Investment Rating - The report maintains a "Positive" outlook on the agriculture, forestry, animal husbandry, and fishery sector, indicating it is expected to outperform the overall market [4][5][52]. Core Insights - The report highlights the strong performance of the pig farming sector, with expectations for a re-evaluation of pig prices due to ongoing market dynamics. It emphasizes the importance of quality pig farming enterprises and suggests focusing on the profitability of breeding support and pet food sectors [4][5]. - During the "618" shopping festival, the pet food industry showed resilience, with leading brands performing well. The report suggests that the performance of top companies may exceed expectations throughout the year [4][5]. - The report notes that pig prices have consistently outperformed market expectations since the beginning of 2025, with futures prices remaining lower than spot prices. It anticipates a slow recovery in production capacity and highlights the potential for profit realization in low-cost pig farming [4][5]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index fell by 3.1%, while the CSI 300 Index decreased by 0.5%. The top five gainers included Bangji Technology (up 24.7%) and Chenguang Biotech (up 13.4%), while the top five losers included Andeli (down 18.7%) and Zhongchong Co. (down 13.4%) [4][5][12]. Pig Farming - As of June 22, the average selling price of external three yuan pigs was 14.29 yuan/kg, with a week-on-week increase of 1.2%. The report indicates that the average weight of market pigs decreased to 128.28 kg, down 0.54 kg from the previous week. The report suggests that the expectations of "reducing weight, stabilizing production capacity, and limiting breeding" may lead to a re-evaluation of pig prices in the second half of the year [4][5]. Poultry Farming - The report notes a significant drop in chick prices, with the average price of white feather broiler chicks at 1.72 yuan/chick, down 29.2% week-on-week. The average price of white feather broilers remained stable at 3.52 yuan/kg, with a slight decrease of 1.7% week-on-week [4][5]. Pet Food - The report emphasizes the importance of monitoring the sales performance of pet food during the "618" shopping festival, with a year-on-year increase of 15% in e-commerce sales. The total sales for pet food reached 7.5 billion yuan, up from 5.5 billion yuan in the previous year, indicating a year-on-year growth of 36% [4][5]. Animal Health - The report highlights the recovery in vaccine sales, with a year-on-year increase of 23.02% in the number of veterinary vaccine batches issued in Q1 2025. It suggests that the profitability of breeding enterprises will drive the demand for vaccines and other products [4][5].

行业报告 | 行业研究周报 农林牧渔 证券研究报告 1、生猪板块：行业盈利空间持续压缩，重视生猪板块预期差！ 1）猪价低位震荡&仔猪价格继续回落。截至6 月21 日，全国生猪均价 14.37 元/kg，较上周末下跌 0.28%（智农通），本周行业自繁自养盈利约 92 元/ 头，较前期大幅缩窄（5 月头均盈利160 元/头）；本周7kg 仔猪和50kg 二元母猪价格为443 元/头和 1619 元/头，仔猪价格较高点回落超200 元/头。 供应端，本周出栏均重为 128.28kg（环比-0.42%），150kg 以上生猪出栏占比为4.74%（环比-0.08pct），近期降重趋势明确但绝对体重仍处历史同期高 位。需求端，上周价格跌至年内低点后，多数屠企低价分割意愿增强，本周屠宰样本日均宰杀量环比+1.96%。但短期来看，高温期季节性消费淡季， 拖累整体鲜品走货难度增加。近期天气炎热或加速前期大猪出栏，猪价或呈季节性走弱趋势，行业盈利空间持续压缩，或加强去化逻辑。 2）重视生猪板块低估值、预期差！重视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况下，后续产能去化容易程度及复产难度或再度提 升，产能有望波 ...

证券研究报告 | 行业定期报告 2025 年 06 月 22 日 把握酒类情绪修复机遇，回归业绩主线 食品饮料行业周报（6.22） 消费品/食品饮料 本周新华社、人民网等媒体均发文指向整治违规吃喝一刀切现象，对于部分地 区过度限制正常社交聚餐等行为从态度上进行纠偏，白酒侧有望对于除公务接 待以外场景产生的冲击带来修复，叠加整体估值处于低位，行业加速触底后建 议逢低布局龙头；啤酒侧关注情绪面修复下，在旺季动销催化中具备大单品放 量结构性增长的标的。此外，新消费短期有所回调，建议关注下半年延续高增 品类的估值切换机会。 海天味业：H 股挂牌上市交易。6 月 19 日公司全球发售 2.79 亿股 H 股股 票在香港联交所主板挂牌并正式上市，扣除相关费用后预计收取发售款净 额约为 100.10 亿港元。 ❑ 核心公司跟踪：白酒积极调整应对环境，小食品、宠物景气延续 五粮液：股东会公司表态积极奋进，环境有挑战不改初心，分红有望进一 步提升。公司股东会表态积极，25 年分红率有望进一步提升。普五坚持 量价平衡，1618 以高质量动销为导向。营销执行提升年，精细化渠道政 策持续推进，成立销售公司、实施市场化机制考核。25H ...

Core Insights - The global pet food market is experiencing strong and sustained growth driven by changing consumer perceptions and the increasing status of pets as family members rather than mere companions [1] - The market is evolving not only in terms of consumption volume but also in consumer philosophy and product structure [1] Group 1: Market Trends - In Italy, the pet food market is set for significant expansion in 2024, with the total number of pets stable at approximately 65 million, and cat ownership rising from 10.2 million in 2023 to 11.9 million in 2024, reflecting a growth rate of 16.7% [2] - The growth of cat ownership is attributed to urbanization and the increasing proportion of single and empty-nester populations, making cats more appealing due to their lower care costs and interaction demands [2] Group 2: Product Categories - The global pet food market is primarily divided into wet and dry food, with the wet food market expected to reach $35 billion in 2023, accounting for 27% of total sales [3] - Cat food dominates the wet food segment, holding a 61% market share, and is projected to grow significantly faster than dog wet food over the next five years [3] - Despite a temporary stagnation in wet food growth in 2022, the market has regained momentum in 2023, with a projected annual growth rate of 1.4% due to increased consumer focus on quality [3] Group 3: Emotional Consumption - The rapid growth of the pet food market is driven by the emotional value pets hold in human lives, with pets now seen as family members and emotional supporters [4] - The younger generations, particularly Gen Z and Millennials, exhibit diverse and refined consumption attitudes towards pet food, seeking high-quality ingredients and emotional satisfaction from their purchases [4] Group 4: Premiumization - The trend towards premiumization in pet food is becoming increasingly evident, with the global premium pet food market expected to grow by 2% in volume and 10% in market value in 2023 [5][6] - Consumers are willing to pay a premium for higher quality, healthier, and more personalized products, reflecting a deeper concern for their pets' overall well-being [6] Group 5: Future Outlook - The evolution of the pet food market is shifting from mere functional satisfaction to emotional resonance and cultural co-creation, focusing on quality, health, and personalization [7] - Competition among brands is transitioning from product strength to emotional connection and understanding of pet owners' lifestyles, indicating a new consumer landscape that integrates technology, culture, and social attributes [7]

2025 年 6 月 22 日 行业研究 "618"战报出炉，宠物消费同比高增 ——光大证券农林牧渔行业周报（20250616-20250622） 要点 25 年"618"结束，宠物经济持续兑现高景气。根据京东"618"战报，超 400 个宠物品牌商家销售额同比增长超 100%，宠物成交用户同比增长 32%、 新晋养宠用户同比增长 39%。宠食方面，基于各品牌销售额表现，各宠食品类 排名如下：（1）猫干粮 TOP10：皇家、麦富迪、网易严选、渴望、蓝氏、天 然百利、爱肯拿、弗列加特、诚实一口、冠能；（2）狗干粮 TOP10：皇家、 麦富迪、伯纳天纯、疯狂小狗、爱肯拿、渴望、网易严选、蓝氏、冠能、凯锐 思；（3）猫零食/湿粮 TOP5：麦富迪、蓝氏、顽皮、弗列加特、网易严选； （4）狗零食/湿粮 TOP5：麦富迪、爵宴、疯狂小狗、ZEAL、顽皮。 本周猪价上涨。根据博亚和讯，6 月 20 日全国外三元生猪均价为 14.22 元 /kg，周环比上涨 1.43%，15 公斤仔猪均价 31.85 元/公斤，周环比下跌 3.16%。根据涌益咨询数据，本周商品猪出栏均重为 128.28kg，周环比下跌 0.54kg，全国 ...

Investment Rating - Maintain "Increase" rating for the agricultural sector [5] Core Views - The pet industry continues to show strong performance during the 618 shopping festival, with 400 merchants doubling their transaction volume and significant growth in user engagement [12][13] - In the pig farming sector, the average selling price of lean pigs is 14.05 CNY/kg, down 0.1% from the previous week, indicating a relatively low valuation and highlighting potential investment opportunities in leading companies with cost advantages [15][16] - The poultry sector is experiencing price declines, with broiler prices at 7.12 CNY/kg, down 2.1%, and chick prices down 32.1% to 1.86 CNY each, suggesting a need for monitoring price recovery opportunities [15][25] Summary by Sections Pet Industry - During the 618 shopping festival, 400 merchants on JD.com saw their transaction volume double, with a 32% year-on-year increase in transaction users and a 39% increase in new pet owners [2][13] - Leading brands in pet food include Royal Canin and Maffidi, with significant improvements in rankings for domestic brands [3][14] Pig Farming - The average price for lean pigs is 14.05 CNY/kg, down 0.1% from last week, while the average wholesale price for pork is 20.33 CNY/kg, up 0.3% [16][17] - The profitability for self-breeding pigs is 19.4 CNY/head, while purchasing piglets results in a loss of 186.79 CNY/head [18][19] Poultry Farming - Broiler prices have decreased, with the average price at 7.12 CNY/kg and chicken product prices at 8.65 CNY/kg, both showing declines [30][32] - The price of meat chicks has dropped significantly, indicating potential volatility in the market [25][28] Crop and Agricultural Products - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin soon [4] - The agricultural sector is currently facing price fluctuations, with leading feed companies likely to benefit from their scale and supply chain advantages [15]

转自：壹点智库 INC指数全称是"网络传播影响力指数"，是数字化时代品牌传播效果量化评价体系。山东上市公司的INC指数评价维度包括传 播广度、传播热度、网络关注度、官网呈现度。INC指数的理论极限值为1000，各维度指标根据分值大小，由低到高分为5 级。 行业整体水平分析 2025年5月份，山东上市公司的品牌传播效果整体表现如何？日前，壹点智库Brand-C品牌数字实验室对山东上市公司的品牌 传播效果进行了大数据测评，发布了5月份山东上市公司网络传播影响力指数（简称"INC指数"）。数据显示，该月份310家 山东上市公司的INC指数平均值为571.0，与4月相比传播影响力均值下降3.06%。全部品牌INC指数排名上涨最多的是山东墨 龙石油机械股份有限公司，上涨184名；下降最多的是烟台中宠食品股份有限公司，下降181名。位居排行榜前十的分别是青 岛啤酒股份有限公司、东阿阿胶股份有限公司、海尔智家股份有限公司、史丹利农业集团股份有限公司、中国重汽集团济南 卡车股份有限公司、山东高速股份有限公司、澳柯玛股份有限公司、家家悦集团股份有限公司、华熙生物科技股份有限公 司、青岛港国际股份有限公司，其中排名上涨最多的是家 ...

爱法百奥创始人谢雨衡 图片来源：受访者提供 一间会议室内，宠物食品品牌爱法百奥创始人谢雨衡正在展示她的产品。 "你不仅要知道宠物粮里的蛋白质含量，还需要知道这其中的必须氨基酸比例。"对于任何一款产品，她 都能精确讲出各种成份占比。 谢雨衡是一名非典型创业者。她出生于正大集团谢氏家族，其曾祖父谢易初正是以"8个银元"起步。如 今，正大集团在2024年的全球收入为1,022亿美元，在中国市场的收入超过2,000亿元。 01 成为创业者 如果更加细分而言，2024年，宠物食品市场在整个宠物消费领域的占比高达52.8%，其中主食和营养品 消费稳中有升，零食消费则出现轻微下滑。 这一数据清晰地反映出宠物食品在宠物经济中的关键地位以及市场消费趋势的微妙变化。 年轻人已经成为养宠主力军。他们对宠物的消费呈现出多元化、个性化、高品质的特点，愿意为宠物的 衣食住行康等多方面投入更多的资源，例如在选购宠物食品时，消费者越来越注重原料成分，倾向于购 买无谷物、鲜肉含量高的产品。 在市场格局方面，国货品牌正呈现出崛起的强劲势头。曾几何时，外资品牌如玛氏等在中国宠物食品市 场占据主导地位。近年来，国内品牌凭借对本土市场的理解，以及灵活 ...

Summary of Key Points from the Conference Call Industry Overview - The pet industry showed remarkable performance during the 2025 618 shopping festival, with Tmall reporting that 43 brands achieved over 100 million yuan in sales within the first hour, a year-on-year increase of over 50% [1][4] - The overall market for pet food is experiencing a trend towards refined and scientific feeding practices, with China ranking second globally in market size [3][20] Core Insights and Arguments - **Promotional Strategies**: Tmall implemented a unified 15% discount policy across all products, simplifying the purchasing process for consumers, while JD continued its strategy of discounts and cross-store promotions [2][4] - **Consumer Behavior**: There is a growing trust in domestic pet brands, with 10 out of 12 pet brands in the top 500 online brands being domestic, indicating a shift in consumer preference [5] - **Product Trends**: The baked dry food category emerged as a core growth driver, with high-premium wet food products also showing growth [1][8][9] - **Sales Performance**: During the 618 period, 653 pet brands on Tmall saw their sales double, with 9 brands entering the "ten million club" [6][7] Noteworthy Developments - **Emerging Categories**: New categories such as baked dry food, plant-based cat litter, and freeze-dried raw meat cans are gaining traction, reflecting consumer demand for innovative pet products [1][9] - **Domestic Health Products**: The domestic health product VCARE saw sales growth exceeding 110%, indicating increasing consumer recognition and competition against foreign brands [3][10] - **Live Streaming Sales**: Pet live streaming sales on Tmall surged nearly 180% within the first four hours, showcasing the effectiveness of influencer marketing [12][15] Additional Insights - **Brand Strategies**: Brands like Guibao Pet are effectively targeting different consumer segments with their product lines, such as high-value offerings from Fuleijiate and cost-effective options from Maifudi [23][24][25] - **Celebrity Endorsements**: The choice of Wang Danna as a spokesperson for Guibao Pet aims to attract younger consumers and enhance brand relatability [26] - **Future Directions**: The pet food industry is expected to see growth in both pet ownership and per-pet spending, with a focus on premium products and health-oriented offerings [22] Conclusion The 2025 618 shopping festival highlighted significant growth and transformation within the pet industry, driven by innovative products, effective marketing strategies, and changing consumer preferences towards domestic brands. The trends observed suggest a robust future for the industry, with opportunities for both established and emerging brands to capitalize on evolving consumer demands.

资料来源：中原证券研究所，聚源 -19% 2024.06 2024.10 2025.02 2025.06 相关报告 《农林牧渔行业月报：指数表现强势，宠物出 口数据维持快速增长》 2025-05-20 《农林牧渔行业月报：鸡价止跌反弹，《加快 建设农业强国规划》发布》 2025-04-11 《农林牧渔行业月报：畜禽价格偏弱运行，宠 物食品出口数据迎来"开门红"》 2025-03-25 联系人：李智 投资要点： 风险提示：原料价格、畜禽价格下跌，动物疫病，食品安全问题，生 物育种商业化政策不及预期等。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 周期掘金，向新而行 ——农林牧渔行业 2025 年度中期策略 强于大市(维持) 发布日期：2025 年 06 月 18 日 替代的加深，相关上市公司市场份额仍有较大增长空间。 第1页 / 共31页 农林牧渔 证券研究报告-行业半年度策 略 盈利预测和投资评级 公司简称 24EPS 25EPS 25PE 评级 牧原 ...