The agriculture sector plays an important role in Russia’s economy, generating nearly 4% of the country’s GDP, employing 9% of the total workforce and accounting for 6% of the total exports. Over the past 15 years, Russia started from being a net importer of grains to emerge as one of the world’s largest grain exporters as a result of strong government support, improving yields and enlarging planted area. In 2016, the country’s overall sown area reached 80mn ha, with grain crops accounting for the bulk, or 60% of the total. Wheat alone, had a 35% share. Crops represented 55% of the country’s agricultural production value in 2016, ahead of the livestock sub-sector which generated the remaining 45%. In terms of type of producers, the sector is dominated by agricultural enterprises that produced 52% of the overall agricultural output in 2016. Households followed with a share of 35%.

Hungarian agriculture accounted for 2.1% of the EU’s agricultural output in 2016, up by 0.2 pp y/y. The agricultural sector accounted for 3.8% of the country’s total GDP and for 4.4% of the total gross value added (GVA). GVA generated in agriculture increased by 3.43% y/y from HUF 1,273bn in 2015 to HUF 1,317bn in 2016. Agricultural area in 2016 was 5.349mn ha, slightly above the 5.347mn ha in 2015. According to Central Statistical Office estimates, in 2016 there were 416,000 individual farms and 9,000 commercial farms. The average size of individual farms was 7.6 ha, which shows the large fragmentation of the Hungarian agricultural sector, even though the figure increased from the 5.6 ha in the previous farm survey from 2013. The average size of an agricultural enterprise was 253 ha in 2016, down from 310 ha in 2013.

In 2015, we published a Special Report on 'Deconstructing The African Consumer: Risks & Opportunities', which posited that the optimistic Africa consumer narrative has been more myth than substance so far and that this would continue over the next decade. BMI has consistently advocated a more cautious view on the assumed trajectory of the Sub-Saharan African (SSA) consumer story, dating back to 2010. Rather than the rise of an emerging middle class driving spending in high value and premium goods, we favoured a 'high-volume, low-margin' strategy for consumer-facing companies in the region. Fast-moving consumer goods companies appear to be moving their strategy in this direction. We continue to hold the view that the slow formalisation process will weigh on the idea of an 'African consumer boom' and that consumer-facing companies must adapt their strategies more toward high volumes, low margins, localisation and embracing the informal retail sector (see 'Assessing Our Africa Consumer View', June 26 2017).

China's vast land mass and diverse topography put it among the world's top producers of livestock, grains and rice. Healthy consumption growth across most agricultural categories - excluding the dietary staples such as rice - has helped to keep both private and public investment in the sector high. The fragmented nature of many of China's agricultural sub-sectors provides room for strong production growth without the need for significant increases in acreage. With agriculture accounting for around 11% of GDP and more than 40% of employment, the industry remains a vital contributor to China's economy, ensuring a degree of government protection and favourable investment terms.

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

ABARES has undertaken regular surveys of key Commonwealth fisheries since the early 1990s. The resulting data are used to assess the financial performance of operators in the fishery and the economic performance of the fishery as a whole. These performance measures act as important indicators for fishery managers (Box 1). To provide a more comprehensive assessment of fishery-level performance, ABARES expanded the former Australian Fisheries Surveys report series in 2013 to include other economic indicators that draw on data collected from the surveys. These indicators include productivity and terms of trade indexes, management costs and quota latency measures. In this report, survey-based results are presented for 2013–14 and 2014–15 and preliminary non–survey based results are presented for 2015–16 and 2016–17.

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

Increasing demand for food owing to burgeoning global population has put immense pressure on agricultural productivity. Limited availability of land coupled with the occurrence of natural disasters in the recent past has reduced the overall agricultural production. Agro textiles help improve the crop quality and increase the overall agricultural productivity. The demand for agro textiles such as mulch mats, insect nets, and shade nets depends on the awareness regarding these products and their acceptance by the farming community. The demand also depends on the technical and performance properties of these products. Agro textiles possess high potential to retain water, offer protection and resistance to microorganisms, and are lightweight and biodegradable.

“头均市值”的概念实质上是 PE 估值方法的细化，“完全成本”的高低决定了各大猪企头均盈利的差异，而成本管控能力优异的企业又理应享受一定的估值溢价（PE），这种盈利能力的差异反映到具体公司上就是“头均市值”的不同。

建议积极参与 5-8 月份养猪股的反弹机会，预计 5 月是起步期，6、7 月份是高斜率反弹阶段。此外，继续强调“门槛提升”背景下养猪工业化趋势带来的投资机遇，未来5 年大型规模场将迎来高 ROE 与高 CAGR 并行的黄金时期。建议增持牧原股份、温氏股份、天邦股份、正邦科技等。