证券日报网讯12月5日，佩蒂股份（300673）在互动平台回答投资者提问时表示，目前温州工厂可以生 产宠物烘焙粮、冻干粮和宠物湿粮等多个品类的主粮产品，在产品研发和设计、生产、质量控制等方面 为各自主品牌提供完善的供应链支持。温州工厂还为未来扩充主粮的品类和产能预留了空间，以满足未 来不断增长的业务需求。 ...

证券日报网讯12月5日，佩蒂股份（300673）在互动平台回答投资者提问时表示，新西兰主粮工厂拥有 的品牌Smart Balance(中文名称：悦佰思)已取得八款产品的进口许可证，其中狗粮和猫粮各四款。新西 兰工厂端和国内销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及 时发布相关进展信息。 ...

每经AI快讯，有投资者在投资者互动平台提问：介绍一下公司新西兰品牌的最新进展。 佩蒂股份（300673.SZ）12月5日在投资者互动平台表示，新西兰主粮工厂拥有的品牌Smart Balance（中 文名称：悦佰思）已取得八款产品的进口许可证，其中狗粮和猫粮各四款。新西兰工厂端和国内销售团 队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展信息。 （文章来源：每日经济新闻） ...

格隆汇12月5日丨佩蒂股份(300673.SZ)在投资者互动平台表示，根据目前的进展，新西兰工厂端和国内 销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展 信息，敬请关注。 ...

格隆汇12月5日丨佩蒂股份(300673.SZ)在投资者互动平台表示，根据目前的进展，新西兰工厂端和国内 销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展 信息，敬请关注。 ...

近日，盒马鲜生原CEO、派特鲜生创始人侯毅正式宣布推出"老菜芮选"，进军直播带货领域。 目前，"老菜芮选"直播间的产品主要分为面点烘焙、水果、海鲜水产等，带货商品包括桐香雪花乌老面小笼包等。经查看"侯毅说"抖音账号，粉丝数为3396 人，获赞2411次，目前商品橱窗共有20件好物在售。 值得一提的是，自2015年盒马诞生以来，侯毅一直担任CEO；2024年3月18日，侯毅卸任盒马CEO一职，退休后开始创业之路。 不久前，侯毅创办的宠物鲜食品牌"派特鲜生"出现了大规模闭店的情况。侯毅也曾在直播中回应称，"我们所有门店经营初心和实际经营效果还是差距蛮大 的，所以我们经过讨论，也经过董事会的同意，会在一两个月中，整个退出宠物实体门店这一市场，保留少量的线上部分"。 据了解首家派特鲜生门店于2025年2月开业，随后快速扩展至10家门店。今年5月7日，派特鲜生宣布完成2500万美元天使轮融资，创下近年宠物行业天使轮 融资新高。 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: Outbound Supply Chain, E-commerce Logistics, Manufacturing, Home Appliances, Cement, Pet Food - **Companies**: Financial Securities, Jitu Express, Beibu Gulf Port, Xiaogoods City, Zhongchong Co., Ltd. Core Points and Arguments - **Outbound Supply Chain Growth**: Financial Securities recommends leading companies in the outbound supply chain due to benefits from U.S. fiscal expansion, capital inflow from emerging markets, and a shift in policy focus towards manufacturing, which will drive growth through increased industry concentration and global demand recovery [1][3][4] - **"Running Horse 50" Portfolio**: The portfolio is constructed using the RCA competitive advantage index to select export-advantaged products, resulting in an excess return of approximately 4% since its launch [1][5] - **Jitu Express Performance**: Jitu Express is experiencing significant growth in Southeast Asia and Latin America, particularly driven by e-commerce platforms like TikTok, with package growth rates reaching 79% in Q3 [1][6][7] - **Beibu Gulf Port Growth**: The port has seen a 22.7% increase in cargo throughput and double-digit growth in container throughput, benefiting from trade with ASEAN countries [1][7] - **Focus on Mechanical Products**: In the current interest rate cut cycle, attention is drawn to mechanical products with significant alpha attributes, particularly tools and pet sales, which are showing signs of recovery [1][8][9] - **Home Appliance Export Trends**: The home appliance export chain is expected to show a trend of internal stability and external strength by 2026, with emerging markets projected to achieve double-digit growth [1][13][14] - **Xiaogoods City Export Performance**: Xiaogoods City reported a 26% year-on-year increase in import and export scale, with exports reaching 550 billion yuan [1][19][21] - **Cement Industry Opportunities**: The cement industry is focusing on overseas expansion, particularly in Southeast Asia and Africa, where per capita cement demand is still low [1][16][17] - **Zhongchong Co., Ltd. Global Supply Chain**: The company has established factories in various countries, benefiting from tariff exemptions under trade agreements, and is expected to see significant production value growth in the coming years [1][22][23] Other Important but Possibly Overlooked Content - **Market Adjustment Factors**: The market is experiencing adjustments due to unresolved overseas liquidity issues and uncertainties regarding future monetary policy, with the Shanghai Composite Index seen as a potential bottoming point around 3,800 [2] - **Emerging Market Investment**: Emerging markets like Mexico are benefiting from capital outflows from the U.S., leading to increased local employment and consumption [1][4] - **Pet Food Market Growth**: The global pet food market is valued at $150 billion, with significant growth potential for Chinese brands in overseas markets [1][23]

预计阅读时长 O mins 本文整理自播客「声动早咖啡」 侯毅对每日经济新闻表示，派特鲜生项目最大的局限在于，单一客户的消费极其有限，一只狗或一只猫，一个 月的食品消费顶多只需要 300 元，即使市场在不断增长，规模也不足以支撑起一家连锁公司。 ecoloire 鲜粮保质期 20 周、冷链烧钱、主粮占 60% 份 额，派特鲜生「性价比」救不了复购。 欢迎来到今天的轻解读。根据毕马威发布的报告，2015 年，中国的宠物市场规模还只有 978 亿元，随后整个 市场进入高速增长期，预计到今年将突破 8114 亿元。其中，按照细分业务来看，宠物食品占据了整个宠物赛 道一半以上的份额，是宠物经济的核心驱动力。而创业之初的侯毅，正是看到了这样的机会。这位盒马的创始 人曾对行业媒体表示，在成熟的宠物市场美国，已经跑出了 Freshpet 这样的宠物鲜粮公司，去年实现盈利，英 国也有类似的品牌 Butternut box，完成了多轮融资，而中国还没有出现对标的公司，但未来，国内消费者对于 天然、健康属性的宠物食品需求将会进一步释放，宠物鲜食赛道存在发展空间。 巴伦周刊的报道显示，成立于 2006 年的 Freshpet，实际 ...

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The model aims to address the systematic rotation of market styles by identifying the dominant asset characteristics that represent the future mainstream market style. It evaluates assets based on the priority of "g > ROE > D" to determine whether there are good assets and whether they are overvalued[5][8][12] - **Model Construction Process**: 1. Define five style stages based on the industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[8] 2. Use the "g > ROE > D" priority to compare assets, focusing on growth (g), profitability (ROE), and dividend yield (D)[5][8] 3. Incorporate factors such as expected growth (gf), actual growth (g), profitability (ROE), and valuation metrics (PB, DP, BP) to classify and evaluate assets[9][12] 4. Apply the framework to select industries and allocate them equally within each strategy[19] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotation since 2009, achieving an annualized return of 27.06%[19] --- Model Backtesting Results Quantitative Market Trend Judgment Framework - **Annualized Return**: 27.06% since 2009[19] - **Excess Returns by Year**: - 2017: 27% - 2020: 44% - 2022: 62% - 2024: 52% - 2025 (YTD): 8%[22] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate of industries based on analysts' forecasts, regardless of the lifecycle stage[9] - **Factor Construction Process**: 1. Calculate the expected growth rate (gf) for each industry 2. Rank industries based on the highest expected growth rates 3. Select top-performing industries for allocation[9][38] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015 and 2025[38] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on industries with the highest earnings momentum (△g), particularly during transition and growth phases[9] - **Factor Construction Process**: 1. Use △g to represent earnings momentum 2. Rank industries based on △g and select the top-performing ones 3. Incorporate additional factors such as SUE, SUR, and JOR for refinement[40] - **Factor Evaluation**: The factor has consistently delivered significant excess returns, especially in growth-dominant environments[40] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Targets industries with high ROE and low valuation under the PB-ROE framework, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate PB-ROE residuals for each industry 2. Rank industries based on residuals and select the top-performing ones[43] - **Factor Evaluation**: The factor performed strongly from 2016 to 2020 but has weakened since 2021[43] 4. Factor Name: Quality Dividend (DP + ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify industries with the highest scores, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and ROE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[46] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[46] 5. Factor Name: Value Dividend (DP + BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued industries, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and BP for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[49] - **Factor Evaluation**: The factor has delivered significant excess returns in 2009, 2017, and 2021-2023[49] 6. Factor Name: Bankruptcy Value (PB + SIZE) - **Factor Construction Idea**: Targets industries with the lowest PB and SIZE scores, focusing on stagnation and recession stages[9] - **Factor Construction Process**: 1. Calculate PB and SIZE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the lowest-scoring ones[52] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[52] --- Factor Backtesting Results Expected Growth (gf) - **Recent Performance**: - Lithium: +51.15% (3 months) - Frozen Food: +14.08% (3 months)[38] Actual Growth (g) - **Recent Performance**: - Lithium Chemicals: +51.88% (3 months) - Other Home Appliances: +14.93% (3 months)[41] Profitability (ROE) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Buses: +10.46% (3 months)[43] Quality Dividend (DP + ROE) - **Recent Performance**: - Timber Processing: +145.24% (3 months) - Lithium Equipment: +21.95% (3 months)[46] Value Dividend (DP + BP) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Security: -2.24% (3 months)[49] Bankruptcy Value (PB + SIZE) - **Recent Performance**: - Gas: +15.88% (3 months) - Building Renovation: +16.42% (3 months)[52]

Group 1 - Shandong Province is enhancing practical cooperation with New Zealand and Australia through a delegation visit led by the provincial governor, focusing on economic, agricultural, and investment sectors [1][5] - The delegation includes mayors and business leaders from various cities in Shandong, aiming to deepen exchanges and cooperation in multiple fields [1][5] - The visit is part of a broader strategy to extend Shandong's international outreach and strengthen its role in global trade [1][11] Group 2 - Shandong has established a long-standing relationship with Australia and New Zealand, with significant trade growth, including a projected trade volume of 130.6 billion yuan with New Zealand in 2024 [4][5] - The province's trade with New Zealand is expected to account for 9.1% of China's total trade with the country, while trade with Australia is projected at 8.7% [3][4] - The cooperation includes various sectors such as advanced manufacturing, logistics, and agriculture, reflecting strong economic complementarity [3][4] Group 3 - The visit features major events like the "China (Shandong) - New Zealand Economic and Trade Cooperation Forum," which facilitates business negotiations and project signings [5][10] - Notable companies such as Guobao Pet Food Group are making significant investments, including a 9.5 billion yuan project in New Zealand to enhance global supply chain efficiency [5][6] - The collaboration also includes the introduction of Shandong products like "Dezhou Braised Chicken" into the New Zealand market, marking a significant step in international expansion [8][10] Group 4 - Shandong's government is implementing comprehensive support measures for enterprises looking to expand internationally, including financial, legal, and logistical assistance [12][15] - The "Ten Actions for Stable and Quality Foreign Trade by 2025" initiative aims to enhance Shandong's global market presence through innovative strategies [12][15] - The province is actively promoting its international marketing system to facilitate connections between local businesses and global markets [12][15]