农林牧渔行业研究周报:10月全国能繁环比降幅超0.9% 重视生猪板块预期差!

天风证券
Nov 23, 2025

1. 生猪板块:10 月末全国能繁降至4000 万以下,环比降幅超0.9%!重视生猪板块空间!重视优秀企业的盈利能力!在25 年猪价持续低位&政策引导情况下,后续产能有望去化。从2025 年头均市值看,其中牧原股份、德康农牧、华统股份2000-3000 元/头,温氏股份、天康生物1500-2000 元/头;巨星农牧、立华股份、新希望、新五丰、唐人神等低于1500 元/头;估值处在历史相对底部区间(...

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