Group 1 - The "Happiness Delivered Home" New Year Festival organized by Shuanghui opened on February 7 in Luohe, supported by various local government departments [1] - The festival aims to create a convenient, high-quality, and cost-effective one-stop shopping platform for New Year goods, allowing citizens to easily purchase fresh and safe products [3] - The event will last until February 15, coinciding with the Lunar New Year, and Shuanghui is leveraging its supply chain advantages to ensure market supply during this period [3] Group 2 - Shuanghui is committed to maintaining supply, stabilizing prices, and improving quality to ensure safe and high-quality products for consumers [3] - The company is focused on safeguarding consumers' reunion dining experiences during the festive season, emphasizing a warm and fulfilling New Year celebration [3]

Core Insights - The article emphasizes how Shuanghui's new Spring microfilm "Happiness Comes Home" effectively connects with consumers by moving beyond generic themes of reunion to present a unique story and cultural symbol, the Winged Horse, to support the theme of happiness [1][3] Group 1: Marketing Strategy - Shuanghui captures the core consumer demand during the Spring Festival, where people wish to convey blessings through thoughtful gifts, aligning the theme "Happiness Comes Home" with the auspicious sentiments of the holiday [1] - The microfilm integrates emotional value with product promotion, highlighting family reunion scenes and reinforcing Shuanghui's commitment to blending food, affection, and culture [1][3] Group 2: Storytelling and Cultural Elements - The narrative features a retired Dunhuang artifact restorer and his AI architect daughter engaging in a playful competition over a "horse drawing assignment," showcasing a clash between traditional culture and modern technology [2] - The use of the Winged Horse from Dunhuang murals symbolizes freedom and creativity, merging ancient cultural imagery with contemporary AI technology, thus revitalizing tradition and expressing Shuanghui's philosophy of cultural transmission through food [2] Group 3: Emotional Connection - Shuanghui products serve as a warm "emotional bond" in the story, with items like Shuanghui's "Wang Zhong Wang" ham sausage acting as a "power booster" between generations, while other products become mediators for resolving family conflicts [2] - The visual effects in the microfilm enhance the festive atmosphere, making the concept of happiness tangible through shared meals and family gatherings, illustrating that happiness is a blend of tradition and innovation on the reunion table [2]

Market Overview - The food processing sector increased by 1.12% on February 4, with Qianwei Yangchu leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Qianwei Yangchu (001215) closed at 47.88, up 5.93% with a trading volume of 62,900 shares and a transaction value of 301 million yuan [1] - Other notable performers included: - Jiaoda Onl (600530) at 6.60, up 2.48% [1] - Anjii Food (603345) at 89.34, up 2.43% [1] - Shuanghui Development (000895) at 26.31, up 1.58% with a transaction value of 394 million yuan [1] Capital Flow - The food processing sector saw a net inflow of 18.57 million yuan from institutional investors, while retail investors experienced a net outflow of 187.34 million yuan [2] - The capital flow for key stocks included: - Shuanghui Development with a net inflow of 35.67 million yuan from institutional investors [3] - Baba Food (605338) with a net inflow of 11.04 million yuan from retail investors [3] - Sanquan Food (002216) with a net inflow of 6.24 million yuan from institutional investors [3]

Investment Focus - The report highlights the value of consumer stocks in a volatile market, recommending a focus on companies like Guizhou Moutai, Eastroc Beverage, and Yili Group, all rated as "Outperform" [1]. Industry Overview - In January 2026, four out of eight tracked essential consumer sectors showed positive growth, including condiments, frozen foods, soft drinks, and dining, while four sectors, such as mid-to-high-end baijiu, dairy products, and beer, experienced declines [3][9]. - The overall consumer industry is characterized by a recovery in basic demand while hedonic consumption remains under pressure, indicating a shift in consumer spending towards essential goods [9]. Revenue and Growth Analysis - The revenue for the mid-to-high-end baijiu sector in January was 470 billion yuan, down 14.0% year-on-year, while the revenue for the mass-market baijiu sector was 229 billion yuan, down 3.0% year-on-year [10][11]. - The soft drink sector reported a revenue of 962 billion yuan in January, with a year-on-year growth of 1.1%, indicating a cautious recovery in demand [17]. - The frozen food sector saw a revenue of 150 billion yuan, with a year-on-year increase of 8.0%, driven by pre-Spring Festival stocking and low temperatures [16]. Price Trends - The report notes that the wholesale prices of major baijiu brands like Guizhou Moutai remained stable, while some brands faced downward price pressures due to high inventory levels [4][21]. - The average discount rates for liquid milk and condiments increased compared to the previous month, reflecting intensified market competition [35][37]. Market Dynamics - The report identifies four favorable funding factors for the essential consumer sector, including significant volatility in global capital markets, declining risk-free interest rates, increased foreign capital allocation to China, and low institutional allocation levels [6]. - The report suggests focusing on companies that align with both domestic and foreign institutional preferences, as well as those showing improvements in fundamentals and dividend yields [6].

Group 1 - The core point of the article is that Shuanghui Development (000895) reported a total of 153,079 shareholders as of the end of January 2026, including credit accounts [1]

Core Insights - The establishment of the Key Customer Management Center is a strategic move by the company to adapt to significant changes in the retail market and to enhance its operational efficiency in response to evolving consumer demands [3][11]. Group 1: Strategic Objectives - The company aims to expand contributions from emerging channels while solidifying its presence in traditional markets, thereby ensuring stable business growth [3]. - There is a focus on clarifying the role of distributors within the distribution system, emphasizing deepened cooperation and digital empowerment to maintain an efficient channel operation [3]. - The company plans to respond to consumption upgrades and K-shaped consumption trends by launching new product strategies, particularly in low-temperature products and high-end offerings for membership stores [3][11]. Group 2: Operational Enhancements - The sales and marketing functions are to be upgraded to enhance product promotion and channel activation, with a systematic design of promotional strategies [3]. - The Key Customer Management Center will work closely with various business units to elevate the company's performance in key supermarkets and new retail sectors [6][10]. - The center's establishment is not merely an organizational change but a critical layout based on long-term strategic goals and industry trends [11]. Group 3: Future Directions - The Key Customer Management Center is tasked with integrating product innovation and channel reform processes, leveraging digital tools to overcome traditional limitations [14]. - The center will focus on high-growth new retail, new channels, and new terminals, aiming to consolidate advantageous display resources and capture high-growth channel opportunities [11][14].

Core Insights - The strategic cooperation signing ceremony between Shuanghui and Kingdee marks a significant step towards digital transformation in the meat and fresh products industry, focusing on ERP application replacement and the establishment of a financial sharing platform [2][3] Group 1: Strategic Goals - The collaboration aims to achieve four core objectives, including comprehensive ERP application replacement across the entire business chain, data governance, and the promotion of a digital transformation team [2] - The project is seen as a strategic reshaping for Shuanghui's core competitiveness over the next 10 to 20 years, emphasizing the importance of digital infrastructure for high-quality development [3] Group 2: Leadership Perspectives - Shuanghui's Chairman, Wan Hongwei, highlighted the challenges faced by existing systems in terms of technology architecture and data collaboration, framing the ERP upgrade as a critical initiative for future competitiveness [3] - Kingdee's President, Zhang Yong, noted that the ERP upgrade is not just a system update but a key measure for building a digital core engine and restructuring management capabilities [3] Group 3: Future Outlook - The partnership is expected to enhance operational efficiency, deepen management transformation, and foster innovation capabilities, with the goal of establishing a "century-old brilliant digital Shuanghui" [4]

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

Core Insights - The event on January 30, 2026, aimed to promote consumption of local food and beverages in Henan, featuring a variety of products including traditional dishes and alcoholic beverages [1][3]. Group 1: Event Overview - The event was organized by the Henan Modern Food Industry Alliance and the Henan Food Industry Association, showcasing nearly 50 food companies and their star products [3]. - A dual-mode approach of "online live streaming + offline display" was introduced to enhance product promotion and brand communication [3]. - The event is part of the 2026 "15th Five-Year Plan" and aims to establish a "Henan Food Brand Display Center" to integrate product showcasing, sales connections, e-commerce operations, and cultural promotion [3]. Group 2: Featured Products - A total of 99 products from 45 companies were recognized in the 2026 New Year Consumption Henan Food List, including notable companies like Henan Shuanghui Investment Development Co., Ltd. and Henan Yangshao Liquor Co., Ltd. [4]. - The featured products include a variety of traditional Henan foods such as "Huimian" and "Hula Soup," as well as innovative food items like "Black Gold Spicy Noodles" and "Tea Oil" [6][8]. Group 3: Alcoholic Beverages - The event highlighted various alcoholic beverages categorized into staple and festive wines, featuring brands like Henan Yangshao Liquor Co., Ltd. and Shaodian Laojiu Co., Ltd. [9]. - Specific products included "Yangshao Color Pot Red" and "Du Kang Mellow M3," showcasing the diversity of local liquor offerings [9].