宠物行业周观点：宠物旅行生态向好，多品牌布局宠物服饰-20250527

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The pet travel ecosystem is expected to improve as the trend of traveling with pets increases, with significant growth in pet participation in travel activities [1] - The pet economy continues to thrive, with luxury and fast-fashion brands entering the pet apparel market, indicating a willingness among pet owners to spend on emotional value [2] Summary by Sections Pet Travel Ecosystem - The number of pet-friendly travel orders at Huazhu Group's high-end resort, Huajian Tang, increased by 23% year-on-year, with pet-inclusive bookings accounting for 20% of total orders by April 2025 [1] - The rise of "pet travel groups" is noted, with 20% of interest group travel involving pets, showcasing a shift in the emotional relationship between pets and their owners [1] - A new pet travel initiative, "Paw-sitive Fly Tour," was launched by Starplayer in collaboration with Hainan Airlines, offering specialized services for pets during flights [1] Pet Apparel Market - The pet apparel sector is seeing increased participation from brands like Adidas, which launched its first "Three Stripes Pet Series" [2] - Other luxury brands such as Gucci and Celine have also introduced pet product lines, indicating a trend where pet owners are looking for stylish and high-quality pet products [2] - The market for pet apparel is characterized by lower technical barriers but higher demands for brand design and trend integration, suggesting that brands with these capabilities will benefit [2] Investment Suggestions - Recommended companies include Tianyuan Pet for comprehensive pet product supply, Yiyi Co. and Yuanfei Pet for smart pet interaction, and Zhongchong Co. for its collaboration in pet behavior recognition [3] - Companies like Yingzi Network and Beishidake are noted for their innovations in pet monitoring technology [3] - The report highlights the potential of companies like Ruipubio in the veterinary medicine sector and Daqian Ecology's entry into the pet market [3]