投 农林牧渔行业 超配（维持） 关注养殖周期底部回升，看景气赛道成长性变化 2025 年 6 月 17 日 S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 资料来源 iFinD，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 农林牧渔行业 2025 年中期投资策略 推荐 分析师：魏红梅 SAC 执业证书编号： 行情回顾。2025年1-5月，SW农林牧渔行业整体上涨5.02%，跑赢 同期沪深300指数约7.43个百分点。分季度来看，SW农林牧渔行业 Q1下跌0.87%，4-5月上涨5.95%。估值方面，2025年1-5月，SW农 林牧渔行业整体PB（整体法，最新报告期，剔除负值）由年初的 低点2.31倍最高回升至2.68倍。截至6月13日，SW农林牧渔行业整 体PB约2.66倍，较年初低点回升了15%；估值处于行业2006年以来 的估值中枢约58.4%分位位置，处于相对较低的位置。 资 策 略 农林牧渔（申万）指数走势 相关报告 ...

近日，深圳市南山区首家宠物陪伴酒店开门迎客，这家酒店以数十位"毛孩子"作为特色"员工"，吸引了 广泛关注。一段时间以来，宠物经济在国内迅速崛起，市场规模持续扩大，头部企业凭借产品和品牌优 势实现了量价齐升，展现出强劲的发展势头。 宠物经济的快速发展并非偶然。随着人们生活水平提高，宠物逐渐从传统的看家护院角色转变为家庭的 一分子，情感陪伴需求成为宠物消费的重要驱动力。宠物主题的影视作品、宠物社交活动、宠物友好型 社区等也不断涌现，宠物文化更是逐渐深入人心。 放眼世界，美国作为全球最大的宠物市场，其宠物消费以高端化、个性化为特点，宠物服务和宠物医疗 高度发达。日本则在宠物用品的精细化和宠物食品的健康化方面走在前列。 相比之下，中国宠物市场虽然起步较晚，但潜力巨大。近年来，国产品牌在技术创新、产品品质和品牌 建设等方面取得了显著进步，逐渐在中高端市场占据一席之地。一方面，国内企业加大研发投入，不断 提升产品质量和功能性，以满足消费者日益多样化和精细化的需求；另一方面，通过精准的市场定位和 营销策略，国产品牌成功塑造了更具亲和力和性价比的形象，赢得了消费者的信任和认可。 从上游的原材料供应，到中游的生产制造，再到下游 ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【金工】短期利空因素影响有限 从4月中旬至今A股处于反弹的趋势中，而6-13在地缘的利空因素影响下出现单日放量下跌，万得微盘股指 数和北证50下跌幅度较大。 尽管市场短期回落但本轮反弹过程中，场内融资余额并未发生显著上涨，风险 指数显示当前A股主要指数所隐含的风险并未处于高位，我们认为短期利空因素所引发的调整幅度有限。 >>以上内容节选自国泰海通证券6月16日已经发布的研究报告 ： 短期利空因素影响有限 具体分析内容（包括风险提示等） 请详见完 整版 报告。 【美护】新消费时代——化妆品行业跟踪报告 看好美护板块引领新消费，零食品类裂变与新渠道共振。 新消费核心在产品焕新营造情绪价值消费。 我们认为，与2016-2021的流量红利驱动下的新消费浪潮不 同，本轮新消费更多体现在渠道红利消失后结构性的产品焕新，典型如美妆领域重组胶原成分持续迭代， 日化领域功能及情绪价值升级（如绽家香氛洗衣液，冷酸灵医研牙膏修复牙釉质），零食魔芋品类健康低 卡大受欢迎。我们认为，随中国经济增长、居民物质需求日益满足，情绪消费开始爆发，满足更细分、更 进阶需求的特色产 ...

Core Insights - The China Fashion Industry Summit Investment Conference successfully took place in Shanghai, featuring 9 keynote speeches, 36 industry leaders, and nearly 200 professional investors, with total fund scale exceeding 100 billion [1] - The definition of "Chinese fashion" is forming a consensus, rooted in traditional culture and national sentiment, embodying China's spiritual philosophy and cultural essence [1] - The Chinese fashion industry is in a golden development period, with the integration of traditional aesthetics and digital technology injecting new momentum into the sector [13] Group 1: Keynote Presentations - Bain & Company released the "China Fashion Consumption Development Report," highlighting eight key trends in Chinese fashion consumption [1] - 毛戈平, founder of 毛戈平美妆, shared insights on the brand's journey and emphasized the importance of promoting domestic brands to the global stage [4] - 张晓冬, CEO of a fashion group, discussed the rise of domestic IPs and innovative practices in creating trendy art IPs [8] Group 2: Roundtable Discussions - A roundtable on "Supply Innovation: How to Create Differentiated Tourism Experiences" featured discussions on enhancing tourism through scene experiences and storytelling [2] - A forum on "How to Empower Chinese Designer Brands" included insights from various designers on integrating Chinese cultural elements into their designs [6] - A discussion on "Opportunities in the Pet Industry" explored trends in pet food and the impact of smart pet care [10] Group 3: Industry Trends and Opportunities - The conference highlighted the importance of capital focusing on Chinese design and brand IP incubation, indicating a shift towards cultural confidence and industrial innovation [13] - The event showcased 14 innovative projects and over 20 investment intention matches, indicating strong interest in the fashion and cultural tourism sectors [1] - The rise of the M-shaped society consumer upgrade trend was discussed, emphasizing the growth potential in the mother and baby sector [10]

Group 1 - The core viewpoint of the article highlights the booming pet economy in China, driven by emotional connections between pet owners and their pets, with a market size expected to exceed 300 billion yuan in 2024 [13][12]. - The pet economy is characterized as a "emotional economy," where young individuals and the elderly are becoming the main consumers, reflecting a shift in spending priorities towards pets rather than traditional family structures [13][4]. - The report indicates that the pet food segment dominates the market, projected to reach 158.5 billion yuan in 2024, with domestic brands gaining traction [14][12]. Group 2 - The pet medical sector is facing high costs, with the market expected to reach 84.1 billion yuan in 2024, accounting for 28% of the total pet consumption market [17][12]. - Many pet owners are experiencing financial burdens due to expensive medical treatments, with some reporting costs as high as 20,000 yuan for serious conditions [17][12]. - The industry is witnessing a rapid increase in the number of pet hospitals, projected to exceed 30,000 by the end of 2024, but still faces challenges such as a shortage of qualified veterinarians and inconsistent treatment standards [25][12]. Group 3 - The emotional value associated with pets is leading to increased spending on pet care, with many owners willing to invest in their pets' health and well-being [26][12]. - The pet funeral service market is also expanding, with a projected growth rate of over 30%, indicating a shift towards more emotional and personalized services for pets [25][12]. - Analysts suggest that the pet economy is still in a phase of rapid growth but lacks innovation, indicating potential for new service offerings and market expansion [26][12].

| | | | 单位:元 | | --- | --- | --- | --- | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | 营业收入 | 231, 096, 241, 98 | 188, 947, 165. 21 | 22.31% | | 毛利率% | 42.87% | 41.82% | ା | | 归属于挂牌公司股东的净利润 | 33, 489, 029. 42 | 10, 890, 006. 60. | 207.52% | | 归属于挂牌公司股东的扣除非经常 | 31,929,118.36 | 11,072,219.77 | 188.37% | | 性损益后的净利润 | | | | | 加权平均净资产收益率%(依据归属 | 23.98% | 9.85% | | | 于挂牌公司股东的净利润计算) | | | | | 加权平均净资产收益率%(依归属于 | 22.86% | 10.01% | 1 | | 挂牌公司股东的扣除非经常性损益 | | | | | 后的净利润计算) | | | | | 基本每股收益 | 0. 84 | 0. 29 | 188.66% | 瑞财经 钟鸣辰近日，朗诺宠物( ...

Group 1 - The core viewpoint of the articles highlights the significant growth of Pop Mart, particularly its The Monsters series, which achieved sales exceeding 3.04 billion yuan in 2024, marking a year-on-year increase of 726.6% and surpassing the MOLLY series to become the most profitable IP for the company [1][5][19] - The recent surge in new consumption trends is attributed to the Z generation (born between 1995 and 2009), who represent 19% of China's population but account for 40% of total consumption power, indicating a strong willingness to spend on non-essential items like collectibles [5][19] - The consumption behavior of the Z generation reflects a shift towards emotional and social value, prioritizing identity and belonging over traditional material needs, which has led to a rise in products that cater to these desires, such as blind boxes and trendy toys [4][9][10] Group 2 - The Z generation's average disposable income reached 3,501 yuan in 2020, significantly higher than the national average of 2,682 yuan, enabling them to spend more on personal interests and emotional fulfillment [5][6] - The articles discuss the emergence of a "circle culture" among the Z generation, where purchasing items like blind boxes serves as a ticket to join specific social groups, enhancing their sense of belonging and identity [11][19] - Pop Mart's high gross margin of 63.9% in mainland China, along with the popularity of its products in the second-hand market, demonstrates the brand's ability to create high-value items that resonate with consumers' emotional and social needs [15][19]

最近，一种专业"宠物家政"受到市场关注，它并非常规保洁，而是专业养宠保洁师服务，是爱宠、懂宠 的"健康生活"管理方式。随着宠物经济的蓬勃发展，以"宠物家政"为代表的新兴服务领域正悄然兴起， 显示出广阔的市场潜力。 养宠衍生消费，将成为巨大的消费新蓝海。据《2024—2025年中国宠物行业运行状况及消费市场监测报 告》，2023年中国宠物经济产业规模达5928亿元，同比增长20.1%；预计到2028年，市场规模有望达到 11500亿元。宠物清洁这个衍生领域也正在成为百亿级市场。这一庞大的市场规模背后，是养宠家庭对 宠物生活品质要求的不断提升，以及对专业服务需求的日益增长。以"宠物家政"为代表的衍生服务具有 广阔的发展空间。 "宠物家政"的兴起，不仅填补了宠物市场专业清洁服务领域的空白，更通过提供高质量的服务体验，有 效激发了消费者的衍生消费需求。从宠物食品、玩具到专业护理产品，再到高端宠物酒店、宠物摄影 等，养宠家庭对于宠物相关消费的投入不断增加，形成了一个庞大的消费生态链。这种由专业服务引领 的消费升级，不仅促进了宠物市场的繁荣发展，也为产业链相关企业带来了前所未有的发展机遇。 不同于传统的家政服务，专业"宠 ...

近日，记者从信用中国官网获悉，杭州纯真宠物科技集团有限公司因编造、传播虚假信息或者误导性信息，损害竞争对手的商业信誉、商品声誉案，被杭州 市萧山区市场监督管理局罚款10万元。 | 处罚决定日期 | 2025-06-13 | | --- | --- | | 处罚内容 | 当事人通过第三方向平台发起恶意投诉,应认定为诋毁其他经 法》第十一条的规定,属于违法行为。本案中,签于当事人案发 政处罚法》第六条、《长三角地区市场监管领域轻微违法行 华人民共和国反不正当竞争法》第二十三条、第二十五条的 | | 元款金额(厅元) | 10.0 | | 没收违法所得、没收非法财 | 0.0 | | 物的金额(万元) | | | 暂扣或吊销证照名称及编号 | | | 违法行为类型 | 杭州纯真宠物科技集团有限公司编造、传播虚假信息或者误 | | 道法事实 | 主要违法事实:当事人主要从事动物食品(饲料)开发、经营,拥 项目:第31类:动物食品、饲料、宠物食品 )。 2021年6月3 务合同(协议),由第三方在淘宝平台对销售当事人动物食品(饲 用当事人注册账号向淘宝平台发起商品商标侵权投诉(投诉成 利用PS、商品标签追溯码不全等(实 ...

生猪板块近期市场关注点和宠物食品 5 月份线上数据解读 20250615 摘要 生猪价格虽近期有所下降，但仍处高位，市场供应压力持续，预计 2025 年生猪价格压力持续。上半年子猪补栏增加，下半年生猪出栏压 力增大，养殖行业盈利良好吸引补栏。 政策调控出现拐点，发改委要求限制母猪产能、二次育肥、降体重等措 施以实现产能去化。企业逐步落实政策，对未来产能收缩形成正向影响， 当前是布局生猪板块的良好时机。 生猪板块投资标的选择需考虑资产结构安全边际、成本端低成本护城河 效应以及出栏弹性。一线推荐牧原和温氏，二线推荐神农、巨星德康和 丽华。 2025 年宠物市场整体表现良好，持续保持增量。乖宝宠物麦富迪品牌 5 月同比增长 26%，弗列加特品牌同比增长 147%，中宠顽皮品牌同比增 长 14%，领先品牌同比增长 50%。 2025 年 5 月天猫平台宠物食品同比增速 2%，京东平台同比增速 23%，抖音平台同比增速 54%，三个平台合计增长 16%。线上 GMV 数据拟合度较高，品牌保持高增速。 如何选择生猪板块的投资标的？ Q&A 近期生猪行业的市场关注点及投资机会是什么？ 最近生猪行业正处于基本面和政策拐点的阶 ...