农林牧渔行业中期策略：周期不休成长不止

华泰证券2025-06-24

2025 年下半年猪价或超预期反弹（Q3末-Q4供应压力缓解+消费旺季支撑），叠加头部猪企成本优势强化，猪企盈利表现或超预期，建议关注牧原、温氏等；饲料龙头海大集团有望受益于水产料景气回升及海外业务高增。宠物行业景气高增趋势不改，2025 年或有提速，国产替代加速且剑指高端，25E头部宠企营收及利润有望加速释放，推荐乖宝等，龙头崛起点燃板块情绪，建议关注宠物用品/医疗/服务等板块的潜在机遇。零食量...

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农林牧渔行业中期策略：周期不休 成长不止

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农林牧渔行业中期策略：周期不休成长不止