農林牧漁：擁抱後周期，堅守成長，維持“”同步大市“行業評級
機構：財富證券
評級：同步大市
動物保健：下游需求恢復，行業格局優化，寵物疫苗貢獻增量。短期來看，生豬存欄加速恢復和家禽存欄維持高位，動保企業業績迎來拐點。長期來看，養殖規模化、生產規範化、強免疫苗市場化進程加快，動保行業格局有望優化，同時寵物疫苗等新品為動保行業空間帶來增量。動保行業具備短期和長期成長邏輯，建議關注動保龍頭生物股份（600201）、中牧股份（600195）。
寵物食品：增長快+空間大+確定性高，長期賽道優質。我國寵物食品行業處於快速發展階段，但同歐美、日本等發達國家相比，我國寵物食品的市場滲透率、單隻消費金額仍具有較大增長空間。隨着居民收入水平、人口老齡化、空巢化以及城鎮化水平的提高，寵物食品行業有望繼續保持高速增長。同時我國寵物食品行業國外品牌佔主導，市場集中度低，行業競爭格局有望重塑，建議關注寵物食品龍頭中寵股份（002891）和佩蒂股份（300673）。
畜禽養殖：轉型升級加速，關注優質標的成長機會。從中長期看，非洲豬瘟疫情將提升我國生豬養殖的行業壁壘，加速我國生豬養殖的規模化進程，推動生豬養殖企業向下遊環節（屠宰、零售）整合，建議關注母豬資源充足、產能恢復速度快、成本控制領先、資金實力雄厚的生豬養殖龍頭牧原股份（002714）、新希望（000876）。C端渠道帶來增量，深加工提升、穩定毛利率，建議關注白羽雞肉製品龍頭聖農發展（002299）。
種植行業：價格上漲+需求增加+政策驅動，種植業景氣度提升。當前我國玉米、大豆庫銷比處於低位水平，2020年中央經濟工作會議明確提出要解決好種子問題，結合我國種植行業存在的問題，我們認為：（1）以轉基因育種為代表的生物育種技術有望實現產業化運用；（2）種子行業集中度、規範性有望提高，品種儲備多、研發實力強的企業將獲得更高的市場份額。建議關注種子龍頭隆平高科（000998）、大北農（002385）、荃銀高科(300087)、登海種業（002041）。
風險提示：農產品價格風險、自然災害、疫情風險、行業政策風險。
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