太平洋证券研报指出，登海种业降本+转基因驱动，业绩拐点基本确立。2025年公司业绩增长，可主要 归功于主业玉米种子业务的降本增效和结构优化：一方面，2025年玉米制种费用下降，制种单产提升， 导致第四季度收获的玉米种成本明显下降；另一方面，随着国家转基因品种示范推广有序推进，公司转 基因玉米种销量较上年有一定幅度的增长，预计玉米种子销售均价有所抬升。公司是杂交玉米种子行业 领先者，种子资源优势和品种优势突出。此外，受益于转基因玉米商业化进程的持续推进和自身品种优 势，公司转基因玉米种子业务长期增长可期。预计公司26-27年归母净利润为1.62/1.83亿元，EPS为 0.18/0.21元，维持"增持"评级。 ...

2026 年 02 月 10 日 公司点评 增持/维持 登海种业(002041) 目标价: 昨收盘:10.78 登海业绩预告点评：降本+转基因驱动，业绩拐点基本确立 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 25/2/10 25/4/23 25/7/4 25/9/14 25/11/25 26/2/5 ◼ 股票数据 | 总股本/流通(亿股) | 8.8/8.8 | | --- | --- | | 总市值/流通(亿元) | 94.86/94.86 | | 12 个月内最高/最低价 | 13.56/9.05 | | (元) | | 相关研究报告 <<登海种业点评：行业低迷致业绩承 压，品种优势依然突出>>--2025-11- 03 <<登海种业中报点评：公司业绩短期 承压，品种优势继续累积>>--2025- 09-04 <<年报&一季报点评：主业毛利率触 底回升，品种优势不容忽视>>-- 2025-04-30 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 事件：公司近日发布 2025 年度 ...

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

证券研究报告 农林牧渔 中央一号文件强调加快推进智慧农业 华泰研究 2026 年 2 月 04 日│中国内地 动态点评 (6) 3 12 20 29 Feb-25 Jun-25 Oct-25 Feb-26 (%) 农林牧渔 沪深300 资料来源：Wind，华泰研究 农林牧渔 增持 (维持) | 姚雪梅* | 研究员 | | --- | --- | | SAC No. S0570525100001 | yaoxuemei@htsc.com | +(86) 21 2897 2228 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 季珂* 研究员 SAC No. S0570525080003 jike@htsc.com +(86) 21 2897 2228 王煜坤* 联系人 SAC No. S0570125120001 wangyukun@htsc.com +(86) 21 2897 2228 行业走势图 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 温氏股份 ...

（文章来源：每日经济新闻） 2月3日，2026年中央一号文件发布。文件提出，粮食产量稳定在1.4万亿斤左右，加力实施新一轮千亿 斤粮食产能提升行动；促进人工智能与农业发展相结合，拓展无人机、物联网、机器人等应用场景，加 快农业生物制造关键技术创新；全面开展第二轮土地承包到期后再延长三十年整省试点；推动金融机构 加大对农业农村领域资金投放，加大对涉农企业和农户贷款展期、续贷支持力度；科学有序推进农业转 移人口市民化，推行由常住地登记户口提供基本公共服务制度。 广发证券解读认为，中央一号文件发布，加快建设农业强国，农业农村现代化大有可为。国家高度重视 粮食安全与育种创新，龙头种业公司具备育种研发优势，并有望充分受益于生物育种产业化。 2月4日，农业板块红盘震荡，截至13点23分，农业ETF华夏（516810）红盘向上，持仓股农发种业涨超 5%，海大集团、牧原股份、天马科技、登海种业等跟涨。近5日，该ETF获得资金净流入1939万元，板 块关注度有所提升。 ...

Summary of Key Points from the Conference Call Industry Overview - **Agriculture Sector**: The focus is on enhancing the comprehensive regulation of pig production capacity, consolidating the relief achievements in beef and dairy industries, and promoting supply-demand balance and healthy development [1][5]. Core Insights and Arguments - **Livestock Industry**: - Emphasis on strengthening pig production capacity regulation and consolidating the relief of beef and dairy industries to ensure a balanced supply and demand [1][5]. - Introduction of multiple measures to promote dairy product consumption [2][6]. - **Crop Production**: - Stability in grain and oil production is prioritized, with efforts to enhance soybean production capacity and expand the production space for oilseed crops such as rapeseed, peanuts, and tea oil [3][7]. - Promotion of stable development in cotton, sugar, and natural rubber industries [4][8]. - **Seed Industry**: - Implementation of seed industry revitalization actions, accelerating the breeding and promotion of breakthrough varieties, and advancing the industrialization of biotechnology [9]. - **Agricultural Technology**: - Development of new agricultural productivity tailored to local conditions, integrating artificial intelligence with agriculture, and expanding application scenarios for drones, IoT, and robotics [10]. - **Agricultural Trade**: - Coordination between agricultural trade and production is encouraged, with a push for diversification in agricultural imports [11][12]. - Cultivation of internationally competitive agricultural enterprises and support for expanding exports of advantageous specialty agricultural products [13][14]. Additional Important Insights - **Investment Focus**: Attention is drawn to the effectiveness of livestock production capacity regulation, the cyclical reversal of beef and dairy industries, and the orderly advancement of seed industry revitalization [15]. - **Key Investment Targets**: Notable companies include YouRan Agriculture, Modern Animal Husbandry, Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Longping High-Tech, and Denghai Seeds [16]. - **Smart Agriculture**: The company TopCloud Agriculture is highlighted as a noteworthy entity in the smart agriculture sector [17].

登录新浪财经APP 搜索【信披】查看更多考评等级 您好，公司将严格按照交易所规则，在业绩预告触发披露条件时及时履行信息披露义务，相关信息请以 公司公告为准。感谢关注！查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 贵公司发布的经营情况报告数据不是很好理解，能否直接发布业绩预告呢？ 董秘回答(登海种业SZ002041)： 投资者提问： ...

证券研究报告 农林牧渔 通胀预期下如何看种植链投资机会？ 华泰研究 2026 年 2 月 01 日│中国内地 动态点评 农林牧渔 增持 (维持) | 姚雪梅* | 研究员 | | --- | --- | | SAC No. S0570525100001 | yaoxuemei@htsc.com | | | +(86) 21 2897 2228 | | 樊俊豪 | 研究员 | SAC No. S0570524050001 SFC No. BDO986 王煜坤* 联系人 SAC No. S0570125120001 wangyukun@htsc.com 行业走势图 (6) 3 12 20 29 Feb-25 Jun-25 Oct-25 Jan-26 (%) 农林牧渔 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 隆平高科 | 000998 CH | 12.77 | 买入 | | 登海种业 | 002041 CH | 12.06 | 增持 | | 资料来源：华泰研 ...

[Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 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 [Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 玉米种业处于去库存阶段，政策推动行业高质量发展 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-01 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 农林牧渔行业:白鸡专题四： | 2026-0 ...

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]