智通财经APP获悉，中国银河证券发布研报称，看好零食量贩行业发展新趋势带来的投资机会:1)下游， 从跑马圈地切换到高质量增长阶段，二强通过多种举措推动收入持续增长+盈利能力提升;2)上游，一是 下游门店向乳品、烘焙与速冻食品等新品类扩张，相关上游供应链企业有望分享红利;二是随着下游门 店不断提升自有产品占比，具备强产品研发能力&定制化服务能力的供应链公司有望提升份额。 1)传统店型仍有较大开店空间，预计2025年零食量贩传统门店接近5万家未来开店总空间约7.4万家(增量 2万家以上)，但需平衡好门店数量与单店收入的关系。2)盈利能力有望持续提升，2023至2025年前三季 度鸣鸣很忙经调整净利率从2.3%提升至3.9%，万辰净利率则从-1.6%提升至4.4%.主要得益于开店补贴收 窄与品类结构调整,该行认为上述二大逻辑在2026年仍有持续性。3)新店型支撑门店扩张与单店改善， 2025年鸣鸣很忙与万辰均开设折扣超市新店型，拓展烘焙、速冻与日化等品类，目前新店型数量占比预 计不到20%，参考堂吉诃德新店型数量占比约50%，该行判断2026年新店型仍有开店空间。4)开发自有 产品提振收入与毛利率，两强目前开发的自 ...

下游：从跑马圈地到高质量增长，收入增长仍具持续性&盈利能力提升。1）传统店型仍有较大开店空 间，预计2025年零食量贩传统门店接近5万家，未来开店总空间约7.4万家（增量2万家以上），但需平 衡好门店数量与单店收入的关系。2）盈利能力有望持续提升，2023至2025年前三季度鸣鸣很忙经调整 净利率从2.3%提升至3.9%，万辰净利率则从-1.6%提升至4.4%，主要得益于开店补贴收窄与品类结构调 整，我们认为上述二大逻辑在2026年仍有持续性。3）新店型支撑门店扩张与单店改善，2025年鸣鸣很 忙与万辰均开设折扣超市新店型，拓展烘焙、速冻与日化等品类，目前新店型数量占比预计不到20%， 参考堂吉诃德新店型数量占比约50%，我们判断2026年新店型仍有开店空间。4）开发自有产品提振收 入与毛利率，两强目前开发的自有产品包括定制化商品与自有品牌商品，其中自有品牌收入占比预计个 位数，对标堂吉诃德与国内"胖山盒"自有品牌占比（20-30%）提升空间明显。 每经AI快讯，中国银河1月27日发布研报，给予食品饮料行业推荐评级。 鸣鸣很忙港股上市，板块投资关注度提升。鸣鸣很忙计划于1月28日在港交所挂牌上市，将成为港股" ...

Core Viewpoint - The central economic work conference emphasizes the importance of domestic demand and aims to build a strong domestic market as the primary goal for economic work in the coming year [1] Group 1: Retail Industry's Role - The retail sector is crucial for both livelihood security and tax revenue, contributing 13.8 trillion yuan to GDP in 2024, accounting for 10.2% of GDP, and employing approximately 135 million people [3] - The retail industry is positioned as a key focus for cultivating a complete domestic demand system and enhancing domestic circulation, with strategic significance in the new dual circulation development pattern [3] Group 2: Current Development Trends - The retail industry is showing an overall positive development trend, supported by various initiatives from the Ministry of Commerce and the Ministry of Finance, including pilot projects in 38 cities aimed at transforming existing commercial facilities [3][4] - Despite progress, challenges remain, such as urban-rural development imbalances, insufficient supply-demand matching, and low operational efficiency of commercial facilities [3][4] Group 3: Innovative Models for High-Quality Development - Several innovative models focusing on quality and service have emerged, including service enhancement models, experiential scene models, and digital integration models [4] - Examples include the "service-driven" market value model represented by brands like Pang Donglai, and immersive consumption scenes in projects like Beijing's Zhonghai Dajixiang [4] Group 4: Key Strategies for Future Development - Strengthening top-level design and expanding pilot experiences to enhance rural commercial service capabilities is essential [5] - Promoting channel integration through mutual flow, experience complementarity, and data sharing to break down online and offline barriers is critical [5] - Improving supply quality and addressing supply-demand mismatches by encouraging direct connections between retail enterprises and upstream producers is necessary [6]