温氏紧密型“公司+农户”的养殖模式，通过为合作农户提供养殖服务，实现将重资产的后端育肥环节委托外包，创造性地将自己的商业本质从养殖企业变成了养殖服务企业，绕过了养殖行业巨额资本投入的风险，在降低规模扩张成本的同时，还获得了利润最丰厚的后端育肥收益，最终在财务上的体现就是低固定资产、高营业收入、高成长、高ROA。温氏成功在于有效整合了社会闲散的劳动力、资金、土地等，将“阳性技术”（例如育种、配合饲料、人工授精、疫苗等）发展到国内领先水平。目前，年出栏一头猪的产能需投资1039元，其中固定资产768元，流动资金271元，项目投资收益率约18.8%，回收期约8年。温氏多年平均ROIC高达23.95%，多年平均ROE约25%，养猪规模增速15-20%，资产负债率20%左右。

The Europe smart farming market comprises major companies providing yield monitoring equipment, steering and guidance equipment, herd monitoring equipment, farm management software, and smart greenhouses and other such equipment and systems used in smart farming. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the smart farming market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.

Agriculture is one of the key economic sectors of Mexico, accounting for 3.4% of the country’s GDP, 13.4% of formal employment and 4.6% of national exports in 2017. Moreover, the sector was one of the main driving forces of the economy in 2017, with GVA rising by 3.4% y/y, well above the overall GDP growth of 2%, supported by both strong domestic demand and rising exports. The country ranks among the world’s top ten producers of a variety of crops, livestock and fishery products, including maize, lemons, oranges, pork, beef, poultry meat, octopus, tuna, shrimp and sardines. Nevertheless, the extent of agriculture’s exposure to the US – which absorbed about 80% of its exports in 2017 – remains one of the main causes for concern, in view of the ongoing renegotiation of the North American Free Trade Agreement (NAFTA) between the US, Mexico and Canada.

疫情历来是猪周期见底的催化剂，本次非洲猪瘟也不例外，本文通过对政府、中小养殖户、集团养殖户等核心主体的行为进行沙盘推演，得出“猪周期提前反转的可能性加速提升”的结论，建议 10 月以后积极把握相关机会：1、短期：从受益确定性角度推荐养鸡股：圣农发展等。2、中期：最重要的结论就是猪周期将较预期提前反转，养殖龙头最终将全面受益，重点推荐：温氏股份、牧原股份、天邦股份、正邦科技。