东莞证券指出，近期生猪价格回落，头均盈利持续亏损，有望倒逼能繁母猪产能去化，目前存栏仍处高 位，未来仍有较大去化空间。白羽肉鸡价格略有回升，关注养殖龙头盈利边际改善机会。种业方面，农 业农村部提出加快实现种业科技自立自强、种源自主可控。 太平洋证券指出，养殖业面临多重压力：生猪行业持续亏损，产能去化动力增强，能繁母猪存栏较去年 末高点减少37万头，自繁自养头均亏损114元，叠加非瘟疫情风险上升和政策引导减产能，行业去化加 速。白鸡方面，毛鸡价格低位震荡，祖代存栏处历史高位，但预计明年年中供给减少将带动价格反弹； 黄鸡受益消费旺季，产能低位支撑价格高位。动保行业景气回升，抗生素价格保持高位，国产疫苗增长 显著。 11月21日，截至9时54分，农牧渔ETF（159275）逆市上攻，场内价格现涨0.4%，成交额为143万元。 成份股方面，荃银高科20CM涨停，神农种业和中水渔业亦表现强势。另一方面，华英农业、益客食品 和冠农股份表现较弱。 消息面上，2025年11月14日行业数据显示生猪价格回落至11.74元/公斤，养殖利润持续承压，或加速上 游产能去化；同期白羽肉鸡价格回升至7.12元/公斤，养殖龙头盈利边际改善 ...

Summary of Pet Economy Conference Call Industry Overview - The global pet economy is substantial, nearing $200 billion, with pet food accounting for approximately $150 billion, and a compound annual growth rate (CAGR) of nearly 10% over the past five years, indicating long-term growth potential in emerging markets [1][3][4] - The Chinese pet market has reached a scale of 300 billion RMB, with food and medical care as the two core segments [1][8] Key Characteristics of the Pet Economy - The pet economy in China is characterized by three significant trends: the rise of cat ownership, the shift to online sales, and the premiumization of products. The number of cats has surpassed that of dogs, and online channels drive sales, with 68% of sales occurring online [1][9] - The penetration rate of pet food in China is only 30%, significantly lower than over 90% in developed countries, suggesting substantial growth opportunities through increased penetration and price hikes [1][10][14] Competitive Landscape - The pet food industry exhibits a favorable competitive landscape, with a global CR3 concentration of 46%, the highest among consumer goods sectors, indicating strong brand reliance [1][5] - Leading companies in the pet food sector have an average EBIT margin exceeding 20%, while Chinese leaders have room for improvement, currently below 15% [1][5][12] Growth Trends and Future Outlook - The pet medical industry is growing faster than the pet food sector, with a CAGR of 23% over the past five years, but it remains in a profit cultivation phase [1][11] - The pet food sector is expected to maintain resilience, with a projected CAGR of around 6% from 2024 to 2029 [4][10] Investment Opportunities - The pet economy is viewed as a "good business" due to its strong competitive structure and profitability potential, with leading companies like Mars and Nestlé showing consistent revenue growth [5][6] - The industry is considered "evergreen," demonstrating resilience and stable growth over the past 20 years, even during economic downturns [6][7] Challenges and Areas for Improvement - The Chinese pet medical sector needs to enhance talent training, optimize supply chain management, and establish a tiered medical system to improve service quality and market share [3][11][21][23] - There is a need for a transition from generalist to specialist veterinary services to elevate diagnostic standards and customer satisfaction [23][24] Conclusion - The pet economy is entering a "golden era," with significant growth potential driven by changing consumer preferences, increased online sales, and a shift towards premium products. The industry is poised for further development as domestic brands gain market share and the medical sector evolves [2][8][12][18]