转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院宠物芯片研究小组发布的《中国宠物行业（宠物经济）市场前景预测 与投资战略规划分析报告》。 行业主要公司：采纳股份(301122.SZ);康德莱(603987.SH);威高股份(01066.HK);正川股份(603976.SH);山东药 玻(600529.SH);旗滨集团(601636.SH);凯盛科技(600552.SH)等。 本文核心数据：宠物芯片政策汇总;政策解读;发展目标汇总等。 1、政策历程图 中国宠物芯片行业政策早期2010年国内多个地方开启了宠物芯片植入的试点工作，当时各地试点多聚焦于犬 只管理，核心是解决城市养犬统计难、识别难以及狂犬病防疫追溯等问题，且不同地区的试点方案在实施时 间、收费标准和服务细节上各有差异。2019年多个地方密集出台或落地实施《养犬管理条例》，这些条例普 遍强化了养犬登记、免疫管理，且不少地区明确将电子标识(宠物芯片)植入作为核心管理手段，以此规范养 犬行为、保障公共安全。2024年深圳市犬只电子标签植入管理规定(试行)，规定除病犬、孕犬、年龄小于3 个月或体重低于2公斤的幼犬外，深圳所有犬只均应当植入电子标签。确实 ...

Core Insights - The global pet chip market is experiencing significant growth, driven by increasing demand for pet identification and recovery solutions, with a projected market size of approximately 4.6 billion yuan in 2024 and expected to exceed 10.5 billion yuan by 2030 [7][10]. Group 1: Global Pet Chip Frequency Composition - The frequency composition of global pet chips is highly concentrated, with 134.2 kHz being the dominant frequency, accounting for 81% of the market, followed by 125 kHz at 16%, and 128 kHz at only 3% [1]. Group 2: Global Pet Chip Implantation Rate - North America leads in pet chip implantation rates at 80%, attributed to a mature pet management system and legislative requirements for chip implantation, while China has a low rate of less than 5% due to the absence of national mandates and awareness issues among pet owners [3]. Group 3: Proportion of Implanted Chips in Dogs vs. Cats - Globally, the proportion of implanted chips in dogs is generally higher than in cats, with dogs making up 90% of implanted pets in China, compared to only 10% for cats. This disparity is influenced by pet management regulations and the activity levels of different pet types [6]. Group 4: Global Pet Chip Market Size - The global pet chip market is projected to reach approximately 4.6 billion yuan by 2024, driven by regulatory changes and increased awareness among pet owners regarding the benefits of chip implantation [7]. Group 5: Future Market Size Forecast - The global pet chip market is expected to grow rapidly from 2025 to 2030, with a compound annual growth rate (CAGR) of 15%, leading to a market size exceeding 10.5 billion yuan by 2030 [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].

Core Insights - The report indicates that the price of ordinary electronic cloth has exceeded expectations, with significant price increases observed in recent months, suggesting a sustained high demand in the market [12][13] - Shanghai's initiative to purchase second-hand homes for rental purposes is expected to boost the supply of rental housing and stimulate the construction materials market [13][14] - The construction materials industry is currently at a historical valuation low, with potential for recovery as demand stabilizes and supply-side improvements take effect [23][25] Group 1: Price Trends and Market Dynamics - The price of ordinary electronic cloth has seen cumulative increases of 1-1.2 RMB/m due to supply-demand imbalances and rising copper prices, indicating a long-term bullish trend [12] - The Shanghai government has launched a program to acquire second-hand homes for rental purposes, focusing on small-sized units, which is anticipated to enhance the supply of rental properties and invigorate the construction materials sector [13] - Recent data shows a recovery in second-hand home transactions, with significant year-on-year increases, suggesting a potential rebound in the real estate market [14][15] Group 2: Industry Fundamentals and Company Performance - The construction materials sector is experiencing a bottoming out phase, with various sub-sectors like cement and fiberglass showing signs of recovery, supported by supply-side adjustments and improved market conditions [23][25] - The report highlights that leading companies in the consumer building materials segment are demonstrating resilience, with improved revenue growth rates compared to the overall market, indicating strong operational capabilities [29] - Cement prices have recently decreased by 1%, but the overall market is expected to stabilize as companies implement price control measures and benefit from lower coal costs [25][26] Group 3: Investment Opportunities - The report suggests focusing on leading companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, which are well-positioned to benefit from the ongoing market recovery [23][25] - In the cement industry, companies like Huaxin Cement and Conch Cement are highlighted as potential investment opportunities due to their strong market positions and historical performance [25][26] - The fiberglass sector is also noted for its growth potential, with leading firms like China Jushi and Zhongtai Technology expected to capitalize on increasing demand for high-end electronic cloth [26][28]

Group 1 - The core viewpoint of the article highlights a decline in the production of hollow glass in China, with a reported decrease of 0.9% year-on-year in December 2025 and an overall cumulative decline of 8.1% for the year 2025 [1][1][1] Group 2 - The article cites that the production of hollow glass in China reached 0.1 million square meters in December 2025 [1] - Cumulative production for the entire year of 2025 was reported at 1.3 million square meters [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Viewpoint - The report highlights the trends and forecasts in the Chinese flat glass industry from 2026 to 2032, indicating a slight growth in production despite a recent decline in cumulative output for 2025 [1] Industry Summary - According to the National Bureau of Statistics, the production of flat glass in China reached 88.29 million weight cases in December 2025, marking a year-on-year increase of 3.4% [1] - The cumulative production of flat glass for the entire year of 2025 was 975.91 million weight cases, reflecting a decrease of 3% compared to the previous year [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which has been focusing on industry research for over a decade [1]

Core Viewpoint - The Chinese laminated glass industry is experiencing a decline in production, with a notable decrease in output projected for December 2025 compared to the previous year [1] Industry Summary - According to the National Bureau of Statistics, the production of laminated glass in China is expected to reach 15.56 million square meters in December 2025, representing a year-on-year decrease of 7.1% [1] - For the entire year of 2025, the cumulative production of laminated glass is projected to be 164.228 million square meters, reflecting a cumulative growth of 2.7% [1] - The report by Zhiyan Consulting provides insights into the current market status and development trends of the laminated glass industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the laminated glass sector include Qibin Group (601636), Nanfang A (000012), Fuyao Glass (600660), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), and Yamaton (002623) [1]

Core Viewpoint - Shandong Pharmaceutical Glass (山东药玻) is undergoing a significant change in its ownership structure, with plans to issue shares to China International Pharmaceutical Health Co., Ltd. (国药国际) and its affiliates, which will result in a new controlling shareholder, China National Pharmaceutical Group (国药集团) [2][12]. Group 1: Ownership Change - The company plans to issue shares at a price of 16.25 yuan per share, raising a total of approximately 3.235 billion yuan [2]. - Following the issuance, the controlling shareholder will change from Shandong Luzhong Investment Co., Ltd. to 国药国际, with the ultimate controller being the State-owned Assets Supervision and Administration Commission of the State Council [2][12]. - This transition marks a shift from a local state-owned enterprise to a central state-owned enterprise, potentially enhancing governance, financing channels, and industrial collaboration [12]. Group 2: Financial Performance - In 2024, the company reported revenue of 5.125 billion yuan, a year-on-year increase of 2.87%, and a net profit of 943 million yuan, up 21.55% year-on-year [5]. - However, the 2025 Q3 report indicated a decline in revenue to 3.401 billion yuan, down 11.10% year-on-year, and a net profit of 542 million yuan, a significant drop of 24.70% [6][7]. - The company's core product, molded bottles, accounted for 60% of revenue, with a domestic market share exceeding 75% [5]. Group 3: Leadership Changes - The chairman, Hu Yonggang, resigned due to age reasons, and the general manager, Zhang Jun, has taken over as acting chairman [10][11]. - Hu Yonggang's tenure saw significant achievements, including overcoming technical barriers and leading the company to become a national champion in manufacturing [9]. - The leadership transition occurs amid financial pressures and potential changes in control, signaling a new phase for the company [10][11]. Group 4: Market Reactions - Following the announcement of the share issuance, the company's stock experienced volatility, with a cumulative increase of 2.67% over eight trading days [17]. - As of January 23, the stock price was 21.08 yuan per share, reflecting a 1.39% increase on that day [17].

Core Viewpoint - Shandong Luzhong Investment Co., Ltd. holds a 19.50% stake in Shandong Pharmaceutical Glass Co., Ltd., making it the controlling shareholder of the company [1] Group 1: Shareholding and Pledge Information - Luzhong Investment has pledged a total of 64,660,000 shares, which accounts for 9.74% of the company's total share capital and 49.98% of its holdings in the company [1] - The pledged shares are not used as collateral for major asset restructuring performance compensation or for other guarantee purposes [1]

Group 1 - The company Shandong Pharmaceutical Glass announced that it received a stock pledge agreement from Luzhong Investment, involving a pledge of 24.3 million shares [1] - As of the announcement date, Luzhong Investment has pledged a total of 64.66 million shares, which accounts for 9.74% of the company's total share capital and 49.98% of the shares held by Luzhong Investment [1]