Investment Rating - The report maintains a "Recommended" rating for the pet food industry, indicating a positive outlook on the sector's fundamentals and growth potential [1][61]. Core Insights - The domestic pet market is characterized by growth potential and low concentration, with a projected market size of 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [6][11]. - The market is expanding, with leading brands increasing their market share, particularly in the mid-to-high-end product segments, while low-end products face intensified competition [6][30]. - A robust supply chain is essential for brand development, ensuring product quality and responsiveness to market demands [6][41]. - Consumer preferences are shifting towards domestic brands, with a notable increase in the market share of local pet food brands [16][26]. - The trend towards scientific and emotional pet care is driving product innovation and consumer spending [50][59]. Summary by Sections Domestic Pet Market Overview - The pet market in China is growing, with a projected size of 300.2 billion yuan in 2024, driven by a low penetration rate of 21% compared to 40% in Japan and 60% in the U.S. [6][15]. - The market structure is stable, with pet food accounting for the largest share of pet-related expenditures at 52.8% in 2024 [11][12]. Market Dynamics - The market is witnessing a shift towards online purchasing, with 68% of consumers preferring online channels for pet food purchases [23][20]. - Leading brands are outperforming the overall market, with significant growth in their online sales [24][27]. Competitive Landscape - The competitive landscape is becoming more differentiated, with top brands like Myfoodie and Royal Canin gaining market share [26][30]. - The number of new pet-related businesses has declined for the first time in a decade, indicating a consolidation trend favoring established brands [28][30]. Trends in Pet Food Industry - There is a clear trend towards product innovation, focusing on nutritional quality and consumer experience [50][54]. - Emotional and social aspects of pet ownership are becoming increasingly important, influencing consumer purchasing decisions [59][58]. Investment Recommendations - The report suggests that the pet food industry is in a phase of rapid brand development, with a positive long-term growth outlook, maintaining a "Recommended" rating for the sector [61][62].

证券之星消息，8月14日饲料板块较上一交易日下跌0.34%，邦基科技领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。饲料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) | | | --- | --- | --- | --- | --- | --- | --- | | 002891 | 中宠股份 | 59.00 | 3.02% | 10.20万 | | 5.98亿 | | 002311 | 海大集团 | 57.85 | 0.36% | 10.21万 | | · 5.94亿 | | 002567 | 唐人神 | 4.82 | -0.82% | 30.98万 | | 1.50亿 | | 603609 | 禾丰股份 | 8.91 | -0.89% | - 5.92万 | | 5314.29万 | | 002385 | 大北农 | 4.13 | -0.96% | 65.48万 | | 2.71亿 | | 002548 | 金新农 | 4.09 | -1.21% | 24.46万 | | 1.01亿 | | 3 ...

Group 1: Industry Overview - The pet economy in China is experiencing significant growth, with domestic pet consumption reaching 77.375 billion yuan in the first half of the year, a year-on-year increase of 8.84% [1] - The average revenue per pet store in mainland China was approximately 137,500 yuan in the first half of the year [1] - The pet industry is evolving from a focus on food and supplies to a comprehensive ecosystem that includes medical care, grooming, training, and insurance [1] Group 2: Market Demand and Company Performance - Zhongchong Co., Ltd. reported total revenue of 2.432 billion yuan in the first half of the year, a year-on-year increase of 24.32%, with a net profit of 203 million yuan, up 42.56% [2] - Tianyuan Pet achieved total revenue of 569 million yuan in the first quarter, a year-on-year increase of 13.07%, with a net profit of 17 million yuan, up 18.97% [2] - Yiyi Co., Ltd. reported total revenue of 485 million yuan in the first quarter, a year-on-year increase of 26.56%, with a net profit of 54 million yuan, up 27.96% [2] Group 3: Future Market Projections - The urban pet consumption market in China is expected to exceed 300 billion yuan by 2024, with the total number of dogs and cats reaching over 120 million [2] - The pet economy is projected to grow to 1.15 trillion yuan by 2028 [2] Group 4: Policy Support and Consumer Trends - Government policies are supporting the growth of the pet economy, with action plans released in Hefei and Foshan to promote high-quality development [3] - The evolving consumer mindset and increasing demand for pet health management and personalized services are driving the growth of the pet economy [3] Group 5: Technological Integration - AI technology is becoming a key driver in the pet economy, with companies integrating AI into pet services and products [4] - New AI-enabled products, such as the "AI Pet Partner" app and smart pet devices, are being developed to enhance pet care [4] Group 6: Digital Transformation in Supply Chain - Companies are focusing on digital transformation to address challenges in order management and inventory coordination [5][6] - The integration of AI and digital platforms is expected to improve operational efficiency and standardization across the pet industry [6] Group 7: Competitive Landscape - The competition in the pet economy is shifting towards technology depth and data barriers, with companies competing on algorithm accuracy and user engagement [6] - New business models may emerge, including AI-based pet health management subscription services and AI-driven customized pet products [6]

8月13日A股三大指数集体收涨，截至收盘，沪指涨0.48%，报3683.46点，深成指涨1.76%，报11551.36点，创业板指涨 3.62%，报2496.5点。从板块行情上来看，今日表现较好的有光通信模块、PCB和CPO概念，而跨境支付、中特估和破净股 等板块下跌。 近一个月（7月14日-8月13日），华夏基金参与公司调研的数量最多，共调研51家上市公司，然后调研较为活跃的还有博时 基金、南方基金和鹏华基金，分别调研50家、49家、48家上市公司；从调研行业上来看，基金公司对通信设备行业的上市 公司调研次数最多，共有305次，其次是化学制品行业，基金公司调研了197次。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据；基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。 根据巨灵统计的数据显示，近30天（7.14-8.13）共有487只基金产品的基金经理发生离职变动。其中今天（8.13）有13只基 金产品发布基金经理离职公告，从变动 ...

Core Viewpoint - Dongxing Securities report indicates that Zhongchong Co., Ltd. has further enhanced its North American production capacity and rapidly grown its own brand [1] Group 1: Financial Performance - In H1 2025, the company achieved overseas revenue of 1.575 billion yuan, representing a year-on-year growth of 17.61% [1] - The gross profit margin was 27.95%, an increase of 4.04 percentage points year-on-year [1] Group 2: Global Expansion - The company has strengthened its global supply chain, particularly in North America [1] - The second production line in Canada was successfully completed in H1 2025, and the factory in Mexico was also completed simultaneously [1] - A second factory in the United States is expected to be completed by 2026, enhancing the company's supply capacity and risk resistance in the North American core market [1] Group 3: Brand Development - The company is actively promoting its own brand overseas, providing strong support for its international business [1] - The ongoing improvement of the global supply chain and the continuous advancement of the own brand overseas are expected to drive steady growth in the company's overseas business [1] Group 4: Investment Outlook - The company is viewed positively for its overseas supply chain layout, which enhances risk resistance, and the rapid growth of its domestic own brand [1] - The report maintains a "strong buy" rating for the company [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company reported a revenue of 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [3]. - The overseas business has seen a simultaneous increase in volume and profit, with overseas revenue reaching 1.575 billion yuan, a year-on-year increase of 17.61%, and a gross margin of 27.95%, up 4.04 percentage points [3]. - The company has made significant progress in its North American capacity layout, with the second production line in Canada completed and the Mexican factory also finished. A second factory in the U.S. is expected to be completed in 2026, enhancing supply capacity and risk resilience in the North American market [3]. - The company is actively promoting its own brands internationally, which supports its overseas business growth. The ongoing improvement of the global supply chain and the continuous push for brand expansion are expected to drive steady growth in overseas business [3]. - Domestic business revenue reached 857 million yuan, growing 38.89% year-on-year, with pet staple food revenue soaring to 783 million yuan, a remarkable increase of 85.79% [5]. - The company focuses on three major proprietary brands, each with distinct highlights, and is expected to maintain rapid revenue and performance growth throughout the year [5]. Financial Forecasts - The company is projected to achieve net profits of 449 million yuan, 572 million yuan, and 734 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.53 yuan, 1.95 yuan, and 2.49 yuan [5][7]. - The PE ratios for the years 2025, 2026, and 2027 are expected to be 40, 31, and 24 times, respectively [5][7].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [7]. Core Insights - The report suggests focusing on the recovery cycle of feed and the marginal improvement in breeding [1]. - The pig price has decreased week-on-week, with average prices in key provinces showing a decline [3]. - The feed industry is expected to see a bottoming out and recovery due to the decline in upstream raw material prices and improvements in the downstream breeding sector [3]. - The report highlights the potential growth of Haida Group's overseas feed business as a new performance growth point [3]. Industry Performance - For the week of August 4 to August 10, the CSI 300 index rose by 1.23%, while the agriculture sector increased by 2.52%, ranking 10th among sectors [2][24]. - The top-performing sub-industries included broiler chicken breeding, fruit and vegetable processing, and pig breeding [2][24]. Pig Breeding Sector - As of August 8, the average price of external three-way cross pigs in Sichuan, Guangdong, and Henan was 13.30, 15.39, and 13.83 yuan/kg, respectively, reflecting a week-on-week decline of 2.92%, 4.05%, and 3.82% [3][33]. - The average pork price was 20.41 yuan/kg, down 0.92% from the previous week [3][33]. - The self-breeding profit was 45.13 yuan/head, while the profit from purchasing piglets was -134.14 yuan/head [3][33]. Poultry Sector - As of August 8, the weekly price of white feather broiler chickens was 7.14 yuan/kg, up 4.54% week-on-week [3][47]. - The price of broiler chicks was 3.13 yuan/chick, reflecting a week-on-week increase of 21.79% [3][47]. - The profit from chicken breeding was 0.62 yuan/chick, while egg prices fell by 6.94% to 6.70 yuan/kg [3][47]. Feed Processing Sector - In June 2025, the total industrial feed production in China was 27.67 million tons, a month-on-month decrease of 0.1% but a year-on-year increase of 6.6% [54]. - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7%, respectively [54]. Recommendations - The report recommends stocks such as Wen's Shares, Shengnong Group, Juxing Agriculture, Tangrenshen, and New Hope in the pig breeding sector due to expected profitability recovery starting from Q2 2024 [4]. - It also highlights the potential of domestic pet food brands like Guibao Pet and Zhongchong Shares, which are expected to perform well in the upcoming years [5].

Macro and Strategy Research - In July 2025, the Consumer Price Index (CPI) showed a shift from a year-on-year increase to stability, with a month-on-month increase driven by summer travel demand and improved consumption policies [2] - The Producer Price Index (PPI) saw a narrowing of the decline in July 2025, with international pricing of oil and non-ferrous metals rising, while domestic production material prices remained weak due to adverse weather conditions [3][4] Industry Research - The price of corrugated paper has increased, with leading companies like Nine Dragons Paper raising prices, which has led to downstream companies issuing price increase notices for cardboard [6][7] - Beijing has optimized its housing purchase restrictions, allowing eligible families to buy multiple properties outside the Fifth Ring Road, which is expected to positively impact the home goods sector [8] - The light industry manufacturing sector outperformed the CSI 300 index by 1.34 percentage points, while the textile and apparel sector outperformed by 3.00 percentage points during the week of August 4 to August 8 [7] - The corrugated paper price rose by 50 yuan per ton from August 1 to August 8, indicating a positive trend in the packaging paper market as demand increases in the second half of the year [7][8]

Core Insights - A total of 129 public fund institutions participated in A-share research activities last week, covering 62 stocks across 18 Shenwan primary industries, with a total of 498 research instances [1][2] - Zhongchong Co., a leading company in the pet food industry, attracted over 30% of public fund institutions for research, with 56 instances [1][2] - The pharmaceutical and biotechnology sector was favored by public fund institutions, with three stocks, including Tainkang, Jiuzhou Pharmaceutical, and Huate Dain, making it to the top ten, receiving 40, 16, and 15 research instances respectively [1][2] Company Summaries - Zhongchong Co. (Agriculture, Forestry, Animal Husbandry, and Fishery): 56 research instances, stock price increased by 8.44% [2] - Jerey Co. (Machinery): 48 research instances, stock price increased by 17.30% [2] - Tainkang (Pharmaceutical and Biotechnology): 40 research instances, stock price decreased by 7.64% [2] - Lvtong Technology (Automotive): 32 research instances, stock price increased by 3.42% [2] - Xinyangfeng (Basic Chemicals): 29 research instances, stock price increased by 0.35% [2] - Jiaoming and other companies (Power Equipment): 23 research instances, stock price increased by 3.19% [2] - Taluke Group (Building Materials): 22 research instances, stock price increased by 3.79% [2] - Dipu Technology (Computers): 16 research instances, stock price increased by 1.58% [2] - Jiuzhou Pharmaceutical (Pharmaceutical and Biotechnology): 16 research instances, stock price decreased by 0.82% [2] - Huate Dain (Pharmaceutical and Biotechnology): 15 research instances, stock price increased by 2.94% [2] Industry Insights - The pharmaceutical and biotechnology sector was the most favored, with 9 stocks receiving a total of 99 research instances, leading in both the number of stocks and research instances [2][4] - Machinery and agriculture, forestry, animal husbandry, and fishery sectors followed closely, each with 57 research instances, but machinery had 5 stocks while agriculture had only 2 [3] - Basic chemicals and electronics sectors received 51 and 50 research instances respectively, with 6 and 9 stocks being researched [4] Institutional Insights - Huaxia Fund led with 13 research instances, particularly favoring the pharmaceutical and biotechnology sector with 5 stocks [4] - Southern Fund and E Fund both conducted 12 research instances, diversifying across 11 and 9 industries respectively [4] - Boshi Fund followed with 11 research instances, also showing a preference for the pharmaceutical and biotechnology sector with 4 stocks [4]

Group 1 - The closing price of Zhongchong Co., Ltd. on August 11 was 58.00 yuan, down by 1.59 yuan or 2.67% from the previous trading day [1] - The opening price on the same day was 59.80 yuan, with a highest point of 60.26 yuan and a lowest point of 57.88 yuan, with a trading volume of 100,272 hands and a transaction amount of 586 million yuan [1] - Zhongchong Co., Ltd. specializes in the research, production, and sales of pet food, including dry food, wet food, and snacks, and owns multiple proprietary brands [1] Group 2 - From August 4 to August 8, Zhongchong Co., Ltd. was investigated by 251 institutions, making it one of the most researched companies in the past five days [1] - On August 11, the net outflow of main funds from Zhongchong Co., Ltd. was 40.017 million yuan, accounting for 0.23% of the circulating market value; over the past five days, the cumulative net outflow was 90.4377 million yuan, accounting for 0.51% of the circulating market value [1]