每经AI快讯，天元宠物（SZ 301335，收盘价：28元）11月21日晚间发布公告称，公司第四届第九次董 事会会议于2025年11月21日在浙江省杭州市临平区宁桥大道291号天元宠物鸿旺园区9号楼召开。会议审 议了《关于聘任证券事务代表的议案》等文件。 2025年1至6月份，天元宠物的营业收入构成为：宠物用品占比50.72%，宠物食品占比46.55%，其他主 营业务占比2.62%，其他业务占比0.11%。 截至发稿，天元宠物市值为36亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） ...

Core Viewpoint - Agricultural stocks experienced a significant rally on the 21st, with notable performances in the seed and aquaculture sectors, indicating a potential turning point in the industry by 2026 [1] Group 1: Agricultural Sector Performance - Stocks such as QuanYin High-Tech and QiuLe Seed Industry reached a 20% and over 10% increase respectively, while ZhongShui Fishery achieved a six-day consecutive limit-up [1] - The industry is expected to focus on capturing turning points and tracking core fundamental indicators in 2026, with an emphasis on finding entry points within a relatively reasonable valuation range [1] Group 2: Livestock and Pet Sectors - The livestock sector is expected to balance offense and defense strategies, with a shift from a defensive focus in 2025 to a greater emphasis on potential future flexibility in 2026 [1] - The pet sector is undergoing a valuation correction, with expectations for a recovery in performance growth, suggesting that investment opportunities will re-emerge [1] Group 3: Seed Industry Insights - According to KaiYuan Securities, the seed industry is expected to trend towards larger varieties under policy guidance, with an improving competitive landscape for leading seed companies [1] - The research and development of genetically modified seeds presents high technical barriers, giving leading companies a competitive edge as the promotion and expansion of these seeds accelerate, potentially intensifying the industry’s Matthew effect [1]

银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点，回归基本面的核心指标跟踪，在估值 相对合理区间寻找切入点。具体来看，养殖板块持续强调攻守兼备，但区别于25年以守为主基调，26年 更强调对未来潜在弹性的把握；宠物板块经历估值回归，等待业绩增速恢复，投资机会将再次来临。 华西证券：持续看好锂电多环节涨价 机构观点 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 凤凰网财经讯 11月21日，A股三大指数集体低开，沪指跌0.87%，深成指跌1.76%，创业板指跌2.07%。 存储芯片、锂矿、水产等板块指数跌幅居前。 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适 ...

市场昨日震荡调整，创业板指跌超1%，沪深两市成交额1.71万亿，较上一个交易日缩量177亿。板块方 面，海南、银行等板块涨幅居前，美容护理、光伏设备、食品加工等板块跌幅居前。截至昨日收盘，沪 指跌0.4%，深成指跌0.76%，创业板指跌1.12%。 在今天的券商晨会上，银河证券指出，2026年农业行业关注点在于等待并捕捉行业拐点;华西证券表 示，持续看好锂电多环节涨价;中信建投提出，证券行业有望迎来新一轮上行周期。 银河证券：2026年农业行业关注点在于等待并捕捉行业拐点 华西证券表示，国内外储能快速发展，动储需求共振，带动锂电产业链出货有望持续扩大，部分环节供 应偏紧，如六氟磷酸锂、VC等产品价格出现明显上涨，行业高景气度得以印证，预计涨价趋势有望扩 散至其他环节。前期部分环节供应商盈利能力处于低点甚至亏损，后续随着涨价的落地，预计迎来量利 齐升的向上阶段，持续看好储能电芯、六氟磷酸锂/VC&电解液、铜箔、正负极材料、隔膜等环节。 中信建投：证券行业有望迎来新一轮上行周期 中信建投发布非银2026年投资展望：锚定"十五五"提高资本市场制度包容性、适应性"的核心导向，证 券行业有望迎来新一轮上行周期，助力金融 ...

Core Viewpoint - The report from Galaxy Securities emphasizes the importance of identifying and capturing the turning point in the agricultural industry by focusing on core fundamental indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Livestock Sector - The livestock sector is highlighted as a key area for investment, with a balanced approach between offense and defense, shifting from a defensive focus in 2025 to a greater emphasis on potential future flexibility in 2026 [1] Group 2: Pet Sector - The pet sector is noted for experiencing a valuation correction, with expectations for a recovery in performance growth, indicating that investment opportunities will re-emerge [1] Group 3: Investment Opportunities - Investment opportunities in 2026 are primarily centered around pig farming and the pet sector, with a strong emphasis on tracking core indicators and timely selection of entry points [1]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4][77]. Core Insights - The report identifies key consumer trends among the younger generation, particularly focusing on the Z generation's consumption behavior and preferences [7][12]. - There is a strong demand for high-quality milk tea, with a significant market opportunity for stores priced between 10-20 yuan [22]. - The rise of "punk health" culture is noted, with an increase in the popularity of low-alcohol beverages and social drinking in casual settings [25]. - Sports consumption is on the rise, with a notable interest in cycling and high-investment sports equipment [37]. - The report highlights a broader penetration of the 95 post-95 generation in various markets, although pre-95 consumers are identified as having higher spending power [47]. Summary by Sections Key Observations Based on Important Categories - **Milk Tea Demand**: There is a robust market for milk tea priced between 10-20 yuan, supported by high consumer demand and improved delivery capabilities [22][23]. - **Punk Health Trend**: The trend of casual drinking is increasing, with younger consumers showing a preference for low-alcohol options in social settings [25][29]. - **Sports Consumption Growth**: Younger consumers are increasingly participating in sports, with a focus on cycling and outdoor activities, leading to higher spending in these areas [37][42]. Z Generation Basic Consumption Behavior Characteristics - The Z generation exhibits a strong inclination towards quality over price, with a willingness to spend more for better products [20][19]. - There is a notable increase in the use of health supplements among younger consumers, indicating a shift towards health-conscious spending [31][34]. - The influence of social media platforms like Douyin and Xiaohongshu on purchasing decisions is growing, with younger consumers being significantly affected by peer recommendations and content from these platforms [72][73].

Core Insights - The pet fresh food brand "Paiteshengsheng," founded by the former CEO of Hema, is closing all 18 offline stores within nine months of opening, transitioning to an online brand called "Chongtiantian" [4][14] - The brand faced significant challenges in maintaining customer loyalty and product freshness, leading to a decline in sales and ultimately the decision to close physical locations [11][9] Summary by Sections Store Operations - The store is currently offering a clearance sale with discounts of up to 50% on remaining products as it prepares to close [5] - Customer traffic has been low, with most purchases being one-time transactions rather than repeat business [5][11] - Online orders have seen a temporary increase due to discounts being applied to delivery platforms [7] Customer Feedback - Negative customer reviews have emerged, citing issues with product freshness and quality, leading to health concerns for pets [8][9] - Many pet owners prefer established brands or homemade options, indicating a lack of trust in the freshness of Paiteshengsheng's offerings [11] Business Model Challenges - The attempt to replicate Hema's fresh retail model in the pet food sector has not succeeded, with low profit margins and high operational costs contributing to losses [11][14] - The membership system failed to create a significant customer base, and the brand struggled to compete on price and quality [11][12] Future Plans - The founder plans to pivot to an online model with "Chongtiantian," leveraging existing supply chains and social media platforms for sales [14] - The success of this transition remains uncertain, as consumer trust in the brand may be compromised following the closure of physical stores [14]

中国消费板块估值已至全球洼地。瑞士银行在最新报告中指出，当前环境下，投资机会隐藏在特定赛道和公司中的"阿尔法"（Alpha）机会。 据追风交易台消息，瑞银于11月18日发布的中国消费行业报告明确指出，中国消费股的估值吸引力已不容忽视。MSCI中国可选消费指数和必选消费指数 的12个月远期市盈率，已分别较全球同类指数低约40%和10%。今年以来，MSCI中国可选消费指数录得35%的回报，与MSCI中国指数38%的涨幅基本同 步。 在此背景下，瑞银策略的核心是"寻找Alpha"。瑞银看好餐饮加盟扩张、创新产品、潮玩与宠物等细分赛道，百胜中国与蜜雪冰城依靠轻资产模式具备强 劲门店增长潜力，威士忌与潮玩成为新蓝海。本土宠物消费亦展现韧性，相关龙头被视为具备稳健长期空间。 估值洼地凸显，新模式寻Alpha 瑞银报告的数据显示，中国消费板块的估值无论在历史维度还是全球比较中，均处于低位。可选消费板块的12个月远期市盈率（P/E）较全球平均水平低 约40%，必选消费板块的折价也达到10%。 可选消费35%的年初至今涨幅，表明投资者对与出行、娱乐相关的领域抱有更高期待。相比之下，必选消费区区录得10%的涨幅。 在消费行业面临 ...

而实现真正意义上的绿色养宠，最终仍需依靠社会观念的转变。环保组织、行业协会与社区单位应加强 协作，倡导"领养代替购买""精准投喂"等理性养宠行为。数据显示，2022年我国逾六成猫狗存在超重问 题，反映出喂养过量的普遍现象。合理控制食量，不仅有利于宠物健康，也能从源头减少资源浪费。对 于准备养宠的家庭，选择体型较小的动物，也有助于减少整体碳足迹。 因此，推动宠物产业的健康可持续发展，需要形成政策引导、行业自律和公众参与的合力。从政策层面 看，当前我国宠物产业的环境管理还处于起步阶段，相关法规和标准体系尚不完善。应将宠物产业纳入 环境管理视野，建立从生产到消费、从使用到废弃的全链条环境监管机制。这包括制定宠物产品的生态 环保标准，明确生产企业的生态环境保护责任，以及建立宠物饲养的环境行为规范等。 从产业端来看，应鼓励技术创新与绿色转型。宠物食品企业可探索昆虫蛋白等低耗资源替代路径，其碳 足迹远低于传统畜牧业，且所需土地、水和运输燃料等资源更少。用品制造商应加强可降解材料的研发 与应用，推广环保猫砂、植物基粪便袋等产品。此外，引导消费者选择天然材料制成的宠物玩具，也有 助于从需求侧减轻环境负荷。 据统计，2023年 ...

今年2月，派特鲜生位于上海长宁区海粟文化广场的首店开业，面积达200平方米。据了解，门店内划分 为宠物用品、鲜食制作、社交互动为主的多个功能区，在保留宠物干粮、湿粮、猫条、罐头等传统产品 的基础上，以"鲜"为核心，创新产品，推出现制现售鲜食、冷藏鲜食、面点主食及烘焙创新糕点。 11月17日晚，侯毅在一场采访直播中公开回应，表示将关闭所有"派特鲜生"门店。 侯毅更为人所熟知的称呼是他的花名"老菜"，此前作为盒马的创始人出现在公众的视野中。直到2024年 3月18日，侯毅卸任盒马CEO，正式退休。退休后的他很快就开始全新的创业探索。 而派特鲜生，是侯毅离开盒马后的第二个创业项目。今年年初，派特鲜生高调宣称要在上海开百家店， 并在今年5月，宣布完成2500万美元（约合1.77亿元人民币）天使轮融资，创下近年来宠物行业天使轮 融资新高。 图源：派特鲜生小程序界面 转折却突如其来，侯毅在接受媒体采访时称，"业务调整，很正常"。而后他也在直播中坦言闭店的原 因：今天来讲，宠物鲜食赛道不是一个好市场，市场规模太小，是个无解的问题。 "有一个潜在鄙视链，喂鲜食的看不上喂冻干主食的，喂冻干主食的看不上喂狗粮的，而且价格也有阶 ...