证券研究报告 | 行业月报 gszqdatemark 2026 03 02 年 月 日 农林牧渔 关注地缘政治对农业整体板块的影响，生猪亏损加深逻辑增强 大宗农产品：市场对农产品关注度持续提升，从基本面上看，原油价格长 期中枢抬升会带动生产成本上涨同时拉动需求扩张，我们认为影响程度排 序为植物油类（棕榈油、菜籽油、豆油）、橡胶为先，其次为白糖、玉米， 粮食类小麦、稻谷为后。当前主要大宗农产品均处于低位，资金抄底意愿 较强，基本面反应在后但有望跟随，关注植物油类、橡胶、白糖、玉米等 相关对应标的。 生猪养殖：节后全国瘦肉型肉猪出栏价跌至 11 元/kg 下方，亏损程度加 深。我们预计未来较长时间成本偏高的参与者面临减量压力，母猪产能数 据变化仍将继续催化，建议投资者关注亏损阶段的配置机会。当前估值仍 位于相对低位，关注低成本的猪企的配置机会，关注德康农牧、温氏股份、 牧原股份、立华股份、天康生物、正邦科技等。 菌菇：本月金针菇价格保持景气，主要标的业绩预告发布高增，确认价格 反弹持续，冬虫夏草作为重点新产品放量期临近，年度配置价值高，建议 关注板块重点标的众兴菌业、雪榕生物、华绿生物等。 养殖配套：农产品上下游 ...

本报讯 （记者刘欢）2月27日晚间，天水众兴菌业科技股份有限公司（以下简称"众兴菌业"）发布公告 称，公司受让控股子公司四川众兴菌业科技有限公司（以下简称"四川众兴"）29%股权事项已完成工商 变更登记，并取得了由金堂县政务服务管理和行政审批局换发的营业执照。 公告显示，此次交易于2月3日经众兴菌业第五届董事会第二十二次会议审议通过。公司以自有资金受让 四川众兴其他股东合计持有的29%股权。股权变更完成后，众兴菌业对四川众兴持股比例由71%升至 100%，公司合并报表范围未发生变化。 四川众兴成立于2025年7月9日，注册资本5000万元，为众兴菌业布局西南市场的核心平台，专门负责实 施食药用菌产业园西南总部基地项目。 资料显示，食药用菌产业园西南总部基地项目总投资约7亿元，一期投资约5亿元，采用租赁载体的方 式，租赁金堂县天府菌都农业产业园三期项目载体，在原建筑基础上对部分厂房进行升级改造，重点开 展冬虫夏草工厂化仿生培育项目，以及其他珍稀食药用菌的研发与种植，建设食药用菌及健康特色农产 品的研发中心、智能生产车间等；项目二期投资约2亿元，主要围绕一期项目进行产业完善及配套。 众兴菌业相关负责人表示，此次全 ...

Group 1: Core Insights - The capital expenditure and capacity reduction in the edible mushroom industry are gradually being realized, leading to reduced supply pressure and potential price stabilization for edible mushrooms [1] - Leading companies in the industry have significant advantages in scale, breeding technology, and management, which are expected to improve profitability [1] - The artificial cultivation of Cordyceps sinensis is entering a rapid development phase due to increasing health awareness and advancements in cultivation technology, with companies that have forward-looking capacity and technological layouts likely to show greater growth potential [1] Group 2: Cordyceps Sinensis Market - The natural scarcity of Cordyceps sinensis is increasing, with ongoing advancements in large-scale artificial cultivation [2] - The demand for Cordyceps sinensis is rising due to its various health benefits, with applications expanding in pharmaceuticals, health products, and cosmetics [2] - The supply of wild Cordyceps sinensis is declining, and the continuous advancement of artificial cultivation is improving the industry chain [2] Group 3: Edible Mushroom Industry - The edible mushroom industry is experiencing continuous growth, with a projected CAGR of 6.0% for the national edible mushroom output value from 2019 to 2024 [3] - The market for enoki mushrooms is stabilizing at the bottom price level, with leading companies reducing capacity to alleviate market supply pressure [3] - The profitability of button mushrooms remains stable, with a daily industrial output of 867 tons in 2023, supported by high market share among leading companies [3] - The price of king oyster mushrooms is also stabilizing, with demand supported by household consumption and high-end dining, while leading companies are reducing capital expenditure [3]

Summary of the Conference Call Transcript Industry Overview - **Industry Focus**: Edible Mushroom Industry and Cordyceps Sinensis (冬虫夏草) - **Market Growth**: The edible mushroom industry is experiencing a continuous growth trend, with a projected compound annual growth rate (CAGR) of 6.0% from 2019 to 2024 according to the China Edible Mushroom Association [1] Key Insights on Cordyceps Sinensis - **Demand and Supply Dynamics**: There is a sustained increase in demand for Cordyceps Sinensis, with product forms becoming more diverse. Conversely, the supply of wild Cordyceps is declining, while large-scale artificial cultivation is advancing. This may lead to long-term price increases or strong fluctuations [1] - **Policy Support**: Government policies are encouraging the research and cultivation of endangered medicinal materials and the development of substitutes. Continuous technological advancements in artificial cultivation are being made [1] - **Company Initiatives**: Several companies are strategically positioning themselves in the market. For instance, Dongyangguang has an annual production capacity exceeding 60 tons, while Zhongxing Junye is developing factory-based cultivation projects, showing positive profit trends. Xue Rong Biological is accumulating technology for artificial cultivation of Cordyceps Sinensis [1] Insights on the Edible Mushroom Industry - **Market Structure**: The industry is optimizing its market structure, with production capacity returning to rational levels. Leading companies like Zhongxing Junye maintain over 40% market share and a gross margin exceeding 30% [5] - **Price Stabilization**: Prices for various mushroom types, including Enoki mushrooms and Pleurotus eryngii, are stabilizing at the bottom due to supply adjustments by leading companies like Xue Rong Biological and Zhongxing Junye, which are reducing production capacity to alleviate supply pressure [2][3][7] - **Profitability**: The profitability of the double mushroom segment remains stable, supported by sufficient supply and demand driven by the restaurant sector [6][3] Investment Recommendations - **Edible Mushroom Sector**: As companies reduce capital expenditures and production capacity, supply pressure is expected to ease, leading to potential price stabilization and upward movement. Leading enterprises are positioned to improve profitability due to their advantages in scale, technology, and management [8] - **Cordyceps Sinensis Sector**: With rising health awareness, improving policies, and mature artificial cultivation technologies, the artificial cultivation of Cordyceps Sinensis is entering a phase of large-scale industrial development. Companies with forward-looking capacity and technological layouts are expected to show greater growth potential [8] - **Key Companies**: Zhongxing Junye and Xue Rong Biological are highlighted as significant players in the industry [8] Risk Factors - **Market Competition**: Increased competition in the market poses a risk [9] - **Food Safety**: Potential food safety risks could impact the industry [9] - **Innovation Risks**: Risks associated with research and development not meeting expectations [9] - **Raw Material Costs**: Rising costs of raw materials present a financial risk [9]

Investment Rating - The report assigns an investment rating of "Positive" for the industry, marking it as the first rating issued [2]. Core Insights - The edible fungus industry is experiencing growth, with a projected compound annual growth rate (CAGR) of 6.0% for the national edible fungus output value from 2019 to 2024. The market structure is optimizing as production capacity returns to rational levels [5][6]. - The demand for Cordyceps sinensis is increasing due to its various health benefits, and the supply is becoming scarcer due to overharvesting and climate change. This is expected to lead to long-term price increases or strong fluctuations [5][6]. - The report highlights the ongoing technological advancements and policy improvements that are creating new opportunities for the artificial cultivation of Cordyceps sinensis, which is transitioning into a rapid industrialization phase [5][6]. Summary by Sections 1. Cordyceps Sinensis: Continuous Advancement in Large-Scale Artificial Cultivation - The industry chain for Cordyceps sinensis is continuously improving, with applications expanding across pharmaceuticals, health products, and cosmetics [5][9]. - The price of wild Cordyceps sinensis is expected to remain strong due to its increasing scarcity, with prices returning to 210,000-220,000 yuan per kilogram in 2023 [5][28]. - Policies are being implemented to ensure sustainable harvesting and scientific protection of Cordyceps sinensis, promoting the development of artificial cultivation [5][30]. 2. Edible Fungi: Market Structure Optimization and Rational Return of Production Capacity - The edible fungus industry is witnessing stable growth, with the production of enoki mushrooms stabilizing at over 5,300 tons per day in 2023, and the price is expected to recover from its bottom [5][6]. - The production of button mushrooms is stable, with a daily output of 867 tons in 2023, and leading companies maintain a high market share [5][6]. - The demand for king oyster mushrooms is also improving, supported by household consumption and high-end dining, with industrial production reaching 349 tons per day in 2023 [5][6]. 3. Investment Recommendations - The report suggests that the edible fungus industry will see price stabilization and upward movement due to reduced supply pressure from capital expenditure and capacity cuts by enterprises [5][6]. - In the Cordyceps sinensis sector, companies with advanced capacity and technological layouts are expected to show greater growth potential as health awareness increases [5][6].

Core Viewpoint - The event organized by Xiamen Food and Drug Quality Inspection Institute aimed to promote drug safety awareness through a community engagement initiative, integrating party building with health services [1][5]. Group 1: Event Overview - The event featured multiple functional areas, including a drug safety consultation zone where experts addressed public concerns about drug authenticity, proper usage, storage, and adverse reactions, particularly focusing on vulnerable groups like the elderly and children [1]. - A highlight of the event was the authenticity identification zone for precious medicinal materials, where professionals demonstrated how to distinguish between genuine and counterfeit products using traditional methods [1]. - The interactive experience area included a quiz on drug safety knowledge, making learning engaging for participants [1]. Group 2: Participation and Impact - The event lasted for three hours, distributing over 400 informational materials and receiving more than 200 public inquiries, with over 100 participants engaging in interactive experiences [3]. - Feedback from attendees indicated a strong appreciation for the practical advice provided, with one participant expressing a desire for more such events in the future [3]. Group 3: Future Plans - The institute's leadership emphasized that this event represents a practical implementation of integrating party building with business operations, aiming to convert professional advantages into effective services [5]. - Future initiatives will focus on innovating educational formats and expanding service channels to enhance public drug safety and contribute to the health development of Xiamen [5].

Core Viewpoint - Tianshui Zhongxing Mushroom Industry Co., Ltd. (referred to as "Zhongxing Mushroom") expects significant profit growth for the fiscal year 2025, driven by rising product prices and increased production capacity [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of 300 million to 350 million yuan, representing a year-on-year increase of 134.32% to 173.37% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 269 million and 319 million yuan, reflecting a year-on-year growth of 192.57% to 247.06% [1] - Financial expenses are expected to decrease by approximately 20 million yuan due to changes in market interest rates, exchange rates, and interest capitalization [1] Business Strategy and Development - Zhongxing Mushroom focuses on the research, cultivation, and sales of edible and medicinal fungi, with leading production capacities for enoki mushrooms and button mushrooms [1] - The company has established production bases in multiple provinces, including Gansu, Shaanxi, Shandong, Jiangsu, Henan, Sichuan, Anhui, and Hubei [1] - In 2025, the company plans to diversify its business by advancing the industrialization of Cordyceps sinensis and other rare edible and medicinal fungi [1][2] Investment Projects - In June 2025, Zhongxing Mushroom signed investment agreements to establish Sichuan Zhongxing Mushroom Technology Co., Ltd. with an investment of 700 million yuan for a "Southwest Headquarters Base Project" focused on the industrialization of Cordyceps sinensis [2] - The wholly-owned subsidiary, Tianshui Zhong'an Biotechnology Co., Ltd., will also shift its production focus to the industrialization of Cordyceps sinensis [2] - Another subsidiary, Meishan Changhong Agricultural Biotechnology Co., Ltd., will implement technological upgrades starting May 2024 to explore the research and cultivation of rare edible and medicinal fungi [2]

Core Insights - The trade interaction between Tibet and Hong Kong during the 14th Five-Year Plan period reached 622 million yuan, with unique Tibetan products like Cordyceps and mineral water leading exports [1][2] - Hong Kong's re-export trade network and financial services are expected to enhance Tibet's foreign trade capabilities, which have been limited due to late development and narrow channels [1] - Recent initiatives have allowed Tibetan products such as organic barley and honey to enter the Hong Kong market, marking significant breakthroughs in export [1] Group 1 - The export value of goods between Tibet and Hong Kong during the 14th Five-Year Plan period was 622 million yuan, with key products including Cordyceps and mineral water [1] - Hong Kong's experience in re-export trade and financial services can help address Tibet's foreign trade challenges [1] - New products from Tibet, including organic barley and honey, have recently entered the Hong Kong market, indicating a successful market expansion effort [1] Group 2 - The Lhasa Customs has implemented "cloud issuance" for inspection and quarantine certificates, significantly improving logistics efficiency by reducing inspection time from 6 hours to approximately 6 minutes [2] - The new "Lhasa-Chengdu Tianfu-Hong Kong" air route, opening on February 19, 2025, will enhance connectivity and facilitate trade between the regions [2] - Increased trade activity is expected to lead to deeper cooperation in cross-border logistics and specialty product trade between Tibet and Hong Kong [2]

Group 1 - The core viewpoint of the articles highlights the growing trade relationship between Tibet and Hong Kong, with a focus on the export of unique Tibetan products such as mineral water and caterpillar fungus, which have become key export drivers during the 14th Five-Year Plan period [1][2] - According to statistics from Lhasa Customs, the total import and export volume between Tibet and Hong Kong reached 622 million yuan, with Tibetan specialty products leading the exports [1] - The collaboration between Hong Kong's re-export trade network and Tibet's unique resources, such as tea, red wine, and traditional crafts, is expected to enhance Tibet's foreign trade capabilities [1] Group 2 - Lhasa Customs has implemented measures to streamline the inspection and quarantine process, significantly reducing the time for exporting mineral water from 6 hours plus 1 week to approximately 6 minutes, improving logistics efficiency by about 70% [2] - The opening of the "Lhasa-Chengdu Tianfu-Hong Kong" air route in February 2025 is anticipated to facilitate better connectivity and promote personnel exchanges between the two regions [2] - The increasing export of high-quality Tibetan products through convenient channels is expected to foster deeper cooperation in cross-border logistics and specialty product trade, injecting vitality into Tibet's open development [2]

Core Insights - The article highlights the ongoing efforts in Dongying to achieve "common prosperity" through innovative organizational structures and community collaboration [1][11] - The focus is on transforming the economic landscape of rural areas by leveraging local resources, enhancing productivity, and improving living standards [8][10] Group 1: Organizational Innovation - The establishment of "joint construction" companies has allowed multiple villages to collaborate, leading to cost savings and increased production value, exemplified by the "Juxian Aquatic Products" company [2][3] - Dongying has created 188 joint construction areas covering 985 administrative villages, fostering a cooperative environment that enhances economic resilience [3] - The shift from individual village management to collaborative regional planning has resulted in significant economic benefits, such as increased income from joint projects [3][4] Group 2: Resource Integration - A new rural property trading platform has been established to activate dormant assets, generating over 700 million yuan for local communities through the utilization of idle resources [5] - The integration of urban and rural resources has led to the establishment of partnerships between 347 villages and 325 enterprises, facilitating joint projects that enhance local economies [6][7] - Technological advancements in agriculture, such as IoT applications, have improved production efficiency and expanded market reach for local products [7] Group 3: Economic Impact - The income disparity between urban and rural residents has decreased significantly, with the urban-rural income ratio dropping from 2.39 in 2024 to 2.08 in the first three quarters of 2025 [8] - Employment opportunities have expanded, with over 5,000 individuals finding jobs through local "common prosperity workshops," contributing to direct income increases [8][9] - The implementation of labor remuneration programs has provided substantial financial support to local communities, enhancing overall economic stability [8][10] Group 4: Social Welfare and Community Development - The article emphasizes the importance of social welfare initiatives, such as educational support and healthcare for vulnerable populations, which have been funded through collective economic growth [10] - Community engagement in economic activities has fostered a sense of ownership among residents, transforming them from passive observers to active participants in local development [10][11] - The long-term commitment of local leaders and external support has been crucial in sustaining these development efforts, ensuring that no one is left behind in the pursuit of common prosperity [9][11]