本周鸡价开启上行，根据Wind 数据，主产区鸡苗达到3.2 元/羽（周环增8.6%，同增230%），毛鸡价格已达8.1 元/公斤。产品价格上行是股价启动的催化剂。特朗普批准对约500 亿美元中国产品加征关税，引种担忧有望消除，上游供给收缩，叠加行业换羽的理性化和换羽能力受限，行业景气周期来临的预期未变。

5月18日22个省市猪粮比跌至最低，为5.13，此后小幅回升。截至2018年6月8日，回升至5.84，仍处于政府调控二级响应范围。

2018年1-2月生猪屠宰量为4037.6万头，同比增长20.53%（较2016年同期增加24万头）。2018年1-4月合计屠宰量8070.7万头，同比增长18.5%。4月屠宰量2116.1万头，同比增长21.84%

Sugarcane syrup has been widely used as a natural sweetener in various food products and beverages by food & beverage industry. Owing to the associated health benefits, sugarcane syrup gains importance in pharmaceutical industries as well as in households. However, recent developments in sugar industries and increase in the usage of sugarcane syrup across food industries especially for bakery & confectionery products boost the growth of the sugarcane syrup market. Many developing countries in Southern Africa possess the potential to produce sugarcane syrup with benefits extending into the social and economic spheres. Despite the poor storage & transport facilities, the Southern African industries are expected to witness growth in demand in the coming years due to the proximity to European Markets. The report analyzes the sugarcane syrup market across territory such as Malawi, Southern Africa Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), Middle East and West Africa. To present a detailed market assessment, this study considers factors that influence the sugarcane syrup market, which includes the trends, drivers, restraints, and opportunities for the market while estimating the revenues from 2017 to 2023.

过去10年，国内散养户加速退出市场，规模化养殖场发展迅速，家庭养殖主体的规模不断扩大。过去10年，国内生猪养殖结构逐步从金字塔型转为纺锤型结构。我们认为，成本水平及资源获取能力决定了产业结构变迁方向，家庭农场以及大型养殖集团成本相对较低且资源获取能力较强，中小规模养殖场成本偏高，资源获取缺乏优势，因此，我们预计，未来行业结构将从当前的纺锤型向“两头大，中间小”的哑铃型结构转变。

短期猪价向下空间不大，迎接旺季反弹。现金成本是猪价的强力支撑位，短期猪价向下空间不大。旺季将至，猪价快速反弹，当前是参与反弹很好的时间点。推荐标的龙头温氏股份，牧原股份；弹性标的正邦科技、天邦股份，出栏量快速增长，养殖成本趋势下降。

5 月 23 日，国务院总理李克强召开国务院常务会议。会议认为，奶业是健康中国、强壮民族不可或缺的产业，必须加快推进奶业振兴，提升乳品质量安全水平。