The National Institute of Allergy and Infectious Diseases reveals that 90% of food allergies are caused by eggs, milk, fish, red meat, and nuts. Due to animal protein allergies, most of the meat consumers are inclined toward meat substitutes made of vegan protein, which ultimately drives the global soy protein ingredients market. In fact, according to a reference list of allergen data emperically observed, it was found that the allergen from chicken meat ranges from 0.5%-5% in Southern Europe. According to the United States Center for Disease Control and Prevention, 12.2 million people are suffering from food allergy, of which two-thirds are associated with egg allergy. Consumers are, therefore, switching to protein alternatives, which are plant derived, such as soy, pea, and wheat. This, in turn, is driving the global soy protein ingredients market. According to the Health Focus data, nearly 17% of US consumers, aged between 15-70 years, are predominantly eating plant-based diet, with 60% of the population cutting back on meat-based products.

动保板块：农业农村部发文进一步规范非瘟防控，动保企业中报业绩表现优异，持续推荐。①本周一农业农村部发文，要求进一步严厉打击违法研制、生产、经营和使用非洲猪瘟疫苗的行为。为保证非洲猪瘟疫苗监管职责落实到位，农业农村部要求各地畜牧兽医主管部门和相关从业人员要严格执行非洲猪瘟疫苗“五禁止”监管措施，即：禁止未经批准开展实验活动，禁止未经审批开展临床试验，禁止生产非法疫苗，禁止经营非法疫苗，禁止使用非法疫苗。

2020H1 农业行业实现营业收入2994 亿元，同比增长23%，归母净利润332 亿元，同比增长175%。分子板块看，畜养殖、饲料、动物保健、种子、种植、宠物食品、农产品加工及林业等多个板块有不同幅度增长，其中生猪养殖板块利润同比增长704%，带动行业整体业绩增长。

在养殖产业链方面，首先建议关注后周期板块机会（饲料、疫苗），包括禾丰牧业、中牧股份、海大集团；其次，关注生猪养殖利润相对可持续、产业链业务协同发展的企业，即天康生物。在种植产业链方面，核心关注玉米主线，包括玉米产需情况、转基因玉米进展等，个股关注隆平高科。

生猪养殖：本周（8 月24 日-8 月28 日）全国猪价小幅下跌。根据猪易通数据，截至2020 年8 月28 日，全国猪价36.70 元/公斤，周环比下跌2.21%。东北、华北、西北、华中、华东、华南、西南地区猪价分别下跌1.48%、2.20%、3.10%、3.16%、0.44%、2.73%、2.17%。

从 价值链环节来看，农药分为创新药、仿制药、中间体、制剂。其中跨国公司 把控前端创新药研发和终端制剂的销售渠道，大部分中间体及原药选择从中 国、印度等国家采购；中国企业位于仿制药和中间体制造环节，其产品在全 球出口。从农药品种来看，主要分为杀虫剂、除草剂和杀菌剂，创新研发驱 动农药品种更新换代以解决作物抗性问题。从需求看，农药是提高粮食作物 单位产量和保证丰收必不可少的物资，需求较为刚性。