展望后市，中邮证券指出，"反内卷"多次加码，利好明年猪价。自5月份以来，生猪行业"反内卷"持续 加码，农业部、发改委、行业协会等多方多次召开会议，围绕"控产能、降体重、限二育"精准发力。近 期政策实施成效初显。随着政策执行力度的进一步加大，叠加近期猪价已进入亏损区间，预计四季度行 业产能去化将有所加速，明年下半年猪价有望迎来新一轮上行趋势。 公开资料显示，全市场首只农牧渔ETF（159275）被动跟踪中证全指农牧渔指数，权重股包括牧原股 份、温氏股份、海大集团、新希望、梅花生物等细分行业龙头个股。标的指数持仓行业集中度高，前十 大行业权重超过90%，聚焦于农业养殖、饲料、种植行业等，可一键网罗农牧渔全产业链机遇。 （文章来源：每日经济新闻） 10月10日，A股多数板块回落，农牧渔板块逆市走强，全市场首只农牧渔ETF（159275）早盘一度上涨 1.5%，现涨0.7%，有望迎来上市四连阳行情。成分股方面，农产品加工、动保、畜牧养殖等板块部分 个股涨幅居前。截至发稿，农牧渔ETF（159275）盘中资金实时净申购超4600万份。 当前，农牧渔板块估值仍处低位，或为板块较好配置时机。截至10月9日收盘，农牧渔ETF ...

《风险提示》首个披露的案例，聚焦近期高发的"农业云养殖"领域。据介绍，某地市民孙女士经朋友介 绍，接触到一款"云养黑猪"投资项目。该平台对外宣称，投资者无需实地参与养殖，认购后即可享受年 化60%的固定收益。孙女士投入资金后，平台以"系统升级"为由冻结提现功能，随后关闭APP。经查， 该项目无真实养殖场，利用层级返利发展4万会员，涉案金额超亿元，涉嫌非法传销活动。 深圳市委金融办特别提示，近年来，"云养经济"领域违法犯罪活动高发。一些不法分子往往打着"发展 农业产业"的幌子，将正常的农产品种养、销售环节包装成"投资融资项目"，借助互联网平台广泛宣传 推广，从事违法犯罪活动，既侵害公众合法利益，也对农业产业健康发展造成负面影响。 据了解，此类欺诈活动存在三大典型特征：一是以"农业+科技"为噱头，炒作田园生活、有机生态、智 慧农业等热点，伪造养殖、种植的视频图片来虚构或夸大实际生产场景，对外宣称低风险、高收益，但 真实经营模式难以支撑其承诺收益；二是网络属性强，不法分子依托互联网、移动应用程序开展运营， 通过网上支付工具收付资金，风险波及范围广、扩散速度快，资金监管和追踪难度大；三是存在多种违 法犯罪风险，不法分 ...

证券研究报告 | 2025年09月29日 | 晨会纪要 | | --- | | 数据日期:2025-09-26 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3828.10 | 13208.99 | 4550.04 | 14218.34 | 3850.85 | 1450.82 | | 涨跌幅度（%） | -0.65 | -1.76 | -0.94 | -1.53 | -2.40 | -1.60 | | 成交金额（亿元） | 9278.64 | 12190.20 | 5987.23 | 4490.60 | 5670.76 | 938.97 | $$\overline{{{\prod_{p\in\mathbb{R}}\sum_{i=1}^{n}\frac{p_{i}}{p_{i}}}}}$$ ($\frac{\pi}{10}$) 宏观与策略 宏观周报:宏观经济宏观周报-高频指标继续提示经济回暖 固定收益投资策略:2025 年 10 月转债市场研判及 ...

天眼查App显示，近日，黑龙江贰选农仓食品有限公司成立，法定代表人为阴京梅，注册资本100万人 民币，经营范围为许可项目：食品生产；林木种子生产经营；家禽饲养；活禽销售；牲畜饲养；水产养 殖；食品销售；保健食品生产；食品小作坊经营一般项目：食用农产品初加工；农副产品销售；初级农 产品收购；食用农产品零售；谷物种植；中草药收购；谷物销售；地产中草药（不含中药饮片）购销； 牲畜销售；水产品零售；农作物种子经营（仅限不再分装的包装种子）；化肥销售；肥料销售；互联网 销售（除销售需要许可的商品）；农业机械租赁；住房租赁；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；未经加工的坚果、干果销售；坚果种植。 ...

Group 1 - The core viewpoint emphasizes the improvement of the business environment in Liaoyang, which has led to increased operational vitality and investment confidence among enterprises [1][3][4] - Liaoyang's GDP growth rate ranked fourth in the province during the first half of the year, indicating a strong economic performance and enhanced investor expectations [2] - The establishment of a public bonded tank near a key enterprise has significantly reduced transaction costs and improved the efficiency of raw material procurement [1][4] Group 2 - The local government has implemented various reforms, such as the "no application required" policy and the "one-stop service" approach, to facilitate business operations [4][5] - Liaoyang has seen a surge in new projects, with 198 new contracts signed and 149 projects already established in the first eight months of the year [11] - The city has become a competitive investment destination for state-owned, private, and foreign enterprises, showcasing its commitment to optimizing the business environment [11] Group 3 - Liaoyang's historical and cultural background has fostered a strong business culture, which is now being leveraged to attract and retain enterprises [3][10] - The government has adopted a proactive approach to support private enterprises, recognizing that confidence is crucial for economic growth [3][4] - The use of technology in environmental monitoring has improved regulatory efficiency while minimizing disruptions to compliant businesses [6][7] Group 4 - Liaoyang's government has demonstrated a commitment to providing timely support to businesses, ensuring that they can focus on growth without unnecessary interference [7][8] - The successful case of a major paint manufacturer establishing operations in Liaoyang highlights the effectiveness of the local government's support in expediting project approvals [9][10] - The collaborative efforts between various government departments have resulted in a streamlined process for businesses, enhancing their operational efficiency [9][10]

Core Points - The article highlights the significant improvements in the business environment of Liaoyang, which have led to increased operational vitality and investment confidence among local enterprises [2][4][11] - Liaoyang has implemented various measures to optimize its business environment, including the establishment of a public bonded warehouse and legislative support for private enterprises [2][5][9] Group 1: Business Environment Optimization - Liaoyang has built the Northeast region's first public bonded warehouse, which has reduced third-party service fees and lowered transaction costs for local enterprises [2] - The city has introduced reforms such as "免申即享" (enjoy without application) and "一件事一次办" (one-stop service) to streamline administrative processes for businesses [5] - Liaoyang's government has focused on creating a market-oriented, law-based, and international business environment to make it easier for companies to operate and generate profits [4][11] Group 2: Economic Growth Indicators - Liaoyang's actual operating entities and domestic investment growth rates have consistently ranked among the top in the province, with the city's GDP growth rate being the fourth highest in the province for the first half of the year [3][11] - The city has seen a surge in new project signings, with 198 new projects signed and 149 projects already implemented in the first eight months of the year [11] Group 3: Government Support and Services - The local government has adopted a "no disturbance unless necessary" approach, allowing businesses to focus on growth while providing support when needed [6][7] - Liaoyang's government has facilitated rapid project approvals and registrations, exemplified by the swift establishment of a new factory by Nippon Paint in just over a month [9][10] - The city has also implemented a smart environmental enforcement platform to enhance regulatory efficiency while minimizing disruptions to compliant businesses [7]

2016年，孙涛辞去在城市的工作回到家乡，探索"稻虾共生"综合种养模式。如今，孙涛的稻虾综合 种养试验田生机勃勃，还带动周边70余户群众增收。 地处秦巴山区腹地的旬阳市是劳务输出大市，在外创业、务工的人员有10万人。近年来，当地打 好"政策牌"、提升"引才力"，大力发展"归雁经济"。一批批在外打拼的人才携资金、项目和技术返乡创 业，在家乡的舞台上大展拳脚。 筑巢，引"雁"归故里 "每次去湖北吃小龙虾，我总在想，我们仙河的好山好水也应该能养小龙虾，何不回家乡试一 试。"萌生这样的想法后，孙涛投资100余万元，在西沟村建起了40亩稻虾综合种养试验田。 9月8日，旬阳市仙河镇西沟村，陕西拦河岭农业旅游有限公司负责人孙涛蹲在田埂上，轻拨稻丛， 查看小龙虾长势。"再有40来天就开捕，今年的虾个头比预期大，成活率也高。"孙涛说。 为破解企业高端人才短缺难题，旬阳高新区与省内外高校共建西安、旬阳两地产学研基地，设立科 研攻关基金吸引高校团队带项目入驻，既解决了企业用人之困，又为高校学生搭建实践平台。近两年， 旬阳高新区入园重大工业项目中，70%为本土人才回乡创业项目或本土人才牵线引进项目。 有了政策支持，旬阳领盛新材料科技 ...

Core Viewpoint - Shandong Province is actively promoting the protection and utilization of agricultural cultural heritage, with a focus on enhancing brand value and integrating these resources into rural revitalization efforts [6][8][9]. Group 1: Agricultural Cultural Heritage Resources - The third batch of important agricultural cultural heritage resources in Shandong includes various cultivation systems such as the Dragon Mountain millet cultivation system and the ginger cultivation system from Laiwu [1][2][3]. - A total of 11 systems, including the Changyi Shanyang pear and Qingzhou silver melon, have been included in the provincial agricultural cultural heritage resource list, with the Changyi Shanyang pear recognized as a significant national heritage [6]. Group 2: Policy and Support - The local government is enhancing awareness of agricultural cultural heritage protection and is actively conducting resource surveys to identify and catalog these resources [6]. - Policies are being developed to support the integration of agricultural cultural heritage into rural revitalization projects, with financial backing provided to promote these initiatives [6]. Group 3: Brand Value and Utilization - Efforts are being made to increase the brand value of agricultural cultural heritage by leveraging scale, quality, and market advantages to create a strong brand presence [8]. - The government is mobilizing experts, entrepreneurs, and new farmers to participate in the revitalization and utilization of agricultural cultural heritage, aiming to establish a comprehensive protection and development framework [9].

Group 1 - The core viewpoint emphasizes the innovative financial support mechanisms introduced by the People's Bank of China in Yunfu, aimed at fostering local economic development through targeted loans and subsidies [1][3][5] - As of July 2025, the balance of agricultural and small business re-loans in Yunfu reached 1.724 billion yuan, with a utilization rate of 97%, significantly supporting high-quality regional economic growth [1] - The "re-loan + provincial loan interest subsidy" model has been successfully implemented, allowing technology companies to benefit from lower loan rates and additional financial support [2][3] Group 2 - The financial institution has identified 24 strategic emerging industry enterprises eligible for credit, facilitating loans totaling 158 million yuan, which is expected to generate 1.6594 million yuan in provincial subsidies [3] - The introduction of innovative financing products such as "company + base + family farm" models has enabled local agricultural cooperatives to secure loans, enhancing their operational capabilities [4][5] - The "re-loan + modern agricultural industry chain" service model has led to the issuance of 560 million yuan in preferential loans to new agricultural operators, promoting local specialties [5] Group 3 - The collaboration between the People's Bank of China and local market regulation departments has resulted in the issuance of 113 million yuan in credit to "special, excellent, and new" individual businesses, benefiting 71 merchants [8] - The "Yue Quality Loan - Yun Quality Loan" model has been established to create a quality evaluation system for enterprises, facilitating access to financing for over 300 companies [8] - The ongoing efforts aim to deepen the "re-loan +" model, leveraging monetary, fiscal, and industrial policy synergies to drive sustainable economic development in key areas [8]

Core Viewpoint - The People's Bank of China (PBOC) in Yunfu is actively promoting financial support for local industries, focusing on technology innovation, rural revitalization, and small and micro enterprises through various financial models and policies [1][3][6]. Group 1: Financial Support Mechanisms - The PBOC Yunfu branch has introduced a "re-loan + provincial loan interest subsidy" model to support technology innovation enterprises, significantly reducing financing costs for eligible companies [2][3]. - As of July 2025, the balance of re-loans for agricultural and small enterprises in Yunfu reached 1.724 billion yuan, with a utilization rate of 97%, providing strong support for regional economic development [1][3]. Group 2: Support for Agricultural Development - The PBOC Yunfu branch has implemented a "re-loan + modern agricultural industry chain" service model, prioritizing financial support for modern agricultural parks and various operating entities within the industry chain [5]. - A total of 3.02 billion yuan in loans has been issued to support local agricultural projects, benefiting over eight towns and promoting local employment [5]. Group 3: Support for Small and Micro Enterprises - The PBOC Yunfu branch has collaborated with local market regulation departments to create a financial service document specifically for "special, excellent, and new" individual businesses, linking loan terms to business performance [6][7]. - Since March 2025, banks in Yunfu have granted 113 million yuan in credit to "special, excellent, and new" individual businesses, with 41.09 million yuan in loans issued, benefiting 71 merchants [7]. Group 4: Future Directions - The PBOC Yunfu branch plans to continue innovating the "re-loan +" model, enhancing the synergy between monetary, fiscal, and industrial policies to drive financial resources into key economic development areas [7].