wen | quanqiucaishuo panyan

2024nian，haohaodangdangde“yangchongdajun”chengweigedadianshangpingtaidezengzhangliangdian。genjuxingtushuju，2024shuang11chongwushipinquanwangxiaoshouzongetongbizengzhang22.92%zhi59yiyuan。

zaizhongduopinpaijiliejiaozhudeshichanghuanjingxia，guaibaochongwu（301498. sz）qixiamaifudi、fuliejiatedengpinpaizaishuang11qijianquanwangxiaoshouetongbizengzhang65%zhi6.7yiyuan。qizhong，maifudilianxu4nianchanlianchongwushipinjiyongpinpinleibangdandiyi。

youxiuzhanjiyouruyikejushitourupingjinghumian，yinfashichangreyi——chongwushipinshichangjinrulehonglishidai？

万亿市场正被撬起

yigewanyijizhongguochongwujingjishichang，qiaoranbeinianqingyipichanshiguanqiaoqi。

aimeizixunshujuxianshi，2023nianzhongguochongwujingjichanyeguimoda5928yiyuan，yujidao2028nianshichangguimoyouwangdadao11500yiyuan。

qizhong，chongwushipinzuoweigangxu、gaofugouxingxiaofei，chengqichongwujingjichanyedebanbijiangshan。congjinjieduanchongwuxiaofeisaidaorongzishijianlaikan，2024nianzuidadanbirongzitoujiyijiashipingongsiqiye——shuaikechongwu，rongziguimoda10yiyuan。

chongwushipinxingyepengbofazhan，chongwushipinxingyeshangshigongsideyejibiaoxiangengshituchu。

2024nianqiansanjidu，guaibaochongwushuangweishuzengzhang，yingyeshourutongbizengzhang17.96%zhi36.71yiyuan，jingliruntongbizengzhang49.64%zhi4.70yiyuan。

chuguaibaochongwuwai，zhongchonggufen（002891. sz）sanjibaochuanglishixingao，yingshou、jinglirunjunshixianshuangweishuzengzhang，fenbiewei17.56%、59.54%。peidigufen（300673. sz）yejibiaoxiangengweixunmeng，qiansanjiduyingshou、jinglirunfenbiewei44.34%、630.85%。

gaosufazhanbihuiyinglaizhongduoxinwanjiacanyu，bufagexingyejutoushituzaichongwushipinsaidaodazao“dierzengzhangquxian”，qizhongruzhipinqiyezuiweituchu，beiyinmei（002570. sz）、yiligufen（600887. sh）、quechao、jianhejituanqixiapinpaiheranzailie。

qichachashujuxianshi，jiezhi2024nian10yuemo，hangaichongwushipinxiangguanyewudecunxuqiyeda394.94wanjia，qizhongyu2024nianchenglidexinsheliqiyeda124.45wanjia，zhanjusanfenzhiyi。

danzhengruyingbiyouzhengfan，wanjiashuliangzhouzengyiweizhesaidaojingzhengyufajilie。

duibiwangqiyejilaikan，guaibaochongwudangxiazengsuyiyousuofanghuan。2018nianzhi2023nian，yingyeshouruyou12.21yiyuanzengzhi43.21yiyuan，nianfuhezengzhanglvda28.76%；tongqiguishujinglirunyou0.45yiyuanzengzhi4.29yiyuan，nianfuhezengzhanglvda56.98%。

muqian，zhongguochongwushipinshichangshangweixingchengjueduidelongduanjutou。2023nianzhongguochongwushipinxingyegongsiqianshimingshizhanlvfenehejiwei31.30%，duibimeiguo76.10%、riben85.30%dexingyejizhongdulaikan，yijiujiaoweifensan，zhongxiaopinpaiyijixinxingpinpaidouyoujihuizuoshangpaizhuo。

zaicibeijingxia，jibianshichanlianxiaoguandemaifudi，zaimeiyouxingchengjueduidepinpaihuchengheqian，yehuixianru“beijixiashentan”dekonghuang。

高端化是钥匙吗？

guaibaochongwuqixiapinpaideyikuaisufazhan，zhuyaohaishicaizhongchongwuliangguochantidaidefengkou。

zaiguaibaochongwudanshengde2006nian，zhongguochongwushichangzhengyouquechao、huangjiadengwaizipinpaisuozhuzai。hezhongduoguochanchongliangpinpaiyiyang，guaibaochongwuzaifazhanchuqizhuyaoyikaohaiwaidaijiagongyewulaiweichishengji，chanpinxiaowangbeimei、ouzhou、rihandengduogehaiwaidiqu，qizhongbeimeishichangzhanbizuigao。

daigongtiepaisuijizhongduochongwushipinchangdailaidiyitongjin，danyijianenglibuzhanyoushi，xingyemaolilvpubianjiaodi。zhizhi2013nianmeiguofaqimaoyizhan，zhijiedaozhiguaibaochongwuchukouecong2012niande1.5yimeiyuanzhoujiangzhi2013niande2000wanmeiyuan。

zaicibeijingxia，guaibaochongwujiangmuguangzhuanxiangguoneishichang，bingkaiqipinpaihuazhuanxing。2013nian，guaibaochongwupingjieziyoupinpai“maifudi”dakaiquanmaoliangxiaofeishichang，bingyouxiangjituichuzhuanmenzhenduimaomidezhonggaoduanpinpai“fuliejiate”，yijigaoduangouliangpinpai“wangzhenchun”。

danguaibaochongwubingbushiwanquanfangqihaiwaishichang。2021nian，guaibaochongwutongguoshougouquechaopuruinaqixiagaoduanchongwushipinpinpaiwaggin’trainqierujingwaishangchaoqudao。bingzaitongniannaxiaxinxilangaoduanchongwupinpai k9 natural 、feline naturaldezhongguoquzongdailiquan。

congyingshoujiegoulaikan，guaibaochongwujingwaiyingshouguimoyijiuzhengtisuozhaizhong，you2020niandianfengshiqide48.17%jiangzhi2023niande33.83%。

genjujinxienianguaibaochongwudebujulaikan，gongsizhengjixiwangyubapinpaixiang“gaoduanhua”shengji，jinertishenglirun。

zaiguaibaochongwuipochoujide6yiyuanzijinzhong，you3.67yiyuanyongyuxinjiangaoduanzhuliang、gaoduanlingshijibaojianpinshengchanxiandejianshegongzuo；2023nian9yue，guaibaochongwuyounachu5.6yiyuanyongyugaoduanchongwushipinxiangmudejianshe。

yiguaibaochongwulirunlvbiandongqushilaikanqueyouchengxiao。2024nianqiansanjidu，guaibaochongwumaolilvda41.98%，ergaishujuzai2019nianwei28.88%，tongyiqijianjinglilvyeyou0.30%zengzhi12.85%。

buguo，guaibaochongwuqixiapinpaigaoduanhuazhiluhaishiyilai“mengzayingxiao”delaotaolu，qiehuokechengbenzhengzaitaisheng。

2024nianqiansanjidu，guaibaochongwudexiaoshoufeiyongtongbizengzhang40.30%zhi6.95yiyuan，gaoyutongqi17.96%deyingshouzengsu，qiegaoyutongqi4.70yiyuandejinglirunguimo。

duibilaikan，guaibaochongwuzaiyanfatourufangmianxiangduiboruo，changnianyanfafeiyongbuchao8000wanyuan。2024nianqiansanjidu，gongsiyanfafeiyongtongbizengzhang7.78%zhi5997.54wanyuan。

guaibaochongwu“zhongyingxiao、qingyanfa”defazhanmoshi，yeshidangqixianrushipinanquanfengboshichixubeiwaijiegoubingdezhuyaoyuanyinzhiyi。zaiheimaotousupingtaishang，youguanguaibaochongwuqixiapinpaidetousuzhongbufashiyongchongliangchuxianoutu、jixingshenshuaijie、weichuxuedenganquanwenti，shibushibeibufencepingbozhularuheibang。

如何走进下半场？

chongwushipinpinpaifenfenzouxianggaoduanhuadebeihou，qishishichongwuxiaofeiyuelaiyuezhuiqiu“jingxiweiyang”dexianzhuang。

zaishejiaopingtaishang，bushaochongzhuhuijilumeirichongwupeican，yidunfanyouhunyousuyouhaixian，haiyouyingyangbuchongji。wangyouxicheng“qiongshabunengqiongmaohaizi”。《xiaohongshu2024chongwuxingyedongchabaogao》xianshi，youjin3chengdechongwuzhuweichongwuxiaofeiyuejun2000yuanyishang。

keyifaxian，chongwushipinxiaofeizhengcongyiweizhuiqiuchanpinsuohanpeiliaozhonglei，zhuanbianzhigengzhuzhongkexuedechengfenpeibi。weilemanzugengjiajingxihua、gongxiaohuadexiaofeixuqiu，pinpaifangyekaishihuashijuanpeifang。

ruhuaxishengwu（688363. sh）qixiachongwupinpai“haibaoshi”xieshouzhongnonghuaweiqixia“magua”tuichuzhongguoshoukuanboniaosuanpeifangdegaodanbaiquanjialiang，haochengyijiangdichongwuguguanjiejibingdefashenglv，bingzengjiachongwupifuhemaofazhongdehanshuiliang。

youxieshenzhixianggengxifendexiaozhongfangxiangfazhan，ruchongwupinpaitaffeetaifeituichuchongwunaicha、chongwupijiu、chongwudiaoweiliaodengduoxifenlingyu。

buguo，chongwushipinsaidaonanxingchengjiaoqiangdejishubilei，gepinpaizhijiandechuangxinbipinduoshixuetou，gengduohaishichuzaiyingyangchengfen、shicaizhongleidengfangmiandebipin。

huikanguaibaochongwu，xuanzetongguodazaoduopinpaijuzhenlaishixianjingxihuafazhan。2024nian11yue，guaibaochongwuzaishanghaixinshechongyangdao、jinbaicui、zaoqu3jiachongwushipinxingyeleigongsi，farenjunweiguaibaochongwuzongcaidushifang，cijubeiwaijieshiweiguaibaozhengweituichuxinpinpaizuozhunbei。

zhishi，guaibaochongwuyijiuqueshaojueduidehuchenghejingzhengyoushi，zheiyidianconggongsishizhongnanyitizhendeerjishichangbiaoxianhuonengtanchayier。

2023nian8yue，guaibaochongwudenglushenjiaosuo，shangshishourichuangxiaaguchongwujingjigongsishizhixinjilu，chudaojidianfeng，guaibaochongwucihougaokaidizouyiluqiqifufu，zhijinweinengchaoguoshangshishourizhanji。

2024nian2yue，guaibaochongwucengyinshoupanjiadiyugongsi39.99yuan/gudefaxingjia，chufaxiangguanchengnuodelvxingtiaojian，gongsikonggugudong、shijikongzhirenjiqiyizhixingdongrendengxiangguangudongyanzhanggufensuodingqizhi2027nian2yue。

yushidang2024nian8yueguaibaochongwubufenshoufaxianshouguyinglaijiejinshi，gongsigudongkaishichunchunyudong，lianggeyuehou，guaigaochongwuyinglaidiyibojiejinchao。

2024nian10yue，guaibaochongwufabugonggaocheng，gongsidiergudongkkrjihuazaipilugonggaozhiriqi15gejiaoyirihoudesangeyueneijianchigongsigufenbuchaoguo2.00%guquan。yucitongshi，disangudongbeijingjunlianjiyizhixingdongrenzhuhaijunlianjihuazaixiangtongshijiannei，tongyangjianchiguaibaochongwubuchaoguo2.00%guquan。ruoangonggaoridangrishoupanjiagusuan，kkr、beijingjunlianjizhuhaijunlianleijijianchigupiaojiazhiyuehe10.59yiyuan。

julejie，cicijianchigudongcengzaiguaibaochongwudefazhanlichengzhongbanyanlezhongyaojiaose。

guaibaochongwuzaiipoqianjingguoshulunrongzi，qizhong2017nianhuodelekkrde4yiyuanalunrongzi，2019nianyoushouhuolebeijingjunlian、zhuhaijunlianhefuzhouxingruidetouzi。cicijianchiwanchenghou，kkrchigubilijiangzhi17.08%，beijingjunlianjizhuhaijunliandehejichigubilijiangjiangdizhi11.34%。

jiezhi2024nian11yue26ri，guaibaochongwubaoshou62.43yuan/gu，zongshizhi250yiyuan，gujiajiaoshangshishourixiadieyue3cheng。