金十数据5月20日讯，三大指数早间震荡走强，截至午间收盘，沪指涨0.38%，深证成指涨0.79%，创业 板指涨1.04%。北证50指数涨1.37%创历史新高。盘面上，消费股集体走强，美容护理、宠物经济、休 闲食品、乳业领涨，拉芳家化、天元宠物、祖名股份、贝因美等涨停；创新药概念活跃，一品红、华海 药业等涨停。此外，珠宝首饰、游戏、文化传媒、旅游酒店、培育钻石概念等板块涨幅居前；航运港 口、化纤、房地产开发、煤炭、燃气、PEEK材料概念等板块跌幅居前。全市场超3600只个股上涨。 A股午评：北证50指数涨1.37%创历史新高 宠物经济概念大涨 ...

证券研究报告 农林牧渔 618 首小时数据亮眼,宠物β有望延续 华泰研究 2025 年 5 月 19 日│中国内地 动态点评 618 首小时数据亮眼，继续积极推荐宠物板块 行业β催化下，宠物板块个股接连新高、且行情有扩散趋势。考虑到 Q2 经 营数据仍然强劲（麦富迪 4 月线上 yoy+32.5%、弗列加特+106%、顽皮 +25.3%），而它博会、618 等事件催化有望延续，继续积极推荐宠物板块。 确定性角度关注宠物食品龙头乖宝（国产宠粮龙头），弹性角度关注宠物医 疗稀缺标的瑞普生物（主业盈利打底低估值，宠物医院注入推进）。 618 首小时宠物食品销售数据表现亮眼，国产品牌拔头筹 5 月 16 日，天猫 618 首小时，653 个宠物品牌成交同比翻倍，其中弗列加 特成交增长近 2 倍，9 个宠物品牌、5 个宠物主粮单品成交破千万元。1）天 猫预售 4 小时：弗列加特列居宠物品牌成交榜第 4、猫狗食品品牌榜第 4、 猫主粮品牌榜第 2，麦富迪列居猫零食品牌榜第 3、狗零食品牌榜第 4；顽 皮上榜猫零食和狗零食品牌榜的第 9 和第 7；2）京东超级秒杀日 28H：麦 富迪、弗列加特分别列居猫干粮品牌成交榜的第 ...

Group 1 - The pet economy sector is experiencing significant growth, with companies like Yuanfei Pet and Tianyuan Pet achieving consecutive gains, and others like Yiyi Co., Ltd. and Lusi Co., Ltd. also seeing substantial increases [1] - The 2025 Shanghai Pet Expo and the 2025 Shanghai Asia Pet Exhibition are set to take place, with record attendance and transaction amounts expected, indicating a robust industry outlook [7] - The domestic pet industry is projected to reach 811.4 billion yuan this year, with expectations to surpass 1 trillion yuan in two years [7] Group 2 - Online platforms are heavily investing in the pet sector, with Taotian Pet committing over 500 million yuan for merchant incentives and product promotions, while JD.com is offering trial operations and brand-free store openings [8] - The pet food market is seeing a shift towards higher quality products, with domestic brands enhancing their offerings and a significant increase in export value expected, with a 21% year-on-year growth forecast for 2024 [8] - Listed companies in the pet sector have reported better-than-expected earnings for 2024 and Q1 2025, indicating continued rapid growth in the pet economy [8]

Core Insights - The pet industry in China is experiencing significant growth, driven by market dynamics such as population structure changes, emotional needs, and improved living standards [2][4] - Major pet companies like Zhongchong Co. and Guobao Pet have reported substantial revenue increases for 2024 and Q1 2025, indicating a robust market environment [1][2] - The pet food segment is the largest market within the pet industry, accounting for 52.8% of the total pet consumption market in 2024 [3][4] Company Performance - Zhongchong Co. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [1] - Guobao Pet reported a revenue of 5.245 billion yuan in 2024, a 21.22% increase, and a net profit of 625 million yuan, growing by 45.68% [1] - Petty Co. saw a revenue of 1.659 billion yuan in 2024, a 17.56% increase, but experienced a decline in Q1 2025 with revenues of 329 million yuan, down 14.40% [2] Market Trends - The pet economy in China reached a scale of 592.8 billion yuan in 2023, with projections to grow to 1.15 trillion yuan by 2028 [2] - The demand for pet food is evolving, with consumers increasingly prioritizing quality, safety, and brand reputation [4][6] - The market is witnessing a shift towards premium products, with companies focusing on innovation and differentiation to capture consumer interest [6][7] Industry Dynamics - Domestic pet brands are gaining market share at the expense of foreign companies, with brands like Guobao Pet and Zhongchong Co. increasing their market presence [5] - The competitive landscape is intensifying, with new entrants like Pet&Fresh and established brands like Three Squirrels expanding into the pet food sector [7][8] - Companies are investing in digital transformation and supply chain enhancements to improve operational efficiency and brand competitiveness [5][6]

作者 | 守望者 来源 | 守望核心 导语： 拆解宠物板块持续新高背后的三大预期与核心标的逻辑。 宠物板块持续新高的背后市场在交易什么预期，借助公开资料，理一下宠物板块的β及选股思路， 以及个股的核心看点 。 一、大背景 宠物经济蓬勃发展的内核是宠物的 "人格化、家人化" ， 年轻一代将宠物视为"家人"的情感价值重 构。 1、宠物经济正是基于这一情感纽带蓬勃发展，从提供高品质的宠物食品、个性化的宠物用品，满 足宠物的物质需求； 2、到宠物医疗、保险，为宠物的健康保驾护航； 3、再到宠物美容、摄影、社交活动等，满足主人与宠物之间情感互动的精神需求。 每一个细分领域，让宠物真正融入家庭生活，也让宠物经济的内涵和外延得以不断拓展和深化 。 二、宠物是一个大赛道 1、横向对比化妆品、白酒、食品等来看， 宠物赛道是消费里面少有量价齐升的板块 ，并且随着单 身经济及消费方式的转变， 从实物消费到情绪消费的转变 ，相信大家多少在家里面都多少有一些 宠物（常见的是猫、狗，稀罕的是鸟、仓鼠、乌龟、蛇等），宠物恰逢其时，目前A股从宠物食品 到医疗已经形成一个完整的贝塔。 C、主业稳健，每年贡献净利润大几千万，收购的淘通科技可以贡 ...

Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].

Core Viewpoint - Yong'an Pharmaceutical has seen a significant stock price increase, reaching a new high of 15.41 yuan per share, attributed to rising export prices of taurine products and strong market interest in the taurine industry [1][4]. Company Performance - As of May 19, Yong'an Pharmaceutical's stock price increased by 9.99%, with a net inflow of 182 million yuan in main funds on that day [1][2]. - Since April 1, the company's stock has risen by 86.11%, with three limit-up days in four trading sessions following a limit-up on May 14 [4]. - The company reported a net profit of 61.76 million yuan for 2024, marking a turnaround from losses [5]. Industry Context - Yong'an Pharmaceutical is a leading player in the taurine industry, holding over 50% of the global market share with an annual production capacity of 58,000 tons [4]. - The export prices for pharmaceutical-grade taurine reached 8.9 USD per kilogram and food-grade taurine at 6.89 USD per kilogram in April, indicating a significant price increase [4]. - The market has shown increased interest in the taurine supply chain, with related sectors such as health products and pet economy performing well, supporting Yong'an Pharmaceutical's stock price rise [5]. Management and Governance - The company is actively engaged in the research, production, and sales of functional foods and health products through its subsidiary, Yong'an Kangjian Pharmaceutical [5]. - There is ongoing market attention regarding the investigation of the company's chairman, which may impact operational decisions and market confidence [6].

Group 1 - The core viewpoint of the articles highlights a significant increase in the number of stocks with consecutive gains, with a promotion rate of 40% for stocks moving from one to two consecutive gains [1] - A total of 84 stocks hit the daily limit, with 23 stocks being consecutive gainers, including 6 stocks with three or more consecutive gains [1] - The overall market sentiment is improving, with over 3,500 stocks rising and more than 100 stocks increasing by over 9% [1] Group 2 - The China Securities Regulatory Commission has modified certain provisions of the "Guidance on the Supervision of Listed Companies No. 9" to facilitate mergers and acquisitions, leading to a surge in the M&A concept stocks [1] - Notable stocks in the M&A sector include Guangzhi Technology, which hit the daily limit, and Zongyi Co., which has seen three gains in four days [1] - Other stocks with restructuring expectations, such as Hunan Tianyan, Bohai Co., and Xin Hongtai, also experienced limit-up movements [1] Group 3 - Chengfei Integration achieved a remarkable nine consecutive gains, while Lijun Co. and Zhongyida recorded two consecutive gains [2] - Other notable stocks include Youfu Co. with ten gains in twenty days, and Jiaoda Aongli with five gains in seven days [3] - The overall trend indicates a strong performance in sectors such as military, shipping, and chemicals, with various companies showing significant upward momentum [2][3]

Market Performance - Chinese stock market showed poor performance with major financial sectors dragging down the index, while US stocks continued to strengthen, with the S&P 500 gaining 0.7% and the Nasdaq rising 0.5%[3][9] - European markets experienced positive sentiment, with the Stoxx 600 index closing up 0.42% and the UK FTSE 100 index rising 0.59%[9] Economic Indicators - China's fiscal policy has significantly intensified since 2025, with the deficit rate reaching historical highs; Q1 fiscal spending increased by 5.6% year-on-year, while revenue decreased by 2.6%[6] - The US consumer confidence index fell to 50.8, marking the second-lowest level on record, amid rising inflation expectations[30] Commodity and Currency Trends - Oil prices rebounded, with NYMEX crude oil closing at $62.49, up 1.41%, while gold prices fell to $3,187.2 per ounce, marking a 4.1% decline for the week, the largest drop in six months[27] - The US dollar index rose by 0.21% to 101.09, marking four consecutive weeks of gains[27] Fixed Income Market - US Treasury yields saw slight increases, with the 10-year yield rising to 4.48%, while Moody's downgraded the US credit rating from Aaa to Aa1 due to rising government debt levels[30] - The Chinese bond market showed minor fluctuations, with the 2-year yield at 4.00% and the 10-year yield at 4.48%[29] Sector Performance - In the Hong Kong market, the Hang Seng Index fell by 0.46%, driven by declines in major financial stocks and technology shares, while healthcare stocks gained 1.5%[11] - The pet economy sector is expected to continue growing, driven by stable overseas demand and domestic market shifts towards local brands[19]

Group 1 - The core viewpoint of the articles highlights the rapid development of the pet economy in Longhua District, Shenzhen, with various initiatives and events aimed at establishing a pet-friendly environment and promoting related businesses [1][2][3] - Longhua District is launching the "2024-2025 Action Plan for Promoting High-Quality Development of the Pet Economy," focusing on areas such as pet supplies, veterinary services, and industry regulation to create a structured and quality-driven pet economy [1][3] - The district has successfully attracted two companies and established a pet-friendly business ecosystem with 380 pet-related merchants on the Meituan platform, covering various pet service sectors [2] Group 2 - The "2025 Shenzhen Outdoor Pet Culture Week" has gained significant attention, with over 20 million reads on social media and a 40% increase in foot traffic for pet-friendly businesses during the event [2] - Longhua District plans to add 10 more pet-friendly communities by 2025 and aims to create a digital platform for a comprehensive pet service ecosystem, striving to become a national model for pet economy innovation [3] - The establishment of the "Shenzhen Pet World One-Stop Mall" offers a diverse shopping experience with over 20 well-known pet brands, indicating a shift from single consumption to a more diversified demand in the pet industry [3]