Anjoy food(SH:603345) ZHONGTAI SECURITIES·2026-03-29 00:50Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for future performance [5]. Core Insights - The county-level economy shows resilience and potential, with significant growth in consumer spending expected, particularly in lower-tier markets [7][28]. - The report highlights three main drivers for the expansion of county-level consumption: the rise of rural e-commerce, the downward expansion of retail and dining brands, and the comprehensive development of cold chain logistics [28][30][32]. - Policy support is crucial, with government initiatives aimed at promoting rural revitalization and the development of distinctive county economies [17][22]. Summary by Relevant Sections County Economic Overview - The county population is approximately 725 million, accounting for 51.5% of the national total [7]. - By 2024, the total economic output of counties is projected to reach 54 trillion yuan, representing nearly 40% of the national GDP, with 62 counties exceeding 100 billion yuan in economic output [10]. - Personal consumption expenditure in rural areas is expected to grow significantly, with projections indicating a rise from 7,485.15 yuan in 2013 to 20,259 yuan by 2025 [15]. Policy Support and Consumer Behavior - Recent government policies emphasize the importance of developing unique county economies and enhancing rural industries [17][22]. - Consumers in county areas are increasingly valuing practical and emotional aspects of their purchases, leading to a shift in shopping preferences towards local and cost-effective options [26]. Drivers of Consumption Expansion - Rural e-commerce is set to benefit from systematic upgrades, with a projected national rural online retail sales reaching 2.73 trillion yuan by 2025 [28]. - The expansion of dining brands into county markets is accelerating, with a reported growth rate of over 13% in the number of dining establishments [30]. - Cold chain logistics infrastructure is being developed to enhance the supply chain for agricultural products, with 105 key cold chain logistics bases expected to be operational by mid-2025 [32].