Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

农林牧渔 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 农林牧渔 沪深300 相关研究报告 《猪价新一轮上行或逐步开启，非瘟 疫苗打开动保板块成长空间—行业周 报》-2025.8.17 《8 月 USDA 农产品报告上调全球玉 米、水稻产量，下调大豆、小麦产量 —行业点评报告》-2025.8.15 《出猪节奏导致 7 月猪价涨幅不及预 期，后市猪价不悲观—行业点评报 告》-2025.8.14 10 收储助推猪价见底回升，宠物食品出口及国内消费 高景气延续 饲料板块国内市场受益禽畜后周期，海外强劲需求支撑价格。推荐：海大集 团、新希望等。 消费升级叠加关税壁垒，宠物板块国货崛起逻辑持续强化。推荐：乖宝宠物、 中宠股份、佩蒂股份。 本周市场表现（8.18-8.22）:农业跑赢大盘 0.23 个百分点 ——行业周报 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S ...

Core Viewpoint - The Indian government is considering trade concessions to the U.S. in response to newly imposed tariffs, aiming to avoid escalating trade tensions while maintaining strategic autonomy [1][4]. Trade Negotiations - India is evaluating potential trade concessions, particularly in agriculture and dairy sectors, to satisfy U.S. demands while minimizing domestic impact [3][6]. - The Indian government views the 21-day window before the tariffs take effect as a critical opportunity for negotiations with the Trump administration [4][7]. Economic Impact - The U.S. is India's largest export market, with exports projected to reach nearly $87 billion in 2024. A 50% tariff could significantly impact key sectors such as textiles, automotive parts, and steel [2][6]. - Indian exporters are concerned about the severe repercussions of the tariffs, with estimates suggesting that nearly 55% of goods exported to the U.S. could be affected [6][7]. Agricultural Concerns - Agriculture is a highly sensitive area for the Indian government, with farmers forming a powerful political lobbying group. The government is resistant to importing genetically modified products [6][7]. - Prime Minister Modi has expressed a firm stance on protecting farmers' interests, indicating a willingness to face personal and political costs for this commitment [6]. Strategic Autonomy - The Indian government aims to achieve a bilateral agreement that preserves its strategic autonomy while addressing U.S. trade concerns [4][5]. - Despite domestic calls for a strong response to U.S. actions, the Indian government is prioritizing diplomatic solutions over retaliatory measures [4][7].

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 在政策持续聚焦与推动下，乡村振兴战略稳步迈进，二季度乡村振兴领域呈现出蓬勃发展的态势，在粮食生产、产业发展、农村建设等多方面成果显著， 进一步夯实了 "农业强、农村美、农民富" 的发展根基。种业振兴与智慧农业在二季度持续发力。种业领域，政策持续加持，2025 年中央一号文件首次将 "基因编辑育种产业化攻关" 纳入重点任务，并缩短政策审批周期至 18 个月，极大激发了科研机构与企业的创新活力。在智慧农业方面，各地依托数字技 术，持续推进农业生产智能化。中央一号文件提出支持发展智慧农业，拓展人工智能、数据、低空等技术应用场景，并提升农村地区电信普遍服务水平， 为智慧农业发展筑牢基建根基。 2 2025年二季度乡村振兴领域融资活跃度延续回升态势。据来觅PEVC数据，2025年一季度乡村振兴领域合计发生融资案例46起，较上季度增长2.22%；合 计涉及融资金额16.09亿元，环比增长8.64%。 从获投领域来看， 农产品加工赛道延续热度，本季度发生8起融资案例，仍居细分领域首位，合计融资金额 14.1 ...

Investment Rating - The report indicates a positive investment outlook for the rural revitalization sector, highlighting significant growth and opportunities in various sub-sectors [6][19]. Core Insights - The rural revitalization strategy is progressing steadily, with notable achievements in grain production, industrial development, and rural construction, reinforcing the foundation for a strong agricultural sector [6]. - The average disposable income of rural residents reached 11,936 yuan, reflecting a real growth of 6.2%, which is higher than urban income growth [7]. - The report emphasizes the integration of digital technology in agriculture, with a focus on smart agriculture and the application of AI and data technologies [7][19]. Summary by Sections Industry Overview - The rural revitalization sector is experiencing robust development, particularly in grain production, with summer grain output reaching 2,994.8 billion jin, ensuring food security [6]. - The report outlines the continuous policy support for seed industry revitalization and smart agriculture, with significant investments in technology and infrastructure [7]. Investment Dynamics - In Q2 2025, the rural revitalization sector saw a total of 46 financing cases, with a total financing amount of 1.609 billion yuan, marking an 8.64% increase from the previous quarter [19]. - The financing activity is concentrated in agricultural product processing, with 8 financing cases totaling 1.41 billion yuan, driven by significant financing events [19]. - The report notes a shift towards later-stage financing, with a higher concentration of investments in B rounds and beyond, indicating a cautious approach from investors towards early-stage projects [20]. Key Financing Events - Notable financing events include a 1.3 billion yuan strategic financing for Sheng Tai Chuang Fa, aimed at integrating the grain processing business [32]. - Other significant investments include over 100 million yuan in Zhi Dai Technology and several multi-million yuan investments in various agricultural sectors [32]. Active Investors - The report identifies 13 active investment institutions in the rural revitalization sector, with a focus on smart agriculture and genetically modified organisms [30]. - State-owned funds dominate the financing landscape, with a preference for debt financing due to the long-term nature and high capital requirements of the sector [30]. Policy and Timeline - The report outlines several key policies aimed at enhancing rural health services, promoting high-quality farmer training, and supporting digital rural development [10][11]. - Important milestones include the issuance of various regulations and funding initiatives to bolster rural infrastructure and agricultural productivity [12].

Group 1 - The core viewpoint of the article highlights the escalating tensions between the United States and BRICS nations, particularly India, due to trade policies and tariffs imposed by the U.S. government [1][4][10] - President Trump announced that the U.S. would release tariff letters or agreements with trade partners, and any country supporting BRICS' "anti-American policies" would face an additional 10% tariff [1][8] - India has been negotiating with the U.S. for a trade agreement but faces challenges due to high tariffs on automotive parts and demands for agricultural market access, leading to growing dissatisfaction within India [1][3] Group 2 - India has rejected the large-scale entry of U.S. genetically modified agricultural products, citing food security and the protection of its agricultural sector, which is vital for its rural population [3][4] - In response to U.S. tariffs totaling $725 million on Indian goods, India plans to impose equivalent tariffs on U.S. products, asserting its rights under WTO rules [3][4] - The recent BRICS summit in Brazil provided India an opportunity to reassess its international positioning, with India voting in favor of a joint statement criticizing rising tariffs, indirectly targeting U.S. policies [4][10] Group 3 - India's shift in attitude at the BRICS summit reflects its realization of the need to diversify its international alliances and reduce dependence on the U.S. amid tough trade negotiations [7][10] - The BRICS nations, which account for a significant portion of the global economy, are increasingly uniting against U.S. trade policies, with potential implications for global trade dynamics [8][10] - The article suggests that the upcoming U.S. tariff announcements could lead to a new round of adjustments in global trade, with India's role in U.S.-India trade relations and BRICS cooperation being crucial to watch [10]

Group 1 - The article discusses India's unexpected assertiveness against the United States, contrasting its previous cooperative stance [1][8] - The U.S. has issued a final ultimatum to 165 countries regarding tariffs, with a deadline for new agreements set for July 9 [3][5] - The tension in tariff negotiations has escalated, with India firmly stating that agriculture and dairy products are "red lines" that cannot be crossed [7][10] Group 2 - India's agricultural sector, which contributes 16% to its GDP and supports 580 million rural inhabitants, is a critical area of resistance against U.S. demands [10][12] - The U.S. has been pushing for zero tariffs on various agricultural products, but India has firmly rejected these demands, emphasizing the cultural significance of its agricultural practices [15][21] - India's large population and agricultural base provide it with strategic depth to withstand external pressures [22][25] Group 3 - The article highlights India's realization that it is not alone in resisting U.S. pressure, as other nations like Japan and the EU are also hesitant to compromise [25][29] - India's response to the U.S. is influenced by China's successful negotiation with the U.S., inspiring India to assert its own position [27][29] - The Indian government is shifting towards a more independent foreign policy, seeking true strategic autonomy rather than being a pawn in U.S. strategies [33][35]

Core Points - The Indian government has set "red lines" in trade negotiations with the U.S. regarding genetically modified crops, dairy products, and the automotive industry, indicating a cautious approach due to increasing political pressure [1][2] - The outcome of these negotiations will determine whether India faces a 26% tariff from the U.S., which could significantly impact India's exports and economy [1] - India has communicated its unwillingness to allow U.S. exports of genetically modified crops and to open its dairy and automotive sectors to U.S. competition [2] Group 1: Negotiation Stance - The Indian government, led by Commerce Minister Piyush Goyal, emphasizes that trade negotiations will prioritize national interests and will not be bound by deadlines [1] - India's Finance Minister Nirmala Sitharaman has stated that agriculture and dairy are critical red lines in the trade talks, asserting that the government will not compromise the status of domestic farmers [1][3] Group 2: Domestic Political Pressure - There is significant domestic political pressure on the Indian government from opposition parties and farmer groups, warning against excessive concessions to the U.S. [3] - Farmers, who are a key voter base for Modi's party, are concerned that genetically modified crops could harm their livelihoods, with warnings from farmer group representatives about the economic impact [3] - The opposition party, Congress, expresses skepticism about the government's ability to resist U.S. demands, with leaders predicting that Modi will yield to U.S. tariff deadlines [3]

Core Points - The U.S. government is set to implement new unilateral tariffs starting August 1, with the President indicating that the rates could range from 10% to 70% [1][2] - The President has criticized certain trade partners, including the EU and Japan, for being too rigid in negotiations, and has threatened high tariffs, particularly on Japan [2][4] - The trade negotiations with Japan are particularly contentious over the automotive and agricultural sectors, with Japan refusing to compromise on its agricultural policies [4] - India has also drawn "red lines" in negotiations, particularly concerning agriculture and dairy products, indicating a strong stance to protect its farmers [4] - The EU is pushing for a tougher stance in negotiations with the U.S., particularly regarding high industry tariffs, and is facing potential expansion of U.S. tariffs to additional sectors [5] - Recent U.S. trade data shows a decline in both imports and exports, indicating the negative impact of the current tariff policies on the U.S. economy [6] Group 1 - The U.S. will send letters to multiple countries regarding new tariffs, with expectations of 10 to 12 letters being sent out [1] - The President has set July 9 as the deadline for tariff negotiations, indicating urgency in the discussions [1][2] - The potential for tariffs exceeding 50% could exacerbate inflation risks in the U.S. economy [2] Group 2 - Japan's core industries, particularly automotive, are significantly affected by proposed U.S. tariffs, with a 25% tariff on cars posing a major economic threat [4] - India's firm stance on agricultural tariffs reflects the sensitivity of these issues in trade negotiations [4] - The EU is advocating for a united front against U.S. tariff increases, emphasizing the need for retaliatory measures [5]

Core Viewpoint - The article discusses the recent announcement by President Trump regarding the implementation of new unilateral tariffs on various trade partners, with potential rates ranging from 10% to 70% [1][2]. Group 1: U.S. Tariff Policy - Starting July 4, the U.S. government will send letters to trade partners to set new unilateral tariff rates, expected to take effect on August 1 [1]. - Trump indicated that the new tariffs could vary significantly, with rates potentially reaching as high as 70% [2]. - The previous "reciprocal tariffs" imposed in April reached up to 50%, which had negative impacts on the U.S. economy, including a bear market in stocks [2]. Group 2: U.S.-Japan Trade Relations - Trade negotiations between the U.S. and Japan have stalled, with Trump expressing dissatisfaction over Japan's purchases of U.S. products [4]. - Trump threatened to impose tariffs of 30% to 35% on Japan if an agreement is not reached [4]. - Japan's Prime Minister emphasized the importance of protecting national interests and highlighted Japan's role as a significant investor in the U.S. [5]. Group 3: U.S.-India Trade Negotiations - Ongoing discussions between the U.S. and India regarding tariffs have faced challenges, particularly concerning agricultural products [7]. - India has drawn "red lines" in negotiations, insisting on protecting its farmers and maintaining high tariffs on U.S. agricultural imports [7][8]. Group 4: U.S.-EU Trade Dynamics - The EU has adopted a firmer stance in trade negotiations with the U.S., with calls for a stronger position on tariff discussions [11]. - Current U.S. tariffs on EU automobiles and steel products are 25% and 50%, respectively, with potential expansions to other sectors [11]. - Former German Chancellor Merkel urged the EU to respond collectively to U.S. tariff threats without fear [13]. Group 5: Economic Impact of Tariffs - The U.S. trade data for May showed a decline in both imports and exports, indicating the adverse effects of the tariff policies [15]. - The trade deficit has widened, with a notable decrease in consumer goods imports and a 4% drop in overall export value [15][16].