Fish processing equipment is used to process various species of fish to produce high-quality fish products with improved taste and long shelf life. There has been an increase in the use of fish processing equipment among various fish processing companies to produce different types of fish products and prevent fish products from deterioration and spoilage.

GMO foods are produced from organisms that have had changes introduced into their deoxyribonucleic acid (DNA) using the process of genetic engineering. In genetic engineering, genes from one organism are transferred to another organism to introduce new characteristics or traits.

The fruit testing service market was valued at USD 861.0 million in 2023. It it is projected to reach USD 1,273.8 million by 2029 while witnessing a CAGR of 6.9% during the forecast period.

Gooseberries are superfruits that are mostly native to particular regions of Southeast Asia, Western Asia, and Europe. The three types of gooseberries, namely, Ribes uva-crispa (European), Ribes hirtellum (North American), and Phyllanthus emblica, make up the majority of the species. Gooseberry bushes are prickly and have clusters of two or three green to greenish-pink blooms. These round berries have a thorny, hairy, or smooth surface and are available in red, white, yellow, or green colors.

Industrial hemp is a strain of the Cannabis sativa plants with less than 0.3% tetrahydrocannabinol (THC) content. It is grown for its fiber, oil, and seeds, which are used to produce a wide range of products such as paper, textiles, construction materials, food, and supplements. Due to its low THC content, industrial hemp does not have psychoactive effects and is legal in many countries for industrial use.

Landscaping and gardening services are used for the proper maintenance of gardens and lawns. Landscaping refers to an activity that beautifies vacant land, exteriors or interiors of a building, or public spaces such as parks and gardens. This beautification is achieved in different ways, including modifying features, construction of terrains and water bodies, and artificial lighting.

种植业行业：行业向转基因、耐密高产方向转型－种业专题报告二

种植业行业：食用菌，困境将解，新品蓄力

2025 年上半年农林牧渔板块营业收入合计 6147.88 亿元，同比增长 9.05%，在申万一级行业中排名第 3；归母净利润合计 269.80 亿元，同比增长 173.11%，在申万一级行业中排名第 2。板块 ROE 及毛利率、净利率均持续提升，其中板块 ROE 为 4.92%，同比+3.15pct，毛利率、净利率分别为 11.68%、4.54%，同比分别+2.90pct、+3.02pct。

成本下行助力盈利回升，现金流显著改善。25H1，受 24 年母猪产能恢复缓慢以及节前产能出清彻底影响，上半年猪价底部仍有支撑。此外受益于饲料成本显著下行以及生产效率提升，18 家上市猪企实现盈利 180 亿元，同比+578%。行业资本开支持续收缩，上市猪企经营性现金流显著改善，支撑资产负债率高位回落。反内卷背景下，政策端基于提振 CPI 的目标着手调控母猪产能，或进一步抬升 26 年猪价中枢，“低成本+”猪企现金流大幅改善，内在价值持续提升。重点推荐成本优势明显、业绩兑现能力较强的牧原股份、温氏股份，建议关注神农集团、东瑞股份、中粮家佳康等。

生猪：产能维持低波动，预计 2025 年猪价景气有望延续。9 月 12 日生猪价格 13.26 元/公斤，周环比-3.35%，同比-31.86%；7kg 仔猪价格约 284.29 元 /头，周环比-9.95%，同比-29.43%。白鸡：供给小幅增加，关注旺季消费修复。9 月 12 日，鸡苗价格 3.03 元/ 羽，周环比-8.46%；毛鸡价格 6.64 元/公斤，周环比-4.87%。黄鸡：供给维持底部，有望率先受益内需改善。9 月 12 日浙江快大三黄鸡/青脚麻鸡/雪山草鸡斤价分别为 5.4/6.5/8.9 元，周环比均持平。

上周猪价 13.56 元/kg，环比上上周下降 0.37 元/kg，如果看各省降幅，两广降幅最为明显，一周价格下降接近 1 元/kg，对全国均价拖累最为明显。我们认为两广价格下降来自于调运政策变化，外调受限，省内价格受冲击。此外从养殖疫情来看，涌益咨询的数据显示，90kg 以下出栏比例小幅增长至 3.71%。疫情和政策在边际上对短期价格有影响，接下来观察调运政策的扩展以及疫情在南方地区的影响范围。

生猪板块：短期猪价虽承压，降本增效驱动业绩改善。投资建议：此前政策核心是抗通缩，未来重心或将逐步切换至反内卷，若反内卷政策趋严，本质上是对行业“无效扩张”的清算。此时成本优势即生存权：牧原、温氏等头部企业凭借效率壁垒，在政策约束下仍能维持较高头均盈利。推荐低成本、确定性强的龙头：【牧原股份】【温氏股份】；重点关注成本控制优异、成长性高的小猪企：【神农集团】【巨星农牧】【德康农牧】。风险提示：猪价不及预期、动物疫病大规模爆发、原材料价格大幅波动。

国内供需平衡趋于收紧，玉米价格有望维持温和上涨。USDA9 月供需报告预计 25/26 产季全球期末库销比环比调减 0.10pcts，中国期末库销比环比调减 0.34pcts。目前国内玉米价格已处于历史周期底部位置，中长期供需平衡趋于收紧，后续预计价格底部支撑较强。

回顾过往牛周期，前2两轮周期主要由消费增长驱动牛价中枢抬升，而 2018-2024 年的第三轮周期，更充分的补栏和更强劲的进口冲击导致牛价在周期后段出现大幅下跌，2024 年行业处于 深度亏损状态。站在当下时点，我们发现，1）肉牛产能显著去化，2025Q2 的肉牛存栏相比 2023 年末高点下降 5%，预计能繁母牛去化程度更深，而补栏再出栏需 2 年左右时间；2）2025 年上半年牛肉进口量下滑 9%，叠加海外牛价上涨产生的影响，进口补充或许同样受限；3）淘汰奶牛贡献的牛肉占比较小，即使奶价磨底推动淘汰加速，产生的增量也非常有限。因此，我们认为短时间内牛肉供给偏紧的格局难以改变，新一轮牛价上涨或将持续至 2027 年。

上市猪企 25 年 8 月出栏量为 1660.36 万头，同比+29.11%，环比+6.86%。头部企业中，牧原股份/温氏股份/新希望生猪出栏 700.10/324.50/133.78 万 头，同比分别+27.10%/ +37.85%/+4.72%，环比+10.17%/+2.53%/+2.71%。25 年 8 月上市猪企出栏量同比大幅增长，原因是上市猪企 24 年产能扩张转化为 25 年出栏量增加。出栏量环比小幅上升的原因是 8 月为淡季转旺季的过渡期，下游需求环比边际改善。上市猪企 25 年 1—8 月累计出栏量为 1.26 亿头，同比+21.12%。1—8 月上市猪企累计出栏量增速维持在+20%左右，与前几个月一致，显示产能释放平稳。牧原股份、温氏股份出栏量增速与行业增速相当，新希望出栏量同比小幅下降。