北交所信息更新 太湖雪（920262.BJ） 2026 年 03 月 01 日 投资评级：增持（维持） | 日期 | 2026/2/27 | | --- | --- | | 当前股价(元) | 24.33 | | 一年最高最低(元) | 40.80/17.13 | | 总市值(亿元) | 16.82 | | 流通市值(亿元) | 7.59 | | 总股本(亿股) | 0.69 | | 流通股本(亿股) | 0.31 | | 近 3 个月换手率(%) | 277.23 | 北交所研究团队 线上线下融合提效， 2025 扣非归母净利润+70% ——北交所信息更新 2026 年 1 月 27 日，公司与江苏华顶建设工程股份有限公司签订《总承包施工合 同》，合同总金额暂定为 1.10 亿元（含税），建设太湖雪未来工厂项目，计划开 工时间 2026 年 1 月 28 日，计划竣工时间 2027 年 1 月 5 日。 风险提示：线下销售渠道地域集中、原材料价格波动、宏观经济情况波动风险 | 财务摘要和估值指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | ...

北交所信息更新 太湖雪（920262.BJ） 2026 年 03 月 01 日 投资评级：增持（维持） | 日期 | 2026/2/27 | | --- | --- | | 当前股价(元) | 24.33 | | 一年最高最低(元) | 40.80/17.13 | | 总市值(亿元) | 16.82 | | 流通市值(亿元) | 7.59 | | 总股本(亿股) | 0.69 | | 流通股本(亿股) | 0.31 | | 近 3 个月换手率(%) | 277.23 | 北交所研究团队 线上线下融合提效， 2025 扣非归母净利润+70% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 6 亿元，同比+16%，扣非净利润 4115 万元，同比+70% 公司发布 2025 年业绩快报：实现营收 6.00 亿元，同比增长 16.37%，归母净利润 3917.2 ...

业绩说明会上，对于市场关心的是否出售水井坊的消息，帝亚吉欧管理层表示，我们不会以低于公允价 值的价格出售品牌。如果有人向我们提出对我们无法拒绝的产品组合资产的报价，而这些资产不属于我 们的战略，那么作为明智的商人，我们显然会倾听并参与。我想明确的是，我们并没有积极在市场上兜 售人们所说的"尾部品牌"系列。 丨2026年2月27日星期五丨 NO.12026年2月26日起，在i茅台购丙午马年茅台酒可自选农历日期 据i茅台官微消息，自2026年2月26日（丙午年正月初十）起，在i茅台APP"i购"板块购买贵州茅台酒 （丙午马年）经典版/礼盒装，在自选生产日期时，除可选阳历生产日期外，还增加了对应的农历生产 日期。此外，自2026年2月17日（丙午年正月初一）起生产的贵州茅台酒（丙午马年）经典版/礼盒装就 已增加了农历生产日期。 点评：i茅台为丙午马年生肖酒新增农历生产日期选购，是茅台文化赋能 + 数字化直营战略的精细化落 地。此举贴合传统消费习惯，强化生肖酒纪念与收藏属性，提升终端吸引力与用户黏性，助力稳定产品 价格体系。 NO.22026上半财年营收、利润双降，帝亚吉欧回应出售水井坊 近日，世界酒业巨头帝亚吉欧公 ...

2026年马年春节作为假期延长后的首个春节，叠加消费市场持续回暖的利好态势，成为检验酒类产业转型成效、洞察消费趋势变革的关键窗口。中国酒业 协会结合全国多地市场调研、渠道反馈及第三方数据监测发现，马年春节酒类消费市场呈现"结构分化、理性升级、场景多元、品质为王"的鲜明特征，高 端酒稳健承压、大众酒韧性凸显、特色酒多点突破，行业正从"规模扩张"向"质效提升"稳步迈进，在团圆年味中书写高质量发展的新答卷。 一、消费核心转向：理性回归主导，品质需求凸显 马年春节，酒类消费彻底告别"盲目攀比、过度消费"的旧模式，"少喝、喝好、喝对"成为主流共识，消费者决策更趋理性，品质与性价比成为核心考量因 素，这也与行业长期"由规模向质量的转型方向高度契合。 从消费行为来看，消费者主权时代特征愈发明显，开瓶率取代渠道库存成为衡量品牌健康度的核心指标，头部酒企纷纷通过精准投放、扫码促销等措施， 将资源集中于促进终端开瓶，推动行业增长引擎切换至真实消费。调研显示，春节期间多数消费者饮酒频次较往年有所减少，但对酒体品质、酿造工艺的 关注度显著提升。 价格带表现呈现清晰的"两极稳健、中端承压"格局：100元以下光瓶酒、口粮酒销量同比增长； ...

根据意见的规定，浙江支持专业市场向全链路数字化转型，加快线上线下融合，鼓励专业市场打造共享 直播间等数字营销载体，发展线上批零、选品体验等多元业态。推动经营户与电商平台、直播团队等开 展合作，提升数字营销能力。而且，持续开展"浙跨全球 品牌出海"服务季活动，支持经营户"抱团出 海"，做大市场采购贸易规模。推行"先查验后装运"模式，提升通关便利化水平。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 据新华社报道，浙江省政府办公厅印发的关于加快推动专业市场高质量发展的指导意见提出，坚持循序 渐进、稳妥有序，在2026年遴选50家转型升级意愿强烈、条件成熟的专业市场先行开展转型升级试点。 意见自2026年2月16日起施行。 意见指出，县（市、区）作为实施主体，不搞大拆大建，"一场一策"研究出台实施方案。将专业市场规 划相关内容纳入各级国土空间规划和商业网点规划，与城市建设、交通物流、产业发展等规划有效衔 接，在总体规划的基础上，通过编制详细规划进一步布局配置仓储物流、公共交通等配套服务设施。 意见规定，要推进产业链供应链紧密对接，推进"小单快反"柔性供应链建设，升级"前店后厂"运营模 式。鼓励专业市 ...

Core Viewpoint - The article highlights the vibrant atmosphere in Lhasa and Shannan as residents prepare for the upcoming Tibetan New Year, showcasing local markets and cultural traditions that contribute to community engagement and economic activity [2][4]. Group 1: Market Activities - The market in Lhasa's Oxi Diamond Square has attracted a daily footfall of 1,200 to 1,800 people, generating approximately 200,000 yuan in daily sales, indicating a significant increase in scale compared to previous years [3]. - Over 100 vendors participated in the market, offering traditional items like "Tibetan New Year flowers," dried meats, and handmade crafts, along with new products such as imported Russian candies, which have proven popular among customers [2][3]. - The introduction of an online live-streaming sales model has allowed customers to purchase products remotely, enhancing the market's reach and accessibility [3]. Group 2: Cultural Significance - The "Tibetan New Year flower," a dyed wheat and barley flower, is a traditional decoration symbolizing prosperity and abundance for the new year, with its production recognized as an intangible cultural heritage in Lhasa [2]. - The preparation of traditional foods, such as "Kasa," a fried dough snack, is a common practice among families during the New Year celebrations, reflecting the cultural importance of food in community gatherings [5]. - The article emphasizes the continuity of cultural practices, as families engage in traditional activities while also embracing new flavors and products, indicating a blend of tradition and modernity in the celebrations [5].

Group 1 - The company has announced a "2026 New Retail Strategy" aiming to establish 1,000 new retail franchise stores across eight major regions in China to enhance the integration of online and offline digital ecosystems [3] - Collaboration with Haier Group and Kataychi is expected to further unlock value and strengthen the "content + transaction + service" closed-loop, enhancing cross-scenario collaboration capabilities [4] - As of Q3 2025, the company reported a net revenue of 1.778 billion yuan and a net profit of 436.6 million yuan, with a cash dividend of 1.20 USD per American Depositary Share (ADS), indicating strong cash flow [5] Group 2 - The online marketing and other business revenues grew by 32.1% year-on-year, with the new retail business becoming a major growth driver, while traditional media service revenues face competitive pressure [5] - As of September 2025, the daily active users on mobile platforms reached 76.56 million, reflecting the effectiveness of content ecosystem development with a year-on-year growth of 5.1% [7] - The automotive industry policies in 2026, such as trade-in subsidies and new national standards for battery safety, may indirectly impact the business environment, necessitating attention to the policies' effects on consumer demand [6]

今天分享的是：2026全国连锁商家抖音经营报告-36氪 报告共计：37页 2026全国连锁商家抖音经营报告核心内容总结 2026年36氪发布的全国连锁商家抖音经营报告指出，我国连锁行业已步入"稳态高效"发展阶段，行业重心从规模 扩张转向效率提升，本地生活成为连锁商家新增量赛道，而抖音生活服务作为内容驱动型平台，成为实体连锁商 家线上经营的核心阵地。多方因素共同推动本地生活发展：商家端获客主场向线上转移，追求成本可控、精准触 达的获客效果；政策端出台多项促消费、推动线上线下融合的政策，为行业发展赋能；消费者端决策链路重构， 线上前置决策、线下履约消费成为主流；平台端则形成多元发展格局，抖音生活服务凭借兴趣推荐技术实现"服 务找人"，开辟精准获客新路径。 抖音生活服务生态已实现全面扩容，2025年平台交易额、新入驻连锁商家数、消费用户数均大幅增长，餐饮、游 玩、零售等多垂类交易表现亮眼，连锁商家交易额同比增长58%，用户呈现高消费力、高频复购特征。针对线下 连锁商家，抖音生活服务沉淀出以商品供给、内容传播、线下经营为核心的经营框架，依托"一个心智爆品、两 个营销一致性、三个流量循环、四步区域经营"四大增长引擎，打 ...

大街小巷的红灯笼高高挂起，送春联的桌子前欢声笑语，卖年货的超市里人头攒动……新吴的年味越来 越浓了。记者从无锡高新区（新吴区）相关部门和各街道了解到，2026年春节期间系列文旅活动安排已 陆续公布，活动以吴文化为核心，通过创新场景打造、线上线下融合与多元消费促进，端出了一盘丰盛 的"文旅大餐"，让市民在新吴过一个既有千年文化底蕴又满是新潮玩法的春节。 根植吴文化，打造创新场景 新春佳节，吴韵悠扬。一系列传统庆典活动将通过创新形式在当下焕发光彩，为新吴春节注入当代活 力。 泰伯景区、泰伯庙、梅里古镇等景区景点围绕"至德传扬·吴风新韵""吴风锡语 春在梅里"等主题，将开 展新春祈福、泰伯庙会、非遗展演等十余场活动。今年泰伯庙会以"奔吴"为主题，立意源于泰伯三千多 年前自陕西岐山南奔荆蛮、立国梅里、开创吴文明的历史。泰伯庙会启动仪式还将进行现场直播，带领 观众"云"逛节日盛景，让传统民俗与非遗风采通过互联网传遍千家万户。 节氛围中。无锡宝龙广场的元宵游园会、新区五洲哥伦布广场的"马踏星河"开新派对，都各有特色。消 费券、限时折扣、积分兑换等优惠也同步上线，年味十足又福利满满。 春节期间，梅里古镇备下了重磅视觉盛宴— ...

Core Viewpoint - Major supermarkets in China are implementing a "no closure" strategy during the Spring Festival, extending service hours and enhancing online delivery options to meet consumer demand during the holiday season [1][4]. Group 1: Supermarket Operations - Supermarkets such as Yonghui, Walmart, Wumart, and RT-Mart are announcing that many of their stores will remain open during the Spring Festival, with some adjusting operating hours on specific dates [1]. - Walmart has stated that it will not increase delivery fees during the holiday period, while extending operating hours from February 7 to February 15 until 22:00 [3]. - Wumart and Metro have also confirmed that their online orders will not incur additional delivery charges during the Spring Festival [3]. Group 2: Online Delivery Adjustments - Due to increased demand and delivery capacity constraints, some supermarkets are raising delivery fees temporarily. For instance, Sam's Club and Yonghui will add a service fee of 2 to 3 yuan per order during the holiday [1]. - RT-Mart is offering next-day delivery services through its app, but will also charge an additional 3 yuan for orders placed during peak delivery times [1]. Group 3: Sales Performance and Trends - Yonghui's online sales have surged, reaching nearly double the usual order volume since February 7, with significant increases in sales of gift boxes and daily essentials [4]. - Specific product categories have seen remarkable growth, including a 300% increase in sales of ambient milk and over 90% for seafood [4]. - The overall trend indicates a strong consumer preference for online shopping, with the potential for further growth in this channel as highlighted by the China Chain Store & Franchise Association [5]. Group 4: Innovations in Online Services - Wumart and Metro have launched a new feature called "Gift Delivery Nationwide" to enhance the online shopping experience for consumers during the festive season [4]. - The introduction of instant delivery services by other supermarkets, such as Bubu Gao, reflects the industry's focus on improving online service capabilities [5].