证券研究报告 点评报告 2025 年 11 月 14 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 10 月银行信贷增量为 2200 亿元，Wind 预期为 4600 亿元，前值为 1.29 万亿。与 去年同期相比，同比减 2800 亿元，其中居民减 5204 亿元：中长期减 1800 亿元， 短期减 3356 亿元；企业增 2200 亿元：中长期减 1400 亿元，短期持平，票据增 3312 亿元，非银减 164 亿元。 10 月银行存款增量为 6100 亿元，前值为 2.21 万亿元。与去年同期相比，同比增 加 100 亿元，其中居民减 7700 亿元，企业减 3553 亿元，非银增 7700 亿元，财政 存款增 1248 亿元。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 分析师：刘笑瑜 事件： 11 月 14 日 17 点中国人民银行公布 10 月中国金融数据。 评论： 从存量上看， 10 月 M2 同比为 8.2%，Wind 预期为 8.0%，前值（9 月）为 8.4%； M1 同比为 6 ...

来源：新浪证券-红岸工作室 11月14日，源飞宠物跌1.89%，成交额9030.46万元，换手率3.56%，总市值44.57亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入742.54万，占比0.08%，行业排名4/22，连续3日被主力资金增仓；所属行业主力净流 入-5610.09万，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入742.54万1376.66万1087.19万1217.77万1716.17万 主力持仓 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公司在境外进行的自主品牌销售主要由子公司美国BA开展，销售的产 品全部为宠物牵引用具，主要通过在Amazon、Shopify等网络电商平台进行销售。 3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生 ...

Core Viewpoint - The company, Zhonghong Medical, is primarily engaged in the export of medical devices and consumables, benefiting from the depreciation of the RMB and focusing on innovation in medical products [2][4][3]. Group 1: Company Overview - Zhonghong Medical is a state-owned enterprise controlled by the Xiamen Municipal Government State-owned Assets Supervision and Administration Commission [5]. - The company was established on December 22, 2010, and went public on April 27, 2021. Its main business includes the research, production, and sales of high-quality nitrile gloves and PVC gloves [9]. - The revenue composition of the company is as follows: health protection products 89.48%, safety infusion products 6.22%, and innovative incubation products 4.30% [9]. Group 2: Financial Performance - For the period from January to September 2025, Zhonghong Medical achieved a revenue of 1.864 billion yuan, representing a year-on-year growth of 1.38%. However, the net profit attributable to the parent company was -7.21 million yuan, a decrease of 114.13% year-on-year [10]. - As of September 30, 2025, the company had a total market capitalization of 5.905 billion yuan, with a trading volume of 61.734 million yuan and a turnover rate of 1.14% [1]. Group 3: Market Position and Trends - The company’s overseas revenue accounted for 81.56% of total revenue, benefiting from the depreciation of the RMB [4]. - Zhonghong Medical participated in the 12th Beijing Pet Expo, showcasing its veterinary infusion pumps, which received positive feedback for their safety and multifunctionality [2][3]. - The company aims to integrate digital technology into product development, focusing on high-quality and innovative medical consumables and equipment [3].

11月14日，佩蒂股份盘中下跌2.01%，截至13:06，报17.59元/股，成交5328.45万元，换手率1.85%，总 市值43.77亿元。 资金流向方面，主力资金净流入258.14万元，特大单买入105.59万元，占比1.98%，卖出101.56万元，占 比1.91%；大单买入1128.48万元，占比21.18%，卖出874.37万元，占比16.41%。 佩蒂股份今年以来股价涨1.16%，近5个交易日涨7.45%，近20日跌5.84%，近60日涨11.33%。 资料显示，佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号，成立 日期2002年10月21日，上市日期2017年7月11日，公司主营业务涉及宠物食品的研发、生产和销售。主 营业务收入构成为：宠物食品98.05%，其他1.95%。 佩蒂股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：宠物经济、小红书概念、小 盘、出海概念等。 截至10月10日，佩蒂股份股东户数1.78万，较上期减少0.88%；人均流通股9119股，较上期增加0.88%。 2025年1月-9月，佩蒂股份实现营业收入10.89亿元，同比减少17 ...

豪悦护理今年以来股价涨22.59%，近5个交易日涨5.99%，近20日涨3.50%，近60日跌16.24%。 今年以来豪悦护理已经1次登上龙虎榜，最近一次登上龙虎榜为9月1日，当日龙虎榜净买入-4616.51万 元；买入总计5385.66万元 ，占总成交额比13.20%；卖出总计1.00亿元 ，占总成交额比24.51%。 豪悦护理所属申万行业为：美容护理-个护用品-生活用纸。所属概念板块包括：宠物经济、多胎概念、 送转填权、小盘、医疗器械等。 11月14日，豪悦护理盘中上涨2.02%，截至09:36，报34.34元/股，成交2049.58万元，换手率0.28%，总 市值73.85亿元。 截至9月30日，豪悦护理股东户数2.34万，较上期增加33.50%；人均流通股9184股，较上期减少 25.24%。2025年1月-9月，豪悦护理实现营业收入27.18亿元，同比增长33.18%；归母净利润2.03亿元， 同比减少30.94%。 资金流向方面，主力资金净流入261.65万元，特大单买入131.51万元，占比6.42%，卖出0.00元，占比 0.00%；大单买入378.80万元，占比18.48%，卖出248.66 ...

Core Viewpoint - Daqian Ecology (603955.SH) is facing financial difficulties, prompting the company to reduce its planned fundraising amount by 15.61% to 7.17 billion yuan to supplement liquidity [2][4][6] Fundraising and Financial Adjustments - The company initially planned to raise up to 8.5 billion yuan through a private placement but has adjusted this to a maximum of 7.17 billion yuan [2][3] - The share issuance price is set at 25.46 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The number of shares to be issued has been reduced from a maximum of 33.39 million to 28.18 million [3][4] Financial Performance - As of Q3 2025, Daqian Ecology reported a revenue of 1.53 billion yuan, a year-on-year increase of 109.17%, but a net loss of 36.90 million yuan, a decline of 340.89% compared to the previous year [2][7] - The company's total assets have decreased by over 27% from 36.73 billion yuan in Q3 2021 to 26.65 billion yuan in Q3 2025 [5][6] Market Performance - The company's stock price has been in a downward trend since mid-August, with a decline of over 20% in the last three months [2][11] Business Operations and Strategy - Daqian Ecology's main business focuses on comprehensive ecological landscaping solutions, with significant revenue declines in recent years [7] - The company is diversifying into the pet economy, having established a subsidiary in March 2025, which has opened 20 stores in major cities and generated revenue of 9.08 million yuan in the first half of 2025 [9][10]

Group 1 - The article highlights the rapid development of the pet economy in China, driven by advancements in artificial intelligence and changing consumer behaviors [1][3] - The pet consumption market in urban areas is projected to exceed 300 billion yuan by 2024, with a growing share of service-related consumption [3] - The integration of AI technologies is transforming pet care, with products like smart pet feeders and interactive devices becoming increasingly common [3][4] Group 2 - The emergence of pet-friendly facilities, such as pet parks and cafes, is creating new consumption formats and enhancing the pet economy [4] - Educational institutions are responding to the growth of the pet market by developing specialized programs that incorporate AI and innovative design for pet care [6] - Beijing plans to prioritize the pet economy over the next five years, focusing on technological innovation and the establishment of high-level pet industry platforms [6]

Core Viewpoint - The company, Zhiyou Technology, is experiencing growth in its overseas revenue, primarily benefiting from the depreciation of the RMB and the rise of the camping, pet, and cross-border e-commerce economies [2][3]. Company Overview - Zhiyou Technology, established on January 8, 2010, is located in Zhengzhou, Henan Province, and was listed on June 21, 2023. The company focuses on the research, design, and sales of its own brand home products [7]. - The main business revenue composition includes 99.09% from cross-border e-commerce retail and 0.91% from other sources [7]. Financial Performance - As of September 30, 2025, Zhiyou Technology reported a revenue of 6.082 billion yuan, representing a year-on-year growth of 6.18%. However, the net profit attributable to the parent company was 272 million yuan, showing a decrease of 2.09% year-on-year [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [9]. Market Position and Strategy - The company has established a differentiated competitive advantage in its cross-border e-commerce export logistics system, which includes domestic and overseas self-operated warehouses, platform warehouses, and third-party cooperative warehouses [2]. - As of November 23, 2023, the company has collaborated with influencers on platforms like TikTok to promote its products, although the sales contribution from these efforts is currently small [2]. Product Offerings - Zhiyou Technology's product lines include courtyard home products, leisure products, and pet products, with a significant focus on outdoor and pet-related items [2][3]. - The overseas revenue accounted for 98.88% of the total revenue, benefiting from the depreciation of the RMB [3].

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is experiencing growth in the pet economy, benefiting from cross-border e-commerce and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales. Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. specializes in the research, production, and sales of pet products and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7] - The company is located in Pingyang County, Wenzhou, Zhejiang Province, and was established on September 27, 2004, with its stock listed on August 18, 2022 [7] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.281 billion yuan, representing a year-on-year growth of 37.66%, and a net profit attributable to the parent company of 130 million yuan, up 8.75% year-on-year [7] - As of September 30, 2025, the company had a total market capitalization of 4.539 billion yuan [1] Revenue Composition - The revenue composition of the company is as follows: pet snacks 52.09%, pet leashes 24.77%, pet staple food 9.79%, others 7.72%, and pet toys 5.64% [7] International Operations - The company has a significant international presence, with 85.78% of its revenue coming from overseas, primarily through its subsidiary in the United States, which sells pet leashes via e-commerce platforms like Amazon and Shopify [3][4] - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with production facilities already operational [3] Market Activity - On November 12, the company's stock rose by 0.68%, with a trading volume of 92.1645 million yuan and a turnover rate of 3.62% [1] - The stock has seen a net inflow of 2.0826 million yuan from major investors, indicating a mixed trend in investor sentiment [4][5]

Core Viewpoint - The company, Guibao Pet Food Group, has experienced fluctuations in its stock price and trading volume, reflecting market dynamics and investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Guibao Pet achieved a revenue of 4.737 billion yuan, representing a year-on-year growth of 29.03% [2]. - The net profit attributable to the parent company for the same period was 513 million yuan, showing a year-on-year increase of 9.05% [2]. - Since its A-share listing, the company has distributed a total of 368 million yuan in dividends [3]. Stock Market Activity - As of November 12, Guibao Pet's stock price was 76.30 yuan per share, with a market capitalization of 30.556 billion yuan [1]. - The stock has seen a decline of 1.95% year-to-date, with a recent increase of 3.46% over the last five trading days, but a significant drop of 19.26% over the past 20 days and 21.30% over the last 60 days [1]. - The trading volume on November 12 was 167 million yuan, with a turnover rate of 1.20% [1]. Shareholder Structure - As of September 30, the number of shareholders increased by 31.89% to 14,100, while the average number of circulating shares per person decreased by 24.18% to 12,739 shares [2]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.265 million shares, an increase of 3.363 million shares from the previous period [3]. - The eighth-largest shareholder, E Fund's ChiNext ETF, reduced its holdings by 293,000 shares to 1.7031 million shares [3].