| 辅导对象 | 嵊州陌桑高科股份有限公司(以下简称"陌桑高科") | | | | --- | --- | --- | --- | | 成立日期 | 2015年12月29日 | | | | 注册资本 | 15,127.6862 万元 | 法定代表人 | 金耀 | | 注册地址 | 浙江省绍兴市嵊州市三江街道一景路 788号 | | | | 控股股东及 持 股 比 例 | 嵊州市巴贝领带有限公司持股 35.02% | | | | 行业分类 | 根据国家统计局发布的 | | 公司于2025年1月 22 日在全国中小企 业股份转让系统基 | | | 《国民经济行业分类》 | 在其他交易场所 | | | | (GB/T4754-2017),公司 | (申请)挂牌或 | | | | 所属行业为"A03 畜牧 | 上市的情况 | 础层挂牌 | | | V 22 | | | | 注 | 不存在近 3 年内提交首次公开发行股票/存托凭证并上市申请被 | | | | | 终止审查、不予核准、不予注册的情形 | | | 瑞财经 严明会近日，嵊州陌桑高科股份有限公司(以下简称：陌桑高科)在浙江证监局完成IPO辅导备 案，拟北交所I ...

新华财经巴黎2月24日电（记者崔可欣） "农业不仅关乎土地与餐桌，还关乎文明与和平。"法国全国农 业和海产品管理局畜牧育种和乳业代表托马·帕维日前接受新华社记者专访时，用这句话介绍他对法中 农业合作的理解。 第62届法国国际农业博览会21日在法国巴黎凡尔赛门展览中心开幕。在展会当天举行的中国馆开馆仪式 上，帕维告诉记者，中国拥有博大精深的美食体系，在国际农业展会上由中国亲自讲述"中国味道"的故 事尤为重要。"这不仅是产品展示，更是文明之间的对话"。 帕维15年前曾在中国生活、工作，对中国并不陌生。在他看来，法中在文化层面存在诸多共通之处，体 现在美食、农业、传统仪式和民俗之中。 （文章来源：新华社） 他高度评价中国在农业机器人和智能装备领域的发展。"中国在农业机器人应用方面走在前列，法国也 在积极推进精准农业。双方可以加强技术交流，共同提升效率、节水抗旱、减少碳排放。"在他看来， 各国加强协作是应对全球性挑战的关键路径。 谈及当前国际贸易环境的不确定性，帕维态度鲜明地指出："有些国家把贸易当作斗争工具，而法中一 贯视贸易为促进和平的桥梁。我们应该继续沿着这条道路前行。" 他特别提到一个汉字——"家"，这个字的 ...

机制落地，关键在实践。祁连县积极搭建干事创业的"赛马场"，通过组织开展有效衔接比武竞赛和档案 资料"互观互查互检互促"活动，创新县级"书记讲、成员听、部门评"和乡镇"现场教学+实地演练+分享 交流+定期指导"模式，打造驻村干部交流较量的"大擂台"、相互学习的"大课堂"。央隆乡夏尔格村第一 书记樊光辉对此深有触动："看到差距，更激发追赶的动力，带领牧民增收致富，就得比别人多操心、 更无私。" 驻村工作队通过探索"党支部+生态合作社+牧户"模式，成立草场管理委员会，实施科学轮牧与动态资 源管理，引导牧民转向生态管护与旅游服务，在守护草原绿色的同时推动畜牧产业提质增效。在此基础 上，各村依托资源禀赋，聚力打造"祁连山"牛羊肉品牌，累计认证的全国名特优新农产品达9个，构建 畜牧稳基、旅游增收、特色补充的多元产业格局。至2025年，全县45个村集体经济收益突破3000万元， 涌现出一批集体经济强村，实现了生态保护与牧民增收的双赢。 一切发展的最终目标是造福于民。祁连县统筹资金改善基础设施，提升人居环境，全年开设牧家乐38 家，有效带动就业与旅游消费。工作队全年累计入户2.8万余户次，帮助解决就医、就业、上学等实际 困难 ...

1. Report Industry Investment Ratings - **Macro - finance**: Bullish on stock indices in the medium - to - long - term with a strategy of buying on dips; expect government bonds to move in a range [1][6] - **Black building materials**: Short - term trading for coking coal, range trading for rebar, buying on dips for glass [1][6] - **Non - ferrous metals**: General traders are advised to reduce trading positions before the holiday, while hedgers are recommended to increase hedging coverage for copper; strengthen observation for aluminum; wait - and - see for nickel; range trading for tin, gold, and silver; expect lithium carbonate to move in a range [1][10] - **Energy and chemicals**: Range trading for PVC, styrene, rubber, urea, and methanol; temporary wait - and - see for caustic soda and soda ash; expect polyolefins to be weakly volatile [1][20] - **Cotton textile industry chain**: Expect cotton and cotton yarn to adjust in a range, apples and jujubes to move in a range [1][29] - **Agriculture and animal husbandry**: Short - term supply - demand game for hogs, with a strategy of selling on rallies for off - season contracts; sell on rallies for hedging post - festival contracts of eggs; short - term cautious about chasing high prices for corn, and grain holders can wait for rallies to sell for hedging; expect soybean meal to be mainly volatile in the short term, with the M2603 contract paying attention to the performance at the 3030 level; expect oils and fats to be volatile at high levels in the short term, and recommend buying on pullbacks [1][31] 2. Core Views of the Report - The report provides trading suggestions for various futures products based on their fundamentals, market sentiment, and macro - economic factors. It takes into account factors such as supply and demand, cost, inventory, and policy to analyze the price trends of different commodities and gives corresponding investment strategies [1][6] 3. Summary by Relevant Catalogs Macro - finance - **Stock indices**: Bullish in the medium - to - long - term, expected to be volatile and stronger. Overseas rebounds and reduced liquidity shock disturbances may drive stock indices to move in this way. It is recommended to buy on dips [1][6] - **Government bonds**: Expected to move in a range. Although institutions may have a demand to hold bonds during the holiday, the rebound of the TL2603 contract was blocked, and there are uncertainties after the holiday [6] Black building materials - **Double - coking coal**: Expected to move in a range, with short - term trading recommended. The coal market has short - term fluctuations, but the price increase is not sustainable due to weak demand and other factors [7][8] - **Rebar**: Expected to move in a range. The price is currently at a low static valuation, and the recent weakness is due to weakened cost support. It is recommended to trade with a light position before the holiday [8] - **Glass**: Expected to move in a range with a bullish bias. There are industry rumors, and although there is pressure above, the price is at a relatively low level again. It is recommended to buy on dips [9][10] Non - ferrous metals - **Copper**: Expected to be volatile at a high level. The recent sharp decline is due to macro - level panic. Although there are uncertainties, it may stabilize in a range after risk release. Traders are advised to reduce positions, and hedgers to increase coverage [11][12] - **Aluminum**: Expected to be volatile at a high level. Supply is increasing, while demand is weakening. It is recommended to strengthen observation and reduce positions before the holiday [13] - **Nickel**: Expected to move in a range. Although there is positive news, the fundamentals are weak. It is recommended to wait and see [15] - **Tin**: Expected to move in a range. Supply is tight, and consumption is in a recovery stage. It is recommended to conduct range trading [16][17] - **Silver and gold**: Expected to move in a range. Affected by factors such as the nomination of the Fed chairman and economic data, the medium - term price center is rising. It is recommended to conduct range trading and pay attention to relevant economic data [17][18] - **Lithium carbonate**: Expected to move in a range. Supply and demand are both changing, and it is necessary to pay attention to the impact of mine - end disturbances [19] Energy and chemicals - **PVC**: Expected to be volatile at a low level in a wide range. The current supply - demand situation is weak, but there are opportunities for industrial upgrading in the long - term. It is recommended to be cautious about chasing high prices [21] - **Caustic soda**: Expected to be volatile at a low level. Demand is weak, and supply is under pressure. It is recommended to wait and see [22] - **Styrene**: Expected to move in a range. There is support for inventory reduction, but the valuation is high. It is recommended to be cautious about chasing high prices and pay attention to cost and supply - demand changes [23] - **Rubber**: Expected to move in a range. Supply is tightening, and demand is under pressure. It is recommended to conduct range trading [23] - **Urea**: Expected to move in a range. Supply is increasing, and demand is stable. It is recommended to pay attention to factors such as compound fertilizer production and export policies [24][25] - **Methanol**: Expected to move in a range. Supply is decreasing, and demand is weak. It is affected by geopolitical and port factors [25] - **Polyolefins**: Expected to be weakly volatile. Supply is high, and demand is weakening. It is recommended to sell on rallies and pay attention to downstream demand and inventory [26][28] - **Soda ash**: It is recommended to wait and see. Supply is expected to shrink, and there is cost support. The price may have limited downward space [28] Cotton textile industry chain - **Cotton and cotton yarn**: Expected to adjust in a range. Although there is short - term pressure, the long - term outlook is optimistic [29] - **Apples and jujubes**: Expected to move in a range. The market for apples in production areas is stable, and the price of jujubes is determined by quality [29][31] Agriculture and animal husbandry - **Hogs**: Expected to build a bottom in a range. In the short - term, there is a supply - demand game, and it is recommended to sell on rallies for off - season contracts. In the long - term, pay attention to capacity reduction [31] - **Eggs**: Expected to rebound from a low level. The supply is sufficient in the short - term, and the market will experience a grinding process in the long - term. It is recommended to be cautious about short - selling and consider hedging on rallies [33] - **Corn**: The price increase is limited. In the short - term, it is recommended to be cautious about chasing high prices, and grain holders can sell on rallies for hedging. In the long - term, the supply - demand pattern is relatively loose [34][35] - **Soybean meal**: Expected to be volatile at a low level. Pay attention to the support at 2700 yuan/ton for the M2605 contract, and it is recommended to short on rallies [35] - **Oils and fats**: Expected to be volatile at high levels. It is recommended to buy on pullbacks and pay attention to position risks before the holiday. Different oils have different performance characteristics [36][41]

Group 1: Market Overview - The market experienced significant fluctuations last week, particularly in precious metals, technology stocks, and US stocks [4] - The Hang Seng Tech Index has entered a technical bear market, with a decline of -21.56% from its recent high of 6715.46 points to a low of 5267.63 points [4] Group 2: Index Valuation - Major broad-based indices are generally at normal or higher valuation levels, with the Shanghai Composite Index and CSI 300 at below 50 degrees, indicating low relative valuation [7] - The Hang Seng Index (82.1 degrees), Sci-Tech 50 (82.2 degrees), and State-Owned Enterprises Index (82.7 degrees) are at higher valuation levels, suggesting caution in investment decisions [7] - The overall market represented by the CSI All A is at 62.3 degrees, indicating limited low-valuation opportunities [7] Group 3: Global Index Valuation - Compared to domestic indices, global broad-based indices are at higher valuation levels, with major indices in the US, UK, Germany, and Japan also showing elevated valuations [9] - The high valuations in global markets may lead to increased volatility with any external disturbances [9] Group 4: Dividend Indices - The CSI Dividend Index has a PE ratio around 10 and a dividend yield of 4.89%, which is historically low, indicating a need to wait for better opportunities [11] - The dividend yield of Hong Kong stocks remains higher than that of A-shares, influenced by market factors and tax considerations [12] Group 5: Strategy Indices - Among strategy indices, the Dividend Quality index is currently undervalued, while the 300 Value and 50 Fundamentals indices are relatively low [13] - The AH strategy, which involves arbitrage between A and H shares, is currently at a historically high valuation level [14] Group 6: Industry Indices - The pharmaceutical and consumer sectors are currently at lower valuation levels, with leading consumer indices still undervalued despite some recent rebounds [15] - The technology sector, represented by tech leaders and the All-Information Index, is at historically high valuation levels, driven by advancements in AI and cloud computing [18] Group 7: Other Indices - The agricultural sector, represented by indices like the CSI Livestock and CSI Agriculture, is at a low valuation level, reflecting its status as a "necessity consumer goods" sector [20] - The demand in the agricultural sector is relatively stable, which presents both advantages and limitations in terms of elasticity [21]

Core Viewpoint - The document outlines the importance of agricultural modernization and rural revitalization in China, emphasizing the need for comprehensive policies and actions to strengthen the agricultural sector and improve rural living conditions during the "15th Five-Year Plan" period [1][22]. Group 1: Agricultural Production and Quality Improvement - The grain production target is set to stabilize at approximately 1.4 trillion jin, with initiatives to enhance production capacity and quality through integrated actions [2][23]. - The "vegetable basket" industry will be improved by promoting a diversified food supply system and stabilizing livestock production, particularly in pork and dairy sectors [2][23]. - Measures will be taken to protect and enhance arable land quality, including strict management of land use and promoting high-standard farmland construction [3][24]. Group 2: Technological Innovation and Disaster Prevention - The document emphasizes the need for agricultural technology innovation, including the development of key agricultural technologies and the promotion of biotechnology [4][25]. - A robust agricultural disaster prevention and mitigation system will be established, focusing on monitoring and responding to extreme weather events [5][26]. Group 3: Support for Farmers and Employment - A systematic approach to regular assistance for farmers will be implemented, ensuring the stability of financial support and resources to prevent large-scale poverty [6][27]. - Employment support for farmers will be enhanced through organized labor output and job creation initiatives, particularly for migrant workers [7][32]. Group 4: Rural Infrastructure and Public Services - The document calls for the optimization of rural land use and infrastructure development to improve living conditions and public services in rural areas [8][34]. - Strengthening basic public services in rural areas, including education and healthcare, is highlighted as a priority to enhance the quality of life for rural residents [9][35]. Group 5: Ecological Protection and Cultural Development - There is a focus on ecological protection and the improvement of rural living environments, including waste management and pollution prevention [10][14]. - The promotion of cultural values and community engagement in rural areas is emphasized to foster a positive social atmosphere and enhance rural governance [11][15]. Group 6: Leadership and Governance - The document stresses the importance of strong leadership in rural revitalization efforts, with a focus on enhancing the capabilities of local governance structures [12][20]. - It advocates for innovative approaches to rural management and the integration of various resources to support agricultural and rural development [13][21].

Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. has launched its H-share IPO, aiming to raise funds amid a challenging market environment for the pig farming industry [1] - Muyuan Foods plans to issue a total of 274 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The IPO price is set at a maximum of 39 HKD per share, which represents a discount of approximately 25% compared to its A-share price of 46 RMB (about 51.67 HKD) [1] Group 2 - Muyuan Foods is the largest pig farming company globally, with an expected breeding capacity of 81 million pigs per year by the end of 2024 [1] - The company forecasts a net profit of 14.7 billion to 15.7 billion RMB for 2025, reflecting a decline of 12.20% to 17.79% year-on-year due to fluctuations in the pig market [4][6] - The average selling price of commercial pigs is expected to be around 13.5 RMB per kilogram in 2025, down approximately 17.3% compared to the previous year [4][6] Group 3 - The domestic supply of breeding sows remains high, coupled with improved industry biosecurity and production efficiency, leading to increased pig supply [7] - Despite a slight increase in pig prices in January 2026, the overall market remains under pressure, with expectations of price declines post-holiday [7] - Muyuan Foods aims to use approximately 10% of the net proceeds from the IPO, around 1.046 billion HKD, for working capital and general corporate purposes [7]

Core Viewpoint - The Guangdong Province has made significant advancements in agricultural technology during the "14th Five-Year Plan" period, focusing on nine key innovation areas to enhance high-quality agricultural development [3][4][5]. Group 1: Agricultural Technology Innovations - The Guangdong Seed Industry Expo showcased key progress in nine major agricultural technology innovation directions, including seed industry revitalization, disease prevention, smart equipment, processing value addition, and soil protection [2][3][4]. - The South American white shrimp breeding and industrialization project led by Sun Yat-sen University has established a genetic resource bank and developed two national approved shrimp varieties, resulting in over 200 billion shrimp larvae sold [8][10][11]. Group 2: Disease Prevention and Control - The new comprehensive disease prevention technology project, undertaken by the Guangdong Academy of Agricultural Sciences, has developed remote monitoring and early warning systems for major livestock diseases, along with six new diagnostic technologies and vaccines [17][19][20]. - The integrated technology system has been applied in core breeding and large-scale farming sites, achieving a contract value of 5.4 million yuan from two technology transfers [21]. Group 3: Smart Harvesting Technologies - The intelligent harvesting technology for Lingnan specialty fruits, led by Jiaying University, has developed various harvesting equipment and filed 39 invention patents, with contracts worth nearly 1 million yuan for the lychee harvesting robot [22][24][26]. Group 4: Functional Gene Exploration - The project on functional gene exploration and application for important crops has identified 25 new genes and created 41 new breeding materials, with over 50 published SCI papers [34][36][38]. Group 5: Soil Degradation Control - The soil degradation control technology project has developed 14 technologies and established demonstration projects covering over 10,000 acres, with a projected sales increase of 18.74 million yuan in 2024 [47][50][52]. Group 6: Carbon Neutrality Initiatives - The microbial group research and application technology for achieving "carbon peak" and "carbon neutrality" has led to a 14-53% reduction in greenhouse gas emissions and a 90% reduction in livestock waste odor [54][56][59].

Group 1 - In 2025, the average per capita consumption expenditure in Sichuan reached 26,073 yuan, with a nominal growth of 4.8% year-on-year, and a real growth of 5.1% after adjusting for price factors [1][8] - The per capita disposable income for residents was 36,120 yuan, showing a nominal increase of 5.2% and a real increase of 5.5% after accounting for inflation [1][8] - The cultural and entertainment consumption expenditure saw a significant increase of 12.6% compared to the previous year, indicating a strong willingness to spend in this sector [5][6] Group 2 - The Consumer Price Index (CPI) in Sichuan experienced a year-on-year decline of 0.3%, attributed to insufficient domestic consumption and price competition in certain industries [3][4] - The core CPI, which excludes volatile food and energy prices, increased by 0.5% year-on-year, suggesting a gradual recovery in internal demand [3][4] - Industrial consumer goods prices showed signs of recovery, with a year-on-year increase of 0.4%, marking the highest level in nearly 35 months [4] Group 3 - The agricultural sector reported stable growth, with total grain production reaching 36.625 million tons, an increase of 0.8% year-on-year [1][2] - The livestock industry remained stable, with a 1.6% year-on-year increase in the number of pigs slaughtered, and pork production rising by 4.7% [7][8] - The employment situation in urban areas was generally stable, with quarterly urban survey unemployment rates fluctuating around 5.1% to 5.4% throughout the year [7]

Core Viewpoint - The company, Roniu Mountain (000735.SZ), reported a decline in both sales volume and revenue in the livestock industry for December 2025, indicating a challenging market environment [1] Sales Performance - The company sold 58,600 pigs in December 2025, representing a month-over-month decrease of 10.46% and a year-over-year decrease of 11.46% [1] - The sales revenue for December 2025 was 99.6241 million yuan, which reflects a month-over-month decline of 10.55% and a year-over-year decline of 25.55% [1]