Market Overview - On November 26, the Shanghai Composite Index decreased by 0.15%, while the CSI 300 increased by 0.61%, the STAR Market 50 rose by 0.99%, the CSI 1000 fell by 0.02%, and the ChiNext Index increased by 2.14%. The Hang Seng Index rose by 0.13% [4][6] - The best-performing sectors on November 26 were telecommunications (+4.64%), comprehensive (+1.79%), electronics (+1.58%), retail (+1.11%), and home appliances (+0.96%). The worst-performing sectors were defense and military (-2.25%), social services (-0.97%), media (-0.82%), oil and petrochemicals (-0.8%), and banking (-0.79%) [4][6] - The total trading volume for the A-share market on November 26 was 17,971.9 billion yuan, with a net outflow of 3.952 billion Hong Kong dollars from southbound funds [4][6] Important Recommendations - The report recommends Chengda Biological (688739) due to the synergistic effects of shareholder involvement and continuous innovation. The company is expected to see accelerated transformation and revenue growth driven by mergers and acquisitions and new vaccine commercialization [7] - Revenue forecasts for Chengda Biological from 2025 to 2027 are 1,347.93 million yuan, 1,418.37 million yuan, and 1,530.02 million yuan, with growth rates of -19.59%, 5.23%, and 7.87% respectively. Net profit is projected to be 200.23 million yuan, 222.63 million yuan, and 253.73 million yuan, with growth rates of 41.59%, 11.19%, and 13.97% respectively [7] Industry Insights Agriculture, Forestry, Animal Husbandry, and Fishery - The core viewpoint emphasizes deepening value in the agricultural sector and positioning for new cyclical opportunities. The market outlook indicates continued pressure on pig prices, uncertainty in beef prices, and persistent low prices for poultry, with intensified competition in feed and animal health sectors [8][9] - The report suggests that leading pig enterprises can maintain profitability through cost advantages and structural optimization despite production capacity constraints. The feed sector is expected to see growth potential for companies with cost control and integrated supply chains, while the animal health sector may benefit from pet care and international expansion [9][12] Non-Banking Financial Sector - The non-banking financial sector is anticipated to experience a rebound in 2026, characterized by a combination of high probability and favorable odds. The market outlook for this sector is cautious due to the high base in 2025, but a potential recovery is expected amid a long-term "slow bull" market for equities [10][13] - The report highlights that the asset and liability sides of the financial sector are expected to resonate positively, supporting the overall growth of the sector [13]

Core Viewpoint - The implementation plan aims to enhance the adaptability of consumer goods supply and demand, promoting consumption and achieving a dynamic balance by 2027 and establishing a high-quality development pattern by 2030 [1][6]. Group 1: Key Tasks and Focus Areas - The plan outlines 19 key tasks focusing on expanding new consumption, deepening existing consumption, and targeting niche markets through innovation in new technologies and models [1][6]. - Emphasis is placed on accelerating the application of new technologies in key industries such as smart connected vehicles, smart home, consumer electronics, and modern textiles [3][4]. - The initiative includes promoting flexible and customized manufacturing, establishing a digital system from user demand to intelligent design and flexible production [3][4]. Group 2: Consumer Segments and Product Development - The plan targets specific consumer segments, including children and the elderly, promoting the development of high-quality, intelligent, and customized products [8][9]. - For the children’s market, there is a focus on enhancing the supply of feeding, travel, outdoor, and educational products, alongside safety measures for children's products [8]. - In the elderly market, the plan encourages the development of products such as care robots, multifunctional nursing beds, and health monitoring devices to improve quality of life [8]. Group 3: New Consumption Scenarios - The plan aims to cultivate new consumption scenarios by promoting interest-based products such as pet-related goods, anime, and trendy fashion items [5][6]. - It supports the development of low-altitude tourism and private flying experiences, as well as the automotive aftermarket, including car modifications and RV camping [5]. - The initiative encourages the establishment of flagship stores and new concept stores to enhance consumer experience and promote product launches [5][6]. Group 4: Shared Consumption and Quality Standards - The plan outlines directions for shared consumption, including the promotion of shared bicycles and wheelchairs in public spaces, along with establishing quality certification systems for shared products [6][7]. - It emphasizes the importance of creating a comprehensive system that connects new supply with new demand through 19 specific tasks [6][7].

天眼查App显示，近日，四川扶光天辰生物科技有限责任公司成立，法定代表人为李英，注册资本10万 人民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；数 字技术服务；生物基材料销售；生物农药技术研发；互联网销售（除销售需要许可的商品）；信息咨询 服务（不含许可类信息咨询服务）；厨具卫具及日用杂品批发；日用化学产品销售；环保咨询服务；海 洋环境服务；自然生态系统保护管理；水环境污染防治服务；水利相关咨询服务；智能农机装备销售； 宠物销售；宠物服务（不含动物诊疗）；宠物食品及用品批发；宠物食品及用品零售；日用杂品销售； 牲畜销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The livestock farming industry is expected to experience a resonance of cycles and growth opportunities by 2026, with the swine sector reaching a critical point of de-stocking, leading to potential value recovery for cost-leading enterprises. The beef industry is projected to maintain a high prosperity cycle until 2027, while the poultry sector shows a clear upward price trend due to supply contraction [1]. Swine Sector - The swine sector is witnessing a significant slowdown in production capacity due to ongoing losses and declining pig prices, reaching a de-stocking critical point. Leading companies with low-cost advantages are expected to realize value release, with recommendations for companies like Muyuan Foods, Wens Foodstuff Group, and Dekang Agriculture. Smaller pig farming companies with growth potential are also suggested for attention [2]. Beef Sector - The beef sector is in a high prosperity cycle, with slow supply recovery and rising global beef prices driven by import policy restrictions. The main upward wave of the cycle is anticipated to begin in 2026, with recommendations for companies such as Youran Dairy, Modern Farming, and China Shengmu Organic Milk [3]. Poultry Sector - In the poultry sector, the yellow chicken segment is experiencing capacity de-stocking due to continuous losses, although parent stock remains high. Companies with rapid capacity expansion and strong cost control, such as Lihua Agricultural Science and Technology, are favored. The white feather chicken segment is awaiting a cycle reversal, with recommendations for integrated leaders like Shennong Development and upstream chick leaders like Yisheng Livestock and Poultry [4]. Feed Sector - The feed sector emphasizes cost control and industry chain extension, focusing on companies with strong cost management capabilities and established overseas operations. Recommended companies include Haida Group and Bangji Technology [5]. Animal Health Sector - The animal health sector highlights the importance of research and innovation, recommending companies that can avoid price wars. Key focuses include product layout in the pet segment and breakthroughs in high-value pet pharmaceuticals. Recommended companies include Reap Bio, which benefits from the recovery of livestock prices, and companies like Kexin Bio, Plank Bio, and Zhongmu Bio with strong competitive advantages [6]. Planting Industry - The planting industry is expected to see grain prices stabilize, influenced by high production and inventory levels. Grain security remains a priority, with a shift from cyclical to growth valuations in the seed industry. Recommended companies include Beidahuang and Suqian Agricultural Development, with attention to seed companies like Kangnong Seed Industry and Longping High-Tech [7]. Pet Industry - The pet industry is thriving, driven by domestic demand and exports, with rapid growth of domestic brands. Key companies to watch include pet food brands like Guibao Pet and Zhongchong Co., and pet supplies companies like Yuanfei Pet and Tianyuan Pet [8].

根据《实施意见》，宿迁将推动涉宠加工业集聚发展，建设乐宠服务平台载体，建设宠物友好型城市，发展宠物电商经济，发挥产业协同效应，培育壮大 产业主体，强化产业链招商，规范行业发展行为。 为贯彻落实好《宿迁市宠物产业集群全链式发展实施意见(2025-2027年)》精神，宿迁制定了《宿迁市支持宠物产业集群全链式发展若干政策措施》。该文 件构建了精细化、多层次、接力式的宠物经济全产业链发展政策体系，主要有六个方面24条政策措施。 校对陶善工 宠物经济潜力巨大，为加快拓展新赛道、拉动新消费，规范社会养宠行为，推动宠物产业高质量发展，分别印发《宿迁市宠物产业集群全链式发展实施意 见(2025-2027年)》(以下简称《实施意见》)和《宿迁市支持宠物产业集群全链式发展若干政策措施》(以下简称《政策措施》)。 根据《实施意见》，宿迁将积极构建产业配套完备、支撑体系健全、数据要素汇聚、企业集聚发展的宠物经济生态圈，着力打造华东地区宠物经济高质量 发展新高地。到2027年，全市宠物产业集群规模将达200亿元。 《实施意见》明确了五大重点任务：做大宠物食(用)品产业、做强宠物电商产业、突破宠物医药产业、拓展宠物服务新业态、适度发展宠 ...

Group 1 - The SW Agricultural, Forestry, Animal Husbandry, and Fishery industry outperformed the CSI 300 index, with an overall increase of 16.36% from January to November 2025, surpassing the index by approximately 3.18 percentage points [12][13][14] - All sub-sectors within the industry recorded positive returns, with significant increases in animal health (36.27%), fishery (35.22%), agricultural product processing (21.88%), feed (12.48%), breeding (11.53%), and planting (8.49%) [13] - Approximately 83% of stocks in the industry achieved positive returns, with around 5% of stocks increasing by over 100%, and 17% recording negative returns [14][17] Group 2 - The breeding industry is experiencing a gradual reduction in the number of breeding sows, with a current stock of 40.35 million heads, which is 1.1% lower than the previous year [23][24] - The price of live pigs has shown a downward trend in 2025, with an average price of 11.65 yuan/kg as of November 24, down 26% from the beginning of the year, but is expected to gradually recover in 2026 [26] - The profitability of pig farming has turned negative, with self-breeding losses at 135.9 yuan per head and external piglet purchases at 234.63 yuan per head, but a recovery is anticipated in 2026 [31] Group 3 - The meat chicken breeding sector faced challenges in profitability during 2025, with the average price of broiler chicks fluctuating and a significant decline in profitability [33][35] - The supply of yellow feathered chickens is expected to remain relatively abundant in 2026, with a high stock of breeding chickens [45][47] - The overall feed production in China is projected to continue its recovery, with a total production of 15.85 million tons in the first half of 2025, reflecting a year-on-year increase of 7.7% [50] Group 4 - The prices of feed raw materials such as corn and soybean meal have shown fluctuations, with corn prices recovering from a low of 2115.59 yuan/ton to around 2300.88 yuan/ton by late November 2025 [52][53] - The global supply of corn is expected to remain ample, with a projected production of 128.6 million tons for the 2025/26 season, indicating limited price recovery potential [55] - The overall market for pet food in China is anticipated to grow, with an increase in exports and a rising domestic market [38][40]

【编者按】 近期，零点有数持续观察新消费产业的各细分领域赛道情况，通过深度分析与趋势研判，为产业链相关 单位与企业提供参考借鉴。继之前深入研究潮玩、珠宝首饰、新茶饮等赛道后，我们本期将聚焦在一个 充满爱的赛道中——宠物，让我们一起来探索这个正以惊人速度"奔跑"的蓬勃市场吧。 上周末路过上海静安区一家宠物主题咖啡馆，一场特别的生日派对正在举行。主角是一只名叫"布丁"的 柯基犬，它头戴定制生日帽，面前摆着宠物专属的鸡肉蛋糕，周围是十几只"狗狗嘉宾"和他们的主人。 这场派对花费超过2000元，包括场地布置、宠物蛋糕、摄影师跟拍和伴手礼。 这看似小众的消费场景，背后折射出的却是中国宠物产业正在经历的深刻变革——一场由情感驱动、技 术赋能、跨界融合共同塑造的"新消费革命"。当我们还在讨论"它经济"的边界时，这个赛道已经悄然奔 向万亿规模，并以前所未有的速度重塑着我们的生活方式与商业逻辑。 中国养宠观念的演变，是一条清晰的情感升级路径。从最初"工具型养宠"的剩饭喂养，到"情感型养 宠"的情感寄托，再到如今"拟人化养宠"的类人待遇，直至进入"宠本化养宠"的双主体共生阶段——宠 物不再是附属品，而是家庭中平等的一员。这一认知 ...

华鑫证券研报指出，依依股份海外订单持续改善，收购高爷家开启协同成长第二曲线。受海外需求放缓 和关税政策影响，公司部分订单流失导致第三季度增速出现下滑。尽管短期受外需减少和宏观政策因素 扰动，但公司与亚马逊、沃尔玛等核心客户合作稳定。此外，伴随公司首个海外生产基地于2025年5月 在束埔基投产，年产能达2.7亿片宠物垫，全球化供应链布局进一步强化。随着外需逐渐回暖，预计公 司营收节奏将回归正常增速。公司近期公告拟全资收购高爷家，布局宠物"食品+用品"一体化赛道。依 依股份资金实力雄厚，可为高爷家品牌推广及品类扩张提供支持，助力其由二线品牌向一线梯队迈进。 公司收购高爷家后将形成多重协同效应，开启第二成长阶段。给予"买入"投资评级。 ...

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3836.77, with a slight increase of 0.05% - The Shenzhen Component Index closed at 12585.08, rising by 0.37% - The ChiNext Index closed at 2929.04, up by 0.31% - The Hang Seng Futures Index saw a significant increase of 1.88%, closing at 33186.03 [2] Macro News Summary - The Ministry of Industry and Information Technology plans to establish around 100 national emerging industry development demonstration bases and approximately 1000 enterprise-level bases by 2035 - The People's Bank of China will conduct a 10 billion yuan MLF operation on November 25 - The National Energy Administration reported that the cumulative installed power generation capacity reached 3.75 billion kilowatts by the end of October, marking a year-on-year increase of 17.3% [4] Industry Developments - Google stated that it must double its AI computing power every six months, indicating a potential growth opportunity for related stocks such as Yibo Technology and Yingweike [5] - A report suggests that the commercial aerospace sector may have been established, signaling a potential industrialization turning point, with related stocks including Shanghai Huguang and Shanghai Gangwan [5] - The pet industry is highlighted as a dual hotspot in the consumer market, with significant growth potential for stocks like Yuanfei Pet and Petty Co. [5] Company Focus - Hitec High-tech is collaborating with major manufacturers to advance its eVTOL simulator business [6] - Aoke Co. produces carbonate series products used as solvents in lithium battery electrolytes [6] - Tianyi Medical has applied for medical device certification for its blood dialysis concentrate in the EU [6] - Zhongwu Drone's shareholder, Chengdu Industrial Investment Group, has set a preliminary transfer price of 41.99 yuan per share [6] Market Review and Outlook - On November 24, the market rebounded, with all three major indices closing in the green. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 237.9 billion yuan from the previous trading day - The market saw over 4200 stocks rise, with commercial aerospace concepts and military industry stocks experiencing significant gains - Despite recent market volatility influenced by global factors, the fundamental support for the Chinese stock market remains intact, providing an opportunity for investors to reposition for the upcoming spring market [7]

Market Performance - The US hotel sector increased by 2.8%, with Marriott and Hilton rising by 3.8% and 1.83% respectively, demonstrating resilience under pressure[6] - The overseas sportswear sector decreased by 0.2%, with Amer Sports surging by 12.2% due to strong Q3 performance, leading to a revenue increase of 30%[14] - The jewelry sector fell by 2.1%, influenced by AI bubble concerns and reduced expectations for a December rate cut, strengthening the dollar[14] Sector Analysis - The domestic sportswear sector dropped by 2.4%, with major OEMs like Shenzhou International and Crystal International declining by 6.7% and 2.6% respectively due to geopolitical tensions[14] - The retail sector saw a decline of 4.0%, with China Duty Free falling by 10.5% as investors took profits amid uncertain policy outlooks[14] - The pet sector decreased by 5.7%, with concerns over sustainability as sales expenses outpaced revenue growth[14] Valuation Insights - The expected PE for the overseas sportswear sector in 2025 is 29.0x, which is 54% of the past 5-year average[15] - The expected PE for the domestic cosmetics sector is 27.6x, representing 52% of the past 5-year average[15] - Most sectors are valued below their historical 5-year averages, indicating potential investment opportunities[15]