1月4日，记者发现，"娃小宗"的两个商标以及"凯壹 KELLYONE"获注成功，天眼查APP显示，宏胜饮料集团有限公司的最新动态显示，两个"娃小宗"商标 注册成功，国际分类分别分属于"社会服务"和"医疗园艺"，注册公告日期为2025年12月21日，专利权期限为2025年12月14日至2035年12月13日。 此外，宏胜饮料系杭州恒泽食品饮料有限公司的最新动态显示，"KELLYONE 凯壹"商标被注册通过，国际分类为"30-方便食品"，专利权期限为2025年12 月21日至2035年12月20日。 来源：界面新闻 记者：赵晓娟 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 里程碑！人形机器人与具身智能标委会成立，王兴兴彭志辉发言 工、农、建、交、邮储，国有大行集体官宣→ ...

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

这是新消费智库第 2 7 3 8 期文章 新消费导读 1. 「 伊利」推出大蒜味乳饮料 2. 乐事推出全新春节限定系列 3. 屈臣氏推出 AI 设计的香港地标系列 4. 「喜茶」携手泡泡玛特 IP 星星人开启第二波联名 5. 伊利将推出 -196°C 速冻莓果味雪糕新品 6. 森林气泡水「冰爆小青柠」爆爽升级 7. 「农夫山泉」在山姆上新 纯透方冰 8. MANNER 推出冬季新品西柚热美式 9. 「古茗」门店开卖瓶装果汁 10. 徐福记请全国人民吃 1 亿颗糖 11. 京东发布全年龄段 AI 玩具 12. 东鹏饮料官宣闫妮代言 海岛椰 13. 奈雪霸气芝士草莓 10 年经典回归 ...... 一周新品 1. 「 伊利」推出大蒜味乳饮料 近日，伊利推出大蒜味乳饮料 优蒜乳，是优酸乳系列的全新创意口味产品。产品包装设计以紫绿撞色搭配夸张的卡通图案，还印有蒜了蒜了 都不容易 、 还是蒜了吧等趣味文案。 （ iBrandi 品创） 2. 乐事推出全新春节限定系列 近日，乐事推出全新的节庆产品与终端呈现，包装与陈列全链路升级。据称，春节限定系列引入功夫熊猫新年限定装的 IP 联名主题包装，以 节庆符号的视觉设计融入年 ...

Core Insights - The closure of the Canon factory in Zhongshan marks the end of an era, with the factory once considered a "golden rice bowl" employing over 10,000 people and generating an industrial output of nearly 3.2 billion yuan in 2022 [1][11] - This closure is part of a broader trend of Japanese companies retreating from the Chinese market, with significant examples including Nissan's Wuhan factory acquisition by Lantu Automotive for 732 million yuan, Mitsubishi's exit from Chinese automotive manufacturing, and Sony's withdrawal from the smartphone market in China [3][13] - Japanese companies are experiencing a "comprehensive collapse" in various sectors, with market shares plummeting, such as Japanese cars in China dropping from 25% to 11.2% [5][15] Industry Trends - The market share of domestic smart toilets has surpassed 60%, while Japanese companies like Sharp and Yakult have struggled to adapt to local consumer preferences, leading to significant losses [5][15] - Trust issues have arisen due to scandals involving Japanese companies, which have eroded consumer confidence and contributed to their decline in market share [5][15] - Japanese firms are now adopting a "K-shaped differentiation" strategy, withdrawing from low-end production while heavily investing in high-end sectors, such as Toyota's $2 billion investment in a wholly-owned electric vehicle company in Shanghai [7][17] Strategic Shifts - Japanese companies are transitioning from being seen as low-cost manufacturers to becoming sources of technological innovation and large-scale markets in China [7][17] - The appointment of local executives, such as Li Hui as the first Chinese general manager of Toyota China, signifies a shift towards localized decision-making [7][17] - Investments in high-tech sectors, including semiconductor packaging and medical aesthetics, indicate a strategic pivot to enhance competitiveness against domestic players [7][17]

Core Viewpoint - The article reinterprets the concept of "great business" as defined by Warren Buffett, emphasizing the importance of light asset structure and pricing power as key characteristics of a truly valuable business [1][2]. Group 1: Definition of "Great Business" - Buffett's definition of "great business" has evolved, initially described in 1981 as companies with pricing power and low capital expenditure requirements [2]. - By 1983, Buffett highlighted the significance of enduring economic goodwill and minimal tangible assets as foundational to pricing power and low capital needs [2]. - The 1993 letter further refined the definition, indicating that the best businesses must not only have excellent economic characteristics but also the ability to reinvest incremental capital at high rates of return [2]. Group 2: Case Study of Hsu's Candy - Hsu's Candy serves as a primary case study, illustrating the characteristics of a "great business" with substantial economic goodwill and minimal tangible assets [3]. - The analysis includes an extension to Apple Inc., comparing its investment case to the upgraded definition of "great business" from 1993, focusing on the ability to allocate significant incremental capital efficiently [3]. Group 3: Accounting Goodwill vs. Economic Goodwill - Accounting goodwill is a purely accounting concept arising during mergers, subject to amortization over a maximum of 40 years, and does not necessarily reflect the actual economic value of a business [5]. - Economic goodwill, on the other hand, reflects a company's true earning potential and is derived from intangible assets, such as brand reputation and customer loyalty [6]. - The article emphasizes that economic goodwill can provide ongoing benefits, especially in inflationary environments, unlike accounting goodwill which diminishes over time [7]. Group 4: Characteristics of Great Businesses - Great businesses are characterized by their ability to operate with minimal capital requirements, which allows them to withstand inflationary pressures [13]. - Pricing power is crucial, enabling companies to raise prices without losing market share, as demonstrated by Hsu's Candy's price increases from $1.8 to $5.5 between 1972 and 1984 [19]. - The ability to expand geographically is also vital, as seen in the case of Apple, which successfully penetrated global markets [22]. Group 5: Simplicity and Stability of Business - Ideal businesses are simple and stable, allowing for predictable economic characteristics over the long term [25]. - Buffett's investment philosophy favors businesses that do not require frequent complex decisions, emphasizing the importance of certainty in long-term economic evaluations [25]. Group 6: Conclusion - The article concludes that only a few exceptional businesses can truly withstand inflation and generate consistent returns, highlighting the need for effective capital allocation by management [29]. - Buffett continues to seek large, economically attractive businesses that align with shareholder interests, which are essential for achieving long-term success [29].

作者简介：CFA，金融MBA，多年基金从业经历。2007-2017年就职兴全基金，任趋势基金经 理。2017-2024年就职浦银安盛基金，任价值投资部总经理。2024-2025年，就职国联安基金价 值投资负责人。 到1983年致股东信中，其表述进一步系统化："直接或间接的经验使我们现阶段更青睐那些拥有 大量持久经济商誉，且仅需使用极少有形资产的生意。"这句话明确指出，定价权与低资本支出背 后的根本支撑，正是经济商誉。 在完整理解以上内涵的基础上，再来看1993年致股东信中的表述则更加具有层次感："最好的生 意，是那种能在很长时期内，以非常高的回报率投入大量增量资本的生意。"这意味着，即便属于 卓越生意，若无法将增量资本以高回报率进行再投资，仍然不能归类为"最好的生意"。换言之， 真正的顶尖企业不仅自身具备优异的经济特质，还必须拥有持续高效益配置增量资本的能力。 本文以喜诗糖果为核心案例，搭配其他经典投资标的，并结合巴菲特致股东信附录中对会计商誉 与经济商誉的分析，深入解读1983年版"卓越生意"的核心内涵，即"拥有大量持久经济商誉且仅需 极少有形资产"的生意特质。在此基础上，引入对苹果股票的投资案例进行延展性 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for selected stocks within the sector [5]. Core Insights - The report highlights a structural improvement in consumer spending, particularly in the liquor and mass-market product segments, with a strong recovery in consumption during the New Year holiday [1][2]. - The focus is on the market transformation of Moutai, which aims to enhance its market presence and adapt to consumer demands, while also emphasizing the importance of supply-side improvements and dividend strategies for long-term investments [3]. Summary by Sections Liquor Industry - Moutai has initiated a market-oriented transformation, focusing on a consumer-centric approach and enhancing its product portfolio, including a pyramid structure for product offerings [3]. - The report suggests investing in both supply-side improvements and long-term leaders like Moutai and Wuliangye, with a positive outlook for gradual demand recovery in 2026 [3]. Mass-Market Products - The report notes a robust recovery in consumer spending during the New Year holiday, with significant growth in dining and dairy products, indicating a clear upward trend in both volume and price [1][2]. - Key companies to watch include Yili, Anjuke Foods, and Qingdao Beer, which are expected to benefit from this recovery [1]. Beer and Beverage Sector - The craft beer segment has seen over 100% growth in sales, while fruit-flavored beers have increased by over 70%, reflecting a trend among younger consumers [4]. - New product launches, such as the 1L juice from Uni-President, are positioned to attract consumers with competitive pricing and quality [4]. Consumer Behavior - The report emphasizes the high engagement in experiential consumption during the holiday season, with travel and shopping activities showing significant year-on-year growth [2][7]. - The report also highlights the impact of government-issued consumption vouchers in stimulating retail sales across major cities [7].

Core Viewpoint - The price monitoring work in Dongying City during the New Year period has been organized to ensure the stability of essential consumer goods and services prices, with measures such as enhanced price inspections and timely information releases being implemented [1] Group 1: Price Monitoring and Stability - The Dongying Development and Reform Commission has arranged price monitoring to maintain stability during the holiday season, focusing on essential consumer goods [1] - The average price of 55 monitored goods on January 3 showed a mixed trend, with 5 items decreasing, 43 remaining stable, and 7 increasing compared to December 31, while year-on-year comparisons indicated 24 items decreased, 3 remained stable, and 28 increased [1] Group 2: Grain and Oil Prices - Grain and oil prices remained stable compared to the previous period, with 12 monitored items showing no change, and year-on-year data indicating 8 items decreased and 4 increased [2] - Specific prices include rice at 3.120 yuan per 500 grams (down 3.78% year-on-year), millet at 4.830 yuan (down 3.78% year-on-year), and soybean oil at 159.900 yuan per barrel (down 2.04% year-on-year) [2] Group 3: Meat, Poultry, and Egg Prices - Meat prices showed slight increases, with an average price of 21.645 yuan for 6 monitored types, reflecting a 1.30% increase from the previous period and a 4.82% increase year-on-year [3] - Specific prices include pork leg at 13.140 yuan (up 2.58% from the previous period, down 4.85% year-on-year) and fresh beef at 30.560 yuan (stable compared to the previous period, up 26.65% year-on-year) [3] - Egg prices remained stable at an average of 3.360 yuan, with no changes in both month-on-month and year-on-year comparisons [4] Group 4: Vegetable and Fruit Prices - Vegetable prices showed slight increases, with an average price of 4.075 yuan for 15 monitored types, reflecting a 0.11% increase from the previous period and a 0.07% increase year-on-year [5] - Specific vegetable prices include cabbage at 1.320 yuan (down 10.81% from the previous period) and cucumber at 4.650 yuan (up 30.99% from the previous period) [5] - Fruit prices experienced slight fluctuations, with an average price of 5.528 yuan for 4 monitored types, showing a 1.52% increase from the previous period and a 9.02% increase year-on-year [5] Group 5: Prices of Other Food Products - Prices of other food products remained generally stable, with 10 monitored items showing 9 stable and 1 increase compared to the previous period, while year-on-year data indicated 3 items decreased, 2 remained stable, and 5 increased [6] - Specific prices include soy sauce at 18.230 yuan per bottle (up 14.65% year-on-year) and vinegar at 8.870 yuan per bottle (up 37.09% year-on-year) [6]

以下文章来源于中外香料香精第一资讯 ，作者esarom 中外香料香精第一资讯 . 英诺瓦和英敏特的全球研究强调了在 2026 年临近之际定义食品和饮料行业消费者选择的几个趋势。在众多风味方向中，菠萝作为一种统一元素，在关键 的情感和生活方式驱动的主题中脱颖而出。 1. 轻松社交：热带连接器 在后数字狂热时代，人际交往正成为一种珍贵的奢侈品。"轻松社交"这一趋势反映出消费者越来越渴望真实、轻松的相聚时光——随意的聚会、户外的相 聚或轻松愉悦的时刻，毫无压力。能够促进轻松社交体验的产品需求日益增长。 国内外香料香精化妆品领域的最新进展，商业情报，会展信息，以资讯的前沿性，及时性和教育性，体现其功能和价值。 10-Nov-2025 Last updated on 10-Nov-2025 at 01:00 GMT 甜中带酸，还有一丝辛辣——菠萝味蕴含着阳光与欢庆的精髓。 它代表着感官上的明亮，蕴含着一种令人振奋的味觉体验，带来轻松愉悦之感。当消费者渴望情感上的焕然一新时，菠萝的风味能瞬间带来快乐、活力， 以及一丝热带风情的逃离。 近期的趋势分析和消费者洞察表明，大众情绪呈现出一种清晰的共同倾向：消费者偏爱令人振奋、充 ...

富本期要点 c 公众环境研究中心 每日经济新闻 | IATIONAL BUSINESS DAILY A股缩空间报 4家上市公司暴露环境】 玉未出控股公司 因 未取得排污许可证擅自排放污染物 玉禾田控股公司被罚29万元 品 天 :: 上市公司名称 9 亿元 上市公司市值 茂环罚〔2025〕 41号 处罚书文号 2025年度已受罚次数】 次 项目配套建设的环保设施未建成即 克明食品控股公司被罚20.74万元 克明食品 上市公司名称 30亿元 上市公司市值 来忻环罚〔2025〕4号 处罚书文号 2025年度已受罚次数 ¥2次 (~)本期所涉数据概览 家 上市公司 涉及行业 一周绿鉴：无证排污，玉禾田控股公司被罚29万元 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。环境风险关乎企业发展，也关乎企业形象。 环境风险榜涉及上市公司分布情况（1月第一周） | | 环保 | ਤੋਂ ਵ | | --- | --- | --- | | 环境违法违规 | 食品饮料 | 湖 | | | 机械设备 | 江 | | | 建筑装饰 | 陕i | 未取得排污许可证擅自排放污染物，玉禾田（SZ3 ...