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。

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%。

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.

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 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 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.

当前处于猪周期拐点向上阶段，多数上市公司 2023 年头均市值仅 2000-3000元，我们认为其仍处于相对低位。若猪价三季度开启主升浪，相关公司股价亦有望逐步进入盈利兑现行情。当前时点建议关注板块性投资机会，重点关注温氏股份、巨星农牧、天康生物、中粮家佳康、唐人神、新五丰、傲农生物、新希望等。