Group 1: Core Insights - The snack wholesale industry is undergoing a transformation driven by efficiency, with a hard discount model that effectively restructures the value chain, significantly reducing terminal markup rates by 20-30% compared to traditional channels, aligning with consumer trends for value-for-money [1] - Future growth in the snack wholesale sector will shift from store expansion to enhancing single-store value, with a projected national store ceiling of approximately 67,000, indicating over 30% growth potential from current levels, primarily sourced from lower-tier markets and untapped areas [1] Group 2: Industry Dynamics - The industry has established a relatively stable "dual strong" structure with high concentration, where leading companies are expected to see improved profitability due to scale effects, with net profit margins having considerable upward potential driven by procurement cost optimization, increased high-margin private label share, and digital operational efficiency improvements [2] - Investment strategies should focus on companies with strong supply chain integration capabilities, digital operational barriers, and cross-category management skills, particularly leading snack wholesale firms and manufacturers closely tied to the wholesale channel benefits [2]

Group 1: Macro Overview - The Federal Reserve maintained the policy interest rate at 3.5-3.75% during the January FOMC meeting, expressing a more optimistic outlook on the economy and job market [2] - The Hang Seng Index and Hang Seng Tech Index both rose over 2.5%, with the Hang Seng Index surpassing 27,800 points, marking a new high since 2021 [2] - The report suggests that the first quarter may be a critical period for the Hong Kong stock market, with potential for further growth driven by liquidity, capital, and earnings [2] Group 2: Utility and Environmental Sector - The carbon pricing market is expected to stabilize after a decline in 2025, with projections indicating a price of 150-200 RMB/ton by 2030 [4] - Companies in the green electricity and environmental sectors, such as Longyuan Power and China Everbright Environment, are expected to benefit from the rising carbon costs and green certificate revenues [4] - Potential catalysts for growth include the introduction of policies linking green certificates to carbon quotas and the expansion of the carbon market [4] Group 3: Key Companies - Disco Corporation is positioned to benefit from the new AI chip generation, with a target price of 79,000 JPY, reflecting a 48x FY26E PE [5] - Xiansheng Pharmaceutical has successfully licensed its dual antibody SIM0709 to Boehringer Ingelheim, validating its innovation system and maintaining a "buy" rating [6] - Industrial Fulian expects a significant increase in net profit for 2025, with projections of 35.1-35.7 billion RMB, driven by the launch of new products and vertical integration advantages [8] - Anta Sports is set to acquire a 29.06% stake in PUMA for approximately 1.506 billion euros, enhancing its global brand portfolio and market presence [8] - Jingwei Hengrun anticipates a turnaround in profitability for 2025, projecting a net profit of 0.75-1.1 billion RMB, supported by scale effects [11] - Ruya Chen expects continued high growth in its self-owned brand business, with a projected net profit of 176-200 million RMB for 2025 [12] - Wancheng Group is expected to improve same-store performance and maintain a rapid store opening pace, supported by supply chain efficiency [13] - Ugreen Technology is focusing on AI and NAS integration, with a projected net profit of 653-733 million RMB for 2025 [14]

图片来源：Pexels 据好想你1月28日发布的公告，鸣鸣很忙发行完成后，好想你及其全资子公司合计持股1257.62万股，占发行后总股本约5.84％。以发行价236.60港元/股、收 盘价400港元/股计算，单股盈利163.4港元，单日合计浮盈超20亿港元。 然而，好想你当日股价走出截然相反的行情。1月28日，好想你股价跌停，报12.88元/股，公司总市值约58亿元。 好想你在公告称，鸣鸣很忙以公允价值计量，且其变动计入当期损益金融资产。鸣鸣很忙上市前，预计对公司2025年业绩产生积极影响，上市后，其股价变 化亦将对公司2026年度经营业绩有不确定性影响。 1月28日，休闲食品饮料连锁零售商湖南鸣鸣很忙商业连锁股份有限公司（01768.HK，以下简称"鸣鸣很忙"）在香港联合交易所主板挂牌上市。 虽然，好想你对鸣鸣很忙的投资账面收获颇丰，但公司自身近年业绩表现承压。2024年好想你营收约16.70亿元，同比下滑3.39%；归母净利润亏损7195.77 万元，同比下降38.67%；扣非归母净利润亏损8051.51万元，同比下滑35.71%。 上市首日开盘，鸣鸣很忙股价快速冲高，盘中涨幅一度达到88％。截至1月28 ...

格隆汇1月28日丨万辰集团(300972.SZ)公布，持有公司股份20,838,855股(占公司总股本比例11.0322%)的 股东彭德建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%)。 彭德建、范鸿娟为夫妻关系，二人均为公司控股股东福建含羞草农业开发有限公司、实际控制人王泽宁 的一致行动人。 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%)。 ...

（企业公告） (编辑：王璨 林辰)关键字： 零售 食品 1月28日，万辰集团发布公告称，公司近日收到持股5%以上股东彭德建及其配偶范鸿娟出具的《股份减 持计划告知函》，彭德建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0.6353%）；范鸿娟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 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%。 截至本公告日，公司股东彭德建持有公司股份20,838,855股，占公司总股本比例11.0322%，范鸿娟持有 公司股份1,200,000 股，占公司总股本比例0.6353%，彭德建、范鸿娟为夫妻关系，二人均为公司控股股 东福建含羞草农业开发有限公司、实际控制人王泽宁的一致行动人。 ...

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].

证券研究报告 | 公司深度报告 2026 年 01 月 28 日 鸣鸣很忙（01768.HK） 多维领先，强者恒强，两万店龙头乘势而上 消费/商业 量贩零食渠道效率大幅领先，预计行业规模持续增长；同时公司作为行业龙头， 团队优质，供应链、仓配、拓展、品牌等多维领先，规模效应下预计强者恒强， 份额进一步提升，利润逐步释放。首次覆盖给予"强烈推荐"评级。 ❑ 风险提示：拓店速度、同店增长不及预期，行业竞争加剧，食品安全风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 10295 | 39344 | 64943 | 85987 | 99689 | | 同比增长 | 140% | 282% | 65% | 32% | 16% | | 营业利润(百万元) | 329 | 1132 | 3142 | 4557 | 5782 | | 同比增长 | 229% | 244% | 178% | 45% | 27% | | 经调整净利润(百万元) | 235 ...