抖音商城 SocialBeta 为新奇付费 当代年轻人的 精神快充 2025年轻人情绪消费趋势报告 PART1 都在「情绪里了 ·一年轻人消费现状分析 情绪消费 当代年轻人的「心灵补给」 情绪从来没有像今天这样被重视过。为什么会这样？或许要从理解年轻人的生活现 状开始： 快节奏的生活，让这届年轻人面临着来自各方面的挑战，88.2%的年轻人认为自己 处在有压力的状态中。能够带来即时正向反馈的消费行为，成为人们释放情绪的出口。 用户感知压力的情况 消费者对情绪消费的态度 没有压力 经常有压力 37.10% 皖45.090 年轻人的消费追求 18.95% 32.17% 一近9成人群存在情绪压力 一超6成消费者认为消费有助于缓解压力 11.78% 皖60.3% 有助于缓解压力 有一点压力 C46.8% 解情绪的途径 31.4% 精神消费的载体 29.8% 只是一时的开心 22.6% 取悦自己的方式 压力非常大 8.30 品牌的一种态度 数据来源： 数据来源： 巨量算数年度调研，2023年11月 知萌《2024年中消费趋势观察报告》，2024年8月 01 《2025年轻人情绪消费趋势报告》 抖音商城SocialBeta ...

Core Insights - The pet economy is experiencing rapid growth, with the market size expected to reach 300.2 billion yuan in 2024, reflecting a year-on-year increase of 7.5% [1] - The number of urban pets (dogs and cats) in China is projected to exceed 120 million by 2024, marking a 2.1% growth [1] - By 2028, the pet economy market size in China is anticipated to reach 1.15 trillion yuan [1] Industry Trends - The pet economy has expanded from basic food and supplies to a broader range of life services, creating a comprehensive service ecosystem covering the entire lifecycle of pets [2] - The concept of "pet-friendly" spaces is becoming increasingly popular, with pet-friendly parks, cafes, and shopping areas emerging in major cities like Beijing and Shanghai [3] - The rise of pet-friendly services is seen as a new growth point, particularly in tourism, with developments like high-speed rail pet transport services and dedicated pet terminals at airports [4] Competitive Landscape - Numerous brands are entering the pet-related market, leading to intense competition in areas such as pet food and apparel [5] - The pet food retail brand "Pet Fresh" opened its first store in Shanghai and raised $25 million in angel funding, setting a record for recent angel funding in the pet industry [5] - Companies like Adidas are launching pet apparel lines, recognizing the significant emotional value pets bring to consumers [5] Market Dynamics - The pet food segment holds a significant market share, with online sales channels accounting for over 80% of pet food sales [6] - The integration of the pet economy with technology, culture, and tourism is driving innovation, with trends like AI diagnostics and smart home devices enhancing pet health management [6] - The ongoing rise in living standards, demographic changes, and improved living environments are expected to support market expansion and foster new business models [6]

丨证券研究报告丨 行业研究丨行业周报丨家庭装饰品 [Table_Title] 见贤思齐：从百亚看豪悦与源飞的成长路径 报告要点 [Table_Summary] 从百亚股份的案例可以看出，供给侧的创新和渠道变革是国货品牌快速崛起的核心。豪悦护理 和源飞宠物均是由制造转向自主品牌，在代工业务基本面稳健的基础上，自主品牌也处于快速 发展的机遇期，且两公司均拟推出股权激励计划。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 蔡方羿 米雁翔 仲敏丽 应奇航 章颖佳 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490522050001 SAC：S0490524080008 SFC：BUV463 家庭装饰品 cjzqdt11111 [Table_Title2] 见贤思齐：从百亚看豪悦与源飞的成长路径 [Table_Summary2] 复盘百亚股份品牌塑造与扩张案例，梳理豪悦与源飞的成长路径 百亚股份复盘的思考：百亚本轮品牌起势及加速扩张，核心在于以差异化益生菌系列形成大单 品，借助抖音 ...

又到了拼阅读理解和数学能力的时候！ 今年的"618"促销活动火热进行中，记者注意到，国泰海通证券、开源证券、国元证券等券商纷纷发布研报，分析各大平台的折 扣活动，并附上详细攻略。机构建议投资者关注新消费、宠物相关板块的投资机会。 券商送上"618"攻略 开源证券分析，今年的"618"直接立减、直降等优惠规则较往年更简单直观。天猫"618"主打官方立减8.5 折，抖音推出立减 15%、一件直降等优惠，京东推出"官方立减""满200减20神券""跨店满减"等，凑单与立减并行。与往年相比，今年的"618"活动 更倾向于弱化满减，推出更直接的立减、直降等优惠活动。 国元证券梳理了各大平台的活动时间轴，并表示今年"618"大促的玩法机制简化，天猫、京东取消跨店满减，平台补贴力度加 大。 家电历来是各大平台促销的重点，加之国补助力，优惠升级，有券商梳理出购买"攻略"，干货满满。 国泰海通证券以"618"大促家电品类中关注度较高的扫地机品类为例进行分析，大促补贴主要包含国家补贴（15%）和88VIP （主要为满1500减150和满5000减500）两种折扣叠加。 2025年"618"相比2024年同期，各品牌价位段覆盖更广 ...

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 本报告统计时间为2025.06.03-2025.06.06。 短期以稳应变，关注银行等偏防守板块。关税谈判阶段预期反复的概率仍然不小，经济下行压力 有所回升，风险偏好或难以大幅回升，且在有中央汇金托底的背景下，大盘权重下行空间相对有 限，尤其银行等抛压较小的板块预计将继续保持稳健。微盘股指数、成交占比、IM贴水呈"三 高"局面，尽管短期仍可能强势，但波动风险加大，一旦出现拐点则调整风险不小。因此建议耐心 等待科技、医药、服务消费（旅游、文娱、体育等）、新消费（玩具、宠物、谷子、时尚美容 等）调整后更具性价比的布局机会。 商品市场方面， 上周，贵金属、有色板块趋势强度大幅上升，能化、黑色板块延续其趋势性；基 差动量方面，黑色、贵金属板块基差动量快速上升，能化、有色板块基差动量快速下降；波动率 方面，贵金属、黑色板块波动率迅速上升；流动性方面，能化板块流动性较强，其余板块流动性 较为一般。 期权市场方面， 从隐含波动率水平来看，端午后上证50与中证1000隐波无明显趋势，上证50相比 中证10 ...

Financing Event - On June 10, Shaanxi Tiancare announced the completion of a Pre-A round financing of several tens of millions, exclusively invested by Xi'an Urban Agriculture Investment Co., Ltd [3] - The financing will focus on the research and development of innovative pet pharmaceuticals, the industrialization of biological agents, and the construction of an internationally leading GMP production base [3] Company Overview - Shaanxi Tiancare Biotechnology Co., Ltd was established in 2016, specializing in the research, production, and sales of innovative pet drugs and high-end pet medical products [5] - The company has established a municipal-level pet drug engineering research and development center and an experimental animal base, forming an innovative pattern of "two schools and one enterprise" [5] - The research pipeline covers six major areas: parasitology, oncology, endocrinology, anti-infection, and anti-inflammatory analgesia [5] Collaborations - Shaanxi Tiancare has established a "Pet Drug Creation Joint Laboratory" in collaboration with China Pharmaceutical University, focusing on the development of new sustained-release chemical drug formulations [7] - The company is also collaborating deeply with Northwest A&F University to make breakthroughs in key technologies for recombinant protein drugs in the field of biological agents [7] - The first cat subunit vaccine biological agent has completed preclinical research and is expected to be launched in 2027 [7] Investor Overview - Xi'an Urban Agriculture Investment Co., Ltd was established in September 2023 with a registered capital of 1 billion RMB, serving as a wholly-owned subsidiary of Xi'an Agricultural Investment Group [9] - The company focuses on capital operation, industrial investment, and financial services, aiming to build a 3+1+X urban agricultural investment system centered on "industrial investment + park incubation + supply chain finance" [9]

总投资130亿元的优德中大大健康产业园项目坚持"产业为基、创新引领、品牌集聚、开放合作"，持续 招引大健康领域龙头企业和支撑性项目，推动一期、二期、三期、四期联动发展，构建完善的大健康产 业生态。 位于漯河市召陵区的宠物经济专业园区，已培育规上企业7家，签约入驻宠物经济项目17个，2024年实 现产值15亿元，宠物经济全产业链生态初具。园区内的"领头羊"企业中誉宠物与中原食品实验室、双汇 集团深度合作，致力打造中部地区最大的宠物食品企业。在2025全球豫商大会上，总投资30亿元的艾德 奥宠物食品生产项目签约入驻召陵区宠物经济专业园区，为漯河市打造百亿级宠物经济示范区注入了新 动能。 利通超高压流体创新全产业链项目作为制造业重点产业链项目，持续发挥高分子材料、超高压胶管产品 优势，推动产业链向"制造+服务""产品+服务"方向发展。 ………… 记者从日前召开的市委市政府重点工作重大项目交办会议上获悉，截至5月底，全市131个"三个五百 亿"项目完成年度投资393.6亿元，占年度投资计划的50.41%，项目涵盖食品加工、新材料、装备制造等 多个产业领域，成为漯河市创新引领、优势再造、强化投资、激发增长的有效支撑。 ...

此外，"618"大促也成为宠物产品"消费升级"的契机。在李佳琦直播间，全自动打包猫厕所、智能喂食 器等智能化宠物用品销量亮眼。直播间宠物品类销量榜单TOP10中，国货品牌占据八席。"这类产品不 仅能提高宠物的生活质量，还能满足宠主对养宠便利性和科技感的需求。"李佳琦直播间相关工作人员 表示。 传统电商平台上的宠物类目消费数据同样亮眼。近日，京东宠物官方发布数据显示，在"开门红"28小时 内，宠物业务成交用户同比增长23%，高价值用户活跃度显著提升，PLUS用户同比增长78%。成交额 实现同比翻倍增长的品牌超过500个，趋势商品成交金额同比增长更是超过130%。 "618"大促进入下半场，各大电商平台阶段战报数据显示，宠物消费展现出强劲增长势头，其中直播电 商成为重要助推力量。 6月11日，李佳琦直播间发布"618"大促数据显示，宠物品类销量同比增长73%，刚需囤货成为宠物消费 的主力：猫狗主粮、猫狗零食、猫砂等高频消耗品销量飙升。截至目前，"618"大促中，李佳琦直播间 猫粮、狗粮销量在宠物产品总销量中占比高达92%。 在什么值得买（300785）"618"开门红期间，宠物服饰、宠物主粮、宠物驱虫、宠物营养、 ...

金十数据6月11日讯，华泰证券研报称，继续看好2025年大消费板块，建议关注四条消费板块结构性投 资主线。一是 新消费投资机遇，美妆个护、国潮服饰等领域头部品牌正通过产品创新与全渠道布局实 现市占率突破。二是 高成长性的情绪消费赛道，潮玩IP经济、宠物经济、沉浸式服务等，正以社交 化、场景化的消费模式构建千亿高景气市场。三是蓬勃发展的 银发经济，适老化智能家电、老年教育 旅游等，将在政策支持和观念迭代中迎来黄金发展期。四是 "AI+"消费的技术赋能机遇，相关算力服 务、解决方案及率先落地的消费龙头股具备增长潜力。 华泰证券：看好2025年大消费板块，建议关注四条消费板块结构性投资主线 ...

Group 1 - Hainan Development (002163.SZ) plans to acquire 51% of Hangzhou Wanying Technology Co., Ltd. (Wanying Technology) for a total transaction price of 438.4 million yuan, with an overall valuation of 859.6 million yuan, reflecting a 130.04% increase in value [2] - Wanying Technology is a leading player in the pet e-commerce agency sector and has faced challenges in its IPO plans, leading to significant share buybacks by its controlling shareholders, who have spent approximately 189 million yuan in the past year [2][3][7] - The acquisition is significant for Hainan Development as it marks a shift from its original plan to inject duty-free assets into the company, which faced delays and shareholder opposition [10][11] Group 2 - The controlling shareholders of Wanying Technology, Yuan Zhenxing and Fu Yuanyuan, held a combined 80.89% of shares prior to the transaction, with Fu Yuanyuan transferring 48.5% of her shares as part of the deal [3][4] - Wanying Technology has undergone five rounds of financing since its establishment in 2009, with the most recent investment changes occurring in June 2024, when the number of shareholders decreased from 18 to 14 [5][6] - The company has seen a steady increase in revenue over the past two years, with sales reaching 648 million yuan in 2024, although its debt has also significantly increased from 180 million yuan at the end of 2023 to 528 million yuan [19]