宠物食品 行业增长动力发生根本性转变——从单纯依赖宠物数量增长，转向以"宠均消费提升"为核心驱动力。海 外市场增量不断，国产品牌认可度持续提升，龙头企业成长持续兑现。 投资建议与投资标的 投资建议：（1）生猪养殖板块，优质公司持续盈利和分红率提升依然是推动板块长期业绩和估值提升 的核心驱动；近期政策与市场合力推动生猪养殖行业产能去化，助力未来板块业绩长期提升，相关标 的：牧原股份、新希望、温氏股份、神农集团、巨星农牧等。（2）禽板块：产能缓增，价格有望维持 低波动，关注品种间节奏差异。中期黄鸡价格仍可观，远端引种受阻影响下，白鸡苗与肉鸡价格有望上 行，相关标的：圣农发展、益生股份、立华股份。（3）后周期板块，生猪存栏量回升提振饲料、动保 需求，若本轮生猪去产能顺畅，产业链利润有望逐步向下游传导，驱动动保板块上行，相关标的：海大 集团、瑞普生物等。（4）种植链，当前粮价上行趋势已确立，种植与种业基本面向好，大种植投资机 会凸显，相关标的：苏垦农发、北大荒、海南橡胶、隆平高科、荃银高科等。（5）宠物板块，宠食行 业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产品牌认可度持续提升，龙头企业成 长持续兑现 ...

Investment Recommendations - The pig farming sector is currently facing losses for both fat and piglet sales, indicating conditions for capacity reduction. The industry is expected to accelerate capacity reduction, presenting a left-side layout opportunity for the pig farming sector. A price turning point is anticipated in mid-2026 [16][20][34] - Major pig farming companies recommended include Wens Foodstuffs Group and Muyuan Foods, with attention to Dekang Agriculture and New Hope. Companies with potential for operational turnaround include Zhengbang Technology, while smaller farming enterprises to watch include Tiankang Biological, Shennong Group, and Tangrenshen [16][34] Pig Industry Analysis - In 2025, the pig price fell below the cost line, leading to overall industry losses. By November, the average loss per self-breeding pig was 122 CNY per head, with an estimated annual profit of 30-80 CNY per head [20][23] - The industry is experiencing a significant reduction in breeding sow inventory, with a decrease to 39.9 million heads by October 2025, down 1.1% month-on-month and 2.1% year-on-year [28][36] Dairy Industry Analysis - The raw milk price continued to decline in 2025, leading to a reduction in dairy cow inventory. As the supply-demand balance improves, raw milk prices are expected to rise in 2026-2027 [16][18] - The beef supply is also entering a contraction phase, with expectations for beef prices to rise in 2026, enhancing the performance elasticity of livestock companies [16][18] Feed Industry Analysis - The feed sector is expected to see stable water aquaculture production in 2026, while demand for livestock feed is projected to decline due to reduced breeding capacity. Domestic feed leaders are positioned to benefit from overseas expansion opportunities [17][18] - The global feed industry is undergoing structural changes, providing opportunities for Chinese feed companies to expand internationally [17] Animal Health Industry Analysis - The animal health sector faces intensified competition, with traditional vaccine product margins declining. Companies are shifting towards multi-business models, including pet health products, to open new growth avenues [17][18] Pet Food Industry Analysis - The pet food market is showing signs of consolidation, with leading companies like Guai Bao Pet and Zhongchong Co. performing well. The long-term growth logic for the industry remains strong, supported by the rise of domestic brands [17][18] - Companies are also expanding their global production capabilities to mitigate trade friction impacts [17] Crop Industry Analysis - Corn prices are expected to rebound in 2025, with a potential strong performance in 2026. The seed industry is currently in a phase of inventory reduction, with opportunities arising from transgenic innovations and industry consolidation [18][19]

每经AI快讯，中宠股份（SZ 002891，收盘价：54.53元）12月10日晚间发布公告称，公司第四届第十九 次董事会会议于2025年12月10日在公司会议室以现场加通讯相结合的会议方式召开。会议审议了《关于 预计公司及子公司2026年度日常关联交易的议案》等文件。 2025年1至6月份，中宠股份的营业收入构成为：宠物食品及用品占比96.03%，其他业务占比3.97%。 截至发稿，中宠股份市值为166亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 曾健辉） ...

每经AI快讯，有投资者在投资者互动平台提问：公司年中说过计划在越南增加产能，预计年底完成。 请问目前越南新增产能进展怎么样？ 佩蒂股份（300673.SZ）12月10日在投资者互动平台表示，尊敬的投资者您好，根据当前建设进度，预 计越南工厂新增的产能将在2026年贡献收入，这将增加越南工厂的订单交付能力，以满足市场和新老客 户持续增长的需求。感谢关注佩蒂股份！ （文章来源：每日经济新闻） ...

佩蒂股份12月10日在互动平台表示，根据当前建设进度，预计越南工厂新增的产能将在2026年贡献收 入，这将增加越南工厂的订单交付能力，以满足市场和新老客户持续增长的需求。 ...

天眼查App显示，近日，泰州恩腾食品科技有限公司成立，法定代表人为李振中，注册资本20万人民 币，经营范围为一般项目：宠物食品及用品零售；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；未经加工的坚果、干果销售；农副产品销售；初级农产品收购；互联网销售（除销售需 要许可的商品）；电子产品销售；个人卫生用品销售；照相机及器材销售；办公设备耗材销售；日用百 货销售；安防设备销售；移动通信设备销售；物联网设备销售；云计算设备销售；通信设备销售；日用 杂品销售；箱包销售；鲜肉零售；乐器零售；鲜蛋零售；茶具销售；消防器材销售；智能机器人销售； 食用农产品零售；水产品收购；服装服饰零售；水产品零售（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）。 ...

指数是洞察趋势、破解难题的"数字钥匙"。 回望"十四五"，中国经济的航船稳健前行，制造业投资持续增长，现代化产业体系加快建设，装备制 造"压舱石"作用持续凸显，"中国创新指数"持续向好。 2025中国企业家博鳌论坛期间，新华指数研究院发布"担当时代使命共创未来新篇"年度演讲，解码指数 背后的时代机遇，探寻"十五五"时期的高质量发展路径。 ——以指数洞察趋势，中国经济新动能处处涌动着蓬勃生机 在世界开放指数下降、经济与文化开放收紧的背景下，全球南方新兴市场的开放进程却在加快。新华社 研究院、新华指数研究院共同发布的《携手推动高质量发展共筑亚太命运共同体》智库报告，基于开 放、创新、绿色等多维数据分析指出，中国凭借超大规模市场优势与产业配套能力，在复杂外部环境中 为区域繁荣注入持久动力。 党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》， 将"建设现代化产业体系，巩固壮大实体经济根基"置于12项战略任务首位，首次提出建设能源强国， 为我国夯实发展根基指明方向。 绿色经济高质量发展态势愈发鲜明。如今，全国每3度电中就有1度来自绿电，为人工智能、算力等新兴 产业提供能源保障；20 ...

Core Insights - The report emphasizes the need for a stable economic environment while enhancing quality and efficiency in 2026, with a focus on proactive fiscal policies and moderate monetary policies to improve macroeconomic governance [2] - The report highlights the significant growth of private enterprises in foreign trade, with a 7.1% increase in imports and exports, accounting for 57.1% of total foreign trade [2] - The report indicates a strong performance in the pet consumption sector, particularly during the Double Eleven shopping festival, showcasing resilience and growth potential in pet-related products [10][11] Economic Policy and Industry Trends - The Central Political Bureau meeting stresses the importance of effective investment and the integration of existing and new policies to stabilize the economy [2] - The report notes that the construction and building materials industry is facing challenges due to declining investment in infrastructure and real estate, with a negative growth forecast for fixed asset investment in 2025 [6][7] - The report discusses the ongoing negative cycle in the real estate sector, which continues to impact overall economic demand, although the intensity of this impact is decreasing [7][8] Company-Specific Developments - Zhongtong Bus reported a significant increase in production and sales in November 2025, with production up 61.89% and sales up 39.53% year-on-year [5] - Baidu Group is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, although no guarantees are provided regarding the outcome [5] - Xizang Pharmaceutical's product, a recombinant human brain natriuretic peptide, has been included in the medical insurance directory, indicating its significance in the treatment of acute heart failure [5] Consumer Behavior and Market Dynamics - The report identifies a trend towards domestic brands in the pet food market, with a notable increase in the market share of local brands during the Double Eleven sales event [11][12] - The pet food sector is experiencing diversification and a shift towards health-oriented and premium products, reflecting changing consumer preferences [11][13] - Export pressures in the pet food industry are noted, with a decline in export volume and value, although domestic consumption remains strong [13]

这些细致的营养设计，背后是爱肯拿四十年来在宠物营养领域的深厚积累。多年来，爱肯拿始终秉承"符合犬猫生 物学性的食品哲学"，不仅致力于满足宠物的基础营养需求，更力求还原其在自然状态下的猎食习惯。旗下产品坚 持超过二十种天然食材，涵盖优质蛋白与新鲜果蔬，兼顾全面营养与适口性，助力宠物维持长期健康与活力。 而在品质保障方面，爱肯拿建立了严谨完善的质量把控体系。不仅所有食材均源于经过严格筛选的优质供应商， 从源头保障新鲜、安全与营养，同时坚持在自主运营且通过国际认证的"自有厨房"完成生产，并通过多重质量把 控，确保品质值得信赖。此外，品牌持续投入研发创新，由资深营养专家团队领衔，依托全球资源不断优化与升 级配方，在营养配比与适口体验上持续突破。 上海，12月8日——冠军宠物食品旗下高端宠物食品品牌爱肯拿，今日在中国市场全球首发"双拼倍护猫粮"系列新 品。新品秉承"符合犬猫生物学性的食品哲学"，从猫咪天性与真实营养需求出发，添加有助于消化吸收和体态维 持的相关天然营养，为都市爱宠提供日常饮食新方案。爱肯拿此次推出首个冻干双拼猫粮，不仅是品牌产品矩阵 的一次重要升级，也体现了其深耕中国市场的坚定承诺。 双拼冻干组合，甄选 ...

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]