Core Viewpoint - On January 28, no A-share listed companies disclosed any increase in shareholding, while nine companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Group 1: Share Reduction Details - Tongda Co., Ltd. plans to reduce its shareholding by no more than 1.00% [2] - Hongqi Chain's shareholder Yonghui Supermarket has reduced its stake by 0.79% [2] - Wancheng Group's shareholders intend to collectively reduce their holdings by no more than 1.27% [2] - Hongchang Technology's shareholders plan to reduce their holdings by no more than 0.33% [2] - Tianyang Technology's controlling shareholder Ouyang Jianping intends to reduce his stake by no more than 3% [2] - Aide Biology's shareholder Xiamen Keying plans to reduce its holdings by no more than 1.22% [2] - Juzitech's director and executive Cui Cen intends to reduce his stake by no more than 0.11% [2] - Bozhong Precision's shareholder Xinke Chuang plans to reduce its holdings by no more than 1% [2] - Tianyang's controlling shareholder Guolian Group intends to reduce its stake by no more than 1% [2]

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，万辰集团1月28日晚间发布公告称，持有福建万辰食品集团股份有限公司股份约2084万股 （占公司总股本比例为11.0322%）的股东彭德建先生计划自本公告发布之日起15个交易日后的3个月内 以集中竞价或大宗交易方式减持公司股份不超过120万股（占公司总股本比例为0.6353%）。 持有公司股份120万股（占公司总股本比例为0.6353%）的股东范鸿娟女士计划自本公告发布之日起15 个交易日后的3个月内以集中竞价或大宗交易方式减持股份股份不超过120万股（占公司总股本比例为 0.6353%）以上股东在连续90个自然日内通过证券交易所集中竞价减持股份的总数，合计不超过公司股 份总数的1%。以上股东在连续90个自然日内通过证券交易所大宗交易减持股份的总数，合计不超过公 司股份总数的2%。 ...

证券代码：300972 证券简称：万辰集团 公告编号：2026-018 福建万辰食品集团股份有限公司 关于公司股东减持股份预披露的公告 彭德建先生、范鸿娟女士保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、持有福建万辰食品集团股份有限公司（以下简称"公司"）股份 20,838,855 股（占公司总股本比例 11.0322%）的股东彭德建先生计划自本公告发布之日起 15 个交易日后的 3 个月内以集中竞价或大宗交易方式减持公司股份不超过 1,200,000 股（占公司总股本比例 0.6353%）。 2、持有公司股份 1,200,000 股（占公司总股本比例 0.6353%）的股东范鸿娟 女士计划自本公告发布之日起 15 个交易日后的 3 个月内以集中竞价或大宗交易 方式减持股份股份不超过 1,200,000 股（占公司总股本比例 0.6353%） 以上股东在连续 90 个自然日内通过证券交易所集中竞价减持股份的总数， 合计不超过公司股份总数的 1%。 以上股东在连续 90 个自然日内通过证券交易 ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

毛利率稳步提升，数字化供应链建设提升运营效率我们认为伴随行业成熟度提升，精细化运营及利润率 挖潜成为重要关注点。 公司毛利率呈稳步提升趋势，25 年前三季度分别达11.0%/11.8%/12.1%。 毛利率提升源于与供应商的双赢合作，包括稳定大额订单提升产能利用率、协助供应商在成本低位时锁 价采购等，具备中长期持续性。公司积极投入建设数字化供应链，与腾讯智慧零售合作，加强消费数据 挖掘，提升营销效率；1 月14 日公告控股子公司拟收购南京众丞100%股权，南京众丞专为零食连锁打 造全链路SaaS 协同管理系统，并购有利于进一步提升数字化效率。 25 年Q4 以来，伴随品类拓展及精细化运营，我们预计公司同店表现有望逐步改善，春节错期及假期天 数增加亦有望利好26Q1 业绩。展望全年，我们预计公司有望保持较快开店节奏，非零食品类及自有品 牌持续拓展，门店货架陈列、运营管理挖潜与即时零售拓展有望助力同店表现。在利润端，与上游供应 商持续合力提升供应链效率，带来的毛利空间有望持续释放。看好规模效应下公司盈利能力持续提升与 利润释放，维持"买入"评级，继续重点推荐。 会员体系+即时零售+运营挖潜，有望助力26 年同店表 ...

证券研究报告 精细运营与供应链提效有望驱动业绩 持续释放 华泰研究 动态点评 投资评级(维持): 买入 万辰集团 (300972 CH) 目标价(人民币): 276.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 SAC No. S0570524090003 SFC No. BVO045 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 季珂* 研究员 SAC No. S0570525080003 jike@htsc.com +(86) 21 2897 2228 石狄 研究员 shidi@htsc.com 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 基本数据 | 收盘价 (人民币 截至 1 月 27 日) | 228.12 | | --- | --- | | 市值 (人民币百万) | 43,090 | | 6 个月平均日成交额 (人民币百万) | 458.98 | | 52 周价格范围 (人民币) ...

证券研究报告 万辰集团 (300972 CH) 精细运营与供应链提效有望驱动业绩 持续释放 华泰研究 动态点评 投资评级(维持): 买入 石狄 研究员 shidi@htsc.com SAC No. S0570524090003 SFC No. BVO045 目标价(人民币): 276.00 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 季珂* 研究员 SAC No. S0570525080003 jike@htsc.com +(86) 21 2897 2228 吕若晨 研究员 SAC No. S0570525050002 SFC No. BEE828 lvruochen@htsc.com +(86) 755 8249 2388 基本数据 | 收盘价 (人民币 截至 1 月 27 日) | 228.12 | | --- | --- | | 市值 (人民币百万) | 43,090 | | 6 个月平均日成交额 (人民币百万) | 458.98 | | 52 周价格范围 (人民币) ...

Investment Rating - The report maintains a positive outlook on the leisure snack industry, indicating a transition to the 3.0 phase characterized by "quality and efficiency cultivation" [2][28]. Core Insights - The leisure snack retail model is highly efficient and continues to expand, with an estimated 55,000 to 60,000 stores by the end of 2025, projecting a long-term potential of 80,000 to 100,000 stores [2][19]. - The competitive landscape of the leisure snack industry has become clearer, with leading brands entering a phase of quality and efficiency improvement, which is expected to enhance profitability in the future [2][28]. - The industry has evolved through three phases: 1.0 (rapid growth), 2.0 (market consolidation), and now 3.0 (operational optimization and supply chain efficiency) [27][28]. Summary by Sections Industry Development - The leisure snack retail sector has seen significant growth, with the number of stores increasing from approximately 2,500 in 2021 to an estimated 25,000 by the end of 2023, and further growth to 35,000 to 40,000 by the end of 2024 [3][6]. - The market share of the leisure snack retail channel has risen from 0.23% in 2019 to an expected 3.21% by 2024, with a compound annual growth rate of 77.9% from 2019 to 2024 [11][12]. Competitive Landscape - The report highlights a dual-strong competitive structure emerging in the 3.0 phase, with major players like Mingming Hen Mang and Wancheng Group expected to have over 22,000 and 19,000 stores respectively by the end of 2025 [2][28]. - The industry is witnessing a trend of brands expanding their product categories, including the introduction of discount supermarket models and private label products to enhance competitiveness [31][42]. Supply Chain and Product Development - Leading companies are focusing on supply chain efficiency, with improvements in inventory turnover days and operating cycles, indicating better management of resources [39][42]. - The introduction of private label products is seen as a strategy to enhance profit margins and control over the supply chain, with notable examples including various beverage and snack products launched by Mingming Hen Mang [42][43].

万辰集团 20260126 摘要 万辰集团在零食量贩领域的发展情况如何？ 万辰集团过去两年股价表现优异，是中国零食量贩领域的重要玩家之一。公司 通过整合陆小馋、来优品、呀嘀呀嘀、老婆大人等区域品牌，实现了规模化复 零食量贩店通过拓展更高频次和更高毛利品类，优化单店模型，提高回 本周期和 ROE 水平。同时，借鉴全球硬折扣超市经验，通过供应链优势 压低成本，提升购物体验。 万辰集团在零食量贩赛道上具有较大营收和利润空间，通过规模效应、 加盟商补贴强度回落及自由品牌比例上升，推动利润率提升。预计 2027 年门店数量将增至 25,500 家，总营收接近 740 亿元。 制和高成长。在 2022 年正式进入零食量贩后，公司逐步转向硬折扣业态，包 括省钱超市等。这种转型不仅扩大了公司的产品品类，也提升了其竞争力。万 辰集团目前定位为一个综合性的零售集团，为消费者提供一站式采购的高性价 比购物方式。 万辰集团未来的发展潜力如何？ 万辰集团未来发展潜力巨大。一方面，公司继续扩展临时量饭店加品类逻辑， 同时关注硬折扣业态，这将带来新的增长点。另一方面，下沉市场开店空间广 阔，公司有望通过供应链优势替代夫妻老婆店和其他无供应 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].