讲： 徐超 院长助理&地产首席分析师 戴梓涵 固收分析师 参会密码： 572109 05 主题： 登海种业业绩交流 时间： 4月29日（周二）09：00 主讲： 程晓东 农业首席分析师 李忠华 农业分析师 嘉宾：公司副总裁&董秘 原总 参会密码：980505 06 主题： 社会服务：年报总结及近期观点汇报 时间： 4月29日（周二）19：00 主讲： 王湛 社服分析师 参会密码： 270322 07 主题： 察势者明，趋势者弱 时间： 4月29日（周二）21:00 主讲： 张冬冬 策略首席分析师 参会密码： ...

Core Viewpoint - The agricultural and rural economy has shown resilience in overcoming internal and external challenges, contributing to a stable start for the national economy and supporting high-quality development [1] Group 1: Spring Cultivation and Crop Production - Spring sowing is progressing smoothly, with nearly 20% of spring crops completed, slightly ahead of last year [2] - The Ministry of Agriculture aims for a grain production target of approximately 1.4 trillion jin (700 million tons) this year, with an expected planting area of 1.79 billion mu (119.3 million acres) for grain [2] - The area for winter wheat is expected to remain stable at 340 million acres, while winter rapeseed area is projected to increase for the seventh consecutive year [3] Group 2: Supply and Quality of Agricultural Products - The supply of "vegetable basket" products is abundant, with a total of 40.39 million breeding sows and a 2% year-on-year increase in meat production [4] - The overall quality safety monitoring of agricultural products reached a compliance rate of 98.3% in the first quarter, up 0.3 percentage points from last year [5] Group 3: Poverty Alleviation and Rural Development - The consolidation of poverty alleviation achievements involves collaboration from various sectors, with 310 central units supporting 610 poverty-stricken counties [6] - The Ministry of Agriculture emphasizes the importance of industry cooperation, labor collaboration, and social responsibility in rural revitalization efforts [7] - Significant improvements in rural infrastructure have been noted, with a 94% coverage rate for rural water supply and 76% for sanitary toilets [8]