The constant development in the agricultural industry led to the need for a standardized communication system for various agricultural equipment. Agricultural equipment standardization first began in Germany in 1988 under the control of Verband Deutscher Maschinen- und Anlagenbau e.V. (VDMA), which resulted in a national standard DIN9684. The development toward agricultural standardization led to the creation of an international ISO-based standard, ISO 11783.

生猪产能去化幅度可观，猪价反转预期不断强化。养猪亏损严重且多数已持续半年以上，真实产能出清幅度可观，国家统计局数据来看，推算自2021年6月高点以来持续数月下降，累计下降幅度8%；涌益数据显示其样本能繁母猪存栏从去年6月至今年连续环比下降，累计去化程度已超10%。我们认为随能繁存栏变化带来的生猪出栏拐点向下，养猪板块供需有望从偏松逐步向偏紧改善，生猪价格反转向上可期，生猪板块周期投资逻辑不变。

In recent times, high emphasis has been laid on the adverse effects of conventional agriculture on the environment. Some of these concerns include depletion of natural resources, misuse of synthetic chemical inputs into the soil, and contamination of water resources. With the excessive agricultural activities over the land, land fertility globally has declined. To meet the growing global food demand with the increasing population, which is expected to reach 9.74 billion by 2050, alternative and safer ways of growing crops has been worked upon that utilize less space and are more reliable and environment friendly. This has led to a great rise in alternative production systems within both small growers and large-scale commercial productions.

因经济冲击、极端天气、地缘政治三大因素冲击，全球正在经历新一轮粮食危机。当前全球饥饿人口数量创新高，俄乌战争，叠加5月主要小麦出产国印度宣布小麦出口禁令，“粮食危机”这一灰犀牛正在渐行渐近。“二战”以来曾发生过两次全球性粮食危机：第一次是1970 年代石油危机背景下全球粮食危机；第二次是2007-2008 年贸易限制推动全球性粮食危机。

养殖企业有三大基本特征：收入和成本的周期性、快速扩张导致现金 流压力以及股价表现的周期性。1）猪周期（价格/盈利）一般持续4 年，2 年上涨周期和2 年下跌周期。猪价还有明显的季节性，“猪价4 月最低，9 月最高”。2）相比于成熟市场，中国头部养殖企业集中度 仍较低，目前仍处于快速扩张期。2021 年，中国前四大养殖企业出栏 量及市占率合计11.7%。扩张导致固定资产持续高投入。3）大趋势上 养殖股价和猪周期趋同。