农业板块跑赢沪深300指数1.23个百分点，农业配置、PE处历史底部，PB处历史均值水平，畜禽养殖、动物保健板块表现较优。猪价仍处于下行周期，预计2021年我国生猪出栏量同比上升12.9%，非瘟疫情常态化，上市猪企集中度加速提升，牧原、家佳康盈利能力突出，正邦、温氏成本或 已见顶。白羽肉鸡价格仍处下行通道，2021年黄羽鸡行业有望维持高景气。

生猪养殖：周期下行，盈利分化。肉禽养殖：黄鸡盈利反转，白鸡上游改善。饲料：毛利率承压，龙头盈利高增。种子：库存去化，收入回升。投资建议：把握核心资产，关注饲料及种植景气。1）猪价周期向下的背景下，建议积极布局成本 端持续具备优势的自繁自养龙头猪企，同步推荐食品业务持续拓展的圣农 发展。 2）生猪补栏需求有望带动猪料行业景气向上，高端鱼虾蟹的消费升级有望带动 水产料行业的结构升级，预计饲料行业景气有望持续上行。

Animal protein is a type of protein ingredient that is specifically derived from the sources such as egg, dairy, fish, and others. Animal protein is widely used in food & beverage industry, cosmetics industry, nutraceuticals industry as a foaming agent, emulsification, and others. There are different variants of animal protein available in the market that include egg protein, fish protein, gelatin, and dairy Protein The global animal protein market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the market. These include market forecast, drivers, restraints, opportunities, and roles of different key players operating in the market. The report is analyzed for animal protein by product type including gelatin, d airy protein, egg protein and fish protein.

Agrochemicals are the chemicals used in the management of agricultural ecosystems and micro-organisms in the farming area. The use of agrochemicals is critical in increasing the crop yield. Agrochemicals include various fertilizers, herbicides, insecticides, fungicides, soil conditioners, and others. Fertilizers are used in the agricultural lands to increase the growth of plants and crop yield. The term agrochemicals may also include synthetic fertilizers, hormones, and other chemical growth agents, as well as concentrated stores of raw animal manure.

猪价短期弱势调整，拐点或在5 月出现，4 月出栏量已有环比增长；鱼价继续高企，水产料后周期值得期待；外盘农产品价格大幅上涨，关注种植产业链。

非瘟疫情反复，生猪养殖企业分化加剧，成本控制得当的企业有望保持高盈利，推荐牧原股份、中粮家佳康。养殖后周期景气向上，首推管理高效的海大集团和技术领先的科前生物。种业产业链周期向上，盈利改善，转基因玉米商业化稳步推进，推荐大北农、苏垦农发、中粮糖业等。黄鸡景气提升，肉禽养殖食品化转型加速，推荐圣农发展、湘佳股份等。

2020 年农业行业实现营业收入7045 亿元，同比增长25.9%，归母净利润693 亿元，同比增长46.7%。2021Q1 实现营业收入1893 亿元，同比增长42.2%；归母净利润145.3 亿元，同比增长0.8%。2020Q4 行业销售毛利率16.17%，同比下滑9.42pct，销售净利率4.35%，同比下滑7.70pct，净资产收益率1.85%，同比下滑4.32pct；2021Q1 行业销售毛利率18.95%，同比下滑3.27pct，销售净利率8.78%，同比下滑2.96pct，净资产收益率3.42%，同比下滑0.91pct。整体上，2020Q4 盈利能力同比下降明显，2021Q1 小幅回升，好于非瘟前同期水平。