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。