Core Insights - The article discusses the dual engines of economic growth driven by agricultural modernization and technological innovation, highlighting the distinct roles of agricultural industry funds and technology innovation funds in capital markets [1] Investment Areas - Agricultural industry funds focus on vertical integration across the entire agricultural value chain, investing in areas such as seed research, land improvement, agricultural technology services, and food processing [1] - Technology innovation funds emphasize horizontal expansion in technology breakthroughs and industrialization, covering upstream and downstream sectors like chip design and advanced packaging in the semiconductor industry [2] Operational Models - Agricultural industry funds operate under a "government guidance + market operation" model, balancing policy objectives with market returns, as exemplified by the China Agricultural Industry Development Fund [3] - Technology innovation funds prioritize market selection and risk-sharing mechanisms, requiring fund managers to meet specific criteria and employing milestone payment structures to mitigate risks [3] Risk-Return Characteristics - Agricultural industry funds exhibit low volatility and long-term returns, with historical annualized returns between 8% and 12%, suitable for investors with moderate risk tolerance [4] - Technology innovation funds face high volatility and non-linear returns, with a significant portion of projects experiencing exits due to technical changes, while others achieve substantial returns [4] Policy Adaptability - Agricultural industry funds are closely aligned with rural revitalization strategies, supported by government incentives such as tax breaks and matching funds for investments in modern agriculture [5] - Technology innovation funds are linked to national initiatives targeting critical technologies, with specific sectors prioritized for investment and supported by research subsidies [6] Future Trends - The boundaries between agricultural industry funds and technology innovation funds are becoming blurred, with increasing investments in cross-disciplinary areas such as agricultural AI and biotechnology [7] - The establishment of funds that integrate both agricultural and technological investments reflects a trend towards building a comprehensive capital ecosystem for modern agriculture [7] Conclusion - The differentiated development of agricultural industry funds and technology innovation funds respects the inherent rules of the industry, with both contributing to the emergence of a new paradigm in agriculture characterized by smart machinery and data-driven decision-making [8]

如今，传统农具早已实现"科技换装"，它们以智能化、机械化、绿色化、多功能化的崭新形象活跃在田 野上。 中商产业研究院发布的数据显示，2024年，中国智慧农业市场规模约1050亿元，同比增长11.7%；2025 年，预计市场规模将达到1200亿元。目前，从生产应用场景来看，我国智慧农业生产主要以数字平台服 务和智慧种植为主，占比总和达67%，植保无人机、智慧养殖、农机自动驾驶占比分别为20%、12%、 1%。 当下，不少上市公司在智慧育种、智慧种植、农业机械智能化等方面都有自身的"精湛手艺"。 例如，袁隆平农业高科技股份有限公司（以下简称"隆平高科"）聚焦种业主业，依托科技创新，已发展 成为以水稻、玉米、小麦三大主粮作物，及辣椒、黄瓜、谷子、食葵、甜瓜等专精特新作物为主业的综 合性跨国种业集团。 "公司在生物育种领域已具备较强的核心竞争力，信息技术作为辅助性工具已大量使用在生物育种领 域，并不断提高育种研发的门槛。公司也积极探索利用包括人工智能在内的信息技术在农业育种和种植 方面的应用，进一步优化育种效率，以科技力量助力农业发展。"隆平高科董秘胡博向《证券日报》记 者表示。 本报记者李雯珊 李如是 "时至立夏， ...