Core Insights - The pet industry is undergoing significant transformation driven by the "adopt, don't shop" philosophy and increasing demand for purebred pets, reflecting diverse consumer attitudes towards pet ownership [1] - The traditional image of "pet dealers" is evolving into professional "pet breeders," yet issues like "weekend pets" and backyard breeding persist, highlighting a conflict between commercial interests and ethical considerations [1] Group 1: Industry Challenges - The phenomenon of "weekend pets" involves unregulated sellers offering sick animals, creating a risk for consumers and damaging the industry's reputation [2][5] - Price wars among breeders are leading to a decline in quality and service standards, as some breeders resort to undercutting prices to survive in a competitive market [5][9] - The emergence of small pets like snakes and lizards is impacting the sales of traditional pets, causing a cooling effect on their prices [6] Group 2: Ethical Considerations - The lack of respect for life and excessive profit-seeking among some breeders contribute to the proliferation of "weekend pets," necessitating stricter controls at the breeding source [9][10] - Responsible breeders emphasize the importance of using purebred stock and maintaining a healthy breeding environment to ensure the well-being of the animals [10][11] - There is a call for consumers to be more informed and cautious when purchasing pets, encouraging them to verify breeders' credentials and the health of the animals [11]

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 618 节奏拉长规则简化，国货美妆高质量增 长 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 23 日 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -9% -1% 7% 15% 23% 31% 39% 47% 55% 63% 2024/6/24 2024/10/22 2025/2/19 2025/6/19 商贸零售 沪深300 相关研究 《酒店集团业绩显著复苏， ...

重申持续推荐宠物和生猪板块 20250622 摘要 发改委和农业农村部出台政策，旨在通过去产能提升猪价，以活跃消费 并引导 CPI 恢复，类似于 2015-2016 年环保政策对生猪行业产能的约 束，但与此前非洲猪瘟后的保护性政策有所不同。 当前生猪板块估值较低，建议关注低成本、低负债率、出栏增速和成长 性高的企业，如牧原股份、温氏股份等一线标的，以及神农集团、巨星 农牧等二线标的。 2025 年宠物食品市场品牌格局中，国产品牌占比提升，鲜朗、麦富迪 等领先，弗列加特增速显著。外资品牌如皇家、天然百利、渴望、艾肯 拿仍占据重要地位。 宠物食品市场高端产品线快速增长，如烘焙风干粮等，其中弗列加特表 现突出。消费者更关注精准喂养功能，推动国产品牌以更高性价比竞争 外资品牌。 京东数据显示，皇家和麦富迪在猫粮和狗粮市场占据领先地位，同时网 易严选、渴望、爱肯拿、弗列加特等品牌也表现出色。中高端市场逐渐 向超高端领域发展，国产品牌竞争力增强。 Q&A 今年下半年生猪板块的基本面和政策拐点有哪些变化？ 今年下半年，生猪板块处于基本面拐点和政策拐点的阶段。从基本面来看，今 年的出栏规模增速预期以及二次育肥压栏对市场的压力 ...

证券研究报告 2025 年 06 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3359.90 | -0.07 | | 深证成指 | 10005.03 | -0.47 | | 创业板指 | 2009.89 | -0.83 | | 科创 50 | 957.87 | -0.53 | | 北证 50 | 1347.46 | -1.34 | | 沪深 300 | 3846.64 | 0.09 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 653138 | 506006 | 12.03 | 1.25 | | 深证成指 | 220912 | 180485 | 19.58 | 2.07 | | 创业板指 | 56764 | 44868 | 26.38 | 3.68 | | 科创 50 | 33281 | 21936 | 52.00 | 4.00 | | 北证 ...

中信证券：中报季的应对思路和准备 二是港股近期偏弱的原因是什么？后续是否还有机会？我们认为港元流动性收紧预期、配股以及减持的增加将 阶段性制约港股贝塔，但经历行业性动量的修正后，阿尔法机会在未来两个月将会更为凸显，尤其是在电车、 创新药和新消费领域。 三是国内价格信号相对偏弱，外资现在对中国资产的态度如何？我们认为今年迄今外资对中国资产最大的态度 变化在于关注度、耐心和长期认可度，但是短期受制于一系列因素，实际的资金流入不明显，趋势性回流需要 继续等待。 四是微盘股的下跌是否会引发系统性波动？我们认为概率很小，有了去年初的经验，不少量化产品已提前做了 风控准备，但在高估值、高拥挤度和弱基本面环境下，中报季还会继续下修估值。 五是中报季潜在的外部风险是什么？我们认为特朗普用"232调查"来替代行政令推动行业性关税落地，以及减 税法案落地后资金阶段性回流美元资产可能会对非美市场造成不利影响。 中信建投：港股调整拖累，A股赛道轮动 前期表现强势的港股新消费和创新药板块，近期出现较明显调整，带动A股相关板块也出现较大波动，目前港 股流动性和风险偏好均受到冲击，可能仍将持续一段时间。内部基本面延续内需偏弱+结构性景气的 ...

农林牧渔 行 业 及 产 业 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 (8621)23297818× zhujy@swsresearch.com 2025 年 06 月 22 日 关注宠物食品 618 销售表现，降重出栏延 续猪价偏强震荡 看好 —— 农林牧渔周观点（2025.6.16-2025.6.22） 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 本周申万农林牧渔指数下跌 3.1%，沪深 300 下跌 0.5%。个股涨幅前五名：邦基科技（24.7%）、晨光生物 （13.4%）、ST 天山（4.2%）、ST 景谷（3.8%）、中牧股份（2.6%），跌幅前五名：安德利（-18.7%）、中宠股 份（-13.4%）、晓鸣股份（-11.3%）、辉隆股份（-10.7%）、佩蒂股份（-10.0%）。投资分析意见：猪价预 ...

行业报告 | 行业研究周报 农林牧渔 证券研究报告 1、生猪板块：行业盈利空间持续压缩，重视生猪板块预期差！ 1）猪价低位震荡&仔猪价格继续回落。截至6 月21 日，全国生猪均价 14.37 元/kg，较上周末下跌 0.28%（智农通），本周行业自繁自养盈利约 92 元/ 头，较前期大幅缩窄（5 月头均盈利160 元/头）；本周7kg 仔猪和50kg 二元母猪价格为443 元/头和 1619 元/头，仔猪价格较高点回落超200 元/头。 供应端，本周出栏均重为 128.28kg（环比-0.42%），150kg 以上生猪出栏占比为4.74%（环比-0.08pct），近期降重趋势明确但绝对体重仍处历史同期高 位。需求端，上周价格跌至年内低点后，多数屠企低价分割意愿增强，本周屠宰样本日均宰杀量环比+1.96%。但短期来看，高温期季节性消费淡季， 拖累整体鲜品走货难度增加。近期天气炎热或加速前期大猪出栏，猪价或呈季节性走弱趋势，行业盈利空间持续压缩，或加强去化逻辑。 2）重视生猪板块低估值、预期差！重视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况下，后续产能去化容易程度及复产难度或再度提 升，产能有望波 ...

Group 1 - The meeting marks a significant step towards the professionalization and standardization of the pet funeral service industry in China [2] - The pet funeral service is increasingly recognized as an essential part of the pet lifecycle, reflecting deep emotional connections with pets [2] - Establishing a scientific, unified, and authoritative skill evaluation standard for pet funeral practitioners is crucial for improving service quality, protecting consumer rights, and promoting healthy industry development [2] Group 2 - The meeting was organized by the National Cooperative Federation's Vocational Skills Appraisal Guidance Center, aiming to develop evaluation standards for pet funeral practitioners [1] - The meeting was attended by experts from various regions, including educational institutions and service companies, indicating a collaborative effort in standard development [1] - Shanghai Qianchong Pet Service Co., Ltd. is the leading unit in this standardization effort, working alongside other experts to ensure the content is practical and meets industry needs [1]

证券研究报告 | 行业定期报告 2025 年 06 月 22 日 把握酒类情绪修复机遇，回归业绩主线 食品饮料行业周报（6.22） 消费品/食品饮料 本周新华社、人民网等媒体均发文指向整治违规吃喝一刀切现象，对于部分地 区过度限制正常社交聚餐等行为从态度上进行纠偏，白酒侧有望对于除公务接 待以外场景产生的冲击带来修复，叠加整体估值处于低位，行业加速触底后建 议逢低布局龙头；啤酒侧关注情绪面修复下，在旺季动销催化中具备大单品放 量结构性增长的标的。此外，新消费短期有所回调，建议关注下半年延续高增 品类的估值切换机会。 海天味业：H 股挂牌上市交易。6 月 19 日公司全球发售 2.79 亿股 H 股股 票在香港联交所主板挂牌并正式上市，扣除相关费用后预计收取发售款净 额约为 100.10 亿港元。 ❑ 核心公司跟踪：白酒积极调整应对环境，小食品、宠物景气延续 五粮液：股东会公司表态积极奋进，环境有挑战不改初心，分红有望进一 步提升。公司股东会表态积极，25 年分红率有望进一步提升。普五坚持 量价平衡，1618 以高质量动销为导向。营销执行提升年，精细化渠道政 策持续推进，成立销售公司、实施市场化机制考核。25H ...

Core Insights - The global pet food market is experiencing strong and sustained growth driven by changing consumer perceptions and the increasing status of pets as family members rather than mere companions [1] - The market is evolving not only in terms of consumption volume but also in consumer philosophy and product structure [1] Group 1: Market Trends - In Italy, the pet food market is set for significant expansion in 2024, with the total number of pets stable at approximately 65 million, and cat ownership rising from 10.2 million in 2023 to 11.9 million in 2024, reflecting a growth rate of 16.7% [2] - The growth of cat ownership is attributed to urbanization and the increasing proportion of single and empty-nester populations, making cats more appealing due to their lower care costs and interaction demands [2] Group 2: Product Categories - The global pet food market is primarily divided into wet and dry food, with the wet food market expected to reach $35 billion in 2023, accounting for 27% of total sales [3] - Cat food dominates the wet food segment, holding a 61% market share, and is projected to grow significantly faster than dog wet food over the next five years [3] - Despite a temporary stagnation in wet food growth in 2022, the market has regained momentum in 2023, with a projected annual growth rate of 1.4% due to increased consumer focus on quality [3] Group 3: Emotional Consumption - The rapid growth of the pet food market is driven by the emotional value pets hold in human lives, with pets now seen as family members and emotional supporters [4] - The younger generations, particularly Gen Z and Millennials, exhibit diverse and refined consumption attitudes towards pet food, seeking high-quality ingredients and emotional satisfaction from their purchases [4] Group 4: Premiumization - The trend towards premiumization in pet food is becoming increasingly evident, with the global premium pet food market expected to grow by 2% in volume and 10% in market value in 2023 [5][6] - Consumers are willing to pay a premium for higher quality, healthier, and more personalized products, reflecting a deeper concern for their pets' overall well-being [6] Group 5: Future Outlook - The evolution of the pet food market is shifting from mere functional satisfaction to emotional resonance and cultural co-creation, focusing on quality, health, and personalization [7] - Competition among brands is transitioning from product strength to emotional connection and understanding of pet owners' lifestyles, indicating a new consumer landscape that integrates technology, culture, and social attributes [7]