证券研究报告 | 2025年07月13日 优然牧业（09858.HK） 优于大市 全球奶牛养殖龙头，有望受益肉奶景气共振上行 公司简介：战略合作乳企龙头伊利股份，全链布局的原奶龙头。作为由伊 利股份控股的原奶供应平台，优然牧业业务覆盖从育种、饲料到奶牛养 殖全环节。在奶牛养殖环节，截至 2024 年末公司旗下 97 座规模化大型 牧场已覆盖中国黄金奶源带及部分重要销区省份，奶牛存栏规模已达 60 万头以上，2024 年原奶产销规模已达 370 万吨左右，位居全球第一。另 外公司在产业上游同样具备领先布局，目前已是国内最大的反刍动物饲 料和苜蓿草供应商，子公司赛科星则已成为国内最大奶牛育种企业，性 控冻精生产能力位居亚洲第一。 周期展望：2025 年肉牛大周期有望迎来拐点，看好国内肉奶景气共振上行。 （1）牛肉行情：2024 年国内牛价低迷推动产能出清，产能去化级别或及 2019 年猪周期，2025 年国内预计迎来供给拐点。同时海外牛肉价格在 主产区减产推动下，也已进入上行周期，叠加进口调控，后续国内进口 牛肉预计量减价增。我们认为国内肉牛大周期或于 2025 年迎来向上拐 点，牛肉价格上行走势有望持续至 20 ...

Core Viewpoint - The article emphasizes the importance of rural revitalization and agricultural development in China, highlighting efforts to enhance productivity, improve living standards, and promote sustainable practices in various regions [7]. Group 1: Agricultural Development - Inner Mongolia's Alukerqin Banner is focusing on alfalfa cultivation, showcasing advancements in agricultural technology and practices [1]. - Hubei's Yunxi County is actively developing a cultural tourism industry chain, integrating agriculture with cultural and tourism sectors [3]. - Qinghai's Delingha City is utilizing collective land to develop a comprehensive rural economy, contributing to local income growth [5]. Group 2: Rural Revitalization - The article discusses the significant role of agriculture in providing employment for nearly 200 million people and housing for around 500 million farmers, underlining the sector's contribution to national food security [7]. - There is a concerted effort across various regions to enhance crop yields and quality, with a focus on local conditions to develop specialty industries [7]. - The "Light and Shadow China" photography team is documenting successful rural practices and resource utilization in regions like Inner Mongolia and Liaoning, showcasing progress in building livable and prosperous rural communities [7][8].