（深交所互动易） 2月26日，洽洽食品在投资者互动平台上表示，目前公司在零食量贩店中已上架30余个SKU，包括葵花籽、坚果等， 公司将积极拓展该类渠道，不断丰富SKU以及增加门店覆盖。 ...

（本文作者唐健盛为消费洞察与商业分析资深专家） 二、品牌化浪潮下的传统零食巨头制胜之路 零食量贩的颠覆性，反衬出传统巨头曾经缔造的零食品牌化的黄金时代。来伊份、三只松鼠、良品铺子 等虽切入赛道的节点与方式各异，但核心均精准抓住了品牌化的时代趋势，以品牌溢价构建行业核心壁 垒，成为不同阶段品牌化发展的标杆。 三者的成功本质高度一致：在品牌化时代，品牌是质量的担保、消费的决策捷径，更是身份的符号，消 费者愿意为这份 "品牌光环"支付 30%-50%的溢价。而这些品牌正是抓住了不同阶段的品牌化趋势，将 品牌溢价转化为核心盈利点，也让品牌溢价成为彼时零食行业最稳固的护城河。 消费市场的迭代升级，核心的溢价逻辑也随之发生根本性转变。品牌溢价的本质就是"信息差"，而智能 手机的普及与移动互联网的渗透，实现了消费端的信息平权，以00后为代表的新生代消费群体，不再被 动接受品牌的单向叙事，而是能通过多元渠道获取产品全维度信息，品牌的信息壁垒被彻底打破。与此 同时，年轻群体的理性消费习惯形成代际溢出，消费者的选择从"品牌逻辑"转向 "大单品逻辑"，消费 者不再为品牌虚名买单，只愿为遥遥领先的品质与核心技术支付溢价。 零食行业也 ...

智通财经APP获悉，国金证券发布研报称，基于节后渠道调研反馈，春节白酒动销整体符合节前市场预 期，预计全渠道动销量同比下滑约10%-15%。今年春节行业动销仍有所回落主要系泛政商务需求疲软所 致，其背后反映消费场景修复仍存在缺口，且商务招待支出意愿趋于审慎。从大众品表现来看，春节期 间预计显著改善的为餐饮链(调味品、速冻等)板块，春节聚餐、外出旅行等场景均显著拉动需求增长， 节前经销商备货仍较为谨慎，库存处于合理水平。 国金证券主要观点如下： 白酒板块：春节动销符合预期，飞天茅台量价均占优 基于节后渠道调研反馈，春节白酒动销整体符合节前市场预期，预计全渠道动销量同比下滑约 10%-15%。其中，略超预期的反馈在于：节前&节内飞天茅台批价表现相对不错、未有显性回落，当前 原箱批价仍在1700元以上；部分区域节内大众价位产品有零星终端补货行为，当然这也与近年来终端小 批量、高频次进货习惯相关，目的是规避资金占用和存货跌价风险，但仍反映一定的动销韧性。 分消费场景拆解来看：今年春节行业动销仍有所回落主要系泛政商务需求疲软所致，其背后反映消费场 景修复仍存在缺口，且商务招待支出意愿趋于审慎；相较之下，泛大众消费需求表 ...

艾媒咨询数据显示，2025年中国膨化零食市场规模达1204亿元，同比增长4.2%，预计2026年将进一步 增至1246亿元。稳中有升的市场规模背后，是行业在创新中不断挖掘新的增长空间。 "从消费群体来看，Z世代成为休闲零食消费的核心力量，他们追求个性化、新鲜感，拒绝同质化，将 零食不仅视为解馋食品，更当作'社交货币'。"业内人士指出，这些年轻人购买猎奇膨化食品后，会主 动在社交平台分享试吃体验，无论是好评还是吐槽，都能形成自发传播，进一步扩大产品影响力。 在膨化圈，零食也开启了味觉新体验。薯片巨头乐事曾先后推出啤酒味、青竹味等跨界单品；扎根长沙 的特色品牌黑色经典，则在产品研发中融入地域美食元素，推出臭豆腐味爆米花，成为年轻人打卡 的"网红零食"；奇多玉米棒也曾试水火辣莳萝泡菜口味，同样收获了一众"尝鲜党"的喜爱。 零食不仅能解馋，还是"社交货币" 猎奇膨化食品在长沙的爆红，并非偶然，随着生活水平提升与消费方式的休闲化、多元化，大众对膨化 零食的需求持续扩容。 三湘都市报2月23日讯 皮蛋玉米片、啤酒味薯片、腊肉味脆条……这些零食你吃过吗？最近，"猎奇"成 了膨化零食界的新流量密码，一系列猎奇口味的膨化食品， ...

Market Overview - Cooling inflation signals have led to a valuation recovery in overseas consumer assets, with the U.S. bipartisan push for credit card interest rate cap legislation creating uncertainty in the credit card sector[1] - Weekly performance of sectors shows U.S. hotels leading with a 3.1% increase, followed by overseas sportswear at 2.5% and luxury goods at 2.2%[11] Sector Performance - The U.S. hotel sector's strong performance is attributed to Marriott and Hilton, with Marriott's Q4 2025 adjusted EBITDA exceeding market expectations, reaching $5.84 billion to $5.93 billion[6] - Overseas sportswear saw a 2.5% increase, driven by a lower-than-expected January CPI of 2.4%, enhancing Fed rate cut expectations[13] - Luxury goods increased by 2.2%, with Hermès up 4.5% due to better-than-expected FY2025 results, while LVMH fell by 4.1% due to disappointing performance in key segments[8] Consumer Trends - The jewelry sector has shown resilience, with a year-to-date increase of 13.7%, outperforming other sectors[11] - Domestic sportswear increased by 0.3%, with Anta Sports rising 4.6% following the acquisition of a stake in PUMA[13] Challenges - The credit card sector faced a significant decline of 5.5%, influenced by proposed legislation to cap interest rates, which could severely impact profitability[14] - The snack sector dropped by 4.6%, with companies like Three Squirrels experiencing a 6.2% decline due to substantial drops in e-commerce sales across major platforms[14] Valuation Insights - Valuations across various sectors remain below the historical five-year averages, with overseas sportswear expected PE at 30.1x, only 57% of the past average[9] - The luxury sector's expected PE is 26.2x, representing 49% of its historical average, indicating potential for future growth as market conditions stabilize[9]

Core Viewpoint - The A-share market is expected to experience a new round of upward momentum after the Spring Festival, driven by improving macroeconomic fundamentals and positive market sentiment [2][3][4]. Group 1: Market Trends and Historical Data - Historical data from 2006 to 2025 shows a significant "Spring Festival effect," with the Shanghai Composite Index having an 80% probability of rising in the first five days and a 75% probability in the following five days after the festival [2]. - Research from multiple brokerages indicates that the market typically sees a surge in risk appetite and a transition from emotional-driven rallies to trend continuation in the weeks following the Spring Festival [3][4]. Group 2: Sector Focus and Investment Opportunities - Brokerages recommend focusing on high-quality blue-chip stocks and low-volatility sectors before the festival, while suggesting a shift towards technology growth, small-cap stocks, and policy beneficiaries (such as TMT and consumer sectors) after the festival [6][7]. - The semiconductor and AI-related sectors are highlighted as key areas of interest, with expectations of continued performance due to favorable industry trends [4][8]. Group 3: Economic Indicators and Policy Impact - The upcoming Two Sessions are expected to catalyze policy changes that will positively impact market performance post-festival [4]. - The first two months of the year are typically a data vacuum period, but current trends indicate a positive outlook for performance improvements in various industries [4][5]. Group 4: Risks and Market Dynamics - While there are short-term risks such as overseas market fluctuations and sector rotation, these are viewed as temporary disturbances that are unlikely to alter the overall positive trend for February [5][6]. - The white liquor sector is anticipated to see a valuation recovery as consumer demand rebounds, supported by favorable policies and improving fundamentals [7][8].

站在今天回望，过去一年的中国消费市场锣鼓喧天。 蜜雪冰城、古茗、沪上阿姨相继挂牌，鸣鸣很忙也于农历新年之前登陆港股，连霸王茶姬也远赴纳斯达克成为"中国茶饮美股第一股"，消费连锁品牌的资 本化浪潮喧嚣一时。 但在这波上市热潮背后，新消费赛道正浮现出一个极具反差的行业真相：无论是手握甜蜜旋律的"雪王"，还是遍布全国县域的零食店、火锅食材店，虽然 每天服务数千万终端消费者（C端），但真正的商业核心与收入引擎，却隐藏在对加盟商（B端）的持续供货之中。 以"雪王"蜜雪冰城为例，其向加盟商销售食材、包材、设备的收入占比高达90%以上。这意味着，4块钱的柠檬水只是流量入口，品牌真正赚的是卖给加 盟商的糖浆、奶粉和吸管的钱。这种逻辑在量贩零食巨头"鸣鸣很忙"身上更为极致，其99.5%的收入源自向加盟商供货。 这意味着，无论终端门店竞争如何激烈，无论消费者是否买单，品牌方通过向加盟商销售原材料、设备、包装等必需品，已提前锁定了利润，加盟商则在 享受品牌带来的影响力外，承担了租金、人力、库存和市场竞争的压力。 在如今万店时代的博弈中，这些经营着"茶饮"、"火锅食材"或"零食折扣店"不同类目的品牌，本质上其实都是新型的大型供应链贸 ...

Core Insights - The traditional "price war" is losing effectiveness as consumer attention becomes more fragmented, with emotional resonance and interactive experiences becoming key drivers for purchasing decisions [1] - The collaboration between "好想来" and "抖音心动大牌日" during the Spring Festival has transformed traditional promotional activities into a comprehensive brand festival, addressing deep consumer needs and achieving significant GMV breakthroughs [1] Group 1: Marketing Strategy - The event utilized a synergistic approach by integrating "content field," "marketing field," and "offline field," elevating the New Year goods promotion into a nationwide brand celebration [1] - "好想来" partnered with "抖音心动大牌日" to inject freshness and fun into traditional New Year shopping, positioning the brand as a joyful companion for consumers [2] Group 2: Promotions and Offers - During the event, "好想来" provided substantial discounts and special offers, including 500,000 fan-exclusive flash sale coupons, allowing consumers to enjoy "snack freedom" [6] - The promotional strategy included a variety of engaging offers such as 0.1 yuan trial purchases, 1 yuan grabs, and buy-one-get-one-free deals [6] Group 3: Live Streaming and Engagement - The live streaming sessions were designed to be interactive and entertaining, resembling a "Spring Festival Gala," with a peak viewership of over 220,000 for a single session [14][17] - The brand created a multi-dimensional live content matrix by collaborating with various celebrities and influencers, enhancing audience engagement and driving sales [15] Group 4: Online to Offline Integration - "好想来" introduced limited edition merchandise as part of the "抖音心动大牌日" collaboration, incentivizing online coupon redemption in physical stores, thus bridging online and offline experiences [23] - This strategy not only increased coupon redemption rates but also encouraged additional in-store purchases, enhancing overall consumer satisfaction [23] Group 5: Performance Metrics - The campaign achieved impressive results, with payment amounts increasing by 80% and total exposure rising by 120% compared to previous periods [24] - The official live streaming sessions consistently ranked first on Douyin's national group buying leaderboard for three consecutive days, showcasing the brand's market influence [24]

Core Insights - The company "好想你" is enhancing its market presence by upgrading store layouts and optimizing consumer experiences during the peak sales season of the New Year festival [1] - The opening of the first cultural tourism store in Qingming Riverside Garden marks a significant shift from a health food brand to a cultural emotional brand, integrating traditional values with modern consumer experiences [1] - The company is focusing on a multi-channel strategy that combines online and offline sales, enhancing customer engagement and satisfaction [3] Group 1: Store Expansion and Upgrades - The company plans to upgrade dozens of stores this year, with a focus on cultural tourism locations and flagship stores in urban areas [1] - The newly opened flagship store in Zhengzhou achieved over 1 million yuan in sales during its first week, showcasing a successful model that combines health consumption, cultural experience, and social interaction [2] - The store features diverse spaces such as a red date cultural exhibition area and a customized gift section, enhancing the overall shopping experience [2] Group 2: Sales Performance and Market Strategy - During the New Year festival, the company's total sales across all channels saw a significant year-on-year increase, driven by popular products like black gold dates and red date sesame balls [2] - The company maintains high operational capacity in its production lines to meet seasonal demand, ensuring a stable supply chain [2] - The integration of online and offline channels, along with partnerships with major retailers, has allowed the company to effectively reach consumers and boost sales [3] Group 3: Governance and Future Outlook - The completion of the employee stock ownership plan on February 5 aligns employee interests with corporate growth, enhancing team motivation and creativity [3] - The company holds a 5.8355% stake in Hunan Mingming Hen Mang Commercial Chain Co., which recently listed on the Hong Kong Stock Exchange, providing new growth opportunities [3] - Looking ahead, the company aims to deepen its "red date +" strategy, focusing on product innovation and expanding its store model while optimizing its brand culture [3]

食品饮料行业 超配（维持） 食品饮料行业双周报（2026/01/30-2026/02/12） 预制菜国标公开征求意见，关注春节需求表现 2026 年 02 月 13 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 行情回顾：1月30日-2月12日，SW食品饮料行业指数整体下跌0.95%，板 块涨幅位居申万一级行业第二十四位，跑输同期沪深300指数约0.23个 百分点。细分板块中，多数细分板块跑输沪深300指数。其中，调味品板 块上涨0.64%，板块涨幅最大；其他酒类板块跌幅最大，为6.40%。 ◼ 行业周观点：预制菜国标公开征求意见，关注春节需求表现。白酒板块： 受房地产政策、飞天动销、市场风格切换等因 ...