Australian agriculture benefits from decades of productivitygrowth in record-breaking year. Value of production to reach record $81 billion in 2021–22. Value of exports forecast to reach record $64 billion in 2021–22. Value of production and exports to fall and then steady over themedium term.

Energy Information Administration ( Other international oil corporations, such as Repsol ( Pertamina ( PetroVietnam ( and JX Nippon Oil and Gas, have been drawn by new investment potential ( Despite the large presence of other regional and international firms in Malaysia, Petronas dominates the downstream industry Shell, Chevron, and Petron are among the foreign gasoline retailers operating domestically

Agriculture is one of the backbones of Indonesia’s economy, contributing some 13% to the country’s gross domestic product (GDP). At the same time, the agriculture sector provides income for large swathes of Indonesian households, employing 38.2mn people, equivalent to 30% of the total workforce in 2021. Indonesia is the world’s number one palm oil producer with almost 60% of global output. The country also ranks second in terms of rubber, and fourth by rice production. Although the government has long strived to reach self-sufficiency in the production of key food staples, Indonesia is still running a negative trade balance on its agriculture account as it is the largest wheat importer in the world, and imports large quantities of corn, oilseeds and sugar.

8 月我国上市养殖企业生猪销量合计1007 万头，环比+4.3%；其中牧原股份、温氏股份、新希望出栏量为488.7 万头、150.41 万头、94.28 万头，环比+6.38%、+13.58%、+0.05%。在出栏环比方面，正邦科技、东瑞股份、唐人神、天邦食品5 家公司销量环比为负；而环比增速领先的有神农集团、华统股份、大北农、天康生物。在出栏同比方面，除正邦科技、大北农、天邦食品、中粮家佳康同比下行以外，其余均保持增长状态；其中傲农生物、金新农、唐人神、牧原股份同比涨幅领先。

中国饲料工业协会披露8 月全国饲料产量数据，2022 年8 月全国工业饲料总产量2635 万吨，同比下降6.7%。分品种看，猪饲料产量1067 万吨，同比下降11.2%；蛋禽饲料产量253 万吨，同比下降9.9%；肉禽饲料产量789万吨，同比下降4.8%；水产饲料产量369 万吨，同比增长3.0%；反刍动物饲料产量129 万吨，同比增长4.7%。2022 年1-8 月全国工业饲料总产量18746万吨，同比下降5.0%。其中，猪、蛋禽、肉禽饲料产量分别为8081 万吨、2045 万吨、5646 万吨，同比分别下降7.9%、5.4%、6.8%；水产、反刍动物饲料产量分别为1803 万吨、970 万吨，同比分别增长15.1%、3.3%。

2022 年4 月份以来，美元对人民币汇率（中间价）持续走高，截止8 月底达到了6.89。目前我国上市宠物食品企业境外业务在营收中占比较高，2021 年受到汇率影响，宠物上市企业毛利率与净利率均受到很大影响。22H1 汇率影响已转正，我们认为，宠物企业短期经营拐点已至，2022 年全年有望迎来持续的业绩修复。我国宠物消费正处于快速发展期，消费空间有望进一步释放，其中食品和医药作为刚需品类有望持续发力，国产自主品牌快速发展，持续推荐关注宠物食品企业中宠股份和佩蒂股份，此外建议关注宠物药品和疫苗上市进程和推广情况，建议关注普莱柯、生物股份、科前生物等动保企业。

7 月CPI 同比+2.7%，猪肉价格大幅上涨 7 月我国CPI 同比+2.7%， 其中食品价格同比+6.3%，食品中猪肉同比+20.2%。从环比来看，7 月 CPI 环比+0.5%，其中食品项环比+3.0%。期间猪肉价格处于上升区间， 影响CPI 猪肉环比+25.6%。7 月我国农产品进口金额为209.36 亿美元， 同比+8.71%，出口金额为86.10 亿美元，同比+28.98%，贸易逆差123.3 亿美元，同比-2.04%。