（文章来源：每日经济新闻） 每经AI快讯，11月17日，华泰证券研报表示，2025年宠物食品市场双十一呈现交易火热、头部品牌格 局趋于稳定两大特征。伴随行业进入高质量发展期，产业及资本加大投入势必带来短期行业竞争边际加 剧，而伴随宠主消费趋于理性，未来宠物品牌的竞争将更加侧重于优质产品而非"营销噱头"，中长期来 看，具备较强研发及供应链优势的头部宠企有望拔得头筹。 ...

Summary of the Conference Call on the Pet Food Industry Industry Overview - The pet economy in China has reached a scale of 155.7 billion yuan, with pet food occupying a core position, accounting for approximately 50% of the overall market. Pet staple food accounts for about 36%, indicating significant potential in the pet food market [1][2]. Key Insights and Arguments - Pet food is primarily divided into staple food, snacks, and health products, with staple food further segmented into dry and wet food. The future trend indicates that puffed food will remain mainstream, but baked food, prescription food, functional feed, and age-specific products will see rapid growth, suggesting a more diversified product structure [1][4]. - Online channels are the main battleground for the pet food market, with 57.7% of consumers choosing to purchase pet staple food online. Platforms like Taobao and Tmall account for over 50% of the market share, while Douyin and Xiaohongshu are suitable for new product promotion, highlighting the importance of online marketing [1][5]. Competitive Landscape - The market competition is stratified, with foreign brands dominating the high-end market, while domestic brands perform well in the mid-to-low-end market. Domestic brands are gradually replacing foreign brands by launching mid-to-high-end products to meet the demand for consumption upgrades [1][6]. - According to the Tmall 618 sales list, the market share of foreign brands has declined, while domestic brands have risen. Consumer preference for domestic brands has increased, with 35% and 33% of consumers preferring Chinese brands for cat and dog staple foods, respectively, reflecting a year-on-year increase of 6-7 percentage points [1][6]. Future Outlook - The overall scale of the pet economy is projected to reach 300 billion yuan in 2024, with a year-on-year growth of 7%. The cat and dog markets are expected to be 144.5 billion yuan and 155.7 billion yuan, respectively, with the cat market growing faster than the dog market [2]. - The trend of smaller family sizes and the desire for companionship are driving an increase in pet ownership and consumption upgrades. The average spending per pet is also showing a marginal upgrade trend, indicating that the pet economy, particularly the staple food segment, is likely to maintain high single-digit to double-digit growth [7]. Additional Important Points - The demand for mid-to-high-end pet food is expected to increase under the trend of refined feeding, providing ample development space for domestic brands. Companies should seize opportunities to enhance product quality and brand influence to meet market demands [3][7].

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

麻了。 尽管根据各大电商平台的双十一战报，今年国人的消费实力依旧不减，天猫双11总交易额5403亿元、京东11.11累计下单金额超3491亿元，都高于去年， 但大众的消费心态却发生了明显变化。 社交平台上，许多年轻人发帖称彻底放弃了钻研复杂的购物攻略，放弃计算直播间与旗舰店下单的微小差距。 因为受够了被平台套路牵着鼻子走，像没头苍蝇一般困在铺天盖地的营销算法牢笼里。 今年双十一刚刚结束，相比于往年热闹喧嚣的贵了、便宜了、多了、少了、值不值得等等评判与讨论，更多普通人的感受只能用两个大字来形容： 越来越多人意识到，花钱是为了讨好自己、消费是为了更快乐，如果购物的心境不是从从容容游刃有余，而是匆匆忙忙、连滚带爬，既焦虑于错过优惠、 事后又后悔冲动下单，那这样的购物体验不如不要。 因此，一些年轻人最近在尝试一种全新的购物理念——当自己的"手机皇帝"。 01 第一批厌倦套路的年轻人 开始抢回消费主导权 手机皇帝，指的是此前网络上爆火的一种app分类方式。 把app们根据功能分类，对照着古代官制大致对应、重新命名，比如把办公软件们命名为上书房，购物软件们命名为采办处。 专门用来看电视剧、综艺的影音软件们则是教坊司。 而 ...

盒马创始人侯毅的新创业项目遭遇挫折。11月14日，有消息称，侯毅创办的宠物鲜食品牌"派特鲜生"将 关闭所有门店，距离首店开业才过去9个月。南都N视频记者搜索大众点评发现，派特鲜生在上海开设 了18家店，现有7家店暂停营业。仍在营业的门店中，有工作人员告诉南都记者："暂未接到关店通知， 不太清楚。" | 专部 图片 | 团购 外卖 | 用户 | 内容 | | | | --- | --- | --- | --- | --- | --- | | 全城 ▼ | 分类▼ | 排序 ▼ | | 筛选▼ | | | | Pet&Fresh派特鲜生(月亮湾店) ★★★★ 4.0 66条 ¥48/人 | | | | | | 作导解学 | 宠物食品用品 临平路/和平公园 | | | | 上海 | | 1993 | 榜 虹口区遛宠出游榜第7名 宠物零食 | | | | | | | Pet&Fresh派特鲜生(大华锦绣店) | | | | | | PeraFres | ★★★★ 4.1 40条 ¥55/人 | | | 高度量和 | | | 派特解生 | 宠物食品用品 世博园 | | | | 上海 | | 日日時 | 宠物用品 可停车 ...

Core Insights - The "Double 11" shopping festival this year saw significant consumer engagement due to government subsidy policies, with over 100 million interest-free installment products offered by platforms and merchants [1][3] - The implementation of the personal consumption loan subsidy policy has effectively reduced consumer credit costs, leading to an 18% increase in per capita installment spending compared to September [1][3] Group 1: Government Policies - The introduction of the "Personal Consumption Loan Fiscal Subsidy Policy" in September aims to stimulate market activity and consumer spending by lowering credit costs [3] - The "National Subsidy" product section on Taobao and Tmall has attracted 65 million views since its launch on October 30, highlighting increased consumer awareness of the subsidy policy [4] Group 2: Consumer Behavior - There was a 19% increase in the number of consumers benefiting from the national subsidy during "Double 11," with nearly 2 million first-time users of interest-free installments [4] - Consumers are increasingly opting for installment payments, as evidenced by a significant rise in the use of these options during the shopping festival [7] Group 3: Merchant Response - Merchants have responded positively to the subsidy, with many reporting increased sales and higher coverage of interest-free installment options [6] - For example, Bosideng reported a 97.8% coverage of interest-free installments for products over 100 yuan, with installment payments accounting for 12.7% of total sales [6] - Brands offering full-store interest-free options saw substantial growth, with some reporting an 80% increase in installment sales and nearly 20% growth in overall sales [6] Group 4: Market Dynamics - The collaboration between government subsidies and merchant strategies has created a win-win situation, enhancing consumer purchasing power while driving sales growth for businesses [8] - The recent emphasis on boosting consumption in the "14th Five-Year Plan" underscores the importance of collaborative efforts in stimulating economic activity [8]

Core Viewpoint - The article highlights the positive impact of the "National Subsidy" policy on consumer spending during the "Double 11" shopping festival, showcasing a collaborative effort among the government, platforms, merchants, and consumers to stimulate the economy through innovative financial practices [1][2]. Policy Impact - The Chinese government has been actively enhancing its consumer support policies, including a 1% financial subsidy for eligible personal consumption loans, which has led to a rapid market response since its implementation [2][6]. - The introduction of the "National Subsidy" section on e-commerce platforms has attracted 65 million consumers, with a 19% increase in the number of consumers benefiting from the subsidy during the "Double 11" period compared to September [2][4]. Consumer Experience - A typical consumer experience is illustrated by a case where a consumer was able to purchase a refrigerator through a combination of a trade-in subsidy and interest-free installment payments, significantly reducing financial pressure [3][5]. Market Dynamics - The collaboration between the government and market players has created a robust synergy, with platforms and merchants actively participating in promotional activities, leading to a 97.8% coverage of interest-free installment payments for certain products [4][6]. - Brands that offered full-store interest-free options saw significant sales increases, with one furniture brand reporting an 80% growth in installment sales and a nearly 20% increase in overall sales [6][8]. Consumer Behavior - The trend of interest-free installments has become a new norm, with a notable increase in consumer usage during the "Double 11" festival, indicating a shift towards more calculated spending [7][8]. - Research indicates that products with interest-free installment options experienced an average sales increase of 30%, while overall store sales rose by 15% [8].

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 ...

Summary of Tmall Double 11 Pet Industry Conference Industry Overview - The pet food sales on Tmall are projected to reach between 20 billion to 24 billion yuan in 2025, with a growth rate of approximately 23%-24% [10][1] - JD.com is expected to achieve sales of 8 billion to 9 billion yuan, while Pinduoduo may exceed 10 billion yuan [10][1] - Pinduoduo has shown rapid growth from 2 billion yuan in 2020 to 6.1 billion yuan in 2023, but its growth rate has slowed in recent years [10][1] Key Insights and Arguments - Tmall's Double 11 pet category growth is supported by platform incentives, increased UV traffic, AI technology applications, and rising Tmall traffic [1][5] - The average daily active users (DAU) on the platform reached 670 million, with flash sales driving 140 million DAU [6][1] - The average transaction value in the pet category increased by approximately 5-6 percentage points [6][1] - Sales figures during Double 11 included: - Cat food: 3.188 billion yuan, up 36.9% - Dog food: 2.082 billion yuan, up 24.59% - Cat snacks: 652 million yuan, up 47.8% - Dog snacks: 267 million yuan, up 41.26% [7][1] Brand Performance - Domestic pet brands have a higher concentration than foreign brands, with notable performances from brands like Xianlang, Maisidi, and Lanshi [1][9] - Xianlang achieved sales of 353 million yuan, with a promotional ROI of 1:12 and a quarterly repurchase rate of 64% [9][1] - Other brands like Maisidi and Lanshi also showed significant growth, with ROIs higher than those in the household and beauty sectors by 5-6 percentage points [9][1] Financial Metrics - Brand gross margins on Tmall are approximately 50%-60%, with e-commerce platform costs accounting for about 8.5% [20][1] - The cost structure includes advertising expenses, commissions, and technical service fees [20][1] - Leading brands like Maifudi and Royal have lower cost ratios, around 6%-8% [20][1] Market Dynamics - The pet food category is a key focus for Tmall, with increased support leading to a 16% increase in category coupons [33][1] - The overall GMV for Tmall during Double 11 was 1,093.48 billion yuan, with pet food GMV at 625.5 million yuan, up 34.19% [2][1] - The pet food market is characterized by a dual growth in quantity and price, particularly in the cat food segment [18][1] Consumer Behavior - There is a trend towards purchasing larger or higher-value products, with cat product sales volume increasing by 13% and prices rising by 7% [37][1] - Dog product sales are expected to increase by 3%, with actual volume growth around 5% and a price increase of 10% [37][1] Competitive Landscape - Tmall's market share has reached parity with Taobao, with Tmall's volume now equal to that of Taobao [19][1] - Different brands employ varied strategies for off-platform promotion, impacting their sales performance [21][1] Conclusion - The pet food market on Tmall is experiencing robust growth driven by strategic platform support, consumer trends towards premium products, and effective brand marketing strategies. The competitive landscape is shifting, with domestic brands gaining a stronger foothold against foreign competitors.

Core Points - The eighth China International Import Expo (CIIE) took place in Shanghai from November 5 to 10, emphasizing green and low-carbon initiatives [1] - Gold East Paper, a subsidiary of the Nine Dragons Paper Holdings, showcased its zero-carbon office paper and other eco-friendly products at the expo [2][3] - The company plans to launch a 50 MW rooftop distributed photovoltaic project in 2024, aiming to generate over 50 million kWh of solar power annually, reducing CO2 emissions by approximately 40,000 tons [3] - Evonik Industries introduced 11 new products in the fine chemical sector, with four being global debuts, highlighting international collaboration and innovation [4] - COSCO Shipping's logistics services facilitated the transportation of South American products to Shanghai, enhancing global supply chain efficiency [5] - The Zhenjiang Economic Development Zone aims to attract foreign investment, with a reported 39% share of the city's foreign capital in 2024, and has cumulatively utilized over $10 billion in foreign investment [6]