国金证券：关注休闲食品、软饮料领域的投资机会

Group 1: Snack Food Industry - The snack food sector is entering a stocking peak season, but recent stock prices have shown a divergent trend, with the market focusing on the certainty of revenue growth for companies. Firms with multiple channels and products have stronger realization capabilities [1] - In the context of intensified industry competition, the market is more sensitive to changes in net profit margins. It is recommended to pay attention to companies with strong supply chain capabilities and significant internal cost reduction potential [1] - For the fourth quarter, which benefits from the upcoming Spring Festival, companies like Qiaqia Food, which is seeing improved demand for gift boxes, and Yanjinpuzi and Jinzhai Food, which are expected to expand channels and categories, are recommended for medium to long-term investment [1] Group 2: Soft Drink Industry - The soft drink industry is entering a low season, with market competition gradually easing and terminal prices being restored, setting the stage for a strong start in the coming year [1] - In the short term, various catalysts are weakening, and the market is focusing more on marginal improvements in individual stocks, such as new product launches and market share recovery [1] - In the medium to long term, it is suggested to continue monitoring strong traditional categories and the expansion benefits of new categories. Leading companies are expected to leverage their scale advantages to enhance price competitiveness and strengthen market share [1] - New categories, such as sugar-free tea and electrolyte water, still have room for penetration improvement, and companies with channel and brand advantages are likely to benefit [1]