关键词里的中国 | 农林牧渔

广发证券研究
Sep 19, 2025

01左中括号原奶周期拐点将近左中括号奶价持续筑底,行业累积亏损周期达19个月,牧场资金压力不断累积,产能去化有望继续加速。当前行业产能持续去化,供给拐点有望来临,原奶周期拐点将近。另外,肉牛价格周期回升,亦或增加业绩弹性。相关报告| REPORTS原奶专题一:供给收缩趋势明确,左侧布局正当时原奶专题二:庖丁解“牛”,从牧场现金流看供给收缩趋势原奶专题三:从原奶-肉牛联动视角出发,把握牧业投资机遇...

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