（来源：劳动报） 紧随其后，会员专属福利与线下品鉴体验接续展开。1月6日至1月19日，百联通会员前往上海世纪联华门店购买指定商品，单笔实付满88元，即可获赠5 张"88民生商品券"，以优惠好价购买到多款广受喜爱的品质民生好物。1月13日至1月18日，世纪联华中环店还将举办"好事发生新春品鉴会"，邀请消费者提 前品鉴马年新鲜好滋味。 1月14日起，活动将进入"恭贺新禧、马上有'钱'"阶段，并一直持续至2月10日（春节前夕）。此期间，消费者前往联华超市，使用100积分即可兑换一张"满 60元减8元"满减券，进一步降低新春采购门槛。 此次新年盛宴，联华深度融合线上线下消费场景。消费者不仅可在全国线下门店参与各类活动、选购百大爆款，也可通过i百联APP到家页面及百联到家小 程序，随时随地享受同步优惠与到家服务。联华还将通过多场新年主题直播，生动讲述年味故事，实现从云端到餐桌的便捷与新鲜。 联华方面表示，从保障日常的民生商品到提升生活品质的精选好物，从好玩好省的线下活动到随手可达的线上渠道，联华致力于以扎实的供应链基础与创新 的服务模式，为消费者筑牢消费品质基石，助力市民轻松囤好年货，过个温暖丰足的好年，同时也为全年消 ...

太平洋证券表示，古茗为茶饮赛道中最具备"确定性和空间性"的标的，外卖补贴退坡后同店表现依旧稳 健，今年开店目标积极，门店扩张的核心抓手是已进入区域加密+战略市场突破。今年同店目标维稳， 将通过渠道结构调改，提高堂食占比方式增加加盟商实收率，以及通过咖啡、烘焙新品类形成同店支 撑。 古茗(01364)尾盘涨幅扩大，截至发稿，涨6.15%，报26.94港元，成交额1.55亿港元。 消息面上，据不完全统计，古茗2025年净开店约3000家，门店总数已提升至约1.3万家，开源证券指 出，全国仍有17个省份尚未布局，空白市场开拓空间广阔，按照目前浙江门店密度复制全国，以长期终 局思维，推算国内长期开店天花板超4万家。 ...

太平洋证券表示，古茗为茶饮赛道中最具备"确定性和空间性"的标的，外卖补贴退坡后同店表现依旧稳 健，今年开店目标积极，门店扩张的核心抓手是已进入区域加密+战略市场突破。今年同店目标维稳， 将通过渠道结构调改，提高堂食占比方式增加加盟商实收率，以及通过咖啡、烘焙新品类形成同店支 撑。 消息面上，据不完全统计，古茗2025年净开店约3000家，门店总数已提升至约1.3万家，开源证券指 出，全国仍有17个省份尚未布局，空白市场开拓空间广阔，按照目前浙江门店密度复制全国，以长期终 局思维，推算国内长期开店天花板超4万家。 智通财经APP获悉，古茗(01364)尾盘涨幅扩大，截至发稿，涨6.15%，报26.94港元，成交额1.55亿港 元。 ...

作者：yy 来源：每晚一卷书 （ID: JYXZ89896） 时间会向你证明，回报永远不会缺席。 ♬ 点上方播放按钮可收听洞见主播周周朗读音频 作家九边说过一句话： 洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 将来的社会，倾向自由职业，爱好变副业的可能性越大，人生的地盘就越稳。 尤其是身处自媒体时代，不论你做什么，都更容易被看见、被欣赏。 换句话说，哪怕再微不足道的一份爱好，背后都连通着一处宝藏。 洞见君根据多年的阅历和经验，总结了10大爱好。 2026年开始，哪怕只培养其中一项，钱也会离你越来越近。 01 内容创作类 先分享一个我的亲身经历。 十多年前，迫于巨大的压力，我从北京辞职返乡静养。 整整一年，我都待在静谧无人的小村，唯一的娱乐就是写作。 后来，恰逢自媒体风口，兴之所至，我就随手把文章发到了网上。 一天、两天，没什么动静。 没想到一个月后，我的一篇文章爆了，短短几个小时就涨到10万+。 第二天我的后台除了涨了上万的关注，还获得了几千元的流量奖励。 "坟头上的草青了 ...

本报讯(记者桂小笋)12月29日，中国连锁经营协会(CCFA)发布《2025超市现场制售食品发展现状与发展 路径研究报告》。报告显示，我国超市现场制售食品市场规模已突破1000亿元，百强代表性超市企业销 售占比普遍达到10%至20%，成为继生鲜之后驱动实体超市增长的核心引擎。然而报告也警示，行业正 面临分类标准混乱、"三高"成本压力、专业人才短缺等多重挑战，企业需从"引流思维"转向"体系化运 营"，方能在新一轮竞争中行稳致远。 报告指出，随着调改工作在全国超市范围展开，现场制售食品区域已成为新开门店和老旧门店改造 的"标配"，部分超市更将加工部从生鲜部门独立为一级部门，凸显战略重视。从需求端看，年轻家庭和 上班族追求"即买、即食、即享"的便捷体验；供给端，成熟的食品加工与设备供应链支撑了效率提升； 市场端，面对渠道过剩与同质化竞争，现场制售凭借高客单、高毛利、高壁垒特性，成为强化线下体验 的关键抓手。 针对制约行业发展的挑战，CCFA建议加快推进行业标准体系建设，制定《超市现场制售业务分类与统 计指引》。 报告首次系统揭示了现场制售业务的三大市场分层格局。在北上广深等城市，即时零售渗透率超50%， 零售商聚焦 ...

继芜湖两家生活馆之后，12月26日-28日三只松鼠生活馆又落新动作，全国首批标准店7店同开，覆盖芜 湖、无为、宁国、郎溪、广德等地，标志着其"由一个零食垂类的自有品牌零售商转型全品类的自有品 牌零售商"的战略落地已驶入规模化的快车道。 加码"新鲜"和"品质" 打造家门口的第二厨房 三只松鼠生活馆首批标准店以皖南区域为核心高密度布局，在空间上更贴近下沉市场的居民生活，填补 区域即时零售业态空白。 首批标准店延续了"新鲜即得"的场景烟火气，和精准切入15分钟社区生活圈的便民性，店内风格则转向 更加单纯高效和品质化简朴。如在空间布局上采用"统一明档+中岛+特陈"的核心布局逻辑：可视化厨 房集现制烘焙、饮品、熟食于一体，诠释着"新鲜，是一种生活"的品牌承诺；核心的中岛科学分类冷藏 烘焙、生鲜果蔬、品质零食等商品，提升空间坪效；其他区域则承载了日化洗护、米面粮油等家庭必需 品，顾客进店后一目了然。 此次同开的7家生活馆营业面积在560㎡-330㎡不等，瞄准现制+生鲜+标品的全新品类组合，精选超1500 款高频刚需品，全面覆盖家庭"一日五餐"的全场景需求，其中自有品牌占比超90%，新品占比达70%， 差异化显著。 近年来 ...

Core Insights - The article emphasizes the importance of understanding consumer behavior and market trends, particularly the shift towards quality and convenience in food retailing, as articulated by Wang Wei, Chairman of Fresh Legend [2][14][23]. Group 1: Consumer Behavior and Market Trends - Wang Wei identifies a consumer mindset of "refined poverty," where consumers prioritize quality and experience even with limited budgets, leading to a demand for affordable yet high-quality products [3][6]. - The shift in consumer demographics from older generations to younger ones (80s, 90s, and 00s) has changed consumption patterns, with a preference for quality over quantity [5][14]. - The rise of "ready-to-eat" retail reflects a growing demand for convenience, as younger consumers prefer quick meal solutions over traditional cooking [14][20]. Group 2: Retail Strategies and Innovations - Wang Wei argues that discount stores are not merely about lower prices but about the perceived value and brand equity they offer [8][12]. - The concept of "food halls" is gaining traction, with a focus on high-quality, ready-to-eat options that cater to modern consumer needs, as seen in the transformation of Fresh Legend's stores [19][17]. - The company has successfully implemented a "潮汐式" (tide-style) operation model, adjusting product offerings throughout the day to meet varying consumer demands [31][34]. Group 3: Private Label and Product Differentiation - Fresh Legend's private label products account for 50% of sales, focusing on quality and differentiation rather than just low pricing [25][29]. - The company emphasizes the importance of product innovation and quality control, with significant investments in product development and testing [26][29]. - Wang Wei advocates for a "product manager" mindset among entrepreneurs, stressing the need for attention to detail in product development to avoid the pitfalls of generic private labels [23][25]. Group 4: Future of Retail and Small Stores - The article predicts a "golden decade" for small stores in China, driven by high-density residential areas and the efficiency of small retail formats [34][36]. - Fresh Legend aims to expand its network of 24-hour community stores, leveraging technology and logistics to enhance operational efficiency and customer experience [30][36]. - The integration of digital tools and AI in retail operations is seen as crucial for adapting to market changes and improving service delivery [30][31].

Core Viewpoint - The stock price of Three Squirrels has shown volatility, with a recent increase of 2.26% but a year-to-date decline of 34.65%, indicating potential investment opportunities and risks in the market [1]. Financial Performance - For the period from January to September 2025, Three Squirrels achieved a revenue of 7.759 billion yuan, representing a year-on-year growth of 8.22%. However, the net profit attributable to shareholders decreased by 52.91% to 161 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 553 million yuan, with 265 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 12.02% to 51,200, while the average number of circulating shares per person decreased by 10.71% to 5,471 shares [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 3.7502 million shares, an increase of 32,900 shares from the previous period [3]. Market Activity - As of December 3, the stock price was 23.93 yuan per share, with a total market capitalization of 9.612 billion yuan. The trading volume reached 137 million yuan, with a turnover rate of 2.08% [1]. - The net inflow of main funds was 7.1347 million yuan, with significant buying activity from large orders [1].

Core Insights - The opening of two new Wumart Supermarkets in Beijing's Chaoyang and Fengtai districts marks a strategic expansion, enhancing the company's presence in high-quality retail services in these areas [1] Group 1: Store Details - The new stores, located in the core areas of Yangqiao and Dongba, have adopted a product structure similar to that of "Fat Dong Lai," with 80% of their offerings aligned with this model [1] - Both stores have introduced direct-sourcing winter storage vegetables, catering to seasonal consumer needs [1] Group 2: Market Positioning - The Yangqiao store is strategically positioned near established commercial entities like Yintai Department Store, serving densely populated communities in Fengtai District [1] - The Dongba store complements nearby facilities such as Evergrande City Plaza, enhancing the retail ecosystem with family-friendly, fitness, and dining options [1] Group 3: Product Strategy - The new stores have implemented Wumart's AI-driven retail model, introducing 70% new products and optimizing categories such as prepared foods, baked goods, and fresh produce to meet winter consumption demands [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 89.52 [1][4]. Core Insights - The company is focusing on a category brand strategy to drive value growth, with a positive outlook for revenue and profit margin improvement through product innovation and channel expansion [1][2][3]. Product Strategy - The company has restructured its organization to manage products based on trends and growth potential, dividing into three main divisions: Spicy (mainly konjac and dried tofu), Health (deep-sea snacks, quail eggs), and Sweet (jelly, baked goods). The konjac division is expected to benefit from innovative flavors and controlled price competition [2][3]. Channel Strategy - The company is enhancing its high-value channel layout by focusing on e-commerce and quantitative distribution channels. E-commerce is expected to improve profitability despite initial revenue adjustments, while quantitative channels are projected to maintain high growth driven by konjac products [3]. Profitability Outlook - The company's profit margin improved year-on-year in Q3 2025 due to a focus on key products and the elimination of inefficient products and channels. The outlook suggests further cost improvements and brand building investments for major products [3][4]. Financial Projections - The company maintains its earnings forecast, expecting EPS of RMB 3.09, 3.73, and 4.34 for 2025, 2026, and 2027 respectively. The target PE for 2026 is set at 24x, aligning with comparable companies [4][9].