产品端创新要紧紧把握细分品类发展趋势：宠物食品应注重产品安全健康，把握原肉鲜造、新鲜天然、健康营养的创新趋势；宠物保健品要推出专业化产品满足宠物全生命周期管理的健康需求；宠物用品可通过提升产品颜值，将品牌特点转化为设计的语言植入产品的包装造型中，引发消费者的直觉判断，促进购买决策；宠物智能设备应充分抓住宠物消费“拟人化”心理，既要注重解决饲养痛点，又要兼顾消除宠主的安全顾虑。

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。