中信证券研报称，随着食用菌产能去化兑现到供给端，叠加蔬菜季节性涨价拉动，食用菌主要品类价格 均显著上升，我们预计主要食用菌品类景气度有望延续。此外，未来行业潜力品种如双孢菇、鹿茸菇、 冬虫夏草等规模和盈利趋势预计稳中向好。建议关注两条投资主线：1）在传统品类金针菇等领域产能 布局领先，有望充分受益周期上行的龙头企业；2）新品类开拓成效显著，拥有先发优势，未来有望成 为重要增长曲线的企业。 ...

智通财经APP获悉，国盛证券发布研报称，本月生猪价格继续低位运行，冬至节前并未见到明显反弹， 节后却有超预期上涨，市场情绪逐步在旺季转暖，该行预计现货反弹有望维持到春节前备货。市场股票 参与度依旧较低，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。 种植与农产品 从产业端看，板块内品种换代趋势明确，中穗密植成长突破，相关标的值得关注。此外，转基因品种正 式进入商业化销售，后续伴随实际成交价格、利润分配和新季扩繁制种等逐步确认行业公司成长性和兑 现时间，板块投资潜力值得期待。关注康农种业、敦煌种业、隆平高科等。 宠物 养殖配套 农产品上下游价格波动加剧，畜禽价格尚未进入稳定的景气周期，龙头饲企依托采购、规模、资金与产 业链优势，有望实现对中小饲企的替代，出海战略亦值得期待，关注海大集团等。疫苗方面关注后续季 度景气回暖。 家禽养殖 黄羽肉鸡方面，建议关注季节性价格弹性机会，关注立华股份。白羽鸡方面，2025/12/26 毛鸡价格7.82 元/公斤，较上月上涨8.8%;鸡产品2025/12/26 ...

[Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 冬虫夏草专题：规模化人工培育重塑产业，传统赛道孕育新机遇 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-30 | [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 12/24 03/25 05/25 08/25 10/25 12/25 农林牧渔 沪深300 [分析师： Table_Author]钱浩 SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 请注意，高一岑并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | | | | 农林牧渔行业:初探越南生猪 | 2025-12-2 ...

Livestock Sector - The pig farming industry is entering a "new cost competition pattern," with overall micro-profitability expected in 2025, and leading companies becoming stronger [1] - The production capacity of breeding sows is at a reasonable high level, with policy guidance aimed at reduction, leading to weaker price fluctuations [1] - Key companies to focus on include Muyuan Foods (牧原股份), Wens Foodstuff Group (温氏股份), and Lihua Agricultural (立华股份) [1] Beef Cattle Industry - The beef cattle industry is experiencing a deep supply clearance, similar to the pig industry before 2019, with significant risks of overcapacity due to prolonged losses [2] - In November 2024, the loss per head reached over 1,600 yuan, marking eight consecutive months of losses exceeding 1,000 yuan, prompting accelerated culling of breeding cows [2] - The cow production cycle (PSY) is only 1, significantly lower than the breeding sow PSY of 30, indicating a substantial reduction in beef supply expected by 2026 [2] - Recommended stocks include Youran Dairy (优然牧业) and Fucheng Group (福成股份) [2] Edible Mushroom Industry - The industry is seeing a rational return of production capacity, with leading companies solidifying their market positions [3] - The artificial cultivation of Cordyceps is entering a performance release phase, opening a second growth curve [3] - Traditional products like enoki mushrooms are experiencing alleviated overcapacity, with stable CR5 [3]

为规范冬虫夏草交易市场秩序，严厉打击违法违规经营行为，西宁市市场监督管理局联合西宁市城东 区、城北区市场监督管理局，兵分多路对玖鹰虫草市场、新千国际虫草市场、康美中药城等重点交易场 所，开展冬虫夏草联合执法检查行动，为消费者筑牢"防护墙"，擦亮"青海冬虫夏草"品牌。 本报讯（西海新闻记者 马小玮）"营业执照要摆在醒目位置，虫草的产地、规格必须如实标注，不得混 淆野生和人工抚育的品种！"12月23日，在西宁玖鹰虫草市场的一家经营门店内，执法人员反复叮嘱商 户。 现场，执法人员逐店核查营业执照、相关经营许可是否齐全，督促经营者亮证亮照，做到合法合规经 营。在产品质量方面，重点排查"人工抚育冬虫夏草冒充野生冬虫夏草""人工野生混合销售"等欺诈行 为，要求商家公示冬虫夏草产地、规格、价格等信息，杜绝信息模糊误导消费者。在价格宣传方面，严 查哄抬价格、串通垄断等违法行为，同时盯紧广告、店堂告示等宣传载体，严禁夸大冬虫夏草功效、发 布虚假信息。 执法人员一边检查，一边向经营者发放宣传资料，详细解读相关法律法规，明确违法经营的法律后果。 同时，执法人员向消费者与经营者告知12315、12345投诉举报渠道，鼓励消费者在权益 ...

农林牧渔 2025 年 12 月 22 日 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 A0230521080004 zhujy@swsresearch.com 猪价低迷产能调减加速，关注上市公司冬虫夏草业务布局 看好 —— 农林牧渔周观点（2025.12.15-2025.12.21） 本期投资提示： ⚫ 风险提示：生猪、肉鸡价格持续低迷；宠物食品自主品牌销售不及预期；养殖疫情爆发。 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 投资分析意见：养殖延续亏损，产能加速去化，重点推荐左侧布局生猪养殖板块。猪 价底部震荡，养殖持续亏损。11 月能繁母猪存栏有所减少，行业产能加速去化正实质性发 生，推荐关注板块左侧投资机会。此外，宠物板块经历前期较为充分 ...

盛瀚 A0230522080006 shenghan@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 2025 年 12 月 18 日 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 农林牧渔 联系人 胡静航 A0230524090002 hujh@swsresearch.com 百亿市场规模，人工培育方兴未艾 看好 —— 冬虫夏草行业深度研究报告 本期投资提示： ⚫ 风险提示：冬虫夏草价格大幅下跌；项目进展不及预期；食品安全风险。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 结论和投资分析意见 冬虫夏草作为中国独有的菌类药材，在国内具有较为悠久的消费历史，需求端相 对稳定。而供给端受限于自然资源与环境的限制，天然冬虫夏草的产量长周期处于下 滑的趋势之中。人工种植的冬虫夏草在成分上与天然虫草差异较小，安全性更为可 靠，价格更加亲民，在人工培育技术稳定后，有望取代部分天 ...

Core Viewpoint - The article highlights the efforts of a Tibetan entrepreneur, Gesang, who sells wild Cordyceps at affordable prices, making it accessible to the general public while ensuring quality and authenticity [1][15][50]. Group 1: Product Quality and Sourcing - Gesang sources wild Cordyceps directly from the renowned production area of Yushu, specifically from the county of Zaduo, known for its high-quality and nutritious Cordyceps [1][14]. - The company emphasizes the importance of quality control, ensuring that every Cordyceps is cleaned thoroughly to avoid weight manipulation by unscrupulous vendors [28][30][32]. - The Cordyceps undergoes multiple cleaning and drying processes to maintain high standards, with a moisture content of over 95% for better storage [30][39]. Group 2: Customer Assurance and Trust - Gesang guarantees that all products sold are wild Cordyceps, with a promise of tenfold compensation for any counterfeit products [21][52]. - The business model includes direct sourcing from local Tibetan farmers, eliminating middlemen to provide fair pricing and transparency [14][50]. - Customers can verify the quality upon delivery, with a satisfaction guarantee that allows them to pay only after confirming the product's quality [18][49]. Group 3: Market Position and Strategy - Gesang has built a reputation as a reliable supplier in the Cordyceps market, focusing on customer satisfaction and repeat business rather than one-time sales [39][53]. - The company leverages word-of-mouth marketing, with many customers becoming repeat buyers due to the high quality and effectiveness of the products [47][50]. - Gesang's approach includes educating customers about Cordyceps, its benefits, and how to identify genuine products, addressing common concerns and misconceptions [23][43].

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Core Viewpoint - The restructuring of the "National Key Laboratory of Traditional Chinese Medicine Quality" into the "National Key Laboratory of Traditional Chinese Medicine Mechanism and Quality" signifies a strategic shift towards understanding the scientific mechanisms behind traditional Chinese medicine (TCM), particularly its immune regulation capabilities [1][2][3]. Group 1: Research Focus and Direction - The laboratory's new focus on "mechanism" indicates a transition from traditional empirical validation to modern mechanistic explanations, aiming to clarify how TCM works scientifically [3]. - The primary research direction will be the immune regulation mechanisms of TCM, with an ambition to lead global research in this area within 3 to 5 years [2][3]. - The laboratory aims to establish scientific evidence for the mechanisms of TCM, which is essential for quality control and ensuring clinical efficacy and safety [3]. Group 2: Development and Innovation in Macau - Macau's TCM industry is still developing, with a focus on innovative TCM research rather than traditional manufacturing [4]. - The laboratory has multiple research centers that support the development of TCM in Macau, including a center focused on classic formulations expected to enter the market within one to two years [4]. - The establishment of a drug regulatory science research center at the University of Macau will provide quality inspection services for both TCM and Western medicine [4]. Group 3: Talent Recruitment and International Collaboration - The laboratory plans to recruit talent with a background in TCM from developed countries, emphasizing the importance of international scientific education and achievements [7][8]. - There is an openness to non-Chinese scientists joining the team, which is expected to enhance the modernization and internationalization of TCM [7][8]. - The laboratory aims to create an internationalized work environment to attract global talent while also nurturing local talent from Macau [8][9].