| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000702 | 正虹科技 | 7.92 | -1.12% | 19.24万 | 1.53亿 | | 603609 | 末丰股份 | 8.85 | -0.67% | 8.17万 | 7241.77万 | | 002891 | 中宠股份 | 60.45 | -0.54% | 9.70万 | 5.87亿 | | 001366 | 播恩集团 | 13.21 | -0.30% | 1 2.47万 | 3269.12万 | | 603668 | 天马科技 | 13.74 | 0.29% | 6.94万 | 9486.89万 | | 002100 | 天康生物 | 6.62 | 0.30% | 39.99万 | 2.64亿 | | 688156 | 路德环境 | 23.31 | 0.39% | 3.37万 | 7814.83万 | | 001313 | 都是與國 | 7.74 | 0.39% | 7.60万 | 5868.46万 | | 002567 | 唐人 ...

家用电器 2025 年 08 月 24 日 行 业 研 究 家用电器 大行科工招股书梳理：国内折叠自行车行业龙头 ——25W34 周观点 投资要点： 大行科工招股书梳理：国内折叠自行车行业龙头 行 业 定 期 报 告 大行科工为国内折叠自行车行业龙头。大行品牌由韩德玮博士于 1982 年创立。凭借逾 40 年的发展，大行品牌在技术实力、创新精神、 匠心工艺、对卓越性能和产品质量的追求方面享负盛名。根据招股书 援引的灼识咨询数据，2024 年公司在中国内地折叠自行车行业销量市 占率达 26.3%，销售额市占率为达 36.5%，均位列行业第一，拥有强大 的品牌影响力和行业地位。近年来公司实现快速增长，2024 年公司自 行车销量为 22.95 万辆，2022-2024 年 CAGR 为 24%，2024 年实现营 收 4.51 亿元，同比+50%，2022-2024 年 CAGR 为 33%，2024 年公司 实现净利润 0.52 亿元，同比+50%，2022-2024 年 CAGR 为 30%。 行情数据 本周家电板块涨跌幅+1.5%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-0.3%/+9.1%/+0.8 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

农林牧渔 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 农林牧渔 沪深300 相关研究报告 《猪价新一轮上行或逐步开启，非瘟 疫苗打开动保板块成长空间—行业周 报》-2025.8.17 《8 月 USDA 农产品报告上调全球玉 米、水稻产量，下调大豆、小麦产量 —行业点评报告》-2025.8.15 《出猪节奏导致 7 月猪价涨幅不及预 期，后市猪价不悲观—行业点评报 告》-2025.8.14 10 收储助推猪价见底回升，宠物食品出口及国内消费 高景气延续 饲料板块国内市场受益禽畜后周期，海外强劲需求支撑价格。推荐：海大集 团、新希望等。 消费升级叠加关税壁垒，宠物板块国货崛起逻辑持续强化。推荐：乖宝宠物、 中宠股份、佩蒂股份。 本周市场表现（8.18-8.22）:农业跑赢大盘 0.23 个百分点 ——行业周报 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the destocking phase for live pigs is nearing its end, with a focus on the effects of a new round of pork reserves [1] - The report highlights a recent decline in pork prices, with the average price for live pigs at 13.75 yuan/kg, down 0.07% week-on-week, and a significant drop in the price of piglets by 3.78% to 27.78 yuan/kg [1][22] - The report notes an increase in the average weight of slaughtered pigs, which is expected to stabilize prices as the government resumes pork reserves to boost market sentiment [1][22] Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector underperformed compared to the broader market, with the sector index rising by 3.72% while the Shanghai Composite Index rose by 3.49% [13] - The report provides a detailed performance breakdown of sub-sectors, with livestock farming showing a 4.31% increase [13] 2. Key Data Tracking 2.1 Live Pigs - The average weight of slaughtered pigs is reported at 127.98 kg, showing a slight increase of 0.16 kg week-on-week [22] - The national frozen meat storage capacity rate is at 14.77%, up 0.1 percentage points [22] 2.2 White Feather Broilers - The price of white feather broilers increased to 7.33 yuan/kg, up 1.81% week-on-week, while chick prices remained stable at 3.58 yuan each [31] 2.3 Yellow Feather Broilers - The price of medium-speed chickens rose to 6.34 yuan/jin, reflecting a 4.97% increase, driven by rising demand post-typhoon [40] 2.4 Feed Sector - The report notes a decline in the prices of corn, wheat, and soybean meal, with corn averaging 2373.53 yuan/ton, down 0.86% week-on-week [2][45] 2.5 Major Agricultural Products - The price of natural rubber fell to 15640 yuan/ton, down 0.89% week-on-week, with inventory levels decreasing slightly [60] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the long-term profitability cycle is beginning to improve, with specific companies highlighted for investment: Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [3] - It also suggests monitoring the feed and animal health sectors, particularly companies like Haida Group and Ruipu Biological, as demand is expected to rise [3] - In the planting chain, the report identifies investment opportunities in companies such as Suqian Agricultural Development and Beidahuang Group due to favorable grain price trends [3]

Industry Overview - The pet economy is rapidly growing, driven by social changes such as urbanization, smaller family structures, and an increase in single and elderly populations, leading to pets being viewed as family members and emotional companions [4][5] - The Chinese pet industry is entering a new development stage, with pets transitioning from "functional companions" to "family members," resulting in a rise in demand for specialized pet products and services [5][6] Market Size and Growth - According to the "2025 China Pet Industry White Paper," the number of pet dogs in China is projected to reach 52.58 million in 2024, a 1.6% increase from 2023, while the number of pet cats is expected to reach 71.53 million, a 2.5% increase [7] - The urban pet market in China is expected to exceed 300 billion yuan in 2024 and is projected to surpass 400 billion yuan by 2027, indicating significant growth potential compared to the U.S. pet market, which is expected to exceed 140 billion USD in 2024 [8][9] Consumer Spending Trends - Pet food constitutes a major portion of pet owners' expenses, with average monthly costs for pet care varying based on pet type and owner preferences; for example, one owner spends approximately 2,000 yuan monthly on their dog [7][8] - The rise of "self-indulgence economy" and "emotional consumption" is reshaping the pet consumption market in China, with a growing focus on high-quality pet food and services [8][9] Product and Service Innovations - Pet food brands are increasingly focusing on product quality, nutritional value, and specialized needs, with domestic brands gaining market share through insights into local consumer preferences [9][10] - The demand for diverse, intelligent, and one-stop pet services is growing, with over 30,000 businesses providing pet services on platforms like Meituan, reflecting a 24% year-on-year increase [11] Competitive Landscape - The pet industry is attracting significant investment from various sectors, with companies like Daqian Ecology and Three Squirrels entering the market to create comprehensive pet service brands [13] - The competition is intensifying, prompting companies to innovate and differentiate their offerings, such as unique pet cages and specialized pet food products [15][16]

宠物经济的崛起，首先源于深刻的社会结构变革。随着城市化进程加快，家庭结构小型化、单身人口增 加、人口老龄化趋势明显，宠物在许多家庭中扮演着越来越重要的角色——它们不仅是宠物，更是情感 寄托和家庭成员。 "它是一只小太阳一般的小狗，不护食、不记仇，学东西很快，每天都很快乐，可以把这种情绪传递给 我。看到可爱的它就会觉得很治愈。"宠物狗"糖糖"的主人周女士说。这种情感连接催生了"拟人化"消 费趋势，主人愿意为宠物购买更优质的食品、更舒适的窝垫、更时尚的服饰，甚至专门为宠物举办生日 派对。 记者在采访中了解到，中国宠物行业已进入新的发展阶段。宠物正逐步从"功能性伴侣"向"家庭成员"的 角色转变。伴随养宠规模的上升，宠物食品、宠物用品、宠物医疗、宠物服务等相关行业正朝着精细 化、专业化等方向发展，"专宠专用"需求正快速崛起。 宠物市场越来越大 近日，在上海举办的第27届亚洲宠物展(简称"亚宠展")的High Fashion秀场，"糖糖"在主人的牵引下在T 台上迈着小碎步走秀。它留着白色微卷毛，身着蓝白条纹服饰，胸前饰有一朵大大的蝴蝶结宠物领巾， 萌态十足。与它一同亮相的"模特"还有另外16只体型和造型各异的犬，成为一 ...

Group 1 - The pet economy in China is experiencing significant growth, driven by social changes such as urbanization, smaller family structures, and an increase in single and elderly populations, leading to pets being viewed as family members and emotional companions [4][5] - The number of pet dogs in China is projected to reach 52.58 million in 2024, a 1.6% increase from 2023, while the number of pet cats is expected to reach 71.53 million, a 2.5% increase [7] - The pet market in urban areas is expected to exceed 300 billion yuan in 2024 and is projected to surpass 400 billion yuan by 2027, indicating a robust growth trajectory [8] Group 2 - Pet food is a major expenditure for pet owners, with a focus on safety, nutrition, and specific health needs, driving demand for high-quality products [9] - Domestic brands are gaining market share by understanding local consumer needs and leveraging online sales channels, leading to significant growth in revenue for companies like 中宠股份, which reported a 24.32% increase in revenue [10] - The demand for diverse and high-quality pet services is rising, with over 30,000 businesses offering pet services on platforms like 美团, reflecting a 24% year-on-year growth [11] Group 3 - The entry of new players into the pet industry is increasing, with companies like 大千生态 and 三只松鼠 launching new pet brands and products, indicating a growing interest in the pet market [13] - Competition in the pet industry is intensifying, prompting companies to innovate and meet specific consumer needs, such as unique pet products and tailored services [14][15] - The trend of "specialized pet products" is emerging as a new growth point for brands, with opportunities in health care, nutrition, and pet supplies based on pet type and age [16]

新华财经上海8月22日电（谈瑞、周子涵） 八月的上海暑气蒸腾，一场属于"毛孩子"的夏日限定狂欢正如火如荼地进行。 第27届亚洲宠物展（以下简称"亚宠展"）于8月20日至24日举办，作为全球宠物行业的旗舰展会，本届亚宠展规模再攀新高——31万平方米的超大展览空间 内，2600余家展商携2万余个品牌齐聚，让这里成为全球宠物产业瞩目的焦点。 盛会背后，中国宠物企业在全球市场的业务版图正愈发清晰地铺展开来。亚宠展不仅是国内宠物行业的年度盛事，更是中国宠物企业面向全球市场的重要展 示窗口。在这里，国内外企业同台竞技，新品、新技术与新理念不断涌现：从高端宠物食品到智能宠物用品，从先进的宠物医疗设备到创意十足的宠物周 边，中国企业的创新实力与产品竞争力展露无遗。 宠物食品展区内，众多国内企业带来了具备国际水准的产品。有的企业推出以新鲜食材为原料、无添加的高端宠物主粮，精准契合全球宠物主对宠物健康饮 食的追求；还有企业专注研发功能性宠物零食，如兼具美毛、护齿、关节保健等功效的产品，成功吸引了海外买家的目光。 宠物用品展区同样亮点迭出。智能养宠设备成为热门展品，智能喂食器、自动饮水机、远程控制的宠物玩具等，直观展现了中国企业在 ...

宠物牵引绳设计需兼顾舒适性（避免伤害宠物）、耐用性（适应不同活动场景）和操控性（方便主人控 制），按束缚模式不同，宠物牵引绳可以分为胸背式、项圈式和嘴套式；按材质不同，宠物牵引绳可以 分为尼龙/涤纶牵引绳、皮革牵引绳、棉质牵引绳、钢丝牵引绳等类型。 内容概要：庞大的养宠群体驱动我国宠物牵引绳市场快速发展，据统计，2024年我国宠物牵引绳行业市 场规模达56.14亿元，同比增长15.64%，其中，狗用牵引绳占比超90%，未来，随着宠物主人对宠物的 关爱和照顾越来越细致，更加注重宠物的出行安全和舒适，对牵引绳的材质、设计、功能性等方面提出 了更高要求，促使企业推出更人性化、个性化的产品，此外，社会对文明养宠的关注度不断提高，多地 出台了文明养宠相关规定，要求宠物主人外出时必须使用牵引绳，这将推动宠物牵引绳市场需求进一步 增长。 上市企业：源飞宠物（001222）、天元宠物（301335）、佩蒂股份（300673） 相关企业：南京嬉皮狗宠物用品有限公司、杭州华元宠物用品有限公司、滁州翔龙贸易有限公司、成都 贝宝捷宠物用品有限公司、江苏中恒宠物用品股份有限公司、山东帅克宠物用品股份有限公司、多尼斯 智能科技（东莞）有 ...