This data equals output data for the following ISIC Rev. 4 code: 2821 Manufacture of Agricultural and Forestry Machinery This class includes: Manufacture of tractors used in agriculture and forestry Manufacture of walking (pedestrian-controlled) tractors Manufacture of mowers, including lawnmowers Manufacture of agricultural self-loading or self-unloading trailers or semi-trailers Manufacture of agricultural machinery for soil preparation, planting or fertilizing: Ploughs, manure spreaders, seeders, harrows etc. Manufacture of harvesting or threshing machinery

This class includes: Manufacture of insecticides, rodenticides, fungicides, herbicides Manufacture of anti-sprouting products, plant growth regulators Manufacture of disinfectants (for agricultural and other use) Manufacture of other agrochemical products n.e.c.

The Australian Government has direct management responsibility for a significant proportion of Australia’s fisheries resources. The 22 fisheries managed by the Australian Government accounted for 38% of the total volume and 27% of the total value of Australia’s wild-catch fisheries production in 2020–21. Legislation requires the Australian Government to manage these fisheries so as to maintain fish stocks at ecologically sustainable levels and, within this context, maximise the net economic returns (NER) to the Australian community (Fisheries Management Act 1991 – FM Act). In its management of fish stocks and fisheries, the Australian Government is also required to consider the impact of fishing activities on non-target species and the long-term sustainability of the marine environment (FM Act; Environment Protection and Biodiversity Conservation Act 1999 – EPBC Act).

In order to make farming smart and precise, agronomists introduced advanced technologies to agriculture practices as they became aware that crops responded differently to various inputs and agricultural practices. According to the exhibit, more than 50% of large farms use some form of precision agriculture hardware, while nearly a quarter of small farms use this technology or intend to use it over the next two years. The introduction of agriculture technologies into farming allowed growers to utilize the opportunity of growing higher yields. Agriculture technologies are being used for activities such as soil testing, crop scouting, yield monitoring, and field georeferencing. Many farmers, especially those in developing regions like Asia and Africa, cannot afford these technologies. In order to overcome this restraint in the agriculture technology ecosystem, agriculture technology-as-a-service was introduced, a business model in which these technologies are offered as a service. Being offered as a service reduces the upfront costs and capital investment required to procure these agriculture technologies, leading to higher adoption. For instance, John Deere is a leading farm equipment and technology company that offers its advanced farm management system as a service to farmers in the form of a subscription. Within this business model, different companies offer agriculture technologies as services under different pricing models. This provides farmers with the ability to select the pricing model that best fits their budget, thus allowing them to access the latest technology without having to invest a large sum of money upfront. A few of the key pricing models deployed in the industry are discussed in the following segments.

生猪价格继续磨底，产能去化节奏有望加速。6 月上旬以来，生猪价格 延续低位震荡，年初至今行业持续处于亏损区间。根据畜牧业信息网数 据，6 月9 日，自繁自养群体头均亏损322 元/头。产能节奏层面，5 月 行业产能持续处于去化状态，根据涌益咨询数据，5 月份能繁母猪存栏 量环比下滑约0.93%。自21 年猪周期下行以来，行业已累计亏损超15 个月，养殖户资金链压力持续累积，近期仔猪价格出现明显下滑，行业 产能去化有望加速。

如何理解当前生猪行业的“囚徒困境”？囚徒困境是非零和博弈中具 代表性的例子，理论反映个人的理性行为有时候可能导致群体的非理 性。在生猪行业的博弈中，每个养殖户都追求自身利益最大化，而不论 对手方是否减少产能，为赚取更多的养殖利润以及占据更大的市场份 额，养殖户的最优策略始终是不减少产能。当所有参与方都选择不减少 产能，博弈均衡状态就是行业整体产能难以去化，即当前行业困局。事 实上，每个养殖户本可以在竞争过程中通过去产能实现盈利，但实际情 况是为了不丢失市场份额，即使行业内所有人持续亏损，产能去化依旧 缓慢，导致每个参与方陷入“囚徒困境”的困局当中。

事件：6月10日，美国农业部（USDA）发布6月农产品供需报告。对2023/24年全球农产 品供需情况进行了预测。USDA预计2023/24年全球玉米、大豆、小麦、大米产量同比均有 所增长，上调了玉米、大豆、小麦产量预期。上调了玉米、大豆、小麦、大米期末库存预 期。玉米、大豆、小麦产需盈余，小麦产需由缺口转为盈余，大米产需小幅缺口。

2023年1-5月，SW农林牧渔行业表现较弱，整体下跌12.24%，跑输同期沪深300指数约10.35个百分点，跌幅居申万一级行业第四。分季度来看，SW农林牧渔行业Q1上涨1.86%，4-5月份下跌12.4%。二季度以来，SW农林牧渔行业走势较弱，主要受生猪价格下跌及养殖盈利不断亏损影响。

白羽肉鸡：去年低引种通过祖代供应减少逐级向下反应，白鸡价格或将于今年年末 开启反转。关注具备自主种源和养殖、食品两端的白鸡养殖龙头圣农发展；以及具 备苗价、鸡价弹性的相关标的益生股份、民和股份、禾丰股份、仙坛股份。 黄羽肉鸡：黄羽肉鸡价格回落后产能恢复意愿下降明显，预计鸡价有望景气提升， 关注温氏股份、立华股份、湘佳股份。