农林牧渔行业上半年净利润翻倍。2019年上半年，农林牧渔行业（共85家样本公司）实现营业收入2366.19亿元，同比增长14.91%；实现归属于母公司股东的净利润111.61亿元，同比增长96.88%。上半年，细分板块畜禽养殖和种植业领涨，均实现两位数增长。渔业、农业综合、林业、饲料分别实现个位数增长。

1.农林牧渔行业：上半年净利润翻倍，养殖后周期可期 ........................................ 4

2.生猪养殖板块 ......................................................................... 4

2.1 Q2 净利润暴涨 ................................................................... 5

2.2 盈利能力小幅下滑 ................................................................ 6

2.3 上半年销售数据一览 .............................................................. 7

3.畜禽养殖板块 ......................................................................... 8

3.1 上半年业绩暴涨 .................................................................. 8

3.2 盈利能力巨幅提升 ................................................................ 9

4.饲料板块 ............................................................................. 9

4.1 上半年净利润大涨五成 ............................................................ 9

4.2 盈利能力整体向上 ............................................................... 11

5.动物保健板块 ........................................................................ 12

5.1 上半年业绩下滑 ................................................................. 12

5.2 盈利能力下滑 ................................................................... 13

6.种业板块 ............................................................................ 14

6.1 上半年营收大增 ................................................................. 14

6.2 毛利率与净利率双双下滑 ......................................................... 15

7.投资策略 ............................................................................ 15

8.风险提示 ............................................................................ 17