"炒货已经比炒股还可怕了""这是薛记珠宝店，还是炒货店？"2026年春节临近，社交媒体上不少网友吐槽高端炒货。 1月28日，21世纪经济报道记者走访薛记炒货发现，瓜子、花生等基础现制炒货卖到23.8元/斤，开心果、现烤腰果、开口松子等坚果类现制炒货均接近 100元/斤，手剥松子价格更是高达218元/斤。而截至目前，猪肉每斤均价在10元左右。 一斤瓜子贵过猪肉、高端坚果斤价突破200元，从街边小摊到商场轻奢店，炒货凭什么卖这么贵？ 高端坚果逼近200元/斤 薛记炒货成"炒货刺客" 消费者对炒货的认知屡屡被刷新：坚果、果干、蜜饯等产品单价从几十元到几百元一斤并不罕见，网红款定价更是居高不下。 在社交媒体上，薛记炒货因其定价被网友戏称为"薛记珠宝店""炒货界的爱马仕""炒货刺客"等。截至1月28日，仅小红书平台，"薛记珠宝"单个话题阅读 量就突破3000万。 薛记炒货原味现制瓜子卖到23.8元/斤 # 薛记珠宝 3051.0 万浏览 | 4.2 万讨论 关注 最热 最新 这里要不要一万块钱 筛选 三 21世纪经济报道记者实地走访发现，薛记炒货售价的确不菲，多款蔬果类炒货价格突破100元/斤，多款去壳坚果炒货价格更是 ...

Core Viewpoint - Oakmark Global Fund's fourth-quarter 2025 investor letter highlights its strong performance and investment strategy, focusing on long-term capital appreciation through a diverse portfolio of U.S. and non-U.S. companies, with a notable emphasis on Mondelez International, Inc. [1] Group 1: Fund Performance - In the fourth quarter, Oakmark Global Fund (Investor Class) achieved a return of 5.23%, surpassing the benchmark MSCI World Index's gain of 3.12% [1] Group 2: Mondelez International, Inc. Overview - Mondelez International, Inc. (NASDAQ:MDLZ) is identified as a leading global snacking company with significant market shares in crackers, cookies, and chocolate, featuring well-known brands such as Cadbury, Milka, Toblerone, Oreo, and Ritz [3] - As of January 13, 2026, Mondelez's stock closed at $55.94 per share, with a one-month return of 3.94% and a 52-week decline of 1.24%. The company's market capitalization stands at $72.383 billion [2] Group 3: Investment Thesis on Mondelez - The fund believes Mondelez's strong pricing power and potential relief from rising commodity costs will enhance its margins, despite current margin pressures due to commodity inflation [3] - The current market conditions have allowed the fund to acquire Mondelez shares at a discounted valuation compared to historical levels, peers, and the broader market [3] Group 4: Hedge Fund Interest - Mondelez International, Inc. was held by 50 hedge fund portfolios at the end of the third quarter, an increase from 48 in the previous quarter, indicating growing interest among institutional investors [4]

Core Insights - The company reported an adjusted EBITDA of $62 million for Q4 2025, indicating stable financial performance despite challenges in net sales [1] - Retail sales grew approximately 3.5% in Q4, with the Salty Snack category returning to growth at 1.1%, reflecting positive consumer demand [1] - Net sales were impacted by channel partners reducing inventories due to factors such as SNAP payment delays and a government shutdown, although shipment trends normalized towards the end of the year [1] - The company is focused on productivity and operational efficiency programs and is on track with growth initiatives, including an expansion in California planned for early 2026 [1]

Core Insights - Palm Valley Capital Fund's performance in Q4 2025 was a 0.66% appreciation, underperforming the S&P SmallCap 600's 1.70% gain and the Morningstar Small Cap Total Return Index's 3.12% rise [1] - The Fund increased its allocation to Treasury bills from 74.1% to 76.3% during the quarter, while equity holdings rose by 1.12% [1] - Precious metals, particularly silver, significantly influenced the Fund's equity performance, which has been a major allocation for several years [1] Company Focus: Utz Brands, Inc. - Utz Brands, Inc. is a U.S.-based manufacturer of salty snacks, with a one-month return of 0.51% and a 52-week loss of 30.53% [2] - As of January 5, 2026, Utz's stock closed at $9.83 per share, with a market capitalization of $860.221 million [2] - The Fund initiated a position in Utz Brands during Q4 2025, alongside Domino's Pizza Group and Ingredion, with initial weightings being modest due to reaching minimum required discounts [3] - Utz has invested heavily in productivity and geographic expansion, averaging $100 million in capital expenditures annually over the past two years, with expectations to normalize to $60-$70 million in 2026 [3] - The company enjoys attractive margins, consistent demand, and strong free cash flow potential, with brands like Boulder Canyon chips performing well due to consumer demand for healthier snacks [3] - At the time of purchase, Utz shares traded at approximately 12 times the 2026 free cash flow estimate and offered a 2.6% dividend yield [3]

Core Insights - Quest Nutrition is enhancing its product lineup with two new flavors, Mexican Street Corn and Pizza, to maintain its leadership in high-protein snacking [1][4] - The company emphasizes its commitment to delivering high-protein, low-sugar snacks that cater to health-conscious consumers [3][4] Product Launches - Mexican Street Corn flavor will be available exclusively at Target starting January 2026, while Pizza flavor will be available nationwide at Walmart in February 2026 [1][4] - Both flavors are designed to appeal to consumers looking for tasty, protein-rich snack options [4][7] Nutritional Profile - Quest Protein Chips contain 18-20g of protein per serving, with minimal net carbs (3-4g) and approximately 140-150 calories [6][16] - The chips are baked, gluten-free, keto-friendly, and feature bold flavors, making them suitable for various dietary preferences [6][16] Market Position - Quest has been a pioneer in the protein chip category since 2014, consistently recognized for its high-quality products and innovative flavors [8][14] - The brand is trusted by top athletes and is positioned as a leading choice for consumers seeking nutritious snacks [2][9] Consumer Engagement - Feedback from consumers highlights the effectiveness of Quest products in helping them achieve their health goals, with many praising the flavor and texture [8] - The company actively engages with its community and collaborates with athletic programs, reinforcing its commitment to performance nutrition [9]

Market Overview - U.S. stocks closed higher on Friday, with a rebound in technology shares offsetting declines in consumer stocks like Nike [8] - The Dow Jones Industrial Average rose by 183.04 points (0.38%) to 48,134.89, the S&P 500 gained 59.74 points (0.88%) to 6,834.50, and the Nasdaq Composite increased by 301.26 points (1.31%) to 23,307.62 [8] - For the week, the S&P gained 0.11% and the Nasdaq rose 0.48%, while the Dow fell by 0.67% [2] Sector Performance - Seven of the S&P 500 sectors closed higher on Friday, while utilities and consumer staples stocks lost 1.34% and 0.49%, respectively [3] - Nike shares dropped by 10.5% due to a decline in gross margins for the second consecutive quarter, impacted by poor sales in China [3] - Lamb Weston experienced a nearly 26% plunge after signaling muted demand for its products for the remainder of the fiscal year [3] - Conagra fell by 2.5% following weak earnings reports [3] Technology Sector Insights - Micron Technology's strong forecasts reignited optimism around AI-related shares, which had faced pressure due to high valuations and funding concerns [8] - Micron reached a record closing high on Friday, ending the day up 7% [8] - Nvidia rose by 3.9% as the U.S. initiated a review that could permit the first shipments of Nvidia's second-most powerful AI chip to China [8] - Oracle jumped by 6.6% after ByteDance signed agreements to transfer control of TikTok's U.S. operations to a group of investors, including Oracle [8] Economic Indicators - Investors found reassurance in U.S. consumer prices rising less than expected in November, although some analysts cautioned that the data might be distorted due to a 43-day government shutdown [3] - Traders are betting on at least two 25-basis-point interest rate cuts from the Federal Reserve next year, with a 20% chance of the first reduction as early as January [5] Market Dynamics - Analysts warned of increased volatility due to "triple witching," which involves the simultaneous expiration of stock options, stock index futures, and stock index options contracts [6] - Advancing issues outnumbered decliners by a 1.44-to-1 ratio on the NYSE, with 269 new highs and 72 new lows recorded [7] - On the Nasdaq, 2,781 stocks rose and 1,890 fell, with advancing issues outnumbering decliners by a 1.47-to-1 ratio [7] - The S&P 500 posted 16 new 52-week highs and five new lows, while the Nasdaq Composite recorded 85 new highs and 158 new lows [7] - Volume on U.S. exchanges was 24.60 billion shares, compared to the 17.19 billion average over the last 20 trading days [8]

Core Viewpoint - THE HONEST FARMER Co Ltd is entering the U.S. health snack market with its export-exclusive brand WELLINUS, launching Black Barley Brown Rice Chips at the 2025 LA Korean Festival, aiming to capitalize on the growing demand for health-focused snacks in the U.S. [1][4] Company Overview - THE HONEST FARMER is a food manufacturer based in Yeongcheon, Gyeongbuk, South Korea [1]. - The company is preparing export agreements with U.S. distributors specializing in health foods and organic-focused retailers [3]. Product Details - The Black Barley Brown Rice Chips are made exclusively from Korean-grown black barley and brown rice [1]. - The chips contain 0g trans fat, 0g sodium, and 0g sugar, with each piece delivering approximately 29–32 kcal, appealing to health-conscious consumers [2]. Market Strategy - The brand name WELLINUS signifies "well in us," highlighting a commitment to health and clean food values [3]. - The company aims to position its product as a health-conscious option rather than just a snack, supporting long-term brand growth in the American market [4]. - The U.S. expansion is viewed as a strategic step towards becoming a global health snack brand and showcasing the competitiveness of K-snacks in North America [4].

Group 1 - Shares of Utz Brands, Inc. have decreased by approximately 50% over the past year as the market adjusts to its previously high valuations [2] - The Insiders Forum, led by Bret Jensen, focuses on small and mid-cap stocks that are attractively valued and have seen significant insider purchases [2] - The portfolio managed by The Insiders Forum aims to outperform the Russell 2000 benchmark over time [2]

Core Points - Ritz Peanut Butter Cracker Sandwiches were recalled in eight U.S. states due to a labeling error that could cause severe allergic reactions in individuals with peanut allergies [1][2] - The recall affects 27.6-ounce cartons of 20 Ritz Peanut Butter Cracker Sandwich six-packs, specifically those with the UPC code 44000075842 and best-by dates of January 8, 2026, and January 15, 2026 [5] - The recall is not an expansion of a previous recall in July but is a precautionary measure, affecting the same single SKU and two code dates identified earlier [2][11] Company Information - Mondelēz International Inc. (MDLZ), the parent company of Ritz, has reported no injuries or illnesses related to the recall and initiated the action after discovering the mislabeled products were sent to retailers [8] - The outer cartons of the affected products are correctly labeled, indicating the presence of peanuts, while only the individual packs are mislabeled as cheese [2][5] - Mondelēz International also owns other popular snack brands such as Oreo and Chips Ahoy [12]

Core Insights - J & J Snack Foods Corp. (NASDAQ:JJSF) reported strong financial performance with an EPS of $1.58, surpassing the estimated $1.06 [1][5] - The company's revenue for Q4 was $410.2 million, slightly below the estimated $413 million, but it achieved an adjusted operating income of $37.7 million [2][5] Financial Metrics - JJSF has a price-to-earnings (P/E) ratio of approximately 19.73, indicating favorable market valuation of its earnings [3][5] - The price-to-sales ratio is about 1.03, suggesting investors are paying slightly over one dollar for every dollar of sales [3] - The enterprise value to sales ratio stands at 1.09, reflecting the company's total valuation relative to its sales [3] Financial Health - The enterprise value to operating cash flow ratio is approximately 12.02, indicating strong cash flow generation [4] - JJSF maintains a low debt-to-equity ratio of 0.17, suggesting a conservative approach to leveraging debt [4][5] - A current ratio of approximately 2.38 highlights the company's strong liquidity position, ensuring effective coverage of short-term liabilities [4]