Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to see a long-term performance improvement due to ongoing capacity reduction driven by both policy and market forces, with key companies continuing to show profitability and increasing dividend rates [3][46] - The current prices for fat pigs and piglets have dropped significantly, leading to widespread losses in the industry, which may trigger a market-driven capacity reduction [3][12] - The planting sector is showing positive fundamentals with an established upward trend in grain prices, highlighting significant investment opportunities [3][46] Summary by Relevant Sections Industry Fundamentals - Pig prices continue to decline, with the average price for fat pigs at 12.45 yuan/kg, down 1.81% week-on-week, and piglet prices at 21.29 yuan/kg, down 4.81% week-on-week [12][54] - The average weight of pigs at slaughter is stabilizing, but the pressure from capacity release continues, leading to a sustained decline in prices [12] Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods (002714) and Wens Foodstuff Group (300498) as key investment targets [3][46] - For the post-cycle sector, rising pig inventory is expected to boost demand for feed and animal health products, with companies like Haida Group (002311) and Reap Bio (300119) identified as potential beneficiaries [3][46] - In the planting chain, companies like Suqian Agricultural Development (601952) and Beidahuang (600598) are noted for their favorable investment outlook due to rising grain prices [3][46] - The pet food sector is also highlighted for its growth potential, with companies like Guibao Pet (301498) and Zhongchong Co. (002891) recommended for investment [3][46] Market Performance - The agriculture sector underperformed the market, with the agricultural index down 1.97% during the week, compared to a 0.21% increase in the Shanghai Composite Index [48][49] - Key sub-sectors such as feed, animal health, and livestock farming all experienced declines, with livestock farming down 2.14% [48]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]

Core Viewpoint - Suqian Agricultural Development (601952) announced the resignation of Ding Tao from his positions as director and general manager due to work relocation [1] Company Summary - Ding Tao will not hold any other positions within the company or its controlling subsidiaries after his resignation [1]

证券代码：601952 证券简称：苏垦农发 公告编号：2025-057 江苏省农垦农业发展股份有限公司 关于董事兼总经理辞职的公告 具体情况如下： 二、离任对公司的影响 根据公司法、公司章程等相关规定，丁涛先生的辞职报告自送达公司董事会 之日起生效，丁涛先生的辞职不会导致公司董事会成员人数低于法定人数，不会 影响公司董事会依法规范运作，也不会影响公司正常的经营发展。 1 丁涛先生担任公司董事、总经理期间，恪尽职守，勤勉尽责，为促进公司规 范运作、科学决策、健康发展发挥了积极作用。公司及董事会对其在任期间为公 司经营发展做出的贡献表示衷心的感谢。 公司将按照法定程序尽快补选董事及聘任总经理。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、提前离任的基本情况 江苏省农垦农业发展股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 25 日收到公司董事兼总经理丁涛先生提交的书面辞职报告。丁涛先生因工作 调动原因，申请辞去公司董事、总经理、董事会 ESG 委员会主任及董事会战略 发展委员会委员职务。辞职后， ...

Core Viewpoint - Suqian Agricultural Development (601952.SH) announced the resignation of its General Manager Ding Tao due to job relocation, effective September 25, 2025 [1] Company Summary - Ding Tao submitted a written resignation report to the board, resigning from his positions as director, general manager, chairman of the ESG committee, and member of the strategic development committee [1] - After his resignation, Ding Tao will not hold any other positions within the company or its subsidiaries [1] - As of the date of the report, Ding Tao does not hold any shares in the company and has fulfilled all commitments without any outstanding obligations [1]

Core Points - The company Suqian Agricultural Development (601952.SH) announced the resignation of its General Manager and Director, Ding Tao, due to job relocation [1] - Ding Tao has submitted a written resignation report to the board of directors on September 25, 2025 [1] - After his resignation, Ding Tao will not hold any other positions within the company or its subsidiaries [1] Company Governance - Ding Tao served as the Chairman of the ESG Committee and a member of the Strategic Development Committee before his resignation [1] - As of the date of the report, Ding Tao does not hold any shares in the company and has fulfilled all commitments without any outstanding obligations [1] - The company has confirmed that the handover process has been completed in accordance with relevant regulations [1]

Industry Rating - The report maintains an "Outperform" rating for the agricultural sector [1] Core Insights - Global food prices showed structural increases in August 2025, with marginal declines in grain and dairy prices. The FAO reported an average global food price index of 130.1, remaining stable month-on-month but up 6.9% year-on-year [2][8] - Domestic grain prices are influenced by the new crop listings, with wheat and corn being closely monitored. The soybean market is affected by trade relations and biofuel policies [3] Summary by Sections Global Grain Price Analysis - The global grain price index averaged 105.6 in August 2025, down 0.8% month-on-month and 4.5% year-on-year, indicating ample supply and weak import sentiment [10] - The global corn price has risen for three consecutive months due to adverse weather affecting EU corn yields and increased demand for animal feed and ethanol processing in the US [10] Domestic Grain Price Analysis - The new season's wheat production is expected to be lower than anticipated, maintaining a supply surplus. The actual sowing area for winter wheat in 2025 is 33.9 million acres, a slight increase from the previous year [5][19] - The domestic corn market is projected to strengthen in the second half of 2025, with new corn listings expected to impact prices significantly [34][46] Investment Recommendations - Focus on seed companies due to their correlation with grain prices, with recommendations for companies like Longping High-Tech, Dabeinong, and Qianyuan High-Tech. The seed sector is currently at a low profitability point, awaiting a cyclical rebound [4] - In the grain and oil sector, attention should be paid to tariff price transmission for high-import-dependent varieties, with recommendations for companies like Suqian Agricultural Development and Beidahuang [4] - The agricultural water conservancy sector is expected to benefit from significant construction funding, with a recommendation for Dayu Water-saving [4] Supply and Demand Analysis - For wheat, the global production forecast for 2025/26 is 816 million tons, with a consumption increase of 11.4 million tons. The ending stock is projected at 264 million tons, reflecting a slight increase from the previous year [11] - The global corn production forecast for 2025/26 is 1.287 billion tons, with consumption rising by 31.4 million tons. The ending stock is expected to decrease to 281 million tons [11] - The global rice production is estimated at 541 million tons for 2025/26, with a consumption increase of 9.81 million tons, leading to a slight decrease in ending stocks [11] Domestic Supply and Demand Analysis - Domestic wheat production for 2025/26 is forecasted at 141.29 million tons, with a consumption increase of 2.4%. The import volume is expected to decrease significantly [20][23] - Domestic corn production is projected at 296.16 million tons, with consumption remaining stable. The import volume is expected to stay low, reflecting a tightening supply-demand balance [34][37] - Domestic rice production is expected to reach 208.58 million tons, with a slight increase in consumption. The rice market is projected to face downward pressure due to oversupply and changing consumption patterns [51][55]

Market Overview - The planting industry sector experienced a decline of 1.01% on September 22, with Xin Nong Development leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Key stocks in the planting industry showed varied performance, with the following notable changes: - Qianyin Gaoke (300087) closed at 60.6, up 0.78% with a trading volume of 203,500 shares and a transaction value of 185 million [1] - Denghai Liuyou (002041) closed at 9.35, down 0.32% with a trading volume of 49,500 shares [1] - Wanxiang Denong (600371) closed at 8.95, down 0.33% with a trading volume of 42,800 shares [1] - Su Kan Nong Fa (601952) closed at 9.49, down 0.42% with a trading volume of 52,900 shares [1] - Nuo Puxin (002215) closed at 13.28, down 0.45% with a trading volume of 283,400 shares and a transaction value of 375 million [1] - Dunhuang Seed Industry (600354) closed at 6.23, down 0.80% with a trading volume of 114,600 shares [1] - Honghui Lizhu (603336) closed at 9.84, down 0.81% with a trading volume of 181,800 shares and a transaction value of 178 million [1] - Longping High-Tech (000998) closed at 9.75, down 0.81% with a trading volume of 137,000 shares and a transaction value of 134 million [1] - Beidahuang (600598) closed at 14.37, down 0.83% with a trading volume of 124,300 shares and a transaction value of 179 million [1] - Hainan Rubber (601118) closed at 5.25, down 0.94% with a trading volume of 223,000 shares and a transaction value of 117 million [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 104 million from main funds, while retail funds experienced a net inflow of 88.22 million [3] - Speculative funds recorded a net inflow of 16.12 million [3]

Market Overview - The planting industry sector experienced a slight decline of 0.0% on September 19, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the planting industry included: - Xuecheng Biological (300511) with a closing price of 6.20, up 5.98% and a trading volume of 579,900 shares [1] - Xinong Development (600359) closed at 7.23, up 2.41% with a trading volume of 285,000 shares [1] - New Sai Co. (600540) closed at 4.89, up 1.88% with a trading volume of 481,300 shares [1] - Conversely, Kangnong Seed Industry (837403) saw a significant decline of 3.77%, closing at 24.78 with a trading volume of 33,900 shares [2] Capital Flow - The planting industry sector saw a net inflow of main funds amounting to 41.1 million yuan, while retail investors experienced a net outflow of 49.3 million yuan [2] - The main funds' net inflow for Xuecheng Biological was 49.99 million yuan, representing 13.84% of the total, while retail investors had a net outflow of 36.69 million yuan [3] - Notable stocks with significant capital flow included: - Nuofushin (002215) with a main fund net inflow of 40.82 million yuan and a retail net outflow of 24.92 million yuan [3] - Xin Sai Co. (600540) with a main fund net inflow of 32.42 million yuan and a retail net outflow of 39.81 million yuan [3]

Core Viewpoint - The company, Jiangsu Agricultural Development Co., Ltd., is holding a half-year performance briefing on September 29, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for September 29, 2025, from 9:00 to 10:00 AM [5]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [5]. - The format of the meeting will be an interactive online session [3][4]. Group 2: Investor Participation - Investors can submit questions from September 22 to September 26, 2025, via the Roadshow Center website or through the company's email [6]. - The company will address commonly asked questions during the briefing [2][6]. - Contact information for inquiries includes representatives Wu Benliang and Cao Jixin, with a provided phone number and email [6].