食品饮料行业报告：肉奶共振牧业迎来周期性机会

财通证券股份有...2025-08-11

肉牛大周期拐点来临，供给进入收缩期。2025 年上半年牛价与肉价均触底反弹，供给端收紧趋势或已确立。短期紧供给源自进口端政策性收紧，国内牛肉对进口依存度达30%以上，2024 年末商务部发起进口牛肉保障措施立案调查引发进口收缩，2025 年上半年进口牛肉同比下降9.5%，后续政策端或持续收紧进口；中长期紧供给源自国内养殖端存栏去化，2025 年二季度末存栏量同比下降2.1%，后备母牛减少，考虑到...

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食品饮料行业报告：肉奶共振 牧业迎来周期性机会

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食品饮料行业报告：肉奶共振牧业迎来周期性机会