金吾财讯 | 华源证券最新研报指出，我国生猪行业周期底部特征进一步强化，左侧布局窗口或正在打开。3月猪价继续探底，行业利润进入深度亏损区间；与此同时，仔猪价格提前回落、母猪价格偏弱，说明养殖端对后续价格与盈利的预期正在进一步下修。当前行业仍处于高位产能向下调整的过渡阶段，或将加速去化。历史经验表明，行业深度亏损往往是周期反转的重要前兆指标，当前板块或已逐步进入典型的左侧布局区间。产业高质量发展势在必行，行业经营方差显著，成本领先、联农带农的企业或将享受超额利润与估值溢价。推荐“平台+生态”模式代表、技术驱动、服务型的生态平台公司德康农牧，建议关注优质生猪养殖龙头牧原股份、温氏股份等，以及天康生物、立华股份、中粮家佳康等。
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