摘要 对于 2026 年的零食行业，有哪些投资建议？ 展望 2026 年，我们认为零食行业仍然高度分散且消费者需求多样。核心有两 条投资主线：第一条是看好头部零食量贩品牌扩展品类、提升供应链效率，并 积极探索自由品牌带来的店效提升空间。市场对头部品牌的开店空间和同店韧 性仍存在预期差，因此继续推荐万辰集团和鸣鸣很忙；第二条主线是看好魔芋 和燕麦品类的创新空间，这两个品类有望进一步拓宽市场上限。其中浙江受益 受凭借自主自产自研能力及健全供应链体系，有望延续高景气度。此外，应重 点关注卫龙、盐津、西麦等企业的表现。 恰恰食品受瓜子和坚果成本及低价竞争影响，业绩承压；劲仔和甘源侧 重电商和零售渠道，但渠道费用增加抑制利润增长。零食企业业绩分化 明显。 零食量贩双寡头格局确立，很忙侧重开店规模领先，万辰则注重单店模 型盈利能力。截至目前，很忙门店超 2.1 万家，万辰为 1.9 万家，C22 市场份额接近 80%。 市场对头部零食量贩品牌扩展品类、提升供应链效率及自由品牌店效提 升空间存在预期差，推荐关注万辰集团和鸣鸣很忙。 看好魔芋和燕麦品类的创新空间，有望拓宽市场上限。浙江受益凭借自 主自产自研能力及健全供应链体 ...

Core Insights - The 2025 Guangxi Road Cycling World Tour is not only a sports event but also a platform for promoting tourism and economic development in Guangxi, aligning with national initiatives to integrate sports with travel and commerce [1][10] - The event features six stages covering a total distance of 1017.1 kilometers, attracting nearly 20 professional teams from around the world, showcasing the region's natural beauty and cultural heritage [3][9] Event Details - The competition runs from October 14 to 19, 2025, with routes passing through six cities and 18 counties, including key locations like Fangchenggang and Nanning [3][5] - The event includes a new public challenge race, reflecting the growing popularity of cycling as a sport [4] Economic Impact - Guangxi has organized various promotional activities to convert transient event attendees into long-term consumers, integrating resources from transportation, accommodation, and tourism [5][10] - Initial estimates indicate that the event has attracted 223,600 visitors and generated approximately 189 million yuan in direct consumption [5] Local Initiatives - Cities like Fangchenggang and Baise have launched specific campaigns to enhance local tourism and commerce, including discounts and themed travel routes [8][9] - Nanning is set to host a "2025 Guangxi Sports Consumption Festival," offering substantial consumer incentives and promoting local specialties through e-commerce [8][10] Cultural Integration - The event highlights the integration of sports, culture, and tourism, showcasing Guangxi's urban charm and natural landscapes, thus enhancing the region's appeal as a travel destination [9][10]

Group 1 - The company has launched a new vegetarian product in the Sam's Club channel, which is expected to contribute positively to revenue growth. The product is a vegetarian gift pack priced at 49.9 yuan for 900g [1] - The new product emphasizes zero additives and low fat, aligning with the health consumption trend. The company has been continuously developing customized products in collaboration with membership stores, showcasing strong product development capabilities [2] - The company has accumulated extensive R&D experience in processing techniques, allowing for continuous breakthroughs in product expansion. Recent innovations include products like chicken feet and vegetarian options in various membership stores [2] Group 2 - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 1.557 billion, 1.843 billion, and 2.027 billion yuan for 2025-2027, representing year-on-year growth rates of 31.71%, 18.33%, and 10.00% respectively [3] - The projected net profit for the company for the same period is estimated at 200 million, 231 million, and 260 million yuan, with corresponding year-on-year growth rates of 26.99%, 15.85%, and 12.47% [3] - The company maintains a "recommended" rating with projected price-to-earnings ratios of 25.1, 21.7, and 19.3 for 2025-2027 [3]