The agriculture sector plays a vital role in the development of the economy. The sector has already contributed toward economic prosperity of developed countries such as the US, the UK, and Japan. In all these developed economies, the agriculture revolution has preceded the industrial revolution. Currently, developing countries such as India, China, and the Sub-Saharan African region, where the per capita income is low, the emphasis is laid on developing a strong agriculture sector. The contribution of the secondary and tertiary sector to the GDP of economies is always high, however, to sustain the economic growth, the significant contribution also must come from a primary sector of the economy i.e. agriculture. The growth of both these sectors is not supplementary but complementary.农业生态系统 The world population is set to reach 9.8 billion by 2050 from the present 7.6 billion. The growth is largely driven by a rapid rise in population in Africa and Asia. This not only implies that the existing agricultural ecosystem should gear up to feed the additional 2.2 billion but also should accommodate their shift in dietary patterns and account for the shrinkage in acreage. An increased reliance on the protein-rich diet, which comprise meat products, places an additional demand for grain. Urbanization and deforestation are resulting in climatic shifts that are severely affecting agricultural yields. Therefore, there is an urgent need for smart solutions that can effectively help to mitigate the negative effect on agriculture and meet the rising demand for food across the world.

生猪出栏量：5 月份，上市猪企均实现了生猪出栏量增长，牧原股份、温氏股份、正邦科技、新希望、天邦股份、大北农、傲农生物、天康生物、唐人神、金新农，分别出栏144.70、90.06、49.62、49.31、19.13、13.43、10.13、8.71、5.27、4.39 万头，环比分别增长16.04%、4.21%、1.92%、58.86%、9.45%、28.89%、16.13%、12.10%、1.35%、123.30%，金新农、新希望、大北农增速相对领先。

美国时间6 月3 日晚，美国联邦法庭宣布取缔3 个麦草畏的注册制剂：Engenia(巴斯夫),FeXapan（科迪华）和XtendiMax(拜耳)，这3 款制剂有效期原本由美国环保署(EPA)批准延期到2020 年10 月。这意味着今

后这三款产品无法在美国销售。

疫苗：后周期的排头兵。在养殖后周期领域，疫苗为确定性较高的子行业，且多重因素利好行业上行：生猪存栏提升利好疫苗消费量增长，集中度提升带动市场苗渗透率提升，招采苗提价增厚行业规模，非瘟疫苗为行业扩容带来想象，此外，可选疫苗成为养殖利润丰厚、存栏回升阶段的受益弹性主体。行业整体呈现19 年相对萎靡、20Q1 边际好转的状态。目前我们认为行业拐点已经来临，未来业绩相对确定。

我们预计猪价后续有望迎来反弹，并在下半年维持高位震荡，下半年仍将是高盈利期：（1）从能繁母猪存栏恢复进度和生产周期来看， “缺猪”仍是2020 年全年主题，经过前期压栏育肥猪的集中抛售，后续出栏压力有望较大缓解；（2）根据生产周期，预计国内生猪供给在2020 年3 季度的供给压力相对较小；（3）根据我国生猪产业历史运行规律，6 月份往往逐渐开启年度猪价的反弹期；（4）随着餐饮复业、学校复课、企业复产，猪肉消费需求有望出现回升。

The global stored grain insecticide market (henceforth, referred to as the market studied) was valued at USD 236.7 million in 2019, and it is projected to reach USD 311.1 million by 2025, at a CAGR of 4.7% during the forecast period. • As of 2019, Asia-Pacific dominated the market with a share of 29.8%. In the same year, China dominated the market with a share of 34.7%. As per FAO, food grain production in the country increased by 3% in the past five years, and it is projected to go up by 4% during the forecast period. Minimal post-harvest wastage of food grains is projected to be achieved by stored grain insecticides, which, in turn, is expected to drive the market studied. • By application, the on-farm segment dominated the market with a share of 48.1%, in 2019. storcide II, reldan, malathion, centynal, or suspend were the widely used stored grain insecticides during the study period. • By product type, organophosphates are the most widely used insecticides. However, due to stringent government rules, coupled with the advent of bioinsecticides as a potent substitute, the growth rate of organophosphate is projected to be low during the forecast period.