农林牧渔行业：宠物618战报出炉，国产品牌持续霸榜

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry, particularly focusing on the pet food sector [2]. Core Insights - The pet consumption market shows strong resilience and growth potential, with a total sales figure of 75 billion yuan during the 618 shopping festival, contributing to an overall e-commerce sales of 855.6 billion yuan [3][17]. - The report highlights two key trends: the dominance of cat food in sales rankings and the increasing demand for health-oriented and specialized pet food products [3][20]. - Domestic brands are gaining market share, with significant improvements in rankings for brands like Xianlang and Frigate, indicating a shift in consumer preferences towards local products [4][21]. Summary by Sections 1. 618 Shopping Festival Performance - The 618 shopping festival saw a total e-commerce sales of 855.6 billion yuan, with pet food sales reaching 75 billion yuan, showcasing strong consumer demand [3][17]. - Cat food products dominated the sales rankings, with all top 10 brands in the cat food category also appearing in the overall top 10 sales list [3][18]. - Health-oriented and specialized pet food categories, such as air-dried and baked food, are experiencing rapid growth, reflecting a trend towards more refined pet care [20][24]. 2. Brand Performance and Market Trends - Domestic brands are increasingly prominent, with Xianlang rising to the top position in the pet food category, and Frigate improving its ranking significantly [4][21]. - The report notes that pet supplies are also gaining traction, with brands like Xiaopei and Xucuihua entering the top 20 sales rankings [4][21]. - The report emphasizes the importance of health and specialization in pet food, with brands like Royal Canin and Frigate making notable appearances in various categories [20][24]. 3. E-commerce Channel Preferences - Different e-commerce platforms exhibit varying consumer preferences, with JD.com showing a higher representation of overseas brands compared to Tmall [5][27]. - New brands are emerging rapidly on platforms like Douyin and Kuaishou, with established brands like Maifudi maintaining strong positions [5][30]. - The export of pet food is facing temporary disruptions due to tariffs, but the overall impact is expected to be manageable as companies adapt by expanding production in non-US markets [5][33]. 4. Long-term Outlook - The domestic pet food market is expected to continue its steady growth, with local brands reshaping the market landscape and improving their market share and profitability [5][33]. - The report recommends focusing on leading companies in the pet food sector, such as Zhongchong Co., Ltd., Petty Co., Ltd., and other prominent players like Guobao Pet [5][33].