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]

中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 研究报告 Research Report 可选消费 W47 周度趋势解析： AI 泡沫论调和 12 月减息可能性降低影响全球资产表现 Week 47 Discretionary Trends: AI Bubble Concerns and Reduced Expectations for a December Rate Cut Weighed on Global Asset Performance 24 Nov 2025 Week 46 Discretionary Trends: Increased Focus on Sub-Sectors Driven by A/H High-Dividend Stocks and Mid-to-High-End Consumption Recovery (17 Nov 2025) 可选消费 W45 周度趋势解析：海内外消费子版块均无共振，内部因素催 化股价表现 Week 45 Discretionary Trends: Domestic and ...

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

11月23日，记者走访成都消费一线发现，从猫狗的智能保暖装备到异宠的精准温控系统，"温暖经济"越 来越具备更精致、更多元、全矩阵的特征，背后既有年轻群体的个性化追求，也有银发族的情感寄托， 降温后，市民何女士家里养的小仓鼠忙着往窝里塞满木屑，可她发现仅靠仓鼠自己收集铺放的木屑，保 暖效果仍不够，于是又专门添置了更多仓鼠专用纸棉，铺在笼中，让小家伙能更自在地钻进去筑巢，抵 御冬日寒意。像何女士这样的养宠人不在少数，随着气温下降，大家纷纷开始为家中"毛孩子"筹备过 冬，宠物过冬消费热潮悄然开启。 今年"双11"，宠物消费再度引爆市场——食品板块达94亿元销售额，较去年增长59%；保暖用品更完成 从"季节性补充"到"常年刚需"的蜕变。毕马威数据显示，2025年中国宠物市场规模预计突破8114亿元， 而Global Market Insights预测，全球宠物保暖用品市场2032年将达120亿美元。 共同构成千亿市场的新增长引擎。 服饰升级 宠物冬装销售市场火热 当猫狗的冬装赛道趋于成熟，异宠的保暖需求正推动市场从"传统衣物"向"电子温控"全面转型。这种变 化在成都养宠人的家中尤为明显，家养三只鹦鹉的吴女士，今年冬季 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][8]. Core Insights - The company is experiencing continuous improvement in overseas orders and is initiating a synergistic growth phase through the acquisition of Gao Ye Jia, which will enhance its integrated presence in the pet "food + supplies" sector [3][4][7]. - Despite a decline in revenue due to external demand and tariff policies, the company maintains stable partnerships with key clients like Amazon and Walmart, and has seen improvements in profitability metrics [3][4]. - The acquisition of Gao Ye Jia is expected to create multiple synergies, enhancing the company's manufacturing capabilities, channel cooperation, and financial support for brand promotion [6][7][8]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported revenue of 1.306 billion yuan, a year-on-year decrease of 0.7%, while net profit increased by 3.82% to 157 million yuan [2]. - The third quarter alone saw revenue drop by 16.98% to 418 million yuan, with net profit decreasing by 2.23% to 54 million yuan [2]. Acquisition Details - The company plans to fully acquire Gao Ye Jia, which has two main brands: Xu Cuihua (pet hygiene products) and Gao Ye Jia (pet food) [4][6]. - Gao Ye Jia achieved revenue of 460 million yuan and net profit of 18 million yuan in 2024, with significant growth from 2023 [6]. Profitability and Growth Projections - The company’s gross margin improved to 20.12% in the first three quarters of 2025, with a net profit margin of 12.02%, both showing a year-on-year increase of 0.55 percentage points [3]. - Revenue forecasts for 2025-2027 are projected at 1.83 billion, 3.09 billion, and 3.82 billion yuan respectively, with corresponding EPS of 1.18, 1.73, and 2.28 yuan [8][10].

政策层面的积极引导尤为关键。合肥市农业农村局创新成立了全国首个宠物经济处，并在《三年行动计划》中设定了"2027年产业规模突破50亿"的目标； 深圳市在2024年印发了《深圳市福田区支持宠物行业高质量发展若干措施（试行）》；无锡市也发布了《无锡市促进宠物产业发展若干意见（公开征求意 见稿）》，力争到2027年全市宠物相关产业规模突破30亿元。 在"养宠热"持续升温的背景下，"它经济"正以前所未有的速度重塑消费结构与区域产业格局。宠物经济产业园，作为这一浪潮中的重要载体，正从地方政 策的扶持对象，逐步成长为推动产业集聚与升级的核心力量。 园区布局加速，政策红利持续释放 宠物经济正迈入千亿级赛道。根据艾瑞咨询发布的《2023年中国宠物消费趋势白皮书》显示，2023年中国宠物市场规模已达3924亿元，同比增长33.5%。 该机构预测，到2025年，这一数字将突破8114亿元。 企业数量方面，企查查数据显示，截至2025年11月，国内现存宠物经济相关企业已达498.33万家，较上一年度新增约33.7万家，覆盖食品、用品、医疗、 服务等全产业链。 园区建设明显提速。据宠业网络不完全统计，截至2025年11月，全国已有1 ...