大消费行业主题报告 20251217 摘要 新消费需求涌现，推动大消费板块发展，体现在新产品（个性化、绿色 低碳）、新渠道（零食连锁、折扣业态）和新业态（多元消费场景）三 个方向，并受"十五五"规划支持。 传统消费行业预计 2026 年回暖，居民购买力释放，行业调整修复。食 品饮料行业企稳，白酒基本面或稳定，乳制品有望快速修复。关注提振 就业、增收稳预期等政策措施。 大宗商品市场前高后低，国家出台多维度促销政策提振服务性消费和内 需，商务部等部委发布扩大服务性消费政策意见，旨在通过提升居民生 活质量激发内需潜力。 社会服务领域，旅游出行和美妆零售酝酿变化，消费者转向理性性价比 和精神追求。携程、华住等头部企业通过技术创新和营销满足新兴旅游 需求，中国中免海南业务受益于离岛免税新政。 食品饮料板块筑底企稳，白酒基本面筑底，大众消费具韧性，估值低位。 零食板块业绩分化，新产品红利释放。乳制品需求平稳，供给逐渐出清。 餐饮供应链景气度回升，预制食品龙头竞争优势凸显。 Q&A 2026 年大消费行业的整体趋势和主要推动因素是什么？ 2026 年作为"十五五"规划的开局之年，预计消费刺激政策将持续落地，有 效释放居民消 ...

来源：新浪证券-红岸工作室 12月15日，源飞宠物跌0.08%，成交额3767.20万元，换手率1.48%，总市值45.15亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 4、根据2024年年报，公司海外营收占比为85.78%，受益于人民币贬值。 5、2023年3月31日互动易回复：公司的海外基地主要为柬埔寨爱淘和柬埔寨莱德，其作为公司推进全球 化产能布局、提高市场竞争力的重要战略，主要定位为公司在东南亚地区的生产基地并作为国内产能的 补充；同时作为建立东南亚供应链的尝试，公司设立柬埔寨生产基地有利于降低劳动力成本和应对国际 贸易摩擦 ...

来源：新浪证券-红岸工作室 12月12日，源飞宠物跌3.98%，成交额8632.66万元，换手率3.36%，总市值45.18亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 今日主力净流入-945.04万，占比0.11%，行业排名17/22，连续2日被主力资金减仓；所属行业主力净流 入-1.08亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-945.04万-1570.07万-2008.39万2845.80万9783.08万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额5815.88万，占总成交额的8 ...

证券之星消息，12月9日文娱用品板块较上一交易日下跌0.04%，源飞宠物领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605299 | 舒华体育 | 15.68 | 10.04% | 30.02万 | | 4.50亿 | | 002301 | 齐心集团 | 8.58 | 10.00% | 50.45万 | | 4.23亿 | | 301011 | 华立科技 | 26.00 | 3.63% | 4.39万 | | 1.13亿 | | 001368 | 通达创智 | 28.85 | 3.11% | 10.92万 | | 3.12亿 | | 300651 | 金陵体育 | 22.77 | 1.97% | 13.36万 | | 3.04亿 | | 002575 | 群兴玩具 | 7.37 | 1.38% | 96.90万 | | 7.26亿 | | 0 ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is experiencing a decline in stock price, with a drop of 6.73% on December 9, leading to a market capitalization of 4.868 billion yuan [1] Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. specializes in the research, production, and sales of pet products and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7] - The company was established on September 27, 2004, and went public on August 18, 2022 [7] - As of September 30, the company reported a revenue of 1.281 billion yuan for the first nine months of 2025, representing a year-on-year growth of 37.66%, and a net profit of 130 million yuan, up 8.75% year-on-year [7] Revenue and Market Position - The company's overseas revenue accounts for 85.78% of total revenue, benefiting from the depreciation of the RMB [3] - The main revenue sources are pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7] - The company has established production bases in Cambodia to enhance global competitiveness and reduce labor costs [3] Stock and Investment Analysis - The stock has seen a net outflow of 13.88 million yuan today, with a total trading volume of 224 million yuan and a turnover rate of 8.04% [1][5] - The average trading cost of the stock is 24.82 yuan, with current price levels between resistance at 27.35 yuan and support at 24.70 yuan, indicating potential for range trading [6] Shareholder and Institutional Holdings - As of September 30, the number of shareholders decreased by 10.74% to 13,600, with an increase of 53.27% in average circulating shares per person [7][8] - Notable institutional shareholders include Caitong New Vision Mixed A and Haitong Growth Value Mixed A, with some new entries and exits among the top ten shareholders [8]

Core Viewpoint - As of December 4, a total of 128 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aucma, which has seen net buying for 18 consecutive trading days [1] - Other notable stocks with significant net buying days include Source Pet, Hangxiao Steel Structure, Juhe Shun, Longxing Technology, Yuanda Environmental Protection, Beiba Media, Samsung Medical, and Hefeng Co., Ltd. [1]

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is benefiting from the pet economy, cross-border e-commerce, and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [2][3]. Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. specializes in the research, production, and sales of pet products and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of September 30, 2025, the company reported a revenue of 1.281 billion yuan, a year-on-year increase of 37.66%, and a net profit of 130 million yuan, up 8.75% year-on-year [7]. Financial Performance - The company's overseas revenue accounted for 85.78% of total revenue, benefiting from the depreciation of the RMB [3]. - The main revenue composition includes pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Activity - On December 4, the company's stock rose by 0.69%, with a trading volume of 139 million yuan and a turnover rate of 4.95%, bringing the total market capitalization to 5.038 billion yuan [1]. - The stock has seen a net inflow of 15 million yuan from major investors today, with a total net inflow of 324 million yuan over the past three days [5]. Strategic Initiatives - The company has established overseas bases in Cambodia to enhance its global production capacity and market competitiveness, with production bases in Cambodia aimed at reducing labor costs and addressing international trade frictions [3]. - The average trading cost of the stock is 24.63 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [6].

Core Viewpoint - As of December 3, a total of 113 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aucma, which has seen net buying for 17 consecutive trading days [1] - Other notable stocks with significant net buying days include Sourcefly Pet, Hangxiao Steel Structure, New Natural Gas, Jindi Group, Juhe Shun, Guoguang Electric, Longxing Technology, and Hefeng Co., Ltd. [1]

Group 1 - The report emphasizes the trend of globalization in supply chains, indicating that Chinese companies are entering a new phase of overseas operations, leading to intensified competition and accelerated market share concentration [5][26][60] - The report highlights the advantages of Chinese design and R&D capabilities combined with global supply chain layouts, enabling some companies to transition towards brand exports [6][60] - There are structural investment opportunities in domestic retail, particularly in new AI hardware growth sectors and high-margin emotional consumption products, such as pet products and domestic brands [7][60] Group 2 - The packaging industry is experiencing a global supply chain shift, with leading companies enhancing their market share by aligning with downstream customer trends [7][12] - The report notes that the paper packaging sector has seen a decline in scale and profitability since 2021, but companies like Yutong Technology are maintaining their competitive edge and market share [13][22][23] - The report discusses the expected recovery in the metal packaging industry, driven by policy changes and industry consolidation, which may enhance profitability [8][53][56] Group 3 - The home furnishing sector is positioned at a valuation bottom with high dividend safety, as the real estate market stabilizes and demand for second-hand and replacement housing increases [8][12] - The report identifies opportunities for business expansion and mergers and acquisitions as companies seek to establish new growth trajectories [9][12] - The report highlights the importance of self-owned brands in the home furnishing sector, which have been increasingly developed since 2018 due to trade tensions [7][12]

（文章来源：证券时报网） 据Wind统计，截至12月2日，沪深两市共有135只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是澳柯玛，已连续16个交易日获净买入；连续获主力资金净买入天数较多 的还有源飞宠物、杭萧钢构、新天然气、博拓生物、聚合顺、金地集团、重庆建工、新钢股份等股。 ...