In the 2019 2020 crop year, despite COVID 19 and the economic slowdown in the country, Brazil’s crop production rose by 4 1 y/y to a new all time high of 257 bn tonnes, driven mainly by favourable weather and growing yields CONAB’s projections for the 2020 2021 crop year are for a slight decrease, with production expected to fall by 1 8 y/y to 252 4 mn tonnes, due to the bad weather in H 2 2021 characterised with prolonged droughts and low temperatures Soybean, maize and rice are forecasted to account for 93 5 of total crop output during the 2020 2021 season The soybean sub segment is likely to remain among the driving forces, with an estimated increase in production of 10 y/y to a new record high of 137 3 mn tonnes In terms of foreign trade, during the first 10 months of 2021 Brazil exported agricultural products valued at USD 45 9 bn, 20 2 more than in the same period of 2020 This positive performance was on the back of strong foreign demand for some specific commodities, such as soybean, sugar, and coffee

Garden hand tools have supported people in their gardening activities over the last few generations. The garden hand tool category of gardening tools consists of power tools and water equipment. The global demand for garden hand tools was estimated at about $17.28 billion in 2020 and is expected to hit a value of $21.53 billion at a CAGR of 3.73% by 2026. The effective utilization of hand tools requires a proper study about the tool for the specific work to be carried out to improve productivity and reduce the margin of error. Lack of knowledge or negligence can lead to injuries. Moreover, proper usage and storage of the tools to avoid rusting are crucial. Digging, striking, and cutting functions require optimum input from the hand tools despite the dominance of other tool categories. Spades, shovels, pruners, augers, cultivators, shears, gardening forks, hoes, and saws are found in the basic tool kits of professional gardeners, horticulturists, and home gardeners today, signifying the momentum of hand tools.

Smart farming is a concept in agriculture that involves data collection, data analysis, and data-driven decision making to increase yield, monitor crops and animals, and improve overall efficiency in all possible agricultural operations. Smart farming method or concept employs various technologies that become the means of operation. For example, to collect data, smart farming depends on the internet of things (IoT) and other sensorbased technologies, which allow seamless data collection. For data analysis, various farm management software and artificial intelligence (AI) based tools can be used to make sense of the collected data, and later autonomous machines and other mechanical equipment can be utilized to take necessary actions; for example, drones can be used to spread inputs such as pesticides and fertilizers.

Precision agriculture is defined as the practices adopted to make farming accurate and precise. The techniques may include the use of artificial intelligence, a wide array of technologies such as sensors, drones, robotics, automated hardware, telematics, software, and autonomous vehicles. For instance, GPS is used to receive location data from satellites and control the farmer’s tractor based on coordinates of the field. The segment covers an in-depth analysis of the drivers, restraints, and opportunities in the precision agriculture market.

2022年7月，13家主要上市猪企共出栏生猪930.30万头，同比+16.23%，环比-6.13%。同比看，头部猪企产能有序释放，出栏量仍然保持双位数增长，但受正邦科技调减产能及温氏股份出栏量增速较低影响，头部猪企总出栏量同比增速有所下降。环比看，头部猪企出栏量小幅收缩，主要原因是牧原股份主动调减出栏生猪中仔猪占比；傲农生物出栏量环比下降。22年7月主要上市猪企共实现收入193亿元，同比+39.24%，环比+22.21%。上市猪企收入同比、环比均出现大幅增长的原因是6月下旬以来全国生猪价格大幅上行，7月生猪均价维持在相对高位。

以美元计，6月出口金额当月同比17.90%，预期11.90%，前值16.70%；进 口金额当月同比1.0%，预期3.0%，前值4.00%；贸易顺差979.41亿美元，预期764.70 亿美元，前值783.99亿美元。

行情回顾：2022 年7 月，农林牧渔指数上涨2.1%，在中信一级 30 个行业中排第8 位；同期沪深300 指数下跌7.02%，农林牧渔 跑赢对标指数9.12 个百分点。从子行业来看，7 月水产品加工、 畜牧养殖板块涨幅居前，分别上涨17.39%、9.03%；拥有政策预 期和成长性的种业、宠物食品板块估值较高。从个股来看，7 月涨 幅居前的个股为巨星农牧、天康生物、傲农生物，涨幅居后的个 股有敦煌种业、隆平高科、金龙鱼。

生猪养殖行业的转债包括牧原转债、温氏转债、希望转债、希望转 2、傲农转债和正邦转债。从正股股价弹性的角度来看，傲农生物、新希望和正邦科技的弹性较强，温氏和牧原的弹性相对偏弱。但从价值的角度来看，温氏和牧原的正股配置逻辑更强。