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]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002702 | 海欣食品 | 7.12 | -3.52% | 60.53万 | 4.36 Z | | 002626 | 全达威 | 19.71 | -1.45% | 8.00万 | 1.58 Z | | 920826 | 盖世食品 | 13.33 | -1.41% | 3.00万 | 4018.42万 | | 002840 | 华统假股 | 9.62 | -1.03% | 11.33万 | 1.09亿 | | 002330 | 得利斯 | 4.84 | -1.02% | 15.40万 | 7495.15万 | | 000895 | 双汇发展 | 26.47 | -0.97% | 9.03万 | 2.40亿 | | 002726 | 龙大美食 | 4.11 | -0.96% | 14.53万 | 5973.16万 | | 300146 | 汤臣倍健 | 12.01 | -0.66% | 12.06万 | 1.46亿 | | 603345 | 安井食 ...

Core Insights - The demand for convenient food products, such as canned beef, is increasing due to fast-paced urban lifestyles, catering to office workers, students, and outdoor enthusiasts [1][5] - The canned beef market in China is projected to reach a scale of 4.658 billion yuan in 2024, with a year-on-year growth of 5.5% [1][8] - Health-conscious consumers are increasingly favoring organic, low-salt, low-fat, and additive-free products, creating new growth opportunities for the canned beef industry [1][8] Overview - Canned beef is produced from fresh or frozen beef through processes such as pre-treatment, marination, pre-cooking, canning, sealing, and sterilization, allowing for long-term storage and convenient consumption [2][4] - Canned beef retains nutritional value and is a rich source of protein, vitamins, and minerals, making it suitable for emergency food reserves [2][4] Market Policies - Recent policies in China emphasize food safety, requiring strict quality control and management across all production, processing, and distribution stages of canned beef [5] - These regulations aim to promote a standardized, green, and high-quality development of the canned beef industry [5] Industry Chain - The upstream of the canned beef industry includes beef, seasonings, packaging materials, and production equipment, while the midstream consists of canned beef manufacturers [4][6] - Downstream channels include supermarkets, convenience stores, restaurants, and e-commerce platforms, with traditional retail remaining the primary sales channel [4][6] Current Development - The consumption scenarios for canned beef have expanded from traditional family meals and outdoor activities to include ready-to-eat meals and industrial catering, further increasing market demand [1][5] - The industry is experiencing a shift towards health-oriented products, with a focus on low-salt, low-fat, and zero-additive options [1][8] Competitive Landscape - The canned beef industry in China is characterized by a fragmented market with many small to medium-sized enterprises, while major players include companies like Shanghai Bright Meat Group and Henan Shuanghui Investment & Development Co., Ltd. [2][9] - These leading companies leverage scale, technological innovation, and brand strength to maintain competitive advantages [9] Development Trends - Health-focused product development is becoming a core direction, with companies moving towards clean label and functional products [12] - Flavor and form diversification is expected, with companies introducing regional and international flavors and new product forms [13] - Environmental sustainability in production and packaging is gaining importance, with a shift towards biodegradable and recyclable materials [14] - Vertical integration within the industry is deepening, with leading companies establishing long-term partnerships with beef suppliers and enhancing logistics and sales channels [15]

此外，会上，双汇肉制品事业部对荣获总量最大奖、高温市场成长奖、高温新品推广奖、低温市场成长 奖、低温新品推广奖、速冻市场成长奖、零食市场成长奖的经销商进行表彰。 来源：环球网 在厂商交流环节，双方围绕市场趋势、渠道策略与产品动销等关键议题进行务实对话，共同明确了提升 市场竞争力的具体路径与行动方案。 近日，2026双汇肉制品厂商发展研讨会在珠海举行，全面回顾了2025年双汇肉制品业的生产经营成果， 并明确新一年的工作目标与推进思路。 针对快消品市场的深刻变革，2026年双汇肉制品业将坚持"产业化、多元化、国际化、数字化"发展方 针，以变应变、以新赢新，通过场景化的产品设计，优化渠道通路价格策略，推进全域化的渠道布局， 强化组织能力与资源保障，在激烈的市场竞争中盘活存量、赢得增量，实现规模和质量的同步提升，继 续保持在肉类行业的领先地位。 发展研讨会现场。 2025年，双汇凭借产业链优势、渠道布局韧性与精细化管控能力，企业销量、收入和利润三大核心指标 均发展态势良好。双汇发展董事长万宏伟表示，双汇肉制品业顺应趋势发展，通过创新实现多点突破， 以数字化赋能业务发展，在品牌战略上构建了金字塔结构，品牌战略设计初步成 ...

随着健康意识增强，越来越多的职场年轻人在餐饮消费时开始更加注重品质与健康的平衡。自带饭菜上班已成为一种新趋势——2024年的一项调查显示，相 比2018年，选择带饭的职场人比例已上升至15%。 这份餐单的核心并非高深厨艺，而在于其"确定性"。心理学研究表明，决策疲劳是现代人压力的重要来源之一。提前规划好一周饮食，能够有效减少每天 在"吃什么"上的心智消耗，将宝贵的注意力资源留给工作和生活。 然而，每到周末，如何提前规划并准备好一周的餐食，却成了许多人面临的现实难题：不知道该选什么，又怕过程太麻烦。 双汇与搜狐网联合推出的《双汇治愈厨房》专场，敏锐地切中了这一普遍痛点。栏目特邀美食博主"@夏秋秋要积极"，带来了一份极具实操性的一周餐单。 | 双 别 | | | 周健康菜单 | | | | --- | --- | --- | --- | --- | --- | | 星期一 星期二 | 星期三 | 星期四 | 星期五 | 星期六 | 星期天 | | | | 早餐 | | | | | ·土豆磨根 | | | | | | | 浓汤 | | ·智柳滑蛋 | | | | | 展示范围 | | 三明治 | ·芝士火腿 | | ...

双汇发展总裁马相杰 双汇发展副总裁、生鲜品事业部总经理贺建民在会上作主题报告，全面回顾了2025年双汇生鲜品的整体 生产经营情况，深度解读了2026年的市场支持政策，明确政策导向与资源投放重点，同时也对新一年的 市场运作思路及保障措施进行详尽阐述。 12月28日，2026双汇生鲜品厂商发展研讨会在珠海横琴湾酒店召开。万洲国际董事局主席、双汇创始人 万隆，双汇发展董事长万宏伟，双汇发展总裁马相杰，万洲国际行政总裁郭丽军，双汇发展常务副总裁 刘松涛，双汇发展副总裁、生鲜品事业部总经理贺建民，万洲国际、双汇发展高管，生鲜品事业部中高 层管理人员，集团行政中层，相关项目经理、销售大区经理及经销商代表等500余人参会。会议由双汇 发展党委书记杜俊甫主持。 双汇发展党委书记杜俊甫 双汇发展董事长万宏伟在讲话中表示，2025年双汇凭借产业链优势，通过产品、渠道和营销创新，在生 鲜肉业务领域实现了规模增长，达成了产品与渠道良性发展的经营成果。他指出2026年要加强厂商合 作，发挥品牌、渠道、产业协同优势，提升供应链效率，升级产品组合，服务不同渠道需求，打造流量 产品与盈利产品矩阵，助力终端和经销商实现良性发展，带动生猪屠宰业 ...

双汇发展总裁马相杰 12月26日，2026双汇肉制品厂商发展研讨会在珠海横琴湾酒店举行。万洲国际董事局主席、双汇创始人 万隆，双汇发展董事长万宏伟，双汇发展总裁马相杰，万洲国际行政总裁郭丽军，双汇发展常务副总裁 刘松涛，双汇发展副总裁、肉制品事业部总经理赵国宝，万洲国际、双汇发展高管，肉制品事业部中高 层管理人员，集团行政中层，相关项目经理、销售大区经理及经销商代表等500余人参会。会议由双汇 发展党委书记杜俊甫主持。 双汇发展党委书记杜俊甫 双汇发展董事长万宏伟在讲话中表示，2025年双汇凭借产业链优势、渠道布局韧性与精细化管控能力， 企业销量、收入和利润三大核心指标均发展态势良好。双汇肉制品业顺应趋势发展，通过创新实现多点 突破，以数字化赋能业务发展，在品牌战略上构建了金字塔结构，品牌战略设计初步成型。接下来，企 业将通过组织创新、产品创新、渠道创新、模式创新等措施，进一步提升渠道和终端服务，确保2026年 实现突破性进展，共同开创双汇肉类产业发展新局面。 双汇发展董事长万宏伟 双汇发展总裁马相杰致辞表示，2025年双汇肉制品业围绕上规模工作主线，通过一系列创新举措的落地 见效，肉制品销量自二季度以来实现 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

12月26日，2026双汇肉制品厂商发展研讨会在珠海横琴湾酒店举行。万洲国际董事局主席、双汇创始人万隆，双汇发展董事长万宏伟，双汇发展总裁马相 杰，万洲国际行政总裁郭丽军，双汇发展常务副总裁刘松涛，双汇发展副总裁、肉制品事业部总经理赵国宝，万洲国际、双汇发展高管，肉制品事业部中 高层管理人员，集团行政中层，相关项目经理、销售大区经理及经销商代表等500余人参会。会议由双汇发展党委书记杜俊甫主持。 双汇发展董事长万宏伟在讲话中表示，2025年双汇凭借产业链优势、渠道布局韧性与精细化管控能力，企业销量、收入和利润三大核心指标均发展态势良 好。双汇肉制品业顺应趋势发展，通过创新实现多点突破，以数字化赋能业务发展，在品牌战略上构建了金字塔结构，品牌战略设计初步成型。接下来， 企业将通过组织创新、产品创新、渠道创新、模式创新等措施，进一步提升渠道和终端服务，确保2026年实现突破性进展，共同开创双汇肉类产业发展新 局面。 双汇发展总裁马相杰致辞表示，2025年双汇肉制品业围绕上规模工作主线，通过一系列创新举措的落地见效，肉制品销量自二季度以来实现稳步改善，有 力支撑了企业在严峻形势下的稳健发展。希望厂商双方继续保持战略 ...

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2] Core Viewpoints of the Report - The government has increased its emphasis on boosting consumption and expanding domestic demand, with multiple policies coordinated to promote the construction of the domestic economic cycle and the domestic demand system [2][7][8] - It is expected that the year-on-year pork price will gradually turn positive in the second half of 2026, which will support the CPI, especially the food CPI [2][14][20] - The CSI All-China Food Index selects leading companies in the food industry, with high price elasticity, strong offensive ability, and long - term stable excess return potential. Currently, the valuation of the food sector has bottomed out, and the medium - to - long - term allocation cost - effectiveness is prominent [2][22][50] - The Huaxia CSI All - China Food ETF closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error [2][52] Summary According to the Directory 1. Policy Emphasizes Expanding Domestic Demand and Boosting Consumption, Focus on Investment Opportunities in the Food Sector - **Policy Attention Increased: Boosting Consumption and Expanding Domestic Demand** - Multiple policies are coordinated to promote the domestic economic cycle and the construction of the domestic demand system. Since December, authoritative media and high - level authorities have continuously emphasized the importance of domestic demand and the significance of boosting consumption [2][7][8] - The "Qiushi" magazine pointed out that expanding domestic demand is a strategic move related to economic stability and security. The Central Financial and Economic Affairs Office stated that expanding domestic demand is the top priority for next year, and the National Development and Reform Commission emphasized the firm implementation of the strategy to expand domestic demand [2][9][13] - **Expected Gradual Recovery of Pork Prices, Focus on Food CPI Changes in 2026** - Since the second half of 2022, the CPI has been continuously declining and has been hovering at a low level since 2025, suppressing the contribution of prices to the profits of mass consumer goods [2][14] - Although the CPI was at a low level in 2025, the demand for dairy products showed signs of stabilization. The retail prices of milk and yogurt ended a three - year decline in the second half of 2025 [17][19] - Due to the structural surplus of production capacity and low breeding costs, the year - on - year decline in pork prices has widened since the second half of 2025. It is expected that the year - on - year pork price will gradually turn positive in the second half of next year, supporting the CPI, especially the food CPI [20][21] 2. CSI All - China Food Index - **Index Compilation: Selecting Leading Food Industry Companies** - The CSI All - China Food Index was released on July 15, 2013. It selects all listed company securities belonging to the tertiary "Food" industry from the CSI All - China sample space, aiming to comprehensively reflect the overall performance of A - share food industry listed company securities [22][25][26] - The index samples are adjusted semi - annually, with a single sample weight limit of 10% [26] - **Industry Market Value Characteristics: Industry Concentrated in the Primary Consumption Sector, with a Market Value Pattern Dominated by Leading Companies** - As of December 18, 2025, the index has 79 constituent stocks, with an average total market value of 1.6575 billion yuan. There are 3 stocks with a market value exceeding 10 billion yuan, and more than half of the constituent stocks have a total market value of less than 1 billion yuan [27][30][33] - The top ten constituent stocks have a total weight of 50.4%, and the top three weighted stocks are Inner Mongolia Yili Industrial Group Co., Ltd., Haitian Flavoring & Food Co., Ltd., and Shuanghui Development Co., Ltd., with weights of 10.52%, 9.05%, and 6.05% respectively [30][31][33] - The index is concentrated in the food sub - industries, especially in the seasoning fermentation products II, food processing, and beverage dairy sectors, with a combined proportion of over 64%, highly focusing on the food field directly facing consumers [33][34][39] - **High Index Volatility and Strong Offensive Ability** - Historically, the index has shown a clear offensive ability, especially in the market driven by the consumption sector, with long - term stable excess return potential. It also has significant high elasticity, with higher volatility and drawdown than the market broad - based index [40][42][45] - In the long run, the index has shown stable income growth ability, with a cumulative return and annualized return of 256.10% and 8.87% respectively, exceeding the performance of the CSI 300 Index and the CSI All - China Index during the same period, reflecting the long - term allocation value of the core assets in the consumption industry [42][43] - **The Valuation of the Food Sector has Bottomed Out, and the Medium - to - Long - Term Allocation Cost - Effectiveness is Prominent** - As of December 18, 2025, the price - to - earnings ratio of the index is 31.52, with a historical quantile of 22.26%, and the price - to - book ratio is 2.85, with a historical quantile of 5.32% [50][51][52] - The index has experienced an adjustment since the high in late 2020, and recently shows signs of stabilization, with limited downside risk [50] 3. Huaxia CSI All - China Food ETF - The Huaxia CSI All - China Food ETF (fund code: 159151) closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error. The fund started raising funds on December 22, 2025, and ended on December 26, 2025, with fund manager Wang Xinwei [2][52][55]