A goat is one of the most common providers of milk and meat for humans. Both in composition and nutritional qualities, goat milk varies from cow and human milk. Several bioactive chemicals found in goat milk and other goat-derived products may be beneficial to people suffering from a range of chronic conditions. Several peptides, fats, and oligosaccharides found in goat's milk have been shown to be beneficial in the treatment of cardiovascular disease, metabolic disorders, neurological degeneration, and intestinal health. They've also been demonstrated to have cancerpreventive qualities. Goat milk is especially suggested for newborns, elderly persons, and people recovering from illness due to its possible health advantages. The biological activities of goat products as well as the effects of peptides, lipids, and oligosaccharides found in goat milk on pathogenic bacteria, as well as their capacity to control immunological, gastrointestinal, hormonal, and neurological responses in humans, are the key focus.

Modern farming and gardening activities have effectively replaced all traditional farming practices. The use of sophisticated farming implements boosts overall crop production, not only in quantity but also in quality. These implements are used in conventional farming and gardening activities, such as tilling and cultivating. Both farming and gardening strategies are simple but effective, resulting in higher yields. Farmers prefer machinery to hard labor and use tillers and cultivators for different farming tasks. Garden tillers are becoming more popular as the landscaping business across the developed economies is expanding significantly.

Over the years, there has been a growing demand for highperformance lubricants for the smooth functioning of industrial machines. Consumer awareness and government regulation are also growing every year. Hence, manufacturers are focusing on elevating the quality of lubricants with the best possible technology and feedstock. Consumers are gradually becoming more conscious of the hygiene and the safety of packaged products they consume. Therefore, using food-grade lubricants is one of the most effective methods of enriching machine performance while preventing the product from microbial contamination. Food-grade lubricants are parts of industrial lubricants used in industrial machines to minimize the wear and tear caused by corrosion, rust, friction, and oxidative stability. Food-grade lubricants are products added to hydraulic oil, gear oil, conveyor belts, compressor oil, joints, bearings, and other food processing plants to ensure a safe supply of food and other products. Food-grade lubricants are widely used in the manufacturing equipment of food and beverages, food packaging, cosmetics, pharmaceuticals, and animal feed as they are:

Baited insect traps play an instrumental role in detecting undiscovered infestations in storage warehouses and goods, surveying and monitoring infestation levels, and determining catch thresholds for quick remedial actions as part of an effective pest management strategy. These insect traps can control infestations of social insects such as cockroaches, ants, moths, flies, and bed bugs. Insect baits are prepared using food attractants mixed with either an insect growth regulator (IGR) or insecticide. Also, some baits include chemical compounds that are identical to volatiles released by decomposed fruits or animals.

The present scenario is driving vendors to change and refine their unique value propositions to achieve a strong market presence. Some key players in the agricultural lubricants market include Shell, Valvoline, BP, and others. There exists stiff competition among these players in the market. Additionally, the market is highly competitive and is prone to be affected by volatility in the general business and economic environment.

美国市场：百年沉淀，成就全球宠物龙头市场。美国宠物行业经历工业化推动下 的萌芽期（1900-1980）、经济增长以及人均可支配收入增加支撑下的快速成长 期（1980-2000）、逐渐进入到需求持续增长伴随消费升级的稳健成长期（2000 年至今），2021 年美国养宠家庭渗透率高达70%。2021 年美国宠物市场规模达 1236亿美元（yoy+19.31%），以40.2%份额位居全球首位。①宠物食品市场： 宠物行业第一大细分市场，2021 年市场规模达到500 亿美元，2017-2021 年 CAGR 15.48%。且市场集中程度较高，龙头内生外延双轮发展抢占市场，马太 效应持续加强，玛氏、雀巢两大龙头2021 年CR2 达71%。②宠物医疗市场：宠 物行业第二大细分市场，其中动保产品存在高垄断性，硕腾、默沙东等动物保健 巨头占据美国乃至世界市场龙头，近年来数家动保行业存在宠物板块超过牲畜板 块趋势。

10 月出栏环比总体上升。截止11 月14 日，已有18 家上市生猪养殖企业披露10 月销售简报，10 月合计销售量达到1107.5 万头，同比减少6.3%，环比增长6.2%；1-10 月累计销售量达到1.06 亿头，同比增长31.7%。金新农、中粮家佳康、新希望环比增速较高，分别达到了47.8%、34.7%、24.7%；华统股份、神农集团、傲农生物、东瑞股份同比增速较高，分别达到了1379.9%、43.3%、37.1%、34.3%。1-10月大部分公司的出栏量计划完成度接近80%，其中京基智农已完成100 万头目标。

本轮“猪周期” 纯育肥环节产能去化幅度大于一体化产能， 进一步呈现出“缺肥猪不缺种猪”的状态。基于补栏节奏较慢，我们预计（1）本轮周期的行业盈利时长或拉长；（2）规模养殖产能逐渐填补退出的仔猪育肥产能，行业规模化程度进一步提升。推荐成本优势及出栏规模优势企业牧原股份；养殖成本持续下降，头均盈利具备相对优势的温氏股份；兼具成本优势及产能增长弹性的巨星农牧。受益标的：新希望、华统股份、天康生物、傲农生物等。

10M22 农林牧渔板块录得 20%以上跌幅，下跌主要原因为预期转弱。展望23 年，生猪：产能恢复趋势已经确立，但恢复速度偏慢，有望支撑明年猪价处于高位，板块盈利兑现，PB 估值仍有提升空间；种子：随着转基因配套法规逐步落地，我们认为我国转基因商业化推广已经进入落地期；饲料：客户导向的服务理念和解决方案发展模式已经构建出海大的核心竞争力，我们看好海大市占率不断提升；动保：关注动保板块销售&业绩的不断改善，以及潜力大单品非洲猪瘟疫苗审批情况；宠物：中国宠物行业仍然保持较高增速，我们看好品牌布局完善，战略思路清晰的国产宠食企业在市场突围。