智通财经APP获悉，申万宏源发布研报称，整体消费承压的背景下，宠物食品依然延续较强的增长韧 性，据久谦，2025年宠物食品行业天猫、京东、抖音线上合计GMV为307.1亿元，同比+10.2%(2024年 为13.5%)。淘天份额超半数，抖音增速领先。值得关注的是，中国宠物喂养正逐步步入科学喂养时代， 专宠专用需求(全生命周期分阶段精细化护理；分品种专用粮；分体型/毛长) 、主粮功能化(提高免疫 力、肠胃养护、毛发护理、骨骼强健等)、喂养结构改变—湿粮占比提高，将接力助推消费升级。 申万宏源主要观点如下： 短期：行业景气犹在，头部企业领先身位扩大 整体消费承压的背景下，宠物食品依然延续较强的增长韧性，据久谦，2025年宠物食品行业天猫、京 东、抖音线上合计GMV为307.1亿元，同比+10.2%(2024年为13.5%)。淘天份额超半数，抖音增速领先。 淘天平台25年GMV占比达51.4%。据抖音电商数据，25年抖音宠物行业市场规模同比+88%。 行业集中度加速提升，头部集中化趋势明显。25年中国宠物食品线上CR5、CR10、CR20分别为 25.3%、38.3%、51.9%，同比+3.4pct、+5.0pct ...

农林牧渔 农业行业周报 同步大市-A（维持) 资料来源：常闻 | 首选股票 | | 评级 | | --- | --- | --- | | 002311.SZ | 海大集团 | 买入-A | | 002299.SZ | 圣农发展 | 买入-B | | 300498.SZ | 温氏股份 | 买入-B | | 301498.SZ | 乖宝宠物 | 增持-A | | 002891.SZ | 中宠股份 | 增持-A | | 605296.SH | 神农集团 | 增持-B | | 603477.SH | 巨星农牧 | 增持-B | 旺季后或仍承压-行业周报（260126- 260201） 2026.2.3 【山证农林牧渔】养殖筑底去化，饲料 整合加速-【山证农业】农业行业 2026 年度策略 2026.2.2 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 猪价在旺季后或存回调压力 2026 年 2 月 10 日 行业研究/行业周报 农林牧渔行业近一年市场表现 本周（2 月 2 日- ...

证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.10） 宏观及策略研究 长期护理保险制度的国际经验——A 股市场投资策略专题 基金研究 关注春节假期消费，家居估值修复仍可期——轻工制造&纺织服饰行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2026/02/10） 晨会纪要（2026/02/10） 宏观及策略研究 公募 FOF 规模超过 2800 亿元，权益市场震荡回撤——公募基金周报 行业研究 长期护理保险制度的国际经验——A 股市场投资策略专题 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、长期护理保险（简称"长护险"）是为分散因长期失能而产生的财务风险，为需要持续性生活照料和医 疗护理的个人提供经济保障或服务给付的一种制度安排。长护险在实践中存 ...

证 券 研 究 报 告 行业景气依旧，迎接科学养宠时代 ——2025年宠物食品行业回顾及2026年展望 ——宠物食品行业系列深度报告之八 证券分析师：盛瀚 A0230522080006 胡静航 A0230524090002 2026.2.9 投资案件 ◼ （2）中期：产品革新引领消费升级、需求升级有望接力。宠物食品行业正在进行消费升级。24-25年，猫粮、犬粮中高端价格 带（60-100元/kg）GMV增速均领先于行业。产品端：工艺革新、原材料进阶助推消费升级。中国宠物市场主粮变迁历程是国 产品牌竞争和进步的缩影，宠物行业的"卷"，体现为生产商不断进行工艺创新和原材料升级，去提供更好的产品。膨化粮（皇 家：早期占据消费者心智）→冻干粮（2009年朗诺公司推出中国首款宠物冻干食品，2017年在国内推出自有品牌"朗诺"）→ 鲜肉膨化粮（弗列加特：20年推出0肉粉高鲜肉膨化粮；麦富迪：21年推出barf天然粮）→烘焙粮（鲜朗：鲜肉烘焙粮开创者， 20年推出国内首款鲜肉烘焙粮产品；弗列加特：23年推出首款烘焙粮单品；领先：23年推出首款低温烘焙粮）→酥化粮。需求 端：科学养宠观念、宠物老龄化将继续助推消费升级。中国宠 ...

行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 预计重点跟踪的农林牧渔板块上市公司 2025 年年报合计实现归母净利润 309.49 亿元（行业数据为样本上 市公司预计数据合计数），同比-20%。农林牧渔各子行业业绩同比增速排序前三：动物保健（+76%）、种 植业（+54%）、宠物食品（+3%）。行业景气与上市公司经营变化是板块业绩波动之主因。2025 年全年， 板块业绩增速位居前三的上市公司预计为：回盛生物（+1355%，EPS 1.25 元/股）、众兴菌业 （+154%，EPS 0.83 元/股）、普莱柯（+100%，EPS 0.54 元/股）。 ⚫ 生猪养殖：行业供给充裕，Q4 猪价旺季不旺继续走低，养殖主体延续亏损；猪企业绩承压，多 ...

研 行 行业周报 业 关注春节假期消费，家居估值修复仍可期 ——轻工制造&纺织服饰行业周报 | 究 分析师： | 袁艺博 | | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 09 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 轻工制造 | | | | | | | | | | | 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）九部门联合发文，打造春节消费盛宴。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com | | | | | | | | | | 022-23839135 （2）自 3 月 2 日起玖龙九大基地牛卡、瓦楞纸等纸种价格普遍上调 50 元/ 吨。 研子究行助业理评级 券 家居用品 中性 服装家纺 中性 | 证 中性 | | | --- | --- | | 纺织制造 中性 | 股份。 | | ...

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Hold-A" for Guai Bao Pet and Zhongchong Shares [4]. Core Insights - The report highlights that the feed industry is transitioning from product competition to value chain competition, with market share increasingly concentrating among leading companies with advantages in technology, scale, and service [7]. - Haida Group is expected to continue gaining market share due to its efficient internal management and strong service advantages, with significant growth potential in overseas markets [7]. - The report suggests that the pig farming industry is undergoing a market-driven capacity reduction, which may stabilize prices in the coming months [8]. Industry Performance Overview - For the week of January 26 to February 1, the agricultural sector saw a 1.82% increase, ranking fifth among sectors, while the CSI 300 index had a slight increase of 0.08% [6][16]. - The report notes a decline in pig prices, with average prices for external three-way pigs in Sichuan, Guangdong, and Henan at 12.15, 12.16, and 12.63 yuan/kg respectively, reflecting decreases of 5.08%, 9.66%, and 4.54% [6][26]. - The average pork price increased slightly to 18.61 yuan/kg, up by 0.65% [6][26]. Livestock and Feed Industry - The report indicates that the average profit for self-bred pigs is 25.10 yuan/head, down by 18.25 yuan from the previous week, while the profit for purchased pig farming increased by 8.29 yuan to 124.13 yuan/head [6][26]. - In the poultry sector, the price of white feather chickens rose to 7.74 yuan/kg, a 3.20% increase, and the profit per chicken increased significantly by 550% to 0.39 yuan/chicken [44]. - The average price of feed for fattening pigs remained stable at 3.37 yuan/kg, while chicken feed prices were steady at 3.45 yuan/kg [47]. Market Trends and Future Outlook - The report emphasizes the ongoing consolidation in the feed industry, with a focus on companies that can leverage technological and service advantages [7]. - The pet food sector is expected to continue growing, with a shift towards R&D and supply chain management as key competitive factors [9]. - The report suggests monitoring companies like Wens Foodstuff, Shennong Group, and Juxing Agriculture for potential investment opportunities in the pig farming sector [8].

2月4日晚间，乖宝宠物（301498.SZ）发布股东减持预披露公告。 因股东自身资金需求，公司持股5%以上股东北京君联晟源股权投资合伙企业（有限合伙）（下称"北京君联"）及其一致行动人珠海君联博远股权投资合伙 企业（有限合伙）（下称"珠海君联"）计划合计减持公司股份不超过761万股。 据同花顺iFinD信息，2024年10月，二者计划合计减持不超过800.09万股股份，最终于2024年12月实施完毕。期间北京君联累计减持556万股，珠海君联累计 减持244.09万股，以均价62.43元/股的价格计算，其上轮减持"套现"近5亿元。 此外，去年5月至6月期间，北京君联还通过询价转让方式以83.1元的平均价格减持833.9万股股份，对应金额约6.9亿元；珠海君联也以83.1元价格减持366.2 万股，对应金额超3亿元。 综合来看，北京君联和珠海君联前两次减持已累计"套现"近15亿元。以2月5日收盘65.57元/股的价格粗略计算，新一轮减持或还将为二者带来近5亿元收益。 或面临增长拐点 麦富迪地铁广告 （水芙蓉 摄） 已套现15亿 企查查信息显示，北京君联是乖宝宠物第四大股东，目前持有公司2316.82万股股份；珠海 ...

格隆汇2月5日｜群益证券(香港)研报指出，乖宝宠物部署高端产能，提升未来竞争力。2025年双十一期 间，公司高端品牌表现出色，其中，弗列加特全网销售额突破3.35亿，同比增51%，霸弗全网销售额 1.48亿+，同比增79%，奶弗全网销售额2900万+，同比增384%，预计在高端产品推动下，2025年公司 毛利率将维持高位（前三季度毛利率为42.8%）。从整体来看，公司未来将形成"国内+泰国+新西兰"的 全球产能布局。考虑短期行业竞争和宏观压力，下调盈利预测，当前股价对应PE分别为36倍、30倍和 26倍，予以"区间操作"的投资建议。 ...