受俄乌冲突、极端气候、疫情反复、贸易限制、能源价格等多因素影响， 全球粮价飙升，疫情后粮食安全或成人类更大挑战。我国主粮受海外价 格上涨影响有限，但大豆、油料等经济作物对外依存度高，食糖、种业 近年来进口占比提升，全球粮食危机下需警惕输入性通胀压力。同时受 气候、防疫政策等因素影响，国内粮价易涨难跌，警惕CPI 上行风险。 高层已充分重视粮食安全，政策持续加码种业振兴、农业现代化或成新 的投资主线。

当前全球小麦及玉米处于供需紧平衡态势，大豆需求持续向好，考虑到当前俄 乌冲突或致全球粮食贸易失衡且后期仍存在较大不确定性，农资价格持续高位 或支撑粮价上涨，看好后期国内外粮价走势，建议积极布局种植链。

2022 年6 月8 日，国家农作物品种审定委员会发布关于印发国家级转基因大豆玉米品种审定标准的通知，《国家级转基因大豆品种审定标准（试行）》和《国家级转基因玉米品种审定标准（试行）》将从于印发之日起实施。此前，转基因品种相关的《品种审定规则》在2021 年11 月12 日已经落地，标志着转基因品种从实验室育种阶段向商业化阶段迈出了重要一步。我们认为在本次转基因大豆玉米品种审定标准的落地，意味着我国转基因大豆及玉米品种的审定工作将正式开始，预计在正常情况下，转基因品种有望在2023年前后上市销售，生物育种业务或将为相关头部受益标的打开新的业务成长空间。

美国农业部2022 年5 月供需报告预测：2022/23 年度全球玉米产量11.8 亿吨，消费量11.85 亿吨，期末库存3.05 亿吨，库消比22.3%，较21/22 年度提升0.2 个百分点，处于16/17 年以来底部区域；22/23年度全球（扣除中国）玉米库消比9.4%，处于97/98 年度以来底部区域。由于俄罗斯、乌克兰玉米出口量占全球15.2%，玉米国际价格走势需持续关注俄乌战争。

The food industry is one of the leading sectors of livelihood globally. However, with the growing population, there is a rising need to fulfill hunger and to provide nutrition-based food for the population. About 60% of the world’s hungriest people live in Yemen, South Sudan, Syria, Nigeria, Afghanistan, Ethiopia, Haiti, and others. Malnutrition in children is a common problem in these countries, where a significant section of the population suffers from hunger. Farmers, agri-associations, and even food researchers are always looking for some alternative source of food to serve people and also to address food security. Some research studies stated that the insect protein could be the alternative and a sound protein source that could help this issue up to a certain level. Edible insects are further considered a superior protein source to conventional animal protein since they possess high feed conversion efficiency. This is basically due to the fact that insects are poikilothermic and also spend many limited amounts of energy and nutrients from food; however, they produce more percentage protein compared to warm-blooded animals.