中宠股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：新零售、宠物经济、QFII持 股、阿里概念、融资融券等。 资金流向方面，主力资金净流出425.61万元，大单买入621.17万元，占比9.71%，卖出1046.78万元，占 比16.36%。 中宠股份今年以来股价涨55.73%，近5个交易日跌3.93%，近20日跌0.95%，近60日跌0.18%。 今年以来中宠股份已经1次登上龙虎榜，最近一次登上龙虎榜为6月6日，当日龙虎榜净买入-2673.30万 元；买入总计2.51亿元 ，占总成交额比23.81%；卖出总计2.78亿元 ，占总成交额比26.34%。 资料显示，烟台中宠食品股份有限公司位于山东省烟台市莱山区飞龙路88号，成立日期2002年1月18 日，上市日期2017年8月21日，公司主营业务涉及主要从事犬用及猫用宠物食品的研发、生产和销售。 主营业务收入构成为：宠物零食62.89%，宠物主粮32.21%，宠物用品及其他4.90%。 10月22日，中宠股份盘中下跌2.13%，截至09:56，报55.05元/股，成交6396.94万元，换手率0.38%，总 市值167.56亿元。 截至10月2 ...

10月22日，佩蒂股份盘中下跌2.10%，截至09:56，报18.18元/股，成交2289.22万元，换手率0.77%，总 市值45.24亿元。 资金流向方面，主力资金净流出174.35万元，特大单买入167.90万元，占比7.33%，卖出0.00元，占比 0.00%；大单买入210.63万元，占比9.20%，卖出552.88万元，占比24.15%。 佩蒂股份今年以来股价涨4.55%，近5个交易日跌3.30%，近20日跌1.46%，近60日涨13.98%。 资料显示，佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号，成立 日期2002年10月21日，上市日期2017年7月11日，公司主营业务涉及宠物食品的研发、生产和销售。主 营业务收入构成为：宠物食品98.05%，其他1.95%。 佩蒂股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：宠物经济、小盘、小红书概 念、出海概念等。 截至10月10日，佩蒂股份股东户数1.78万，较上期减少0.88%；人均流通股9119股，较上期增加0.88%。 2025年1月-6月，佩蒂股份实现营业收入7.28亿元，同比减少13.94%；归 ...

从销售层面来看，依依股份的一次性卫生用品或将能够借助瑞派庞大的宠物医院网络分销，也可以借助 医疗的刚需属性实现品牌形象的提升。 宠物卫生用品巨头依依股份近期动作频频。 自10月13日官宣并购杭州高爷家有好多猫宠物食品有限责任公司（简称"高爷家"）之后，10 月 16 日， 依依股份又宣布与北京方圆金鼎投资管理有限公司（以下简称 "方圆金鼎"）共同投资共青城金谈创业 投资合伙企业。 该基金计划总规模 15,654.00 万元人民币，依依股份作为有限合伙人拟出资 7,020.00 万元人民币，占合 伙企业 44.8448% 份额，主要投资标的为瑞派宠物医院管理股份有限公司。 依依股份是一次性宠物卫生用品领域的龙头企业，主要经营宠物垫、宠物尿裤等产品，长期为多家国际 宠物品牌提供代工服务。2025年上半年，依依股份宠物一次性卫生护理用品营收占比为93.91%，同时 其有93.47%的收入来自境外。 而后者瑞派宠物医院是专门从事宠物连锁医院运营和管理的大型连锁机构，目前瑞派所辖门店近600 家，覆盖全国27个省，70余座城市。 21世纪经济报道记者 刘婧汐 陈晗章 瑞派宠物曾先后获得瑞普生物、高盛资本、华泰新产业基金 ...

行业研究 关注宠物国牌大促销售，市场风格切换看好估值修复——轻工制造&纺织服 饰行业周报 晨会纪要（2025/10/21） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.10.21） 宏观及策略研究 广义财政支出仍有接力工具支撑——2025 年前三季度财政数据点评 基金研究 权益市场主要指数震荡回撤，个人养老金基金再扩容——公募基金周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/10/21） 宏观及策略研究 广义财政支出仍有接力工具支撑——2025 年前三季度财政数据点评 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 2025 年 10 月 17 日，财政部公布 2025 年前三季度财政收支情况： （1）前三季度，全国一般公共预算收入 163876 亿元 ...

日前，宠物食品行业龙头企业中宠股份（002891.SZ）发布的2025年第三季度报告，"增收不增利"的反差尤为显眼。 报告显示，中宠股份第三季度营收同比增长15.86%，达到14.28亿元，创下单季新高但增速较前两个季度有所回落；同期归母净利润却同比下滑6.64%，至 1.30亿元。 这种营收与利润背道而驰的现象，引发市场对宠物食品行业当前发展模式的关注。10月15日，即财报发布次日，中宠股份股价跌近6%。 值得注意的是，快速扩张也带来了一些隐忧。除了高企的费用，中宠股份前三季度的资产减值损失同比增加77.02%，主要系存货跌价计提增加。同时，有 息负债增至14.88亿元，有息资产负债率达到27.73%。 有分析师指出，中宠股份当前正处在从代工向品牌转型的关键阶段。这种转型必然伴随着短期阵痛，但长期看，建立强大的自主品牌才能形成持续竞争力。 随着国内养宠渗透率提升和宠物食品国产替代趋势加速，中宠股份若能成功度过这段投入期，未来有望在广阔的宠物食品市场中占据更有利位置。 对于投资者而言，更需要关注的是中宠股份当前的高投入能否在未来转化为稳定的盈利能力，以及自主品牌能否真正成为驱动公司长期增长的引擎。随着宠 物经 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

10月16日，有鱼有品(深圳)生物技术有限公司与四川沱牌生物科技有限公司在成都联合举办"战略合作 签约仪式暨酒糟黑水虻宠物食品发布会"。射洪市委常委、常务副市长戴宇，复星全球合伙人、复星国 际副总裁、豫园股份（600655）联席董事长石琨，四川沱牌舍得集团有限公司总裁杨中淇，有鱼有品公 司总经理檀胜林，沱牌生物科技公司总经理曾家斌等领导出席活动。 本次发布会不仅推出国内首款以舍得鲜酒糟培育黑水虻为核心原料的高端宠物食品系列，更以"酒糟变 蛋白"的创新模式，实现白酒产业链与宠物经济的生态联动，为循环经济与宠物健康产业融合发展设立 新标杆。 政企协同，共促"生态与产业"深度融合 发布会上，射洪市委常委、常务副市长戴宇对此合作给予高度评价。他指出，射洪作为"中国白酒之 乡"，每年产生数十万吨酒糟，通过沱牌生物技术转化为高价值宠物食品高蛋白原料，开辟了宠物经济 新路径，是"变废为宝、化腐朽为神奇"的实践范例。 射洪市委常委、常务副市长 戴宇 复星全球合伙人、复星国际副总裁、豫园股份联席董事长石琨表示，复星将整合生态资源，从资本与渠 道端助力合作落地，推动"酒糟黑水虻"品类成为宠物食品行业的新增长点。 复星全球合伙人、 ...

Core Viewpoint - The company has been deeply engaged in the pet food industry for nearly 30 years, utilizing both OEM and self-owned brands to drive growth, with significant international and domestic sales achievements [1] Group 1: Export Business - The company has established a global supply chain with production capacities in six countries, achieving an export revenue of 1.57 billion yuan, accounting for 65% of total revenue as of H1 2025 [1] - North America is the largest sales market, and the company has proactively built overseas production capacities to mitigate trade risks, with net profit margins for various overseas factories ranging from 13% to 21% [2] - The company’s export performance has significantly outperformed the industry during trade tensions and tariff increases [2] Group 2: Domestic Sales - The company has developed three core self-owned brands, "WANPY," "TOPTREES," and "ZEAL," capturing the mid-to-high-end domestic market, with domestic sales revenue reaching 860 million yuan, accounting for 35% of total revenue as of H1 2025 [1] - The pet food industry still has considerable growth potential, with a fragmented competitive landscape allowing leading domestic brands to increase market share [3] - The company’s product matrix is improving under its explosive product strategy, with significant online ranking improvements during promotional periods [3] Group 3: Profitability - The company has benefited from favorable raw material costs and exchange rates, leading to continuous improvement in gross margins, with expectations for further increases in gross and net profit margins due to a higher proportion of self-owned products [4] - Revenue projections for 2025-2027 are 5.42 billion, 6.54 billion, and 7.87 billion yuan, with year-on-year growth rates of 21.3%, 20.8%, and 20.3% respectively, and net profits of 470 million, 580 million, and 740 million yuan, with growth rates of 18.3%, 24.8%, and 27.2% respectively [4]

Core Viewpoint - The recent disclosures of Q3 reports from listed companies reveal the latest movements of long-term funds such as QFII and social security funds, indicating their investment strategies and providing important references for identifying structural opportunities in the market [1] Group 1: QFII and Social Security Fund Movements - A total of 6 A-share listed companies have QFII in their top ten circulating shareholders as of the end of Q3, while 8 companies have social security funds in the same list [1] - The Monetary Authority of Macao has newly entered the top ten circulating shareholders of GaoNeng Environment, holding 19,821,700 shares, which accounts for 1.3% of the total shares [2] - Major foreign institutions such as JPMorgan, Goldman Sachs, and Morgan Stanley have also entered the top ten shareholders of Guoguang Chain, holding 1,511,390 shares, 950,497 shares, and 716,585 shares respectively [3] Group 2: Investment Characteristics of QFII and Social Security Funds - QFII represents long-term foreign capital, focusing on globally competitive and reasonably valued assets, with a longer adjustment cycle [6] - Social security funds are characterized as "patient capital," prioritizing investments that align with national strategic directions and offer high dividends and stable cash flows [6] - Both types of institutions emphasize fundamental research and avoid short-term speculation, indicating their forward-looking predictions regarding policy benefits and industry turning points [6] Group 3: Market Outlook and Investment Opportunities - Despite recent market volatility due to external factors, there is a sustained optimism regarding the medium to long-term performance of Chinese assets, particularly in technology innovation [6] - The current market fluctuations provide opportunities for sector rotation, with a focus on dividend-style assets, especially those related to "state-owned enterprises" [6] - The technology sector, particularly companies with advantages in AI applications, remains highly valuable for investment despite potential short-term volatility [7]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that pig prices are stabilizing at low levels, with a continued reduction in breeding stock. As of October 17, 2025, the national average price for live pigs is 11.18 yuan/kg, showing a week-on-week increase of 0.19 yuan/kg but a year-on-year decrease of 6.52% [3][12] - The report highlights that the price of piglets has further declined, which may accelerate the culling of sows. The price for 7kg piglets has dropped to 165 yuan/head, below the industry average cost of 300 yuan/head, leading to potential losses that could hasten the elimination of sows [4][19] - The report notes that the domestic pet market is experiencing a rise in local brands, particularly during the Double Eleven pre-sale event, where the top eight brands in sales are all domestic [5][22] Summary by Sections Weekly Observation - The pig price is in a low-level fluctuation, with breeding stock reduction continuing. The proportion of breeding stock in actual sales is 1.02%, with a week-on-week increase of 0.09 percentage points but a year-on-year decrease of 5.07 percentage points. The utilization rate of breeding facilities is 32%, down 2.4 percentage points from the previous period and down 15.9 percentage points year-on-year [12][13] Weekly Perspective - The report suggests that losses in pig farming may accelerate the reduction of breeding stock. The price of live pigs continues to decline, reaching a new low for the year, and the losses in pig farming are deepening. The report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and others [29][30] Market Performance (October 13-17) - The agricultural sector underperformed the market by 0.73 percentage points, with the Shanghai Composite Index down 1.47% and the agricultural index down 2.20%. Notable stock performances include Shenyin Wanguo Biological (+10.33%) and others [32][37] Price Tracking (October 13-17) - The average price for live pigs is 11.17 yuan/kg, down 0.01 yuan/kg from the previous week. The average price for piglets is 17.99 yuan/kg, down 0.73 yuan/kg. The average price for white strip meat is 14.68 yuan/kg, down 0.51 yuan/kg [6][47] Key News (October 13-17) - The Ministry of Agriculture and Rural Affairs held a video conference to strengthen the inspection and slaughtering of pigs, emphasizing the importance of quality control in pork products [38]