Over the years, there has been a growing demand for animal protein. Also, the rising consumer awareness has made it imperative for livestock owners to focus on elevating the quality of animal feed to sustainably improve growth performance in livestock. Consumers worldwide are becoming increasingly conscious about the quality of animal-based foods and the presence of health-promoting ingredients, such as fatty acids, vitamins, or minerals. Therefore, using feed additives is one of the most effective methods of enriching animal feed for enhanced growth performance. Animal feed additives are supplements that enhance the functionality of animal feed and boost the physiological functions of animals.

2022 年建议布局两条主线：①养殖产业链去产能。其中生猪养殖产能有望在明年加速去化，板块估值低位，建议布局确定性；动保行业明年有望在政策的约束下实现低效产能的持续退场，叠加养殖景气复苏预期，板块有望迎来供需共振，建议关注具备α的生物股份和普莱柯。②转基因商业化政策落地，关注种业板块景气向上。

行业深亏，若四季度及明年产能去化超预期，则有望迎来较大幅度反弹。（1）三季度猪价快速下跌至历史低点，行业全面深亏，本轮周期亏损幅度远超以往周期。（2）行业进入去产能阶段，猪价持续低迷导致产能加速去化，明年行业有望实现反弹。（3）上市公司盈利能力大幅分化，龙头持续兑现成长。前期板块深度调整，目前上市公司头均市值处于底部，若产能去化迎来供需结构改善，后续龙头标的有望迎估值修复。