Core Insights - The domestic pet economy has seen significant growth, with 4.474 million related enterprises existing as of April this year, a threefold increase from 2021, and over 77% of these companies established within the last three years [1] - The overseas market is becoming increasingly competitive, particularly in high-value markets like Europe and the US, leading to a downward trend in product prices [1] - Companies are focusing on building brand awareness and user reputation as a long-term strategy to remain competitive in the market [1] Industry Trends - The pet products sector includes various categories such as leashes, cleaning supplies, bedding, feeding utensils, clothing, and toys [2] - Companies are categorized into two main types for overseas expansion: supply chain enterprises that manufacture products for major retailers and new consumer brands that focus on brand building [2][3] - Supply chain companies like Tianyuan Pet have adopted a strategy of participating in international exhibitions and acquiring foreign brands to enhance their market presence [2] Market Dynamics - New consumer brands are targeting Southeast Asia for initial expansion due to its rapid growth and lack of dominant players, allowing them to gain a first-mover advantage [3] - Intense competition has led to price compression in the pet products market, prompting companies to innovate with "AI+" smart pet products to differentiate themselves [3][4] - The global smart pet products market reached $4.2 billion in sales by 2023, with significant price competition emerging as many similar products enter the market [4] Consumer Behavior - The acceptance of smart pet products in overseas markets is currently limited due to product maturity, necessitating ongoing investment and product iteration [5] - Establishing brand awareness in the pet products sector is challenging, as consumer purchasing decisions are often influenced by product effectiveness and perceived value [6] - Companies are encouraged to create standout products to build a positive reputation and gradually establish brand identity, similar to strategies used in the baby products sector [7]

高速增长的市场正在吸引更多中国企业进入。有数据显示，截至2025年4月底，国内现存的宠物经济相 关企业达到447.4万家，数量是2021年的3倍多，其中超过77%的企业成立时间不到3年。根据淘宝出海 发布的海外宠物消费趋势，今年海外618大促期间，超3万家宠物商家参与天猫618出海，其中1000多个 商家跨境成交额同比翻倍。 玩家陡然增多，极大丰富了海外供给，也在重塑市场竞争格局，一方面卷动市场整体价格下降，尤其在 以高客单价产品为主的欧美市场；另一方面随着技术和制造水平的提高，宠物用品也在向智能化的方向 迭代。 当下，宠物消费已脱离"疫情短期刺激"，转向由人口结构变迁、情感需求升级和科技赋能为驱动的长期 增长范式。"它经济"增长整体表现亮眼，全球市场规模超过1500亿美元，其中宠物用品类目正在成为继 宠物食品之后的第二大增长赛道。Euromonitor数据显示，2015-2021年，全球宠物用品市场规模增至 443.6亿美元，年复合增长率达6.7%。 面对这样的海外市场环境，不同类型的宠物用品企业，感受不尽相同。 过去几年新消费趋势下涌现出的新品牌，借助擅长的电商渠道运营与社媒营销，迅速打开东南亚市场， 但 ...

Core Viewpoint - The article emphasizes the transformative role of cross-border e-commerce in reshaping global supply chains, enabling small and medium-sized enterprises (SMEs) to participate in international trade more effectively [1][8]. Group 1: Cross-Border E-Commerce Growth - Cross-border e-commerce has become one of the most dynamic new forms of foreign trade, with over 120,000 entities currently operating in China, extending from major cities to second and third-tier cities [6]. - The total import and export volume of China's cross-border e-commerce is projected to reach approximately 2.71 trillion yuan in 2024, reflecting a year-on-year growth of 14% from 2020's 1.69 trillion yuan [8]. - The establishment of over 2,500 overseas warehouses has facilitated local shipping, allowing overseas consumers to enjoy faster delivery and easier return processes [4][8]. Group 2: Logistics and Efficiency - The use of overseas warehouses and new technologies like artificial intelligence has significantly improved the shopping experience for overseas consumers, with delivery times reduced to as little as two days in some cases [9][11]. - A logistics company reported an annual business growth of over 50%, with around 50,000 standard containers shipped from European warehouses last year [11]. - The logistics process has been streamlined, allowing for efficient handling of returns and sorting of products for resale, thus reducing costs for e-commerce businesses [13]. Group 3: Innovation in Product Selection and Marketing - A global product selection center has been established to assist new cross-border e-commerce sellers in choosing products that are more suitable for international markets, enhancing their competitiveness [17][19]. - Cross-border e-commerce live streaming has emerged as an effective tool for connecting Chinese products with overseas consumers, leveraging language and cultural advantages [21]. - The integration of artificial intelligence in marketing has reduced operational costs and enhanced the bargaining power of SMEs [23]. Group 4: Future Prospects and Industry Evolution - The current landscape of cross-border e-commerce is evolving, with manufacturers shifting from selling generic products to building their own brands [24]. - The article highlights the potential for cross-border e-commerce to become a new force in connecting global supply and demand, reshaping trade patterns [24].

Group 1 - The rise of emotional economy is reshaping consumer behavior, with 64% of Chinese consumers prioritizing emotional satisfaction as their primary need [3][5][11] - The emotional economy is becoming a new economic engine, with significant growth in sectors like trendy toys, pets, and sports, as evidenced by the explosive sales during events like the Tmall 618 shopping festival [3][30] - Over 80% of surveyed consumers reported engaging in emotional consumption in the past year, with preferences varying by age group [6][8][10] Group 2 - Emotional consumption is defined as purchasing behavior aimed at achieving psychological compensation, indicating a shift from functional to emotional-driven consumption [5][10] - The "谷子经济" (Goods economy) market is projected to reach 168.9 billion yuan in 2024, reflecting a 40.63% increase from 2023, driven by the popularity of trendy toys and related products [30][34] - The pet industry is evolving into an emotional compensation system, with Gen Z spending an average of over 1,200 yuan per month on pet-related products and services [34][35] Group 3 - The silver economy is expected to reach a market size of 50 trillion yuan by 2050, driven by the new retired demographic who are financially stable and seeking quality experiences [35][36] - The healing economy is gaining traction, with a projected market value exceeding 240 billion yuan this year, fueled by rising demand for emotional wellness and immersive experiences [37][40] - Emotional marketing is widely accepted, with over 80% of respondents recognizing its influence on purchasing decisions, particularly among younger consumers [22][23]

新华社天津6月26日电 题：中国消费新模式驱动内需提质扩容 京东集团副总裁、首席经济学家沈建光介绍，基于京东大数据分析，中国消费市场出现了健康消费、国 产品牌消费和老年人消费崛起等趋势。不少企业因时而动，在细分领域创新模式和产品，探寻消费增长 新空间。 新华社记者梁姊、宋瑞、李亭 宠物主人为智能猫砂盆"豪掷千元"，盲盒玩具从中国商场火到美国超市，"新茶饮"成为年轻人健康度夏 的饮品首选……在零售效率持续优化和年轻群体已成为消费主力的当下，中国消费呈现明显的新渠道和 新品类驱动态势。 日前，以"构建'大消费'格局激活内需新引擎"为主题的2025海河国际消费论坛在天津举办。与会嘉宾认 为，新消费是指基于新技术形成的新的消费行为和消费方式，目前已成为满足居民生活需要、释放消费 潜力、促进经济发展的重要抓手，正从多方面激活中国经济发展新动能。 作为迅速崛起的颠覆性力量，人工智能正从需求端和供应端重塑消费格局。3月，中国发布了《提振消 费专项行动方案》，提出开展"人工智能+"行动，促进"人工智能+消费"。 在德勤亚太首席战略与创新官谭瑞看来，人工智能不仅可以提振消费，还能加速中国经济向消费型驱动 转型。以人工智能的重要 ...

医药板块复苏受益于政策支持（商保目录、集采政策边际向好）、资金 回流、AI 技术催化及创新药出海。前四个月国内创新药 BD 事件总金额 达 550 亿美元，首付款超 50 亿美元，显示市场对中国创新药研发能力 的高度认可。 下半年医药投资主线包括创新药、AI 医疗技术、银发经济及 AI 赋能的新 兴医疗技术（如蛋白质预测）。制药公司在 A 股占比较高，值得关注， 而中药板块相对较弱。2025 年上半年创新药企财报亮眼，创新药收入 占比提升。 创新药增长原因包括估值处于历史低位、政策利好预期及 BD 事件频发。 国际巨头对中国创新能力的认可提升了相关公司市值和盈利预期。2025 年上半年重磅 BD 活动频繁，首付款创下纪录，预计下半年仍有大量 BD 预期。 人口结构变化影响消费领域，新生人口下降导致传统消费需求减弱，但 宠物经济快速增长。老年人口比重增加带来银发经济和健康产业的发展 潜力，如人形机器人辅助养老等服务需求提升。 Q&A 今年上半年医药行业的表现如何？有哪些主要因素推动了这一表现？ 今年上半年，医药行业经历了从底部回暖到逐步走强的过程。创新药板块表现 尤为亮眼，生物医药指数跑赢沪深 300 指数，制 ...

（原标题：全球宠物食品市场持续升温：以情感消费驱动产品精细化与高端化） 近年来，全球宠物食品市场展现出强劲而持久的增长势头。伴随养宠观念的转变以及宠物在人们日常生 活中地位的上升，越来越多家庭将宠物视为亲密的家庭成员，而非传统意义上的"动物伴侣"。在这样的 背景下，宠物食品市场的发展不仅体现在消费体量的扩大，更体现为消费理念和产品结构的深刻变化。 意大利市场：猫成为新增长引擎 以欧洲国家为例，意大利作为高度宠物友好的国家，其宠物食品市场在2024年迎来了显著扩张。据最新 统计数据显示，2024年意大利宠物总数稳定维持在约6500万只。其中，猫的饲养数量增长尤为迅猛，从 2023年的1020万只上升至1190万只，年增长率高达16.7%；相比之下，狗的增长则相对平稳，从880万 只增至900万只，增长率为2.3%。猫成为意大利宠物市场的新增长引擎，其背后的消费潜力也在逐步释 放。 猫的快速增长背后，反映出城市化、单身与空巢人口比例上升等社会趋势。相比狗，猫更适应室内生 活，照料成本和日常互动压力较低，越来越受到年轻都市人群和老年群体的青睐。这种人群结构的变 化，为猫相关食品、用品及服务带来了更多的增长机会。 湿 ...

Group 1: Core Insights - The report outlines a strong innovation vitality in China's consumer market by 2025, highlighting five emerging economic sectors that are reshaping lifestyles [1] - The transformation in consumer behavior is driven by technological innovation and evolving demands, leading to a shift from product purchasing to experiential consumption [7] Group 2: Pet Economy - The pet market in China is projected to reach $47.4 billion by 2024, with a compound annual growth rate of approximately 20.9% from 2019 to 2024 [2] - The pet food market is expected to reach $12.9 billion, with a significant trend towards premium products, as over 40% of monthly spending is below $68 [2][21] - The rise of pet ownership in lower-tier cities is noted, while stricter regulations in tier-1 cities have led to a slight decline in pet ownership there [2][19] Group 3: Green Economy - 50% of consumers prioritize sustainable products, with 39% influenced by brands' environmental initiatives [3] - The penetration rate of new energy vehicles has reached 31.6%, indicating a shift towards low-carbon lifestyles [3] - Companies are adopting new business models, with over 80% of the express delivery industry using green packaging [3] Group 4: Sports and Health - The sports market is rebounding, with a notable increase in orders for sports facilities on platforms like Douyin, growing over 68% [4] - The penetration rate of wearable fitness devices has reached 62%, with an average daily usage time of over 45 minutes for fitness apps [4] - The number of participants in urban marathons has increased by 25% annually, reflecting a growing trend in fitness and health management [4] Group 5: Smart Home - The penetration rate of smart home devices exceeds 60% in first-tier cities, with smart appliances expected to account for 50% of the overall home appliance market by 2024 [5] - The popularity of cleaning appliances like robotic vacuums has reached 37.3%, driven by the demand for convenience [5] - Smart home systems are evolving from luxury items to mainstream products, with over 30% of newly renovated homes incorporating interconnected devices [5] Group 6: Personal Finance - 58% of respondents expect annual investment returns below 5%, indicating a conservative approach to personal finance [6] - The proportion of short-term fixed-income products in bank wealth management exceeds 60%, with a 35% increase in money market fund subscriptions [6] - The use of mobile banking for investment has surpassed 80%, reflecting a shift towards digital financial management [6]

Core Insights - The pet consumption market is becoming a significant pillar for Chinese companies going global, with pet product sales during the "618" shopping festival showing that cat product sales are twice that of dog products [1] - The global pet market is projected to exceed $300 billion by 2025 and reach $500 billion by 2030, with China transitioning from a manufacturing hub to a brand-exporting nation [1][3] - Chinese pet food exports have shown robust growth, with a 16.17% increase in quantity and a 6.06% increase in value in the first four months of 2025 compared to the previous year [3] Industry Trends - Over 30,000 pet businesses participated in cross-border sales during the "618" event, with over 1,000 businesses seeing their sales double year-on-year [1] - The demand for smart pet products and eco-friendly toys is driving innovation and growth in the pet industry, with leading companies expanding their overseas operations [1][3] - The consensus in the pet industry is that companies must expand internationally to tap into the more mature overseas markets [2] Company Performance - Zhongchong Co., a leading player in the pet economy, has seen its stock price increase by nearly 66% this year, with revenue growing from 648 million yuan to 4.465 billion yuan from 2015 to 2024, representing a 589.04% increase [4] - In Q1 2025, Zhongchong Co. reported a revenue of 1.101 billion yuan, a 25.41% year-on-year increase, and a net profit of 91 million yuan, a 62.13% increase [4] - The company has established production facilities in multiple countries, including the U.S., Canada, and Thailand, to enhance its overseas capacity and mitigate risks [3]

图片来源：视觉中国 2024年以来，从泡泡玛特股价连创新高、到老铺黄金和蜜雪冰城登陆港股后涨势如虹，再到A股宠 物概念炒作不断，资本对"新消费叙事"的追捧有增无减。这背后是更多消费者正在从"功能需求"转 向"情绪价值"，谷子经济、古法金饰、宠物经济等新消费赛道随之爆发。 对于新消费，目前各界并无统一定义。在兴业证券全球首席策略分析师张忆东看来，新消费包括服务消 费、精神消费以及科技AI相关的新型消费。在5月20日兴业证券的中期策略会中，他表示今年特别关注 精神层面的消费，因为在物质丰富的当下，商品消费功能在减弱，消费者不再因油盐酱醋和衣食住行而 过度困扰或者有过度的依赖， 消费的亮点反而是通过消费行为来寻找情感共鸣或者构建身份认同，现 在正处于中国精神消费时代的起点 。 "我们看到很多新消费有了新的商业模式，比如以泡泡玛特为代表的一批企业，就抓住了消费转型的新 趋势，从而在整体消费相对不温不火的背景下，实现了新消费的爆发性增长。"他认为，后续以人工智 能为代表的新一代的创新消费，将会驱动各种新型消费场景的涌现。同时，微观层面来看，新兴消费公 司跟传统消费公司相比，它有更强的成长属性和自我造血能力，自由现金流和 ...