Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

来源：智通财经网 根据2025年12月31日披露数据，安德利果汁（02218）、蒙牛乳业（02319）、盈富基金（02800）港股 通持股占比增加值最大，分别增加2.35%、0.07%、0.02%；碧桂园（02007）、吉利汽车（00175）、华 夏恆生科技（03088）港股通持股占比减少值最大，分别减少-0.51%、-0.16%、-0.02%。 在最近有统计数据的5个交易日内，狮腾控股（02562）、浙江世宝（01057）、三花智控（02050）港股 通持股占比增加值最大，分别增加3.79%、3.55%、3.46%；嘉和生物-B（06998）、中铝国际 （02068）、招商恆生科技（03423）港股通持股占比减少值最大，分别减少-1.74%、-1.50%、-1.44%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） 公司名称占比值变动最新持股比例安德利果汁(02218)+2.35%23.75%蒙牛乳业(02319)+0.07%17.52%盈富 基金(02800)+0.02%1.78%恆生科技ETF(03032)+0.01%14.94%腾讯控股(00700)+0.01% ...

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of December 31, 2025 [1] Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in ownership percentage, rising by 2.35% to a total holding of 23.75% [2] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its holding to 17.52% [2] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [2] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% [3] Group 2: Decreased Holdings - Country Garden (02007) faced the largest decrease, with a drop of 0.51% to a holding of 15.33% [2] - Geely Automobile (00175) saw a reduction of 0.16%, resulting in a holding of 11.37% [2] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, leading to a holding of 20.19% [2] - Other significant decreases include Jiahe Biotechnology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [3] Group 3: Five-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase in ownership percentage, up by 3.79% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw significant increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotechnology-B (06998) had the largest decrease of 1.74% over the same period [3] Group 4: Twenty-Day Changes - In the last twenty days, Lion Group (02562) experienced a substantial increase of 23.92% in ownership [4] - Jihong Co., Ltd. (02603) followed with a 22.62% increase, reaching a holding of 54.86% [4] - Red Star Macalline (01528) also saw an increase of 8.47%, bringing its holding to 52.20% [4]

智通财经APP讯，蒙牛乳业(02319)公布，2025年12月30日注销1430万股已回购股份。 ...

格隆汇12月30日丨蒙牛乳业(02319.HK)发布公告，2025年12月30日注销合计1430万股购回股份。 ...

FF305 表格類別： 股票 狀態： 新提交 公司名稱： 中國蒙牛乳業有限公司 呈交日期： 2025年12月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02319 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - Wholesale prices of Baijiu have mostly stabilized, with specific brands showing varied price changes. For instance, the price of Feitian Moutai (case) is 1600 yuan, down by 50 yuan from last month, while the price of Wuliangye has increased by 20 yuan to 820 yuan [3][38]. - Discounts on liquid milk have significantly increased, while discounts on seasoning and soft drink products have narrowed compared to the end of November. The average discount rate for seasonings rose from 85.9% to 87.1%, and for soft drinks from 85.6% to 86.7% [5][17][35]. Summary by Sections Baijiu Pricing - The report details the wholesale prices of key Baijiu brands, noting that Feitian Moutai's prices have decreased by 640 yuan year-to-date compared to the previous year. Other brands like Wuliangye and Luzhou Laojiao have also shown price stability or slight increases [9][38]. Discount Trends - Discounts on liquid milk products have widened, with the average discount rate dropping from 66.0% to 62.8%. In contrast, discounts on convenience foods have decreased from 95.8% to 94.8% [19][21][36]. - The report highlights that infant formula and beer products have maintained stable discount rates, with slight changes observed [18][35]. Company Ratings - The report lists several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and others, indicating strong expected performance relative to the market [1].

Core Viewpoint - The collaboration between Beijing's Central Axis Protection Public Welfare Foundation and Inner Mongolia Mengniu Dairy Co., Ltd. aims to integrate cultural heritage with modern consumer products through the launch of the "Central Axis Gift" customized pure milk, symbolizing a deep partnership between national dairy brands and cultural IPs [1][2][9] Group 1: Collaboration and Cultural Significance - The Central Axis of Beijing, a historical site over 700 years old, represents a significant cultural legacy, while Mengniu Dairy is committed to national health and nutrition [2] - The partnership is rooted in shared values of "guarding" and "nurturing," aiming to incorporate cultural heritage into contemporary life [2][4] - The product serves as a medium to convey the beauty of order and harmony inherent in the Central Axis, inviting consumers to connect with history through everyday products [2][4] Group 2: Product Design and Innovation - The packaging of the "Central Axis Gift" product reflects cultural activation, featuring artistic line drawings of 15 iconic heritage sites along the Central Axis [6] - The design incorporates classic colors from the Central Axis architecture, creating a modern yet respectful representation of cultural heritage [6] - A QR code on the packaging allows consumers to access a digital platform to explore the history and architectural wisdom of the Central Axis, enhancing the product's role as a cultural entry point [6] Group 3: Event Highlights and Cultural Integration - The launch event featured a Hanfu fashion show, symbolizing the blend of traditional and modern aesthetics, and included a lion dance ceremony to signify the collaboration's vitality [8] - A cultural salon during the event provided theoretical and practical insights into the partnership, showcasing it as an exemplary case of creatively transforming cultural heritage into modern consumer goods [8] - Experts emphasized that this collaboration sets a high standard for commercializing cultural IPs while maintaining respect for cultural authenticity, promoting a symbiotic relationship between cultural and commercial values [8][9]

"中轴线不仅是一条空间轴线，更是一条活态的文化脊梁。"北京京企中轴线保护公益基金会秘书长梅松 在致辞中表示，"我们致力于让文化遗产融入当代生活。与蒙牛的合作，正是希望将中轴线所蕴含的礼 序、和谐之美，通过日常消费产品，传递到千家万户。这瓶牛奶，是一个载体，也是一份来自历史的诚 挚邀请。" 来源：环球网 12月29日下午，一场联结历史与当下的发布活动在北京中轴线遗产点之一的先农坛庆成宫举行。北京京 企中轴线保护公益基金会与内蒙古蒙牛乳业（集团）股份有限公司在此共同发布联名产品——"中轴有 礼"定制装纯牛奶。此次活动以"传承中轴 滋养新生"为主题，标志着国民乳业品牌与超级文化IP的一次 深度携手，探索文化遗产的活化传承新路径。 "中轴有礼"蒙牛联名产品发布会现场 北京中轴线历经七百余年，是中国古代都城秩序的杰出典范，承载着深厚的文明记忆；蒙牛乳业作为乳 业领军企业，长期致力于国民营养健康。双方的合作，根植于"守护"与"滋养"这一共同的价值内核。 北京京企中轴线保护公益基金会秘书长梅松致辞 "中轴有礼"蒙牛联名产品发布 在发布会现场，一场别开生面的汉服走秀生动展示了"中轴有礼"蒙牛联名产品。模特手持产品款款而 行， ...

来源：光大证券微资讯 热点聚焦 HOT 1、受大宗商品巨幅波动引发的紧张情绪推动，隔夜，美股三大指数均小幅收跌，道指跌0.51%，纳指 跌0.5%，标普500指数跌0.35%。纳斯达克中国金龙指数收跌0.67%。由于乌克兰停火谈判进展有限，国 际油价涨超2%。WTI原油期货收涨2.36%，报58.08美元/桶。布油期货结算价收涨2.14%，报61.94美元/ 桶。 2、隔夜，国际贵金属大幅收跌，COMEX黄金期货跌4.45%，报4350.2美元/盎司；COMEX白银期货跌 7.2%，报71.64美元/盎司。现货白银大跌近9%，现货钯金跌超15%，现货铂金跌超14%。30日7:05，现 货钯金跌破1600美元/盎司，日内跌超2%。现货铂金跌幅扩大至2%，最低报2049.38美元/盎司。据报 道，大量交易员正在从创纪录涨势中获利了结，加剧了贵金属下跌势头。 5、12月29日晚间，天箭科技发布重大风险提示公告：因相关军品价格调整，公司预计2025年度扣非归 母净利润将为负值，且扣除后营业收入低于3亿元。公司股票可能被实施退市风险警示，将冠 以"*ST"字样。11月以来，公司已收获4个涨停板，年内涨幅超60%。同日， ...