证券日报网2月3日讯，天邦食品（002124）在接受调研者提问时表示，2025年公司食品深加工子业务销 量逐步提升，全年销量同比增长约55%，已实现盈利。屠宰业务因产能仍在爬坡，尚未实现盈利。公司 在餐饮渠道与同庆楼（605108）、老乡鸡、谷田稻香、霸碗等主要客户建立稳定合作，同时持续深化商 超渠道布局，目前已成功进入盒马、京东、永辉超市（601933）、大润发等全国知名商超，有效打开C 端消费市场。未来，公司将提升体系内养殖产能对屠宰业务的供应规模，提高屠宰产能利用率，并继续 推进深加工产品的创新与市场开拓，致力于将食品板块打造为重要的利润增长点，从而发挥全产业链布 局的行业优势，进一步增强公司整体的盈利能力和经营稳健性。 ...

双融日报 --鑫融讯 2026 年 02 月 04 日 市场情绪：71 分（较热） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 71 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨 ...

鉴于此，董事会认为，该事项对集团并无重大不利影响，且本集团之业务及营运维持正常。在此期间， 集团之日常业务营运及管理将由本公司董事会主席华裕能暂时负责。 李卫平于2025年12月1日加入高鑫零售，此前，李卫平于2018年9月至2025年11月期间任职于盒马并担任 过多个岗位的工作。 【大河财立方 记者 杨霄】2月4日，高鑫零售在港交所发布公告称，公司董事会得悉公司暂时无法与执 行董事兼首席执行官李卫平取得联系。截至公告日期，据董事所深知、尽悉及确信，该事项与本集团之 业务及营运并无关联。 大润发曾是国内第一大外资超市品牌，巅峰时期门店数量近千，与永辉并称中国超市双雄。2017年至 2024年，阿里巴巴集团成为其重要投资方之一。2025年1月，阿里系将大润发股权出售给德宏资本，双 方划清。 截至2025年9月30日止，高鑫零售在全国29个省市自治区内205个城市共拥有462家大卖场、32家中型超 市及七家会员店，总建筑面积约为1340万平方米。 不过，大河财立方记者查询获悉，截至目前，大润发在河南省正常营业的门店仅剩个位数，在区域零售 行业及消费市场的影响力已变得非常微弱。 责编:陶纪燕 | 审校:陈筱娟 | ...

证券研究报告 | 2026年02月04日 | 晨会纪要 | | --- | | 数据日期:2026-02-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4067.73 | 14127.10 | 4660.10 | 15290.00 | 4148.91 | 1471.06 | | 涨跌幅度（%） | 1.29 | 2.19 | 1.17 | 2.30 | 2.66 | 1.39 | | 成交金额（亿元） | 11107.20 | 14335.11 | 6666.26 | 4888.38 | 6773.19 | 988.26 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 宏观深度:宏观经济深度报告-有形之手（1）：财政 ABC 之"四本账" 固定收益深度:固收+系列报告之十 ...

Core Insights - The article discusses the journey of the snack company "Ming Ming Hen Mang" and its CEO Yan Zhou, highlighting its rapid growth and strategic decisions leading to its IPO in Hong Kong [1][6][34] Company Overview - Yan Zhou, the CEO, co-founded "Ming Ming Hen Mang" in 2017, focusing on the mass consumer market for snacks, which was previously underserved [4][18] - The company has expanded from its initial base in Hunan to nearly 20,000 stores by 2025, achieving a GMV of 661 billion yuan and revenue of 464 billion yuan in the first nine months of 2025 [4][32] Investment and Financing - The company secured significant investments from major firms like Sequoia, Hillhouse, and Temasek, with a notable 44.44 times international subscription rate during its IPO, the highest for consumer IPOs in Hong Kong in two years [5][6] - The pre-IPO valuation was set at 20 billion yuan, reflecting a strong growth trajectory despite a challenging investment environment for consumer brands [15][27] Market Strategy - Yan Zhou emphasizes a unique retail aesthetic and consumer experience, aiming for "consumption upgrade" rather than merely selling cheap products [12][13] - The company has adopted a strict franchise selection process, ensuring that franchisees are committed and financially stable, which contributes to its competitive pricing strategy [17][18] Mergers and Acquisitions - The merger with Zhao Yiming's snack brand was a strategic move to consolidate market presence, with a 60:40 share agreement favoring Zhao Yiming, showcasing Yan Zhou's long-term vision [29][31] - Post-merger, the combined entity aims to operate over 10,000 stores, marking a significant milestone in the snack retail industry [31][32] Industry Context - The snack retail sector has seen rapid growth, with "Ming Ming Hen Mang" emerging as a leader amidst increasing competition from other brands [25][34] - The article highlights the shift in consumer behavior towards affordable yet quality snack options, which has been accelerated by the success of platforms like Pinduoduo and brands like Mixue Ice City [34]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [1][27]. Core Insights - The company, "Ming Ming Hen Mang," is a leading player in the Chinese snack retail sector, with a projected revenue of 39.34 billion RMB in 2024, reflecting a year-on-year growth of 282.15% [1][27]. - The company has successfully merged its two brands, "Ming Ming Hen Mang" and "Zhao Yi Ming Snacks," to enhance market coverage and operational efficiency [8][9]. - The retail landscape is undergoing structural changes, with a shift towards specialized retail models, which are expected to drive significant growth in the snack sector [7][27]. Financial Performance - The company has shown rapid revenue growth, with revenues of 10.30 billion RMB in 2023, projected to reach 39.34 billion RMB in 2024, and 64.52 billion RMB in 2025, representing a year-on-year increase of 140.22% and 282.15% respectively [1][13]. - Net profit is expected to grow from 217.43 million RMB in 2023 to 833.70 million RMB in 2024, and further to 2.30 billion RMB in 2025, indicating a growth rate of 203.45% and 283.44% respectively [1][13]. - The company's gross margin is projected to improve from 7.45% in 2022 to 9.73% in the first three quarters of 2025, showcasing enhanced profitability [13][20]. Market Position - "Ming Ming Hen Mang" is positioned as the largest snack retail chain in China, with a market share of 1.5% and a gross merchandise volume (GMV) of 55.5 billion RMB in 2024 [19][23]. - The company operates approximately 15,000 stores, with a significant presence in both mainland China and Hong Kong/Macau [8][9]. - The competitive landscape is characterized by a duopoly between "Ming Ming Hen Mang" and "Wan Chen Group," both of which are rapidly expanding their store networks [22][27].

Group 1 - The Beijing Municipal Government is launching over 460 new spring consumption promotion activities under the theme "Happy Shopping for Spring, Colorful Seasons" to enhance the festive atmosphere for citizens and tourists [3][4] - Key commercial districts in Beijing are creating immersive consumption experiences that blend tradition and modernity, featuring events like traditional lion dances and tech-enhanced exhibitions [4][5] - A focus on family-friendly activities is evident, with over 35 themed events planned across various shopping areas, enhancing the experience for parents and children [4] Group 2 - Traditional brands are innovating to meet consumer demands for festive gifts, offering products that combine traditional elements with modern appeal, such as gift boxes and themed clothing [5][6] - Online and offline sales strategies are being synchronized, with many traditional brands participating in online festivals to reach a broader audience [6] - The government is implementing consumer-friendly policies, including subsidies for upgrading appliances and a lottery for receipts to encourage spending during the holiday season [7][8] Group 3 - The New Year's Eve dinner market is experiencing a surge in demand, with restaurants reporting high booking rates and a preference for family-style meals priced between 1,000 to 2,000 yuan [8] - Traditional dining establishments are enhancing cultural experiences by offering themed menus and engaging in folk activities to create a festive atmosphere [8] - Supermarkets are introducing convenient meal options for home consumption, with a significant portion of their offerings designed for easy preparation and enjoyment at home [8][9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [1]. Core Insights - The company, Ming Ming Hen Mang, is a leading player in the Chinese snack retail sector, projected to achieve significant revenue growth, with a forecasted revenue of CNY 39.34 billion in 2024, representing a year-on-year increase of 282.15% [7][27]. - The company has successfully merged its two brands, "Ming Ming Hen Mang" and "Zhao Yi Ming Snacks," to enhance market presence and operational efficiency, with a total of nearly 15,000 stores expected by 2024 [8][9]. - The snack retail market in China is experiencing structural changes, with a shift towards specialized retail models, which are growing faster than traditional supermarkets [7][19]. Financial Performance - The company has shown rapid revenue growth from CNY 42.86 billion in 2022 to CNY 393.44 billion in 2024, with a net profit increase from CNY 0.72 billion to CNY 8.34 billion during the same period [13][27]. - The gross margin improved from 7.45% in 2022 to 9.73% in the first three quarters of 2025, indicating enhanced profitability alongside rapid expansion [20][27]. - The company is expected to continue its growth trajectory, with projected revenues of CNY 64.52 billion, CNY 82.20 billion, and CNY 94.39 billion for 2025, 2026, and 2027 respectively, alongside net profits of CNY 23 billion, CNY 30 billion, and CNY 37 billion [27][29]. Market Position - Ming Ming Hen Mang holds a market share of 1.5% in the snack retail sector, leading the industry with a GMV of CNY 55.5 billion in 2024 [23][24]. - The company is positioned to benefit from the ongoing market expansion, with a significant increase in store count from 6,585 at the end of 2023 to an expected 19,517 by the end of 2025 [9][27].

Core Viewpoint - The article discusses the struggles of Yonghui Supermarket, highlighting its rapid expansion and subsequent financial difficulties in the face of rising e-commerce competition. Group 1: Financial Performance - Yonghui Supermarket has faced significant losses, with over 10 billion yuan in losses over five years, and an expected loss of 2.14 billion yuan in 2025, which is a 45.6% increase from the previous year [8][10] - As of September 2025, Yonghui's cash reserves dropped to 3.358 billion yuan, the lowest in a decade, with liabilities exceeding current assets by 6.597 billion yuan, resulting in a debt ratio of 88.96% [10] - The company initially planned to raise 3.992 billion yuan for emergency funding but had to reduce it to 3.114 billion yuan, indicating severe cash flow issues [12] Group 2: Operational Challenges - Yonghui's rapid expansion led to a lack of supply chain management and operational efficiency, resulting in a significant decline in customer traffic as consumers shifted to online shopping [6][8] - The company has closed 381 unprofitable stores and restructured 315 others, with 70% of the restructuring completed by Q3 2025 [16] - Despite efforts to enhance its product offerings and customer services, the transition has resulted in over 1.8 billion yuan in losses due to asset write-offs and employee compensation [18] Group 3: Strategic Direction - Yonghui's transformation strategy has been criticized for being reactive rather than proactive, failing to address its supply chain weaknesses and customer loyalty issues [22] - The new CEO, Wang Shoucheng, is tasked with completing the transformation by the end of 2026, but the outcome remains uncertain [24] - The article suggests that Yonghui must identify its weaknesses and balance transformation speed with cost management to survive in a highly competitive market [28]

智通财经APP获悉，国信证券发布研报称，维持商贸零售板块"优于大市"评级。当前金价波动对板块虽 有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创新和文化叙事能力带来的"α收 益"下，预计实际基本面影响相对平稳。AI未来有望在持续赋能品牌业务发展的过程中，实现业务增长 新曲线的开拓。 2025年底海内外市场经过一定涨幅之后市场震荡有所加大，从牛市轮动角度，新的一年消费板块不排除 在政策边际加码情况下来迎来一定弹性。 国信证券主要观点如下： 黄金珠宝金价波动不改龙头长期成长 今年以来，金价出现较大幅度波动，COMEX黄金开年至1月29日涨幅为12.28%，但1月30日单日取得跌 幅8.35%。当前金价波动对板块虽有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创 新和文化叙事能力带来的"α收益"下，预计实际基本面影响相对平稳。一方面，参考2013年金价回调后 带来抢购潮并延续数月的投资购买热情，投资金业务为主的企业短期业绩仍有进一步增长支撑;另一方 面，具备价差优势并且港澳经营能力突出的港资珠宝品牌，以及近年来产品设计或差异化能力较好或综 合优势明显的头部企业，有望继续强化自身业务优势，实现 ...