基金2020年Q4持仓披露完毕，20Q4农林牧渔板块持仓基本稳定。20Q4农业板块基金重仓比例为0.43%，相对于20Q3 的0.46%下降0.03%；对应持仓市值占基金股票投资市值（农林牧渔仓位比）为1.04%，行业持仓由20Q3的低配45bp 至2020Q4 的低配43bp。我们认为，农业基本面的仍然向好。后续业绩的确定性和高成长性有望继续带动板块的估值上行。

The report covers detailed analysis of trends, future estimations, and a thorough study of the fishing equipment market on the basis of type, nature, distribution channel, and region. It analyzes government regulations, policies, and patents to provide information on current market trends and suggests future growth opportunities, globally. Furthermore, the study highlights Porter’s five forces analysis to determine factors affecting the market growth. These factors include raw material prices, intense competition, end user, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report. Furthermore, it includes revenue generated from the sales of the fishing equipment market across North America, Europe, Asia-Pacific, and LAMEA.

Ongoing advancements in the Fish Farming Market, owing to innovative efforts have further enhanced efficiency and productivity of the aquaculture industry. Competitive advantages of aquaculture over traditional fishing have been also described in the report. In addition, leading categories of fin fish are studied in the report whereas the others segment includes mollusks, crustaceans, crabs, octopus, prawns & seals, dolphins, turtles and diverse group of aquatic animals that reside in oceans as well as in freshwater. Moreover, to understand the market, drivers, restraints, and opportunities are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning are also discussed under the scope of the report. The market numbers in the report represents the value and volume of aquaculture production.

一方面，种业是农业效率提升的关键，有研究资料表明过去100年农业生产效率提升的60%来源于种子技术。未来农业生产效率提升中的75-90%或将来源于种子和生物技术。另一方面，种业事关“自主可控”，中国种业的竞争力与国际巨头相比，依然还有较大差距。

生猪产能逐步恢复且新建产能释放，预计2021年价格将开启下跌通道。在周期下行趋势中，只有出栏快速增长且成本控制优异的企业才能实现规模和盈利的持续增长。

CPI 同比小幅上升，农林牧渔景气度维持 20 年12 月我国CPI 同比+0.2%，其中食品项同比+1.2%，食品中猪肉同比-1.3%。12 月CPI 环比为+0.7%。期间猪肉价格基本处于震荡上行态势，影响CPI 猪肉环比+6.5%。12 月我国农产品进口金额172.63 亿美元，同比+14.75%，出口金额75.58 亿美元，同比-7.38%，贸易逆差97.05 亿美元，同比+40.99%。

本周进入业绩预告密集期，生物股份预计20 年实现归母净利润4-4.35 亿，同比+80.96%-96.80%；科前生物预计20 年实现归母净利润4.47 亿，同比+84.29%；普莱柯预计20 年实现归母净利润2-2.2 亿元，同比+83.07%至101.38%；龙大肉食预计20 年实现归母净利润9-10 亿，同比+273.64%—315.16%。我们看到，随着生猪存栏的恢复，尤其是规模猪场快速扩张导致的养殖集中度加速提升，使得动保、屠宰肉制品板块迎来景气机遇期。我们预计2021-2022 年，动保以及屠宰肉制品板块业绩有望维持高速增长。

世界种业市场正发生深刻的变革，国际大型种业公司规模不断壮大，通过外延并购，种业集中度不断提高，种业企业正在向多元化、集团化与国际化发展。纵观全球种业企业市场，呈现中、德、美三足鼎立局面，TOP20 种业集团形成“两超、四强、差异化发展”的新格局。

2020Q4 重仓农业个股TOP10 中，海大集团、牧原股份、金龙鱼、圣农发展等管理层优秀的成长股拔得头筹，荃银高科、隆平高科这两大种业头部企业的重仓占比在2020Q4 明显提升，基金增持比例较大。此外，基金对生猪板块的偏好明显，2020Q4 重仓持股总市值排名前五的标的中有三家都属于生猪板块，分别为牧原股份、大北农、正邦科技，展现了生猪板块在农业板块资产配置中的卓越地位。