智通财经APP获悉，中金发布研报称，落实"藏粮于地、藏粮于技"战略，智能农业装备是关键抓 手，"机器换人"已迎来关键机遇期。随着农业劳动力减少、土地流转带来产业需求提升，政策将智慧农 业、智能农机提至新的战略高度，立足中国国情农情的智能农业装备龙头，依托打磨成熟的领先科技、 更落地的农业服务和更完整的生态，已步入快车道。 立足中国国情农情，智能农业装备龙头科技筑基、服务精耕、生态串联，打造天地空一体化智慧农业生 态。格局：技术壁垒高、服务护城河深、生态黏性强，24年我国农业无人机/智能农机/农机CR3为 88%/71%/48%。 风险 研发创新不及预期，粮价低迷，行业竞争加剧。 中金主要观点如下： 智能农业装备为粮食安全保障核心抓手，产业与政策机遇共振。1)保障粮食安全，藏粮于地提供基础、 藏粮于技贡献弹性：25年中央一号文件将"智能农机、智慧农业"列入"农业新质生产力"，智能农业装备 是核心抓手;2)智能农机和农业无人机为核心赛道：智能拖拉机和收获机均存较大技术升级空间;农业无 人机是契合我国"大国小农"、"矮秆作物占比高"特色农情的中国式农机。24年中国农机/农业无人机规 模约3,000/29亿元。 人口 ...

中金研究 落实"藏粮于地、藏粮于技"战略，智能农业装备是关键抓手，"机器换人"已迎来关键机遇期。随着农业劳动力减少、土地流转带来产业需求提升，政 策将智慧农业、智能农机提至新的战略高度，立足中国国情农情的智能农业装备龙头，依托打磨成熟的领先科技、更落地的农业服务和更完整的生 态，已步入快车道。 点击小程序查看报告原文 Abstract 摘要 智能农业装备为粮食安全保障核心抓手，产业与政策机遇共振。1）保障粮食安全，藏粮于地提供基础、藏粮于技贡献弹性： 25年中央一号文件将"智能 农机、智慧农业"列入"农业新质生产力"，智能农业装备是核心抓手； 2）智能农机和农业无人机为核心赛道： 智能拖拉机和收获机均存较大技术升级空 间；农业无人机是契合我国"大国小农"、"矮秆作物占比高"特色农情的中国式农机。24年中国农机/农业无人机规模约3,000/29亿元。 人口城镇化、科技突破、政策扶优，"机器换人"势在必行。1）人口： 农村劳动力减少且成本提升、装备成本下降，机器换人产业化拐点已至。我国"耕 种管收"的"管"环节机械化率最低，我们测算植保无人机有望助力我国节省年度打药成本超千亿人民币； 2）科技： 传统农机向大型化 ...

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 1.36 billion yuan, a decline of 22.01% compared to the same period last year, while net profit attributable to shareholders increased by 27.62% to approximately 14 million yuan [2][3][11]. Company Overview and Financial Indicators - The company is headquartered in Yancheng, Jiangsu Province, and operates in various sectors including new energy, textiles, and specialized vehicles [2][3]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,358,178,119.31 yuan - Total profit: 10,348,380.66 yuan - Net profit attributable to shareholders: 14,024,716.17 yuan - Total assets: 10,000,537,285.24 yuan - Net assets attributable to shareholders: 4,377,757,979.26 yuan [2][3]. Business Segments - **New Energy**: The company focuses on developing and operating new energy projects, including wind and solar power, with significant investments in projects like the 150MW solar project and the 100MW/200MWh energy storage project [7][12]. - **Textiles**: The textile segment has shown resilience, with a production capacity of 42,000 tons of high-end knitted yarn and 28.8 million meters of home textile fabric [6][11]. - **Specialized Vehicles**: The specialized vehicle segment includes products like garbage trucks and street cleaning vehicles, with a focus on environmentally friendly technologies [6][11]. Industry Context - The new energy sector in China is experiencing rapid growth, with installed capacity for solar power reaching 110 million kilowatts, a year-on-year increase of 54.2% [8][9]. - The carbon market is also expanding, with a cumulative transaction volume of carbon emission allowances reaching 669 million tons by mid-2025 [9][10]. - The agricultural machinery market is facing challenges, with a decline in traditional tractor sales, but high-end products are gaining traction due to policy and technological advancements [10][11]. Operational Highlights - The company has made strategic acquisitions, including a 51% stake in Yueda Energy Service Company, to enhance its capabilities in energy management and sales [12][14]. - The company is actively pursuing projects in carbon asset management and has established a biomass fuel production base to support renewable energy initiatives [13][14]. - The company is also focusing on digital transformation and management innovation to improve operational efficiency and market competitiveness [16].