证券研究报告·投资策略报告 2025 年 6 月 18 日 江海证券研究发展部 宏观行业研究组 执业证书编号：S1410519040002 数据来源：Wind,江海证券研究发展部，截至 2025 年 6 月 6 日 1.江海证券-投资策略报告-DeepSeek 带领 中国人工智能产业崛起：2025 年中国人工 智能产业发展及投资机会-2025 年 4 月 29 日 2.江海证券-投资策略深度报告-人工智能 中美发展对比及展望– 2024 年 4 月 19 日 分析师：徐圣钧 2025 年消费新趋势与投资机会深度分 析 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 投资策略报告 大消费指数和恒生消费指数走势图 研究背景。在当前经济形势下，消费作为经济增长的重要驱动力，其发展趋势 和投资机会备受关注。本报告试图通过对 2025 年消费新趋势的深度分析，旨在 为投资者提供全面且前瞻性的参考依据，助力投资者在复杂多 ...

资料来源：中原证券研究所，聚源 -19% 2024.06 2024.10 2025.02 2025.06 相关报告 《农林牧渔行业月报：指数表现强势，宠物出 口数据维持快速增长》 2025-05-20 《农林牧渔行业月报：鸡价止跌反弹，《加快 建设农业强国规划》发布》 2025-04-11 《农林牧渔行业月报：畜禽价格偏弱运行，宠 物食品出口数据迎来"开门红"》 2025-03-25 联系人：李智 投资要点： 风险提示：原料价格、畜禽价格下跌，动物疫病，食品安全问题，生 物育种商业化政策不及预期等。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 周期掘金，向新而行 ——农林牧渔行业 2025 年度中期策略 强于大市(维持) 发布日期：2025 年 06 月 18 日 替代的加深，相关上市公司市场份额仍有较大增长空间。 第1页 / 共31页 农林牧渔 证券研究报告-行业半年度策 略 盈利预测和投资评级 公司简称 24EPS 25EPS 25PE 评级 牧原 ...

Core Viewpoint - The increasing status of pets in families is driving the growth of the pet healthcare industry, highlighting the need for trust and communication between pet owners and veterinarians [1][2][3] Group 1: Industry Growth and Challenges - The number of pets in urban China is projected to exceed 120 million by 2024, indicating a booming market for pet healthcare [3] - The rising costs of pet medical care are attributed to the enhanced status of pets and advancements in veterinary technology, leading to more effective treatments [3][4] - The pet healthcare industry faces challenges such as high operational costs, talent shortages, and the need for effective marketing to stand out among increasing competitors [4][5] Group 2: Regulatory and Educational Developments - As of January 2025, there are over 34,000 animal diagnosis and treatment institutions in China, reflecting a 17% increase from the previous year, necessitating better regulatory frameworks [4] - The demand for trained professionals in the pet healthcare sector is growing, with an increase in vocational schools offering relevant programs, from 168 institutions in 2024 to 181 in 2025 for animal-related studies [5] Group 3: Trust and Communication in Veterinary Care - Effective communication between veterinarians and pet owners is crucial to avoid unnecessary treatments and costs, as many pet owners are now more informed due to online resources [2][3] - Veterinarians are encouraged to foster trust with pet owners, as the emotional stakes are high when pets are ill, similar to human healthcare dynamics [1][2]

Core Insights - The "pet economy" is expanding, with new pet experience stores emerging in shopping malls, providing consumers with opportunities to interact with animals for a low cost, enhancing the shopping experience for families and young people [1][2] Industry Overview - The pet consumption market in urban areas is projected to exceed 300 billion yuan in 2024, with a pet population of 124.11 million, reflecting a 2.1% increase from 2023 [1] - In major cities, shopping malls are increasingly incorporating pet-related businesses, with over 40 pet experience stores in some first-tier cities and 10-30 in new first-tier cities [1] Business Model - Pet experience stores charge between 30 to 100 yuan per visit, with discounts available through online group purchases. Some stores offer membership services and additional benefits [4] - These stores also engage in pet sales and provide related products and care services, creating a "experience + retail" business model [4] Market Trends - Current pet-related stores in malls are categorized into traditional pet shops, comprehensive pet zoos, and small exotic pet experience stores. The development of pet experience stores is influenced by factors such as rental costs and brand recognition [4] - There is a potential trend towards establishing comprehensive pet zoos that can cater to both children's entertainment and adult leisure needs [4] Recommendations - Industry experts suggest that while capitalizing on the pet economy, there should be a focus on establishing better animal welfare standards and regulatory mechanisms to ensure sustainable development of the "pet economy" [4]

Group 1 - The rainy season has led to a surge in demand for pet raincoats, with search volume for "dog raincoats" on Taobao increasing by over 900% since June [1] - Pet owners are actively seeking solutions for walking their dogs in the rain, leading to a variety of creative approaches shared on social media [1] - Sales for pet raincoats have reportedly reached 3-4 times the usual volume during the rainy season, indicating a significant market opportunity [2] Group 2 - Brands are expanding their product offerings to include a wide range of sizes and styles for pet raincoats, catering to different dog breeds and needs [2] - The shift of pet raincoats from being an emergency item to a seasonal necessity reflects a deeper upgrade in pet consumption trends [2] - Popular brands are launching various rain gear for pets, contributing to a competitive market for outdoor pet equipment [2]

农林牧渔行业 2025 年中期策略：宠物消费高景气，关注 周期底部抬升 20250617 摘要 中国宠物市场持续增长，2024 年整体消费增长 7.5%，猫用产品增速尤 为显著。食品作为刚需占据主导地位，主粮和营养品占比提升，健康化 和专宠专用趋势明显，推动新型主粮的接受度。 宠物食品出口受关税影响，对美出口面临挑战，企业通过海外建厂应对。 乖宝宠物泰国工厂预计年中投产，中宠加拿大产线扩建计划下半年完成， 佩蒂股份新增越南产能预计 2026 年投产，降低关税风险。 国内电商平台国产品牌表现强劲，618 购物节天猫平台成交额前五均为 国产品牌，如仙朗、兰仕、弗列加特、城市一口和麦富迪，部分品牌销 售额增速显著，如爵宴 Mediaway 同比增长 450%。 宠物动保领域呈现大单品密集上市趋势，猫三联疫苗逐步实现进口替代。 老龄化宠物增多及渗透率提升推动医药需求，诊疗药品、疫苗和驱虫药 市场规模持续扩张，复合增速可观。 生猪养殖行业政策监管趋严，供需格局向好，产能去化预期提升。2025 年 4 月能繁母猪存栏量同比微降，头部企业暂停扩产并控制出栏体重， 短期供应压力有所缓解，行业集中度提高，生产效率稳步提升。 Q ...

如何看待宠物食品行业最新变化？20250617 摘要 鲜食宠物食品或成新趋势，但规模化依赖渠道变革而非仅工业化生产。 头部企业如乖宝宠物和中宠需加强最后一公里渠道布局，提升对保鲜要 求的理解能力，以获取市场优势。 国内宠物食品企业研发投入水平初级，品质管理体系较弱，与欧美头部 企业存在显著差距。未来功能性食品及厨房食品是重要赛道，需进行清 晰定义和临床验证。 新品牌进入宠物食品市场门槛提高，成功要素包括渠道能力、产品视觉 创意、品牌运营能力及成本领先优势。零售品牌渠道潜力巨大，值得关 注。 收购传统经销商渠道价值不大，零售品牌渠道潜力巨大。流量型和内容 全周期管理型代运营公司有助于拓展自有品牌，综合性代运营公司尤其 有价值。 未来两三年行业竞争将更激烈。值得关注的赛道包括创新医疗生态、崛 起的零售品牌、供应链与商品品牌重组并购、全球化品牌及大品类刚需 猫砂品牌。 Q&A 宠物食品行业的产品创新主要集中在哪些方向？ 宠物食品行业的产品创新主要集中在原料、工艺和体验三个核心维度。从早期 的肉粉膨化到中期的鲜肉注浆膨化，再到风干、冻干和烘焙，实际上这些工艺 都是在熟化、杀菌、成型、保鲜以及营养体验方面进行提升。未来 ...

北京商报讯（记者 王维祎）给宠物做spa、下单保洁选"宠物家庭"、日式搬家等需求不断出现，消费也 在多元化增长。6月17日，北京市统计局发布数据显示，1-5月，全市市场总消费额同比增长1.3%，比1- 4月提高0.3个百分点。其中，服务性消费额在信息服务、文体娱乐等领域带动下增长4.9%。服务性消费 成为拉动北京总消费增长的重要领域。行业企业服务时效、服务质量、品类细分，带动订单量增长。 服务消费的快速增长不仅反映了消费结构的升级，也为城市带来了新的发展机遇。作为服务性消费中的 基础消费之一，家政服务增长尤为明显。58到家数据显示，今年1月以来，日常保洁订单不断增长，北 京地区家政服务需求同比增长13%；今年春节结束后，北京地区保姆钟点工、育儿嫂的需求同比增长 43%。其中一老一小的照护需求最多，环比增长58%，同比增长46%。 值得关注的是，家政服务需求在全年周期内实现可持续增长。58到家相关负责人表示，夏季，家电使用 频率高，家电清洗、维修需求出现高峰；暑期前后，搬家、接送孩子的钟点工需求也出现高峰，年末 时，深度保洁则持续增长。 北京嘉人家政公司总经理姬建华也提到，今年以来，客户对养老保姆、育儿嫂的咨询 ...

据 介 绍 ， 相 关 规 范 将 应 用 在 蚂 蚁 保 平 台 合 作 的 定 点 宠 物 医 院 管 理 、 就 医 推 荐 和 理 赔 审 核 中，通过医险联动确立标准化诊疗体系、科学用药指南及透明化服务标准，让宠物就医更 透明和公开，也让宠物主少花"冤枉钱"，切实保护消费者权益。 6月17日，互联网保险优选平台蚂蚁保宣布，旗下宠物险业务联合南京农业大学、新瑞鹏医疗集团、 瑞派宠物医院集团等学界机构和宠物医院，探索宠物险行业在就医理念、诊疗标准等方面的应用规 范，推动行业规范发展。 宠物看病不再开盲盒 让消费者少花冤枉钱 近年来，国内宠物经济发展迅猛。数据显示，2 0 2 4年城镇宠物猫犬数量突破1 . 2亿只，相 关的宠物经济市场规模突破3 0 0 0亿元。宠物行业蓬勃发展的同时，也面临着一些问题。 在宠物医疗方面，"宠物看病贵" "收费标准不统一" "误诊、过度诊疗"等现象，极其容易引 发用户就诊纠纷。 上 海 市 民 严 先 生 家 里 养 了 两 只 猫 ， 刚 领 养 回 来 的 前 半 年 小 猫 经 常 生 病 ， 带 去 宠 物 医 院 检 查、治疗一次就要几百元，而且不同的宠物医院收 ...

Group 1 - The domestic pet economy is rapidly developing, with the number of urban pet cats and dogs expected to exceed 120 million by 2024, and the market size surpassing 300 billion yuan [1] - The pet medical sector faces issues such as high costs, inconsistent pricing standards, misdiagnosis, and over-treatment, leading to disputes over medical consultations [2][3] - A case study highlights that a common condition like cat gastroenteritis can be misdiagnosed as feline distemper, resulting in treatment costs reaching 2,000 to 3,000 yuan, while proper treatment should only cost around 500 yuan [2] Group 2 - Ant Group is collaborating with Nanjing Agricultural University, New Ruipeng Medical Group, and Ruipet Hospital Group to explore application standards in the pet insurance industry, aiming to promote standardized medical practices [5] - The initiative will establish a standardized diagnosis and treatment system, scientific medication guidelines, and transparent service standards to protect consumer rights and reduce unnecessary expenses for pet owners [5] - New Ruipeng's medical department is focused on developing and updating pet diagnosis standards, which include disease grading, clinical manifestations, treatment plans, and medication dosages [6]