冬日暖心福利上 线！广东区域协 作消费帮扶产品 交易中心邀您一 同解锁_南方+_ 南方plus 冬日寒风起，暖 意不相负。为了 让帮扶地区的优 质农货走进更多 家庭，也为市民 们带来实实在在 的冬日惊喜，广 东区域协作消费 帮扶产品交易中 心微信小程序 （以下简称"交 易中心"）暖心 开启"初冬暖心 礼·新人福利 社"线上消费活 动。这场集爱心 与实惠于一体的 消费盛宴，正以 满满诚意，邀请 大家共赴一场助 力乡村振兴的温 暖之约。 广东区域协作消费帮扶产品交易中心小程序已上线开展"初冬暖心礼·新人福利社"线上消费活动 30天福利续航 新人专属惊喜就 位 进入交易中心微 信小程序，"初 冬暖心礼·新人 福利社"专题栏 映入眼帘。活动 专门聚焦新用户 打造专属福利 区，点击进入后 可以看到"新人 必买""新人福 利"专区，为消 费者送上冬日暖 心礼。 本次活动将持续 至2026年1月23 日，长达一个 月，把温暖与实 惠拉满。新用户 注册就能直接领 到100积分，扫 码加入专属社 群，还能免费解 锁5元、10元满 减优惠券，更有 商家的特惠拼团 活动，轻松实 现"好物低价 购" 。 交易中心小程序开启新人专属福 ...

12月25日，位于海口龙华区滨海街道盐灶活力城的长流妹鲜生活超市正式投入使用，丰富了周边社区居 民的"菜篮子"。同时，超市还设立"社区服务角"，提供免费饮水、便民雨伞、应急药箱等多个贴心服 务。当天，众多市民纷纷进店体验，共同见证这一便利的民生工程落地生根。该超市辐射周边多个社区 10多万人，还解决了100多人的就业问题，生鲜板块为岛内农产品提供了稳定销售渠道，有力推动了城 乡经济循环。据了解，长流妹鲜生活超市占地面积3000平米，场内集精品肉类、海鲜水产、生鲜蔬果、 休闲零食、日用百货于一体，致力于打造"一站式"社区生活服务平台。超市严选源头供应商，坚持"当 日采、当日达、当日售"的鲜品管理标准，确保每一份食材新鲜可口、安全可溯。尤其在生鲜区，设立 独立冷链系统，每日凌晨直供新鲜肉类和活鲜水产，以及蔬菜水果，满足了消费者对健康饮食的更高追 求。"我们希望能为社区注入一种健康、便利的生活方式。"超市负责人谢云涛表示，为提升顾客体验， 该超市引入智能收银系统、自助结账设备，并配备专业服务团队，提供线上下单、3公里内1小时达的配 送服务，全面融合"线下体验+线上履约"的新零售模式。同时，超市还设立"社区服务角"， ...

此次便利店品类的全新升级，重点围绕旅客对"即时满足"与"温度体验"的体验需求，实现了从"行程刚 需补给"到"臻享温馨烟火气"的优化转变。店面在保留饮品、方便速食、休闲零食、充电宝、旅行用品 等传统产品的基础上，首次引入现场制售模式，推出包子、炸串、咖啡、豆浆等现制热食，切实提升了 旅客出行的便捷性与幸福感。后续，T2航站楼二层出发大厅也将迎来全新开设的全品类便利店，让不 同区域旅客都能在这个冬日感受到"热汤鲜食"的温暖与惬意。 据悉，全品类便利店的成功落地，得益于首都机场商贸公司与航站楼各保障部门、施工单位等多家合作 方的通力协作。面对满足"现制热食供应"所需的空间改造、设施适配等实际挑战，首都机场商贸公司联 合航站楼土建、暖通等多个业务部门，精准推进管线改造与接口适配等关键工程，为店面改造打好坚实 基础。为保障旅客尤其是老年旅客、携带行李出行旅客等群体的通行便捷，首都机场商贸公司与施工单 位多次沟通协调，最终经科学测算降低了地面坡度，从细节处诠释了"航诚商业"的服务初心。进入后续 运营阶段，首都机场商贸公司将持续根据新业态在食品安全、新增设施等方面的需求变化，识别更新运 行场景中的风险点，强化安全管控与运行 ...

（原标题：春节倒计时 大消费起舞年味渐浓） 本周，A股探底回升，上证指数、上证50周线微幅飘红，深证成指、科创50、北证50等周线微幅飘绿， 周成交减少至8.8万亿元。 机构：跨年攻势已开始 杠杆资金本周小幅净卖出逾11亿元，其中基础化工行业被融资净卖出逾19亿元，有色金属行业、食品饮 料行业也被净卖出逾10亿元，传媒、银行、交通运输等行业亦被净卖出超亿元；电子行业获得逾28亿元 融资净买入，国防军工行业获得逾18亿元净买入，非银金融行业获得逾12亿元净买入，商贸零售、机械 设备、建筑材料、公用事业等行业也获得超亿元净买入。 免税概念、网红经济、新零售、供销社等相关板块也均强势上攻，顺灏股份16日8涨停，南京商旅10日5 涨停，九牧王6日4涨停，美凯龙、皮阿诺等亦多次涨停。 消息面上，近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作 的通知》，在北京等50个城市开展消费新业态、新模式、新场景试点。 农业农村部也部署开展2026年元旦、春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促进 农产品消费实施方案》，抓住"两节"消费旺季，谋划出台促消费务实举措，推动供需精准适配 ...

Market Overview - A-shares experienced a slight rebound this week, with the Shanghai Composite Index and Shanghai 50 showing minor gains, while the Shenzhen Component, Sci-Tech Innovation 50, and Northern Exchange 50 recorded slight declines. Weekly trading volume decreased to 8.8 trillion yuan [1] Institutional Insights - Leverage funds recorded a net sell of over 1.1 billion yuan this week, with the basic chemical industry seeing a net sell of over 1.9 billion yuan. Other sectors like non-ferrous metals and food & beverage also faced net sells exceeding 1 billion yuan. Conversely, the electronics sector gained over 2.8 billion yuan in net buying, while the defense and military industry saw a net buy of over 1.8 billion yuan [2] - The retail sector has seen continuous net inflows from major funds for five consecutive days, totaling over 22.5 billion yuan for the week. The non-ferrous metals sector also received over 20.1 billion yuan in net inflows, with several other industries exceeding 10 billion yuan in net buying [2] Sector Performance - The retail sector index surged nearly 12% for the week, reaching a new high for the year. Notable stocks like Baida Group and Li Qun Co. experienced multiple trading halts due to price increases [4] - The food and beverage industry is benefiting from the upcoming holiday sales season, with the snack food segment being particularly active. The sector index has risen for six consecutive days, with several companies like Yuan Zuo and Gui Fa Xiang seeing significant price increases [6] Consumer Trends - The upcoming New Year and Spring Festival are expected to boost consumer spending, with the Ministry of Commerce and the Ministry of Finance initiating pilot programs for new consumption models in 50 cities [4] - The average per capita consumption of leisure food in China is currently 954.4 yuan, which is about one-fourth of that in the U.S. and half of that in Japan, indicating significant growth potential in this market [6] Strategic Outlook - The strategy to expand domestic demand has become a top consensus, with expectations that it will be a key task in 2026. The retail and cultural tourism industries are anticipated to gain new growth momentum [5] - Analysts suggest that the current market conditions present an important window for positioning in the spring market, with large-cap growth stocks likely to outperform due to favorable trends [3]

本周，A股探底回升，上证指数、上证50周线微幅飘红，深证成指、科创50、北证50等周线微幅飘绿，周成交减少至8.8万亿元。 消息面，近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》，在北京等50个城市开展消费新业态、新模 式、新场景试点。 农业农村部也部署开展2026年元旦、春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促进农产品消费实施方案》，抓住"两节"消费旺季，谋 划出台促消费务实举措，推动供需精准适配、创新消费场景、拓展消费空间，有力有效扩大农产品消费，更好满足城乡居民节日消费需求。 杠杆资金本方面，本周小幅净卖出逾11亿元。其中基础化工被融资净卖出逾19亿元，有色金属、食品饮料也被净卖出逾10亿元，传媒、银行、交通运输等 亦被净卖出超亿元。不过，电子行业获得逾28亿元融资净买入，国防军工获得逾18亿元净买入，非银金融获得逾12亿元净买入，商贸零售、机械设备、建 筑材料、公用事业等也获得超亿元净买入。 另据Wind数据统计，商贸零售连续5日获得主力资金净流入，全周合计净流入逾225亿元，有色金属也获得逾201亿元净流入，国防军工、汽车、机械设 备、通信 ...

风险 需求回暖慢于预期，原材料价格波动，子板块市场竞争加剧。 Text 正文 白酒：报表调整进入后段，板块或在上半年迎拐点 今年白酒行业需求延续弱景气，加上二季度新条例出台，白酒供需两端经历很大冲击，行业开始进入渠道库存去化，报表出清的调整后段，我们预计2026 年白酒报表有望出清改善，上行拐点逐步清晰。 需求端我们认为政策影响会持续减弱，消费场景在大幅压制的基础上会迎来稳步修复，同时促进消费政 策的深化有望驱动需求提升，收入在今年低基数下26年上半年同比有望转正，同时行业开始迎来梯次修复。供给端以创新拓展增量为主线，我们预计库存 隐患将基本解除，其中以用户需求为出发点的创新预计进一步增加，更多企业会拥抱即时零售等线上渠道。 研判一：从消费场景看，政策对政商务需求造成的负向冲击正边际弱化，加之宴席等大众需求偏刚性，1H25低基数背景下，2026年白酒动销或修复至同 比转正。 因外部政策冲击，政商务场景在今年二季度受损较深，且影响延续至下半年的中秋国庆旺季，我们估算全年白酒动销同比双位数以上下滑，政 策扰动延后了原先市场对行业基本面在2025年下半年筑底的判断。展望看，我们认为政策对于政商务需求的影响正边际弱化 ...

Group 1 - The core idea of the article revolves around the "Zhejiang-Sichuan Cooperation" initiative, which promotes the sale of unique products from Sichuan in Zhejiang's universities, enhancing regional collaboration and economic support for local farmers [1][3]. - The "Zhejiang-Sichuan Hand-in-Hand: Education Empowerment" event, supported by various educational and governmental bodies, has been launched in multiple universities, showcasing over 200 specialty products from Sichuan [3][5]. - The event emphasizes the integration of education and market strategies, aiming to foster entrepreneurship among students while promoting Sichuan's products, thus creating a multi-faceted value system [5][7]. Group 2 - The initiative transcends mere product sales, evolving into a significant educational practice that aligns with national strategies, focusing on sustainable development and value creation [7][9]. - It aims to shift the support model from a one-way aid system to a sustainable, market-driven approach, establishing long-term channels for collaboration between universities and rural areas [7][9]. - The program serves as a bridge connecting youth talent with rural revitalization efforts, fostering a sense of responsibility and engagement among students while enhancing the branding and marketability of agricultural products [7][9].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Ming Ming Hen Mang, is a leading player in the snack retail industry, with a total of 14,394 stores across 28 provinces in China as of December 31, 2024, indicating significant market penetration [6][2] - The Chinese food and beverage retail market is projected to reach 7.1 trillion yuan in 2024, growing at a CAGR of 5.2% from 2019 to 2024, with the snack retail segment expected to grow from approximately 2.9 trillion yuan in 2019 to 3.7 trillion yuan in 2024 [13][14] - The company primarily generates revenue through franchising, with franchise income accounting for 98.8% of total revenue in 2024, amounting to 38.89 billion yuan [28][37] - The company has a strong supply chain management system, combining self-operated and outsourced logistics, with 25 self-operated warehouses and 11 third-party warehouses, ensuring efficient distribution [50][51] Summary by Sections Company Overview - Ming Ming Hen Mang is positioned as a top player in the snack retail industry, having established a significant presence since its founding in 2016 and the acquisition of Zhao Yi Ming in 2023 [6][2] Market Growth - The food and beverage retail market in China is expected to grow steadily, with the snack retail segment projected to expand significantly, particularly in lower-tier cities [13][14][15] Revenue and Profitability - The company reported a revenue of 39.34 billion yuan and a gross profit of 2.999 billion yuan in 2024, reflecting a year-on-year increase of 282.15% and 288.31% respectively [28][31] - Adjusted net profit reached 910 million yuan in 2024, showing a substantial increase of 288.67% compared to the previous year [31] Franchise Model and Expansion - The company has rapidly expanded its franchise network, adding 8,083 new franchise stores in 2024, with a total of 14,379 stores by year-end [37][42] - Approximately 58% of the stores are located in county and town areas, indicating a strong focus on penetrating lower-tier markets [42] Supply Chain and Digitalization - The company employs a robust supply chain strategy, with a focus on digitalization to enhance efficiency in product selection, logistics, and store management [50][51] - The logistics costs as a percentage of total revenue have been effectively controlled, indicating superior management compared to industry peers [50] Product Offering and Pricing Strategy - The company emphasizes high-quality and cost-effective products, with an average price approximately 25% lower than similar products in offline supermarkets [47] - The product range includes over 1,800 SKUs per store, with a significant portion being custom products developed in collaboration with manufacturers [47]

Core Viewpoint - The A-share food and beverage sector has shown strong performance, driven by seasonal demand and supportive policy environment, with several stocks hitting the daily limit up [1][2]. Group 1: Market Performance - Multiple stocks in the food and beverage sector, including Hai Xin Food, An Ji Food, and Hui Fa Food, reached their daily limit up, indicating strong market interest [1]. - Hai Xin Food has been particularly notable, achieving a consecutive five-day limit up, reflecting robust investor sentiment [2]. Group 2: Seasonal Demand - The upcoming year-end holiday season is expected to inject short-term momentum into the industry, with increased consumer activity during Christmas and New Year celebrations [2]. - The food and beverage sector is experiencing a structural market trend, with companies focusing on pre-prepared dishes and condiments benefiting from heightened inventory preparations ahead of the holidays [2]. Group 3: Policy Support - A recent implementation plan issued by several government departments aims to enhance the adaptability of consumer goods supply and demand, promoting innovation in key industries, including food [3]. - The plan emphasizes the acceleration of new technologies and manufacturing models, which could positively impact the food and beverage sector [3]. Group 4: Company Insights - Hai Xin Food has made strategic breakthroughs in channel expansion, successfully entering the Sam's Club system, which enhances its brand reputation and pricing power [4]. - The company is diversifying its business by actively developing pre-prepared dishes, snacks, and baked goods, which are expected to contribute to stable growth [4]. - Despite recent stock price fluctuations, Hai Xin Food reported no significant changes in its operational environment and confirmed normal business conditions [4]. Group 5: Analyst Outlook - Several brokerages maintain an optimistic outlook for the food and beverage sector, citing strong consumer demand and recovery in business scenarios as key growth drivers [5]. - Analysts believe that the snack food industry will continue to thrive, while the dairy sector is nearing a supply-demand improvement point [6].