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根据全球农药发展的历程,目前农药正处于第二次产能转移阶段。而本次转移给中国带来的受益程度因国内处于产能收缩阶段持续性更久。粮价才是农药行业盈利的决定性因素我们推断这种传导机制是:种粮者收益改变从而调整耕种预期影响到下游农药产品需求,影响到农药全行业的盈利状况。更核心的点在于产业链下游盈利的改善带动上游生产资料的全线复苏。全球农药正处于第二次产能转移阶段中国又一个机会
According to the global history of pesticide development, pesticides are currently in the second stage of capacity transfer. The degree of beneficiary brought by this transfer to China is prolonged due to the fact that China is in the stage of capacity contraction. Grain price is the decisive factor in the profitability of the pesticide industry. We reasoned that the transmission mechanism is: the income of grain growers is changed so that the adjustment of cultivation expectation affects the demand of downstream pesticide products, which affects the profitability of pesticide industry as a whole. A more central point is that the improvement in the profitability of the downstream industry chain has led to a full recovery of the upstream means of production. Global pesticides are in another stage of capacity transfer in China another chance