Core Insights - The core challenge for brands in the snack industry, particularly in the nut category, is to integrate nuts into daily life beyond festive occasions, which is being addressed by Baicaowei through continuous product innovation and scenario-based design [1][4]. Group 1: Multi-Scenario Snack Solutions - Baicaowei focuses on small packaging and functional innovation to meet the diverse needs of consumers in daily scenarios such as offices and campuses, exemplified by the "Daily Nuts" series with independent small bag designs for convenience and scientific portion control [2][5]. - The brand has introduced products like "Chatty Fried Snacks" and "Fortune Bags" that combine fun design with practical functionality, enhancing the experience during family gatherings and festive moments [2][5]. - For outdoor activities like camping and fitness, Baicaowei has launched canned nuts and low-GI whole nut series, addressing consumer demands for portability and energy density while ensuring nutritional health [2][4]. Group 2: High-Quality Product Specifications - Baicaowei is committed to creating a new snack consumption ecosystem through scenario-based innovation and quality assurance, offering a diverse range of product specifications to enhance consumer experience [4][5]. - In family settings, the brand has introduced large-capacity canned nuts with moisture-proof designs for long-term storage and easy access, making them a popular choice for gatherings [4][5]. - The "Original Flavor Selection" series features a 75:25 ratio of nuts to dried fruits, aligning with the Chinese Dietary Guidelines for daily nut intake, thus meeting health requirements through scientific portioning [5]. Group 3: Brand Leadership and Market Position - Baicaowei has maintained its position as an industry leader, with its New Year nut gift boxes, dried fruits, and mango slices ranking first in online sales for seven consecutive years, as reported by CBNData [5]. - The brand's continuous innovation and stringent quality control have created a differentiated nut consumption ecosystem, providing consumers with a variety of snack options suitable for different scenarios [5].

公司报告 | 年报点评报告 洽洽食品（002557） 证券研究报告 25Q1 业绩承压，静待后续改善 事件：2024 年公司收入/归母净利润分别为 71.31/8.49 亿元（同比 +4.79%/+5.82%）；24Q4 公司收入/归母净利润分别为 23.74/2.23 亿元（同 比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同 比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类 /其他产品营收 43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司 重点打造打手瓜子第一品牌，同时推出打手系列产品——打手花生，通过 不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高 端会员店、精品超市等新渠道的拓展，销售额持续增长。坚果品类持续聚 焦小黄袋每日坚果，推出全坚果产品；坚果礼产品通过不断丰富产品矩阵， 销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/ 海外营收 22.66/13.43/21.21/7.79/5 ...

公司报告 | 年报点评报告 洽洽食品（002557） 证券研究报告 25Q1 业绩承压，静待后续改善 事件：2024 年公司收入/归母净利润分别为 71.31/8.49 亿元（同比 +4.79%/+5.82%）；24Q4 公司收入/归母净利润分别为 23.74/2.23 亿元（同 比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同 比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类 /其他产品营收 43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司 重点打造打手瓜子第一品牌，同时推出打手系列产品——打手花生，通过 不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高 端会员店、精品超市等新渠道的拓展，销售额持续增长。坚果品类持续聚 焦小黄袋每日坚果，推出全坚果产品；坚果礼产品通过不断丰富产品矩阵， 销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/ 海外营收 22.66/13.43/21.21/7.79/5 ...

央视网消息：4月份经济数据释放了哪些信号？下一步，巩固我国经济平稳运行的发力点有哪些？北京师范大学教授、经济学专家万 喆就此进行了解读。 经济韧性与结构性突破并存 外贸韧性凸显 结构持续优化 4月，中国经济在复杂的国际环境中展现出显著的韧性，尤其是在关税战持续升级的背景下，多项核心的指标呈现积极的变化，韧性 与结构性的突破是并存的。 内需逐步恢复和消费结构升级趋势 首先是消费回暖和服务消费的升级。消费稳步回升，内需的潜力也在不断的释放，像食品价格等受各种因素的影响也在回升。而 且，出行服务像飞机票旅游和黄金饰品等高端消费价格也在上涨，反映出内需逐步恢复及消费结构升级的趋势。 同时，线下消费热度应该说也是不断的增长，休闲娱乐、餐饮等服务业消费的增速非常的亮眼。入境消费的热度也创了新高，像免 签和支付便利化政策，推动国际航班的班次增长，各地入境人数都是屡创新高，也显示中国消费市场对全球吸引力在增强。 工业增长韧性凸显 高技术产业起引领作用 4月份，社会消费品零售总额应该说同比增长也非常的明显，尤其是当中通信器材家电升级类的商品增速都超过了19%，家电网络零 售额同比增长也超过了13%，绿色化智能化产品成为消费的趋 ...

醇香难挡：美味好吃是无法抗拒的分享原动力 近日，乐事品牌正式官宣——乐事无限罐装系列焕新上市，以"醇香难挡，乐事无限"为核心主张，全面升级品牌定位与产品体验。此次焕新，不仅是乐事对 消费者在产品口味与消费场景的双重期待下的深度回应，更是品牌从味蕾享受到场景拓宽的全方位积极探索，旨在通过不可抗拒的无限美味，成为人们链接 彼此的情感纽带，在互相分享欢乐之间，激发生活中的无限可能。 分享时刻：以"醇香难挡"拉近每个社交距离 在快节奏的现代生活中，零食正逐渐超越单纯的味蕾享受，演变为社交场景中的重要媒介。乐事敏锐捕捉这一趋势，放大薯片天然具备的"分享基因"——醇 香美味，让其突破传统零食定义，赋予功能性价值成为社交媒介。在办公室闲暇、兴趣社群聚会，或是户外露营的轻松时刻，一罐醇香难挡的乐事总能成为 拉近彼此的破冰之选。 最新打造的TVC中，乐事携手乐事品牌代言人吴磊，以电影级的制作水准，呈现了一段关于美味与邂逅的心动故事。该短片以细腻且富有张力的镜头语言， 生动捕捉了当下年轻人的心动瞬间，连接彼此的介质，正是一罐乐事薯片——当"咔滋"脆响在空气中回荡，两颗陌生的心便在难以抗拒的美味催化下悄然靠 近。 短片通过微妙的情 ...

Market Overview - The three major A-share indices opened lower, with the Shanghai Composite Index down by 0.05% and the ChiNext Index down by 0.07% [1] Institutional Insights - Zhongtai Securities suggests that market indices may maintain strong resilience due to the unexpected suspension of "reciprocal tariffs," which enhances short-term risk appetite. Structural divergences remain, and the space for long-term tariff reductions is limited. The current market environment shows a strengthening of total policy determination, improvement in core city real estate, and high historical levels of margin trading, which, combined with policies emphasizing indices, may support continued resilience in market indices [2] - Investment funds are expected to rotate around sectors with high first-quarter report performance and mid-term industry trends, including public utilities, AI upstream and leading technology firms, gold, nuclear power equipment, military industry, and consumer sectors related to younger demographics such as pets and beauty products. Investors are advised to accumulate positions in these sectors on dips and to focus on high-quality leaders in the CSI 300 with significantly lower institutional allocation compared to index component ratios [2] New Market Dynamics - Minsheng Securities notes that a new order and narrative are emerging as investors begin to price in the marginal easing of trade shocks. However, structural shocks will persist, and the return to fundamental pricing characteristics will gradually become evident. Future declines in total demand and the fluctuating path of trade easing may disrupt market tranquility. The first quarter of 2025 is anticipated to be a pivotal moment for technology breakthroughs influencing market risk appetite, while the current phase is characterized by a rotation in investor styles towards technology themes, which may lack sustainability [3] - The gradual establishment of a long-term mechanism for domestic consumption is expected to yield three sources of returns: net profit growth, dividend payments, and valuation increases, with recommendations for sectors such as home appliances, food and beverages, cosmetics, trendy toys, tourism, gaming, and online retail [3] - The restructuring of China's foreign trade system is likely to gradually reveal the value of capacities in advantageous industries, such as machinery and automotive manufacturing, while resource products with significant supply constraints (copper, aluminum, gold) may also see new opportunities [3] - As the economic transition progresses and real estate stabilizes, the de-financialization process in China is nearing its end. The current investment and financing environment for Chinese enterprises is improving, which may drive new expansions in the financial sector, particularly as the new domestic growth paradigm and the acceleration of the RMB internationalization process unfold [3]

证券研究报告·行业动态 重视零售变革，继续关注新 品类新渠道机会 核心观点 食饮板块一季报总体保持稳定。两会提出要大力提振消费，使 内需成为拉动经济增长的主动力和稳定锚。中央发布《提振消 费专项行动方案》，部署了 8 方面 30 项重点任务，全方位指 引消费复苏。重点看好四个板块，1）白酒。茅台业绩稳健，引 领行业穿越挑战。2）低度酒。啤酒销量反弹，关注旺季改善持 续性。3）餐饮链细分龙头多产品渠道布局如海天味业安井食 品，景气度环比提升成本端边际改善如安琪酵母涪陵榨菜，受 益餐饮连锁化趋势渗透率不断提升如颐海国际等。4）休闲零食 保持高景气，新产品和新渠道持续贡献增量，魔芋品类热销， 零食品类机遇持续。 本周要点： 本周 A 股上涨，上证指数收于 3367.46 点，周变动 +0.76%。食品饮料板块周变动+0.48%，表现弱于大盘 0.29 个百分点，位居申万一级行业分类第 19 位。 本周食品饮料各子板块中涨跌幅由高到低分别为：保 健品（8.54%），乳品（1.47%），白酒（0.57%），休闲食 品（0.49%），预加工食品（0.21%），调味发酵品（- 0.38%），肉制品（-1.05%），啤酒（- ...

Core Viewpoint - The company "Mingming Hen Mang" is attempting to enter the Hong Kong stock market, showcasing impressive growth metrics such as over 14,000 stores and a GMV of 55.5 billion yuan for 2024, but struggles with low profit margins, with gross margins below 8% and net profit margins around 2% [1][4][9]. Group 1: Company Growth and Expansion - Mingming Hen Mang has rapidly expanded its store count from 6,585 in 2023 to 14,394 in 2024, covering 28 provinces and all tiered cities, with approximately 58% of stores located in county and town areas [3][4]. - The company operates primarily through a franchise model, opening an average of 22 new stores daily in 2024, contributing to a GMV of 55.5 billion yuan [3][4]. Group 2: Financial Performance - The financial performance of Mingming Hen Mang shows a gross margin of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, with net profit margins of 1.7%, 2.1%, and 2.1% respectively, indicating limited improvement despite increased store numbers [4][5]. - The company's revenue model relies heavily on product sales to franchise and direct stores, with less than 0.5% of revenue coming from franchise fees, which limits profit margins [5][9]. Group 3: Industry Challenges - The low-margin business model is a common issue in the discount retail sector, particularly as competition increases and the company's competitive edge diminishes [7][11]. - The shift towards a multi-category retail model introduces operational complexities and risks, such as increased supply chain management challenges and higher loss rates for non-standard products [8][9]. Group 4: Future Outlook and Strategies - The domestic snack market is projected to grow from 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024, with a compound annual growth rate of 5.5%, indicating potential for future growth despite increasing competition [10]. - The upcoming IPO is expected to provide financial support for enhancing supply chain capabilities, product development, and brand promotion, which are crucial for improving profitability [10][11].

Core Viewpoint - Agricultural Bank of China Fujian Branch focuses on enhancing financial support for local key industrial chains, aiming to boost rural revitalization and contribute to the development of the real economy and common prosperity [1] Financial Support and Growth - As of the end of March this year, the agricultural loans balance of Agricultural Bank of China Fujian Branch reached 249.45 billion yuan, with a net increase of 18.17 billion yuan since the beginning of the year [2] - The bank has visited over 3,000 out of 3,061 agricultural industrialization leading enterprises in the province, achieving a coverage rate of 99% [3] - The credit support coverage rate for these enterprises has increased to 20.48%, up by 6.66 percentage points since the beginning of the year [3] Service Model Innovation - The bank has established a three-tiered service system focusing on national, provincial, and county-level leading enterprises to ensure precise service delivery [3] - The Nanping Branch has developed financial service solutions tailored to the tea industry, integrating financial services into the entire tea production and sales chain [4] Customized Financial Solutions - The bank tailors comprehensive financial service plans for local advantageous industries such as tea, bamboo, and aquatic products [5] - In Longhai District, the bank provided a 2 million yuan working capital loan to a leading enterprise in the freeze-dried food industry, facilitating production expansion and research and development [6] Community and Economic Impact - The bank has launched a comprehensive service plan for the Sha County snack industry, addressing financial bottlenecks across the agricultural product supply chain [7] - The "Huinong e-loan (Sha County Snacks)" product has successfully supported local entrepreneurs, with the Sha County branch providing a total of 934 million yuan in credit support to 4,112 snack owners and their partners as of the end of March [8]

A 股策略周报 20250518 ➢ 当下主题投资活跃，但力度未来很难回到一季度。2025 年 Q1 的主题行业 具备诸多条件的共振：经济基本面预期企稳向上为科技制造业提供了盈利基本 面，而主题行业本身又存在催化，甚至引领了中国资产重估的叙事。当前贸易 冲击阶段平复，但是全球经济在关税冲突前就在放缓的趋势仍未改变，未来出 口有新的扰动，中小盘成长由于对出口的暴露更高，表现波动也会明显放大； 当下贸易和谈带来的信心修复，来源恰好是中国总量供给在全球的优势，而不 是单一科技行业的突破，反而核心科技主题当下缺乏新产业催化做进一步支 撑。总结来看，2025 年 Q1 是科技突破引领市场风险偏好，而现在是市场风险 偏好修复投资者风格阶段轮动科技主题，持续性资产较弱。 ➢ 未破未立的尴尬，但新秩序，新故事一直在孕育。第一，内需消费长效机 制的逐步建立下板块具备净利润增长、股息支付和估值提升三类收益来源，推 荐家电、食品饮料、化妆品、潮玩、旅游休闲、游戏、线上零售等；详细分析 可参考前期周报《修复之后，关注变化》。第二，中国对外贸易体系重塑下部分 提前完成出清供需格局相对良好的中国优势产业的产能价值有望逐渐体现（机 械设备 ...