智通财经APP获悉，广发证券发布研报称，2025年中国城镇宠物(犬猫)消费市场规模约3126亿元，同比 2024年增长4%。其中猫消费市场增速高于犬消费市场增速，分别为5%与3%。2025年宠物行业大盘年增 速4%，新宠物主与宠均消费提升驱动行业持续增长。复盘来看，品类与渠道红利驱动格局变化。当前 时点，重视功能性食品的产品风口机会，看好具备研发实力与销售能力的龙头公司推动新品类渗透率提 升，引领产业趋势。 品类创新 烘焙粮竞争日趋激烈，功能性食品或成为增长蓝海。根据宠物行业白皮书，消费者的烘焙粮与冻干添加 粮的消费偏好已超越了膨化粮，鲜粮与主食湿粮的消费偏好近年有所提升。当前烘焙粮产品供应较为饱 和，产品效率开始走低。具备功效的主粮产品或成为行业新的产品趋势。功能性宠物食品并非新事物， 处方粮是最典型的功能性产品，功能粮即定位于具备一定处方粮功效但供健康宠物日常使用的产品。目 前的产品趋势来看，减肥、泌尿、肠胃、美毛与老年专用是最核心的5种功能性主粮。进口品牌(皇家、 希尔斯、冠能)在处方粮主粮类产品布局较早，已有较为成熟的产品序列，国内品牌(东方澳龙)逐步发 力，国产品牌在宠物保健品领域已有全面布局，这一 ...

[Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 宠物行业专题十：品牌格局、品类创新、渠道变革 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-01 | [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 农林牧渔 沪深300 [分析师： Table_Author]钱浩 SAC 执证号：S0260517080014 SFC CE No. BND274 021-38003634 shqianhao@gf.com.cn 分析师： 高一岑 SAC 执证号：S0260525100002 021-38003780 gaoyicen@gf.com.cn 请注意，高一岑并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | ...

Core Viewpoint - The Zhejiang Province is soliciting public opinions on a draft policy aimed at promoting the development of the pet economy, focusing on upgrading the pet food and pharmaceutical industries [1] Group 1: Pet Food Industry - The policy encourages pet food companies to align with consumer trends by developing customized formula foods and functional pet foods tailored to different pet breeds, ages, and health conditions [1] - There is an emphasis on establishing comprehensive standards for pet food and pharmaceuticals, with a goal to elevate group standards to national standards [1] Group 2: Pet Pharmaceuticals - The initiative promotes the development of innovative pet medications by veterinary drug companies, including cost-effective anti-parasitic drugs, vaccines, diagnostic products, therapeutic agents, traditional Chinese medicine, and animal health products [1] - The policy aims to accelerate the domestic substitution process in the pet pharmaceutical sector [1] Group 3: Safety and Standards - The draft includes plans to enhance rapid and precise detection technologies for illegal additives and toxins, improving risk warning and prevention capabilities [1] - Local governments are encouraged to support the research and development of new veterinary drugs [1]