1H2025农林牧渔业绩前瞻：宠物业绩延续高增养殖后周期需求回升

财通证券2025-06-30

生猪养殖：压栏惜售支撑猪价偏强，养殖企业延续盈利。1）二季度，由于肥猪供应偏紧，以及养殖模式结构改变，市场二育入场、惜售压栏、仔猪补栏等行为增加，对猪价形成支撑，虽然是消费淡季，猪价震荡偏强。据农业农村部，2025 年一季度/二季度生猪均价分别为15.99/14.96 元/kg。2）由于前期产能回补传导，以及6 月政策引导和气温升高下大猪出栏增加，上市公司出栏量增速在2Q2025 持续回升：依据...

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1H2025农林牧渔业绩前瞻：宠物业绩延续高增 养殖后周期需求回升

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1H2025农林牧渔业绩前瞻：宠物业绩延续高增养殖后周期需求回升