源飞宠物是我国宠物牵引用具出口龙头企业，自2004 年设立以来，公司专注宠物用品和宠物零食业务，形成以宠物牵引用具、宠物零食、宠
物注塑玩具为核心的多品类业务布局，在宠物牵引用具领域优势明显。得益于下游宠物市场的稳步发展以及宠物用品市场规模的不断扩大，公
司产品品质、全球化产能布局方面的竞争优势日益凸显，营收实现较快增长，2018-2021 年，公司营业收入从4.35 亿元增长至10.69 亿元，年复合增长率达34.9%。归母净利润从0.63 亿元增加至1.37 亿元，年复合增长率达29.6%。

农林牧渔行业（申万）共 106 只股票，22H1 合计营业收入 5546.11 亿元，yoy+3.76%，合计贡献归母净亏损 120.88 亿元，去年同期为盈利 148.77 亿元，盈利较差，主要由于 1）原材料价格上涨，饲料、养殖等板块成本上升；2）养殖景气度差，价格下行造成行业亏损严重，同时养殖等行业的低景气度传导到上游，相应抑制上游饲料、动保等行业的需求；3）由于新冠疫情、宏观环境等因素影响，海内外需求乏力，一定程度上影响部分农产品消费意愿。我们认为，猪粮价格的整体上行有望带动农业板块迎来盈利不断兑现的周期上行期。

Preparation and preservation of fish, crustaceans and molluscs: freezing, deep-freezing, drying, smoking, salting, immersing in brine, canning etc. Production of fish, crustacean and mollusc products: cooked fish, fish fillets, roes, caviar, caviar substitutes etc. Production of fishmeal for human consumption or animal feed Production of meals and solubles from fish and other aquatic animals unfit for human consumption Activities of vessels engaged only in the processing and preserving of fish Processing of seaweed

Manufacture of prepared feeds for pets, including dogs, cats, birds, fish etc. Manufacture of prepared feeds for farm animals, including animal feed concentrates and feed supplements Preparation of unmixed (single) feeds for farm animals Treatment of slaughter waste to produce animal feeds

油脂复盘：供需因素轮番主导，价格波动大起大落。过去20 年间，油脂出现了6 次上涨，价格波动幅度最大超过200%，油脂价格对供需、经济、能源均表现出较强的敏感性。