市场行情回顾：5月份，农林牧渔（申万）指数下跌3.72%，跑输沪深300、创业板指、中小板指数2.64、5.73、3.03 个百分点，在申万28个一级行业指数中排名第25 位。截止2020 年5 月底，农林牧渔板块PE（TTM，整体法）均值为18.69 倍，相对A 股溢价为1.22 倍。

1 市场回顾 .................................................................................................................. 3

1.1 整体情况................................................................................................................................................... 3

1.2 子行业情况 .............................................................................................................................................. 4

1.3 个股情况................................................................................................................................................... 4

2 行业估值 .................................................................................................................. 4

3 行业数据跟踪 ........................................................................................................... 5

3.1 主粮类 ....................................................................................................................................................... 5

3.2 豆类 ........................................................................................................................................................... 6

3.3 畜禽养殖................................................................................................................................................... 6

3.4 经济作物类 .............................................................................................................................................. 9

4 行业观点 .................................................................................................................. 9

5 主要风险提示 ......................................................................................................... 10