Increasing demand for food owing to burgeoning global population has put immense pressure on agricultural productivity. Limited availability of land coupled with the occurrence of natural disasters in the recent past has reduced the overall agricultural production. Agro textiles help improve the crop quality and increase the overall agricultural productivity. The demand for agro textiles such as mulch mats, insect nets, and shade nets depends on the awareness regarding these products and their acceptance by the farming community. The demand also depends on the technical and performance properties of these products. Agro textiles possess high potential to retain water, offer protection and resistance to microorganisms, and are lightweight and biodegradable.

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

“头均市值”的概念实质上是 PE 估值方法的细化，“完全成本”的高低决定了各大猪企头均盈利的差异，而成本管控能力优异的企业又理应享受一定的估值溢价（PE），这种盈利能力的差异反映到具体公司上就是“头均市值”的不同。

事件：4 月 4 日，中国发布对美国的关税反制措施，将对原产于美国 106 项商品加征关税， 其中大豆、玉米、小麦、牛肉、汽车、飞机和部分化学品等在列。同时，商务部公告称， 中国加征关税的商品金额约为 500 亿美元。大豆是中美贸易的重要组成部分，此次公告对 进口自美国的大豆加征 25%关税，标志着中美贸易摩擦再次升级。

建议积极参与 5-8 月份养猪股的反弹机会，预计 5 月是起步期，6、7 月份是高斜率反弹阶段。此外，继续强调“门槛提升”背景下养猪工业化趋势带来的投资机遇，未来5 年大型规模场将迎来高 ROE 与高 CAGR 并行的黄金时期。建议增持牧原股份、温氏股份、天邦股份、正邦科技等。