国元证券股份有限公司关于洽洽食品股份有限公司 募集资金使用相关事项的专项意见 2026 年 1 月 28 日，洽洽食品股份有限公司（以下简称"洽洽食品"或"公 司"）第六届董事会第二十三次会议审议通过了《关于部分募集资金投资项目变 更及延期并将剩余募集资金永久补充流动资金的议案》。国元证券股份有限公司 （以下简称"国元证券"或"保荐机构"）作为洽洽食品持续督导保荐机构，根 据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上 市公司规范运作》等有关规定，对洽洽食品上述相关事项进行了尽职核查，核查 情况如下： 一、洽洽食品募集资金到位情况 （一）首次公开发行 A 股股票 洽洽食品首次公开发行股票募集资金总额为 200,000.00 万元，扣除发行费 用后，募集资金净额为 188,840.00 万元。华普天健会计师事务所（北京）有限 公司对洽洽食品首次公开发行股票的资金到位情况进行了审验，并出具了《验资 报告》（会验字[2011]3442 号）。 （二）2020 年公开发行可转换公司债券募集资金 洽洽食品股份有限公司于 ...

| 证券简称：洽洽食品 | 公告编号：2026-006 | | --- | --- | | 证券代码：002557 | | 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 洽洽食品股份有限公司（以下简称"公司"）第六届董事会第二十三次会议于 2026 年 1 月 28 日召开，会议决定于 2026 年 2 月 13 日（星期五）召开公司 2026 年第一次临时股东 会，现将本次股东会的有关事项公告如下： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、 行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 02 月 13 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2026-003 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 第六届董事会第二十三次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况： 洽洽食品股份有限公司(以下简称"公司")第六届董事会第二十三次会议于 2026 年 1 月 24 日以书面及邮件等方式通知全体董事，并于 2026 年 1 月 28 日以 现场及通讯表决的方式在公司四楼会议室召开。会议应到会董事七人，实际到会 董事七人，符合召开董事会会议的法定人数。会议由公司董事长陈先保先生主持， 公司高级管理人员列席了会议，本次会议的召开符合《公司法》及《公司章程》 的有关规定。 二、董事会会议审议情况： 本次会议经过有效表决，形成如下决议： （一）会议以 7 票同意，0 票反对、0 票弃权，审议通过了《关于部分募集 资金投资项目变更及延期并将剩余募集资金永久补充流动资金的议案》； 公司《关于部分募集资金投资项目变更及延期并将剩余募集资金永久补充流 动资金的公告》详见信息披露媒体《中国证券报》《 ...

Macro Strategy - The IPCA model shows better application effects in the domestic credit bond market compared to the US market, with a Sharpe ratio consistently above 1.45 and above 2.2 from May to December 2025 [1][13] - The strategy exhibits asymmetric risk/reward characteristics, with 75% of sample dates showing positive excess credit returns, and a maximum excess return of 0.13% from January 2024 to December 2025 [1][13] - The practical operability of the strategy is strong, allowing for investment in bonds with similar risk characteristics even when specific bonds are not available in the secondary market [1][13] Fixed Income Opportunities - The "14th Five-Year Plan" emphasizes the development of key industries, including new pillar industries, future industries, traditional industry upgrades, infrastructure construction, green transformation, and consumer upgrades, which are expected to receive policy support and financing breakthroughs [2][14] - A total of 1,098 bond-issuing entities align with the "14th Five-Year Plan," with a total bond scale of approximately 10.8 trillion yuan, primarily rated AAA and concentrated in East and North China [2][14] - The participation of bond-issuing entities in the six key industries shows significant differentiation, with infrastructure and new pillar industries leading in both the number of issuers and bond scale [2][14] Industry Insights - The public utility sector is expected to benefit from deepened electricity reforms, with recommendations to focus on green electricity, thermal power, hydropower, nuclear power, and the valuation of photovoltaic and charging pile assets [7] - The food and beverage sector is anticipated to experience a spring consumption surge, particularly in snacks, dining, and seasonal beverages, with a positive outlook for Q1 2026 due to favorable market conditions [7] - Companies like KaiGe Precision Machinery and HeMai Co. are positioned to benefit from the growing demand in AI computing and energy storage, with projected profit growth in the coming years [9][10]

Core Viewpoint - "Mingming Hen Mang," China's largest leisure food and beverage retail chain, officially listed on the Hong Kong Stock Exchange, with a significant market valuation reflecting strong market expectations for its growth potential [2] Group 1: Company Overview - "Mingming Hen Mang" has expanded from a regional brand in Hunan to a national leader in the retail sector, utilizing a dual-brand synergy model to build its retail empire [3] - The company has achieved rapid growth, with a projected increase in store count from 6,585 in December 2023 to 19,517 by September 30, 2025, marking nearly a threefold expansion [4] - The merger of "Mingming Hen Mang" and "Zhao Yiming Snacks" has created a complementary national layout, enhancing market coverage and operational efficiency [4][5] Group 2: Business Model and Market Position - The rise of "Mingming Hen Mang" is attributed to a shift in the Chinese leisure food retail industry, moving away from traditional supermarket reliance to a more efficient, direct-to-consumer model [6] - The company has established a competitive edge through a supply chain policy that reduces intermediaries, allowing for lower prices—approximately 25% cheaper than similar products in supermarkets [7] - "Mingming Hen Mang" has a diverse product offering with over 1,800 SKUs per store, significantly higher than the average for similar-sized supermarkets, and 34% of its products are custom-made in collaboration with manufacturers [7] Group 3: Industry Trends and Challenges - The leisure food retail sector is undergoing transformation, with a growing demand for high-quality, affordable products, particularly in lower-tier markets [8] - Despite its advantages, "Mingming Hen Mang" faces challenges such as low profit margins, competition, and the need to adapt to changing consumer preferences towards healthier options [10] - The listing on the Hong Kong Stock Exchange marks a significant milestone, but the company must balance growth with profitability and operational control to sustain its market position [11]

Group 1 - The core viewpoint of the news is that Qiaqia Food has experienced a decline in stock price, with a 5-day cumulative drop of 5.03%, currently trading at 22.64 CNY per share and a market capitalization of 11.453 billion CNY [1] - Qiaqia Food Co., Ltd. is located in Hefei, Anhui Province, and was established on August 9, 2001, with its listing date on March 2, 2011. The company specializes in the production and sale of nut snacks and baked leisure foods [1] - The main business revenue composition of Qiaqia Food includes sunflower seeds at 64.38%, nuts at 22.32%, other products at 11.05%, and additional items at 2.24% [1] Group 2 - From the perspective of major fund holdings, one fund under the Fuguo Fund has a significant position in Qiaqia Food, specifically the Fuguo New Trend Flexible Allocation Mixed A (005517), which holds 78,600 shares, accounting for 2.15% of the fund's net value [2] - The Fuguo New Trend Flexible Allocation Mixed A fund has incurred a floating loss of approximately 32,200 CNY today, with a total floating loss of 94,300 CNY during the 5-day decline [2] - The fund was established on March 12, 2018, with a latest scale of 64.8607 million CNY, and has achieved a year-to-date return of 8.41% and a one-year return of 34.73% [2]

Core Insights - The report highlights the ongoing recovery and growth in various sectors, particularly in the AI, automotive, and renewable energy industries, driven by policy support and technological advancements [8][17][26]. Domestic Market Performance - The Shanghai Composite Index closed at 4,136.16 with a slight increase of 0.33%, while the Shenzhen Component Index rose by 0.79% to 14,439.66 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices stands at 16.88 and 53.36 respectively, indicating a favorable long-term investment environment [9][10]. International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, reflecting a mixed global market sentiment [4]. Industry Analysis - The photovoltaic battery sector is leading the market, with significant upward momentum observed in A-shares [5]. - The aerospace and semiconductor industries are also showing strong performance, contributing to the overall market stability [5][10]. Key Data Updates - The report notes a significant increase in the export of pet food, with a year-on-year growth of 15.49% in December 2025, indicating a robust demand in the pet food sector [16]. - The semiconductor industry is experiencing a strong upward trend, with a 45.07% increase in the sector's index for 2025, driven by rising global demand and technological advancements [37]. Investment Recommendations - The report suggests focusing on sectors such as AI, renewable energy, and electric vehicles, which are expected to benefit from ongoing policy support and market trends [19][26][32]. - Companies with strong supply chain capabilities and those involved in the production of new energy technologies are highlighted as potential investment opportunities [19][32].

证 券 研 究 报 告 食品饮料行业周报（20260119-20260125） 推荐（维持） 白酒减仓至历史底部，餐饮链及节庆食品迎催化 行业研究 食品饮料 2026 年 01 月 26 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 联系人：王培培 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 邮箱：wangpeipei@hcyjs.com 联系人：寸特彬 邮箱：cuntebin@hcyjs.com 行业基本数据 | | | 占比% | | --- | ...

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

Core Viewpoint - The report highlights a decline in the export value of China's agricultural and sideline food processing industry, indicating potential challenges for companies in this sector [1] Group 1: Industry Overview - By December 2025, the export value of the national agricultural and sideline food processing industry was 20.14 billion, showing a year-on-year decrease of 7.3% [1] - The cumulative export value for the entire year of 2025 was 209.95 billion, reflecting a cumulative year-on-year decline of 6% [1] Group 2: Companies Mentioned - Listed companies in the agricultural and sideline food processing sector include Hezhizhen (000716), Shuanghui Development (000895), Qianwei Yangchun (001215), Qingdao Food (001219), Sanquan Food (002216), Delisi (002330), Jinzi Ham (002515), Qiaqia Food (002557), Wufangzhai (603237), Anjixin Food (603345), Juewei Food (603517), Huifa Food (603536), Youyou Food (603697), Liangpinpuzi (603719), Laiyifen (603777), and Taoli Bread (603866) [1] Group 3: Research Report - The report titled "2026-2032 China Nutrition Food Processing Industry Market Management and Development Prospects" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]