农林牧渔行业周报：史上最长“双11”，看见更景气的宠食行业

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [5]. Core Insights - The pet food industry has shown remarkable performance during the longest "Double 11" shopping festival, with significant sales achievements across various platforms [1]. - The demand for high-quality pet food is increasing, particularly in the elderly pet market and functional pet food segments, indicating a shift towards health-conscious consumption among pet owners [2]. - Domestic brands are strengthening their market positions, with several leading companies achieving substantial sales growth during the "Double 11" event [3]. Summary by Sections "Double 11" Pet Food Industry Performance - Tmall reported that 50 pet brand stores achieved over 10 million in sales, with 9 brands surpassing 100 million, and 8 brands achieving over 100 million in sales for the first time [1]. - JD.com saw a 37% year-on-year increase in sales for single pet products, with the number of stores doubling their sales increasing by over 56% [1]. - Douyin highlighted that 11 pet brands exceeded 10 million in sales, showcasing the growing importance of short video e-commerce platforms in the pet category [1]. Product Trends - The elderly pet market is emerging as a new blue ocean, with a 300% increase in demand for senior dog and cat food during "Double 11" [2]. - Functional pet food is becoming a significant growth point, with sales of baked cat food increasing by 147%, urinary function cat food by 137%, and low-fat weight control cat food by 326% [2]. - The market for functional cat snacks also saw a 287% increase in sales, reflecting heightened consumer health awareness regarding pets [2]. Brand Performance - Three listed pet food companies performed strongly during "Double 11," with brands like MaiFuDi and Freka taking top positions in various categories [3]. - MaiFuDi's total sales exceeded 670 million, a 65% increase year-on-year, with Freka achieving over 200 million in sales, a 190% increase [3]. - Other brands like Toptrees and Petty also reported significant sales growth, with Toptrees achieving a 100% increase and Petty's brand sales exceeding 42.5 million, up over 70% year-on-year [3]. Investment Recommendations - The pet food sector is identified as a high-quality investment opportunity, with continuous growth in the overseas market and strong domestic brand performance during "Double 11" [4]. - Companies such as MaiFuDi, ZhongChong Co., and Petty are recommended for investment due to their established market presence and growth potential [4].