Establishments described in this report are primarily participating in the veterinary diagnostics market. The act or process of identifying or determining the nature and cause of a animal disease or injury through evaluation of history, examination, and review of laboratory data.

Establishments described in this report are primarily participating in the veterinary electrosurgery market. Veterinary electrosurgery is the application of a radio frequency with alternating polarity of electric current to coagulate, or cut the biological tissue. Veterinaryelectrosurgical devices are used to make precise cuts and further controlling blood loss by coagulationat the surgical site during procedures.

Establishments described in this report are primarily participating in the vertical farming market. Vertical farming is an agricultural method through which crops are grown in vertically stacked layers. It is done in a controlled environment using techniques such as aquaponics, hydroponics and aeroponics, that does not make use of soil.

Establishments described in this report are primarily participating in the soil monitoring market. Soil monitoring is very important for sustaining soil quality. It involves analyzing the soil through soil tests and field obser-vations, and seeing how the soil changes after intervention. Once an intervention plan is implemented, it is necessary to monitor the change in the soil by measuring indicators. This requires seasonal/yearly sampling of soil and analyzing the parameters.

中国饲料工业协会披露5 月全国饲料产量数据，2022 年5 月全国工业饲料总产量2352 万吨，同比下降11.5%。

2022年1-6月农林牧渔行业市场走势与估值：2022年1-6月份（截至 2022年6月17日），SW农林牧渔行业整体下跌5.31%，涨幅在所有申万 一级行业指数中居第八，跑赢同期沪深300指数约7.47个百分点。细 分板块中，仅养殖业录得正收益，上涨0.7%；其他细分板块均录得 负收益，其中种业跌幅相对较少，下跌3.1%；动物保健走势最弱， 下跌24.6%，跌幅最大。截至2022年6月17日，SW农林牧渔行业整体 PB约3.3倍，略低于行业2014年以来的均值；相对沪深300PB溢价率 约为139.5%，低于2014年以来的溢价率均值。

生猪养殖：拐点已至，空间显著。从拐点来看，拐点已现，高点预计将会超过20+，预计成为超级猪周期外高点最高的一轮。市场核心分歧点在去化，市场可能在前、中、后三个维度出现误判。从空间来看，板块目前低位待涨，板块预计还有50%以上空间。