食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强 在情感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者心智、保持品牌势能的 关键落脚点。同时电商渠道已经进入存量竞争、价值营销时代，品牌商全域运营能力将成为决胜关键。 因此我们认为无限货架虽给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投入 研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走向"良币驱逐劣币"阶段，优质 品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头 1）医院端：国内宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来在科学养 宠理念和宠物老龄化驱动下，行业存在较大扩容增利空间。同时医院端目前连锁化率低，格局分散，未 来头部连锁宠物医院集团基于供应链、人才和技术等优势，有望持续整合市场份额。（2）药品端：未 来宠物医疗发展有望同步带动上游药品市场扩容。同时国内猫三联、驱虫药等核心大单品国产覆盖率极 低，未来替代空间大。本土头部动保公司产品矩阵目前正快速完善，未来有望持续挑战进口份额。 用品：关注细分赛道机遇和品牌化转型 智通财经APP获悉， ...

证券研究报告 | 2026年02月24日 悦己消费产业链研究专题 优于大市 从刚需渗透到情感叙事，宠物消费下半场如何展开 情感叙事推动消费理念进阶，国内宠物消费升级进行时。目前国内年轻高知 养宠群体规模快速扩大，养宠理念正逐步从满足基础生存的"养活"进阶为 追求健康与情感共鸣的"养好"，未来其一方面将推动宠物食品等实物消费 升级，另一方面也将加速宠物医疗等服务消费潜力释放，进而驱动国内宠物 产业步入新发展阶段。 食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强。在情 感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者 心智、保持品牌势能的关键落脚点。同时电商渠道已经进入存量竞争、价值 营销时代，品牌商全域运营能力将成为决胜关键。因此我们认为无限货架虽 给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投 入研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走 向"良币驱逐劣币"阶段，优质品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头。1）医院端：国内 宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来 在科学 ...

研 行 行业周报 业 美国关税政策再生变，对华关税迎边际下降 ——轻工制造&纺织服饰行业周报 | 究 | 分析师： | 袁艺博 | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）美国最高法院裁定特朗普政府大规模关税政策违法。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com 022-23839135 | | （2）特朗普新加征关税税率加码至 | | 15%。 | | | | | | | 研子究行助业理评级 | | 重要公司公告  | | | | | | | | 证 | 家居用品 造纸 | 中性 中性 | （1）探路者：公司拟对 万股股权激励。 72 | | 名员工进行 672.68 | | ...

国泰海通发布研报称，2026年1月，淘天宠物与炼丹炉大数据联合发布《宠物行业新品趋势报告》显 示，时令节日仪式感消费已成为"它经济"的核心增长极，"新年宠物礼盒"这一搜索关键词在天猫平台上 的同比增速便已经达到了20%+。根据天猫数据，宠物过年衣服销量实现330%的大幅增长，宠物年夜饭 实现290%的增长。此外，春节后，华南与华北区域举办规模领先的宠物展会，国内头部品牌预计在展 会上推出新品，值得关注。 养殖：春节后预期猪价进入淡季节奏 春节后预期猪价进入淡季节奏。春节后预计需求淡而供给多，预期价格进入淡季节奏。事实上腊月小年 后，春节备货已经开始逐步下降，接下来节后的屠宰场正月初七和初八正式开工后，价格将进入低价和 养殖亏损阶段。关注低猪价下的产能去化情况。 标的方面 生猪推荐标的：牧原股份(002714.SZ)、温氏股份(300498.SZ)；后周期推荐标的：科前生物 (688526.SH)、海大集团(002311.SZ)。农产品产业链推荐标的：晨光生物(300138.SZ)、诺普信 (002215.SZ)、荃银高科（维权）(300087.SZ)、国投丰乐(000713.SZ)，相关标的：康农种业 (30 ...

春节宠物消费增长快，关注宠物经济蓬勃之势 [Table_Industry] 农业 | | | | | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | 本报告导读： 养殖：春节后预期猪价进入淡季节奏。宠物: 春节宠物消费增长快，关注宠物经济 蓬勃之势。 投资要点： [宠物Table_Summary] : 春节宠物消费增长快，关注宠物经济蓬勃之势。 养殖：春节后预期猪价进入淡季节奏。 春节后预期猪价进入淡季节奏。春节后我们预计需求淡而供给多， 预期价格进入淡季节奏。事实上腊月小年后，春节备货已经开始逐 步下降，接下来节后的屠宰场正月初七和初八 ...

Core Viewpoint - The major shareholders of Guai Bao Pet are planning to reduce their holdings by up to 7.61 million shares, representing 1.90% of the total share capital, during the period from March 6 to June 5, 2026, following a significant decline in the company's stock price and a drop in net profit [1][3]. Stock Price and Financial Performance - The company's stock price has been on a downward trend, falling from a peak of 125.38 CNY per share in mid-2025 to 60.82 CNY as of February 13, 2026, marking a decline of 51.5% [2]. - The reduction in stock price has led to a significant decrease in the cash amount that can be realized from the planned share reduction [2]. Company Fundamentals - In the third quarter of 2025, the company experienced its first quarterly net profit decline since its listing, with a year-on-year decrease of 16.65% in net profit attributable to shareholders [3]. - The decline in profit is attributed to increased sales expenses, reduced foreign exchange gains, and rising depreciation costs, which have contributed to a slowdown in performance and negatively impacted market sentiment [3]. Capital and Technical Analysis - From February 9 to 13, 2026, there was a continuous net outflow of main funds, with a total net selling amount of 18.6372 million CNY, indicating a cautious attitude among institutional investors [4]. - Technically, the stock price has fallen below all major moving average supports, with the lower Bollinger Band positioned at 59.76 CNY, suggesting a weak short-term trend [4].

Core Viewpoint - The company, Guibao Pet (301498.SZ), is expanding its production capabilities internationally, with a focus on long-term strategies and brand development, unaffected by short-term profit fluctuations [2]. Group 1: Company Expansion - Guibao Pet currently has a production base in Thailand and is in the process of building a high-end pet food project in New Zealand [2]. - The company emphasizes a long-term commitment to its self-owned brand strategy, prioritizing brand share over immediate profits [2]. Group 2: Strategic Focus - The company is dedicated to the core business of pet food, pursuing a strategy of high-end, functional, and global development [2]. - Guibao Pet aims to build long-term barriers through product upgrades, channel expansion, cost optimization, and research transformation [2]. Group 3: Market Positioning - The pet industry has significant market potential, with various companies adopting unique development paths [2]. - Guibao Pet is committed to differentiated competition, continuously strengthening its advantages in the market [2].

Core Viewpoint - The company, Guibao Pet (301498), has not disclosed specific new product launch plans or channel cooperation details, emphasizing that relevant operational data and performance contributions should be referenced from the company's periodic reports [1] Group 1 - The company responded to investor inquiries on its interactive platform regarding its business secrets [1] - The company maintains that it has not publicly shared specific plans related to new product launches or partnerships [1] - Investors are advised to refer to the company's regular reports for accurate operational data and performance contributions [1]

Group 1 - The company, Guibao Pet (301498), stated that it strictly adheres to regulatory requirements for information disclosure and has not disclosed or committed to specific growth rates or gross margin targets for 2026 [1] - The company emphasized that relevant operational data should be referenced from its periodic reports [1]

Core Viewpoint - The company, Guibao Pet, confirmed its commitment to timely and compliant reporting of its 2025 annual report and the first quarter report of 2026 [2] Group 1 - The company will continue to launch and promote new products in 2026 [2] - The company's goals will be supported by product strength and research and development capabilities [2]