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2018-2024年中国奶牛的存栏数
2018-2024年中国奶牛的存栏数
行业数据
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【万联证券】2026年食品饮料行业投资策略报告:筑底修复为主线,结构分化藏良机-260119(34页).pdf
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中国能繁母猪存栏数(单位:万头)
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图4中国奶牛存栏数温和下降(万头)
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2025年9月生猪存栏数量同比+2.3%
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fCDlubTku70gfCDlpbbniZvlrZjmoI/mlbDvvIjkuIflpLTvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDIxIHwgNC4zICAgICAgICAgICAgICB8CnwgMjAyMiB8IDQuOCAgICAgICAgICAgICAgfAp8IDIwMjMgfCA0LjggICAgICAgICAgICAgIHwKfCAyMDI0IHwgNS4wICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrjgIHmi5vllYbor4HliLg=
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5oqx5q2J77yM5oiR5peg5rOV5o+Q5Y+W5Zu+54mH5Lit55qE5pWw5o2u44CC6K+35o+Q5L6b5paH5pys5L+h5oGv77yM5oiR5bCG5biu5Yqp5oKo55Sf5oiQ6KGo5qC85ZKM6LWE5paZ5p2l5rqQ44CC
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行业数据
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5oqx5q2J77yM5oiR5peg5rOV5o+Q5Y+W5Zu+54mH5Lit55qE5pWw5o2u44CC6K+35o+Q5L6b5paH5pys5L+h5oGv77yM5oiR5bCG5biu5Yqp5oKo55Sf5oiQ6KGo5qC85ZKM6LWE5paZ5p2l5rqQ44CC
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2025-08-11
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预计2026年原奶供给过剩压力缓解,主要乳企喷粉损失降低,乳制品企业资产减值损失有望减少。从2021年下半年开始我国原奶价格开始进入下行周期,主要原因是下游需求端偏弱以及生产端资本涌入使得奶牛存量持续增长。回望2018-2024年,乳制品企业资产减值损失额整体呈现上升态势。主要由于原奶供给规模较大导致产能过剩,与上游牧场绑定较深的企业喷粉储存困难,造成大量价值贬损。以伊利股份为例,七年间其资产减值损失从2018年7566万元逐年上升至2024年46.76亿元,其他企业的资产减值损失也有不同程度的波动式上升。2023年末我国奶牛存栏量见顶,2024年末回落至1178.00万头(同比-4.50%),2025年原奶价格进入筑底阶段,下行趋势放缓,传导至乳制品企业报表端,乳制品企业2025年前三季度的资产减值损失有所下降。预计2026年中国奶牛存栏数将继续下行,原奶供给过剩压力将逐步缓解,有助于降低乳制品企业喷粉损失,企业资产减值损失有望进一步减少,企业盈利能力有望改善。
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【万联证券】2026年食品饮料行业投资策略报告:筑底修复为主线,结构分化藏良机-260119(34页).pdf
【万联证券】2026年食品饮料行业投资策略报告:筑底修复为主线,结构分化藏良机-260119
食品饮料子板块2025年1-11月股价涨跌幅(%)
申万一级行业2025年1-11月涨跌幅(%)
2024年与2025Q1-3食品饮料申万三级行业归母净利润增速
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