2025 年 06 月 30 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 熊子兴 S0350522100002 xiongzx@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn | 行业相对表现 | | | 2025/06/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 农林牧渔 | 0.9% | 3.5% | 7.1% | | 沪深 300 | 2.1% | -0.3% | 13.5% | 相关报告 《农林牧渔行业周报：生猪或迎猪价和政策拐点叠 加，布局底部（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2025-06-09 《农林牧渔行业周报：618 宠物经济火热，国产品 牌强势崛起（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2025-05-26 《农林牧渔行业周报：宠物经济火热，长期看好国 产品牌发展（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2025 ...

中国消费市场在2025年展现出强劲的创新活力，多个细分领域以独特的增长逻辑重塑着人们的生活方式。从宠物成为家庭核心成员到绿色消费融入日常，从 运动健康成为全民潮流到智能家居重构生活场景，消费升级的脉络在技术创新与需求迭代中愈发清晰。 宠物经济：从情感陪伴到千亿市场的精细化运营 宠物在家庭中的角色升级，推动宠物经济驶入发展快车道。2024年中国宠物市场规模预计达474亿美元，2019至2024年复合增长率约20.9%。猫主子数量连 续三年超越狗狗，占比达65.36百万只，独立、饲养成本低等特性让养猫成为都市年轻人的新选择。 消费结构呈现多元化特征，食品、医疗、服务三分天下。宠物食品市场规模达129亿美元，主粮高端化趋势明显，68美元以下的月度消费占比超40%；医疗 市场规模70.4亿美元，疫苗接种率达76%，健康检查、疾病治疗成为主要支出项；智能用品异军突起，2024年天猫618期间智能猫砂盆销量增长230%，烘干 机、喂食器等产品通过物联网技术实现远程管理，满足"铲屎官"的精细化养宠需求。 今天分享的是：2025年中国五大蓬勃发展的消费经济体报告 报告共计：350页 2025年中国消费新图景：五大经济板块崛起 ...

出品｜搜狐财经 作者｜闫思羽 编辑｜李文贤 当母婴店的店长们对着下滑的业绩愁眉不展，资本市场的交易屏上，宠物经济概念股正闪烁着灼热的红光。 深夜的北京，许先生蹲在猫砂盆前清理着"八佰"的排泄物。"800块买来的小家伙，疫苗、猫粮、驱虫，一年稳稳5000块。"他抬头看了眼蜷在沙发上的 猫，"但值啊，推开门有它在等，心就落定了。"像他这样的年轻"铲屎官"正撑起一个庞大的"情感经济"体系，银河证券报告显示，独居青年与银发族，已悄 然成为这三千亿市场的中流砥柱。 在宠物经济蓬勃发展的另一面，医疗领域的高昂收费正成为宠物主的沉重负担。 中国食品产业分析师朱丹蓬认为，只有整个行业的竞争加剧了，价格才会下来，宠物平价医疗应该在三年后会出现。 宠物经济爆发！千亿级产业的本质是"情感经济" 橘子女士抑郁症最黑暗的时刻，是她的小猫北冕"救"下了她。 "我之前有段时间抑郁症，最严重的时候想打开窗户跳下去，不知道是不是猫咪感应到了，我刚开窗户，他就跳过去，把我跟纱窗隔开，然后就往我身上 靠，两只手扒拉我，他以前从来不这样，然后还一直叫。"每每谈起和小猫的"相依为命"，橘子总是唏嘘动容。 对于当代年轻人来说，宠物早就不只是简单的陪伴型 ...

Core Insights - The pet economy is experiencing rapid growth, with pets becoming important emotional companions and family members, leading to an expanding consumer market [1] - Analysts predict that new consumption habits and brand strength will continue to foster the emergence of new pet-related brands in the domestic market [1] Market Overview - The pet consumption market in China is projected to reach 300.2 billion yuan by 2024, with a year-on-year growth of 7.5%, and the number of urban pets (dogs and cats) expected to exceed 120 million [1] - The overall scale of the pet economy in China reached 592.8 billion yuan in 2023, marking a year-on-year increase of 20.1%, with expectations to grow to 1.15 trillion yuan by 2028 [1][2] Consumer Demographics - The post-2000 generation has become the core consumer group in the pet industry, with a pet ownership penetration rate of 24% among those over 20 years old, significantly higher than other age groups [2] - An estimated 15 million individuals will enter the 20+ age group annually over the next decade, which will further increase pet ownership rates [2] Company Strategies - Companies like Tianyuan Pet and Zhongchong Co. are actively expanding their product lines and enhancing their e-commerce capabilities to strengthen brand presence and sales channels [2][3] - Zhongchong Co. maintains a dual-channel sales strategy, utilizing both online and offline platforms, and collaborates with various retail chains to enhance market reach [3] - Yuanfei Pet is building a new domestic market team focused on e-commerce platforms, aiming to establish a dual-line strategy of "self-owned + agency" brands [3] Investment Opportunities - Pet food consumption is expected to account for approximately 52.8% of total urban pet spending in China by 2024, with pet medical services and products also showing significant growth potential [4] - The compound annual growth rates for pet food, pet supplies, pet medical services, and pet services from 2019 to 2024 are projected at 4.1%, 7.8%, 13.9%, and 4.2% respectively, indicating a robust growth trajectory for the pet medical sector [4] - The pet industry is anticipated to surpass 400 billion yuan by 2027, driven by evolving consumer trends such as emotional spending and rational pet ownership [4]

清晨，学生们早早地排起了长队，有的学生手上拿着资料默默背诵，有的紧皱眉头嘴里念念有词。到了 上午，教学楼前设置的面试等候区座无虚席，等待面试的学生们安静地看着手中的资料，许多穿着小蓝 衣的志愿者在等候区周围巡视，时刻关注面试者的情况，以便随时提供帮助。 这是前不久中青报·中青网记者在北京农业职业学院校园里看到的自主招生面试场面。据该校教务处副 处长薛贇介绍，今年该校动物科技学院相关专业报名学生有400多人，比往年增加了不少，"可以用越来 越火爆来形容"。 随着宠物经济的发展，宠物医生、宠物护士、宠物训导等岗位的人才需求也越来越旺盛。反馈到高职院 校的人才培养上，开设宠物相关专业的学校逐年增多，招生人数也呈递增趋势。记者从全国职业院校专 业设置管理与公共信息服务平台查询了"高等职业教育专业设置备案结果"，截至2024年，开设动物医 学、动物营养与饲料、动物防疫与检疫等专业的高职院校有168所，2025年增加到181所；开设宠物医疗 技术、宠物养护与驯导专业的高职院校，2024年有137所，2025年增加到155所。 需求旺，招生也旺。据记者了解，江苏农牧科技职业学院宠物科技学院2024级比2023级扩招了217 ...

每经记者 谢陶 每经编辑 余洋 为培育服务消费新业态、释放服务消费新动能，五一期间，成都以"乐享服务·惠聚蓉城"为主题启动2025服务消费季活动。作为此次服务消费季的重要配套 活动之一，"萌宠总动员"系列活动聚焦打造宠物主题消费场景，推出萌宠总动员活动、犬岛宠物主题品牌日、TOS宠物美食节、成都国际宠物博览会等精彩 活动，在小长假期间，吸引大量市民和游客参与，掀起假日宠物消费热潮。 精彩主题活动持续揭幕，掀起"宠物消费"热潮 今年一季度，成都实现6.0%的社会消费品零售总额增长，在消费领域"全面开花"，赋能社会经济更高质量发展。而以"宠物经济"为代表的新消费形态与消费 场景，无疑是成都消费持续进化迭代的最佳缩影之一，更成为了这座城市全新的生活风尚。 作为2025成都服务消费季的第一个系列活动，本次"萌宠总动员"活动围绕"宠物经济"，打造了一个集娱乐、社交、消费、科普于一体的宠物主题嘉年华，搭 建起宠物周边市集、宠物生活展、宠物互动体验区、主理人市集等沉浸式消费场景。 "'萌宠总动员'系列活动联合四川省宠物协会、露营协会、咖啡协会、烘焙协会等，同时依托保利时光里、cypark、宽窄巷子等商圈资源，旨在为全成都的 ...

Industry Rating - The industry rating is maintained at "Outperform" [2] Core Insights - The pet industry is experiencing significant growth, with the urban dog and cat consumption market reaching 300.2 billion yuan in 2024, a year-on-year increase of 7.5%. The dog consumption market is valued at 155.7 billion yuan, growing by 4.6%, while the cat consumption market is at 144.5 billion yuan, increasing by 10.7% [4][14] - The demographic shift towards younger pet owners, particularly among the post-90s and post-00s generations, is driving demand for pet products and services. The post-90s account for 41.2% of pet owners, while the post-00s represent 25.6%, marking a significant increase of 15.5 percentage points year-on-year [5][18] - The online sales channel for pet food has become dominant, with over 80% of pet owners purchasing staple food through traditional online channels. The Taobao and Tmall platforms hold over 50% market share in the pet industry, with a significant increase in user engagement and sales [6][46] Summary by Sections Pet Industry Scale - The pet market is expanding, with the urban dog and cat consumption market surpassing 300 billion yuan for the first time. The growth is driven by the increasing number of young pet owners and their willingness to spend on pet care [4][14] - The pet population is also on the rise, with the number of pet dogs reaching 52.58 million and pet cats at 71.53 million in 2024, reflecting a growth of 1.6% and 2.5% respectively compared to 2023 [14][25] Online Channel Transformation - The e-commerce landscape for pet products is evolving, with a multi-polar structure forming. Taobao and Tmall dominate the online market, while Douyin (TikTok) is rapidly gaining traction, showing a 65% year-on-year growth in the pet category [6][52] - Major promotional events like Double Eleven have demonstrated strong consumer resilience, with significant increases in sales across various platforms, indicating a robust market for pet products [6][57] Offline Channel Upgrade - Offline retail for pet products is recovering, with a notable increase in the number of pet hospitals and stores. The offline channel accounts for 44% of total consumer spending in the pet industry, highlighting the importance of physical services [7][66] - The medical market for pets is substantial, comprising nearly 30% of the overall market share, with a rapid increase in the number of pet hospitals, totaling 28,975 by the end of 2024 [7][80] Investment Recommendations - The report suggests focusing on the dual themes of "domestic substitution and consumption upgrade" within the pet economy. Recommended stocks include: "Guibao Pet," "Petty Co.," "Zhongchong Co.," and "Lusi Co." [8]

Industry Rating - The industry rating is maintained at "Outperform" [2] Core Insights - The pet industry is experiencing significant growth, with the urban dog and cat consumption market reaching 300.2 billion RMB in 2024, a year-on-year increase of 7.5%. The dog consumption market is valued at 155.7 billion RMB, growing by 4.6%, while the cat consumption market is at 144.5 billion RMB, increasing by 10.7% [4][14] - The demographic shift towards younger pet owners, particularly those born in the 1990s and 2000s, is driving consumption upgrades and creating a robust demand for pet products and services [5][18] - The online sales channel for pet food has become dominant, with over 80% of pet owners purchasing staple food through traditional online channels, and the Taobao platform holding over 50% market share [6][46] - The offline retail market is recovering, with a significant portion of spending still occurring in physical stores, particularly for services like grooming and veterinary care [7][66] Summary by Sections Pet Industry Scale - The pet market is expanding, with the urban dog and cat consumption market surpassing 300 billion RMB, driven by a growing number of young pet owners [4][14] - The number of pet owners aged 00s has increased significantly, indicating a shift in consumer demographics [5][18] - The pet food market remains the largest segment, accounting for 52.8% of total consumption, followed by the medical market at 28.0% [24][84] Online Channel Transformation - The online channel is the primary sales avenue for pet food, with 80% of purchases made through traditional online platforms [6][43] - Taobao and Douyin are leading platforms, with Douyin's pet category experiencing a 65% year-on-year growth in 2024 [52][46] - The growth of live streaming and content-driven sales is enhancing consumer engagement and driving sales [43][52] Offline Channel Upgrade - Offline channels account for 44% of total pet spending, with a notable increase in service-oriented spending [66][71] - The number of pet stores has surpassed 90,000, indicating a robust growth in physical retail presence [75][76] - The medical market is a significant segment, with nearly 30% market share and a rapid increase in the number of veterinary clinics [80][84] Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet food sector, recommending companies such as "Guibao Pet," "Petty Co.," "Zhongchong Co.," and "Lusi Co." as potential investment targets [8]

2025 年 04 月 28 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 程一胜 S0350521070001 | | chengys01@ghzq.com.cn | | --- | --- | | 证券分析师： | 熊子兴 S0350522100002 | | | xiongzx@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 | | | wangsy02@ghzq.com.cn | | 行业相对表现 | | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 农林牧渔 | 2.9% | 7.0% | -1.2% | | 沪深 300 | -3.7% | -1.2% | 7.3% | 相关报告 《农林牧渔行业周报：关注贸易冲突背景下粮食安 全（推荐）*农林牧渔*程一胜，熊子兴，王思言》 ——2025-04-14 《农林牧渔行业周报：养殖底部布局（推荐）*农 林牧渔*程一胜，熊子兴，王思言》——2025-03-24 《农林牧渔行业周报：贸易摩擦格局下，农业板块 配置思路分析（推 ...

2025 年 04 月 14 日 行业研究 评级：推荐(维持) 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn [Table_Title] 关注贸易冲突背景下粮食安全 ——农林牧渔行业周报 最近一年走势 | 行业相对表现 | | 2025/04/11 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 农林牧渔 | 5.1% | 12.8% | 0.2% | | 沪深 300 | -4.8% | 0.5% | 7.0% | 相关报告 《农林牧渔行业周报：养殖底部布局（推荐）*农 林牧渔*程一胜，熊子兴，王思言》——2025-03-24 《农林牧渔行业周报：贸易摩擦格局下，农业板块 配置思路分析（推荐）*农林牧渔*程一胜，熊子兴， 王思言》——2025-03-10 《农林牧渔行业周报：粮价回升，宠物线上品牌延 续高景气（推荐）*农林牧渔*程一胜，熊子兴，王 思言》——2025-02-24 《农林牧渔行业周报：玉米豆粕反弹，春节后猪价 走弱（推荐）*农林牧渔*程一胜，熊子兴，王思言》 ——2025-02-10 ...