市场监管总局发布外卖与网售食品相关新规 2月26日，市场监管总局于官网发布食品安全专题新闻发布会实录。据悉，2月26日下午，市场监管总局召开食品安全 专题新闻发布会。会上，市场监管总局新闻发言人、新闻宣传司司长王秋苹表示，为压实网络经营主体责任，市场监 管总局近期制定两项《规定》，直指网络餐饮与食品销售。它们是《网络餐饮服务经营者落实食品安全主体责任监督 管理规定》和《网络食品销售经营者落实食品安全主体责任监督管理规定》。市场监管总局食品安全总监孙会川对 《网络餐饮服务经营者落实食品安全主体责任监督管理规定》的相关情况介绍称，为进一步提升餐饮外卖食品安全水 平，市场监管总局专门制定出台《网络餐饮服务经营者落实食品安全主体责任监督管理规定》，重点从三个方面来提 升外卖"放心指数"。一是紧扣平台主体责任这个"牛鼻子"。 二是聚焦商户规范经营这个"关键点"。三是筑牢违法违规 惩戒的"防护网"。此外，市场监管总局致力于"补短板"，专门制定《网络食品销售经营者落实食品安全主体责任监督 管理规定》，从平台提供者、入网食品销售者、监管部门三个方面入手，围绕"责任""协同""执法"这三个关键词，来 进一步压紧压实食品安全主体 ...

在全国多地门店，调改后的福州奥体中心店春节期间销售额日均突破百万元；河南新密中强光年店春节 期间销售额较去年同期增长近3倍，客流增长超230%；在北方市场，渤湾大区的标杆门店天津SM广场 店1月至今日均销售额突破130万元。 （企业公众号） 2月25日，永辉超市发布春节档成绩单。数据显示，从腊月二十八到正月初七，永辉全国门店同店销售 额及客流量双双实现同比增长。 面对长达9天且节奏分明的春节假期，永辉以"新永辉·新年味"为年货节战略主线，创新推出"四大波 段"供给策略。在重点品类拉动下，熟食烟火气板块、烘焙年糖年饼和现烤类商品同比增长均超220%， 火锅季系列同比增长超140%，春节好菜（地标菜和有机菜）同比增长近200%，海鲜盛宴同比增长超 60%。而永辉深化品质战略的成果——自有品牌"品质永辉"系列近60款商品在春节档迎来爆发，销售额 环比增长超70%。 礼盒市场，永辉定制与三只松鼠、森宝联合推出的坚果礼盒成为春节档两大爆款，永辉定制系列礼盒在 整体礼盒销售中占比高达50%；此外，熟食、烘焙重点分类增长超220%，YHBakery红颜草莓盒子蛋糕 稳居烘焙类榜首，北京烤鸭、脆皮香酥鸭等卤味熟食位列熟食销售 ...

记者 舒抒 伴随入境游进一步放开，武康路上的外国游客数量稳步增长，商户主理人们将春节视为向境外游客 传播中国文化的绝佳机会。一些商户为自家的玩偶和毛绒挂件产品设计了汉服、旗袍等新"皮肤"，作为 新春特别款销售。还有商户鼓励店员主动用中文向境外游客说"新春快乐""春节快乐"，激起对方学习这 句应景中文的兴趣，带一些旅游纪念品和照片之外的特别记忆回国。 这更像是另一个层面的"扎台型"：自信的中国年轻人大方地向全球游客展示自己的语言和文化，鼓 励后者在社交媒体上记录并传播真实的中国，以及中国青年的精神风貌。 西岸梦中心是这两年上海新的网红打卡地。今年春节，西岸梦中心给我一种身处《攻壳机动队》 的"赛博感"。高饱和色块叠加红到发紫的霓虹元素，让这里的"水岸新春季"充满了特别的年味。 我想，除了春节本身对中国人的重要性，上海成熟的消费氛围、包容的创新消费要素以及激烈的商 业地产竞争，都是大家争相把"年味"玩出花的原因。 眼下，国际消费中心城市建设已被纳入上海加快建设"五个中心"、持续提升城市能级和核心竞争力 的重要一环——消费在上海有如此的战略地位，遇上春节这么重要的时令，商家可不得变着法子吸引目 光、做强品质？ "年 ...

春节期间，贵州消费市场"热"力全开。紧扣"消费"与"文化"主线，推出沉浸式、体验型新春场景，让传统年味与潮流时尚激情碰撞，带动节日消费潜力持续 释放。 作为贵阳极具人气的综合性街区，青云市集汇聚了三百多家商户，集贵州特色餐饮、文创体验、休闲娱乐于一体。今年春节，市集以"非遗为根、年味为 魂"为主题，推出新春非遗游园会等系列活动，充分展现贵州年俗与非遗魅力。 其中，贵州地道小吃与原创文创产品成为消费热点，各类充满巧思的文创商品，更成为外地游客热衷的"伴手礼"。 "买了小猫猫包，它和我衣服颜色很搭配。"成都游客任女士带着孩子来到贵阳旅游，在青云市集的文创店里买了不少纪念品，"很可爱，给孩子买了包，很 有纪念意义。这里的东西全都是手工做的，很有意思。" 商场内某服饰店店长姜莉佳也表示，店铺内的春节新年限定款服饰销量可观，较平时提升四成，叠加商场"1299返100"及店铺两件折上九折的优惠，促销效 果明显。 文创店的经营者袁应铭告诉记者，店里的原创布艺产品有100多个品类，其中与新春祝福、美好愿望相关的款式最受欢迎。今年结合马年特色推出的系列产 品尤其受客人青睐，整体销量比去年高出约三成。 本地特色美食仍是吸引客流的 ...

Group 1 - The stock price of Three Squirrels has declined by 2.32% to 22.27 CNY per share, with a total market capitalization of 8.945 billion CNY, and a cumulative drop of 6.62% over the last four days [1] - Three Squirrels is primarily engaged in the research, testing, packaging, and sales of its own brand of snack foods, with revenue composition as follows: nuts 56.30%, comprehensive products 28.81%, baking 14.06%, and others 0.83% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) has entered the top ten circulating shareholders of Three Squirrels, holding 2.1984 million shares, which is 0.78% of the circulating shares, resulting in a floating loss of approximately 116.51 thousand CNY today [2] - The Southern CSI 1000 ETF has a total scale of 78.996 billion CNY, with a year-to-date return of 9.47% and a one-year return of 34.09% [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 7 years and 100 days, with a total asset scale of 137.02 billion CNY [3] - During Cui Lei's tenure, the best fund return was 251.88%, while the worst return was -15.93% [3]

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [115]. Core Insights - The food and beverage sector experienced a slight increase of 0.55% in January 2026, with a total trading volume of 32.16 billion shares, reflecting a decrease in trading activity compared to December 2025 [7][8]. - Key sub-sectors related to the Spring Festival, such as prepared foods, snacks, and alcoholic beverages, saw price increases, while previously strong sectors like soft drinks and dairy products experienced declines [9][13]. - The investment growth in the food and beverage manufacturing sector remained high in the first half of 2025 but showed signs of decline in the second half, with a notable contraction in the production of liquor and dairy products [7][36]. - The report recommends focusing on investment opportunities in prepared foods, soft drinks, health products, baking, and snacks, with a suggested stock portfolio including companies like Baoli Food, Li Gao Food, and Xianle Health [7][110]. Summary by Sections 1. Market Performance - In January 2026, the food and beverage sector's performance ranked sixth from the bottom among 31 primary industries, indicating a weak overall market trend [13][22]. - The proportion of stocks that increased in value reached 64.84%, with significant improvements in sectors like prepared foods and snacks [25][26]. 2. Valuation - As of January 31, 2026, the food and beverage sector's valuation stood at 19.33 times earnings, which is relatively low compared to historical averages [18][22]. - The liquor sector's valuation was 17.76 times, also at a historical low, while other segments like snacks and prepared foods had significantly higher valuations [18][22]. 3. Individual Stock Performance - Stocks in the snack and prepared food sectors showed strong performance, with notable increases in companies like Qianwei Yangchun and Haoxiangni [26][31]. - The liquor sector displayed mixed results, with some brands like Huangtai Liquor and Water Well Liquor performing well, while others like Yanghe and Moutai faced declines [31][32]. 4. Investment Trends - The food and beverage manufacturing sector's investment growth was robust in early 2025 but began to decline in the latter half of the year, reflecting cautious investment behavior amid rising costs [33][36]. - The production of fresh and frozen meat maintained high growth, while liquor and dairy products continued to see production declines [38][39]. 5. Import and Price Trends - In 2025, imports of corn and wheat saw significant declines, while imports of high-end dairy products and nuts experienced growth [54][56]. - Domestic prices for raw milk are stabilizing, while prices for oils and vegetables are showing upward trends [81][82].

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% and +10% relative to the CSI 300 index over the next six months [115]. Core Insights - The food and beverage sector experienced a slight increase of 0.55% in January 2026, with a total trading volume of 32.16 billion shares, reflecting a decrease in trading activity compared to December 2025 [7][8]. - Key sub-sectors related to the Spring Festival, such as prepared foods, snacks, and alcoholic beverages, saw price increases, while previously strong sectors like soft drinks, dairy, condiments, and meat products experienced declines [9][13]. - The investment in the food and beverage manufacturing industry continued to show high growth levels in early 2025, but the growth rate has been declining since the second half of 2025 [33][36]. - The report recommends focusing on investment opportunities in prepared foods, soft drinks, health products, baking, yeast, and snacks, with a suggested stock portfolio including companies like Baoli Food, Lihigh Food, and Xianle Health [110][112]. Summary by Sections 1. Market Performance - In January 2026, the food and beverage sector's performance ranked sixth from the bottom among 31 primary industries, indicating a weak overall market trend [13][22]. - The sector's trading volume decreased significantly, with a drop of 74.24 billion shares compared to the previous month [8]. 2. Valuation - As of January 31, 2026, the food and beverage sector's valuation stood at 19.33 times earnings, which is relatively low compared to historical levels [18][22]. - The valuation of the liquor sector was 17.76 times, also at a historical low, while other segments like snacks and condiments had significantly higher valuations [18]. 3. Individual Stock Performance - In January 2026, 64.84% of individual stocks in the sector saw price increases, with notable performances in prepared foods and snacks [25][26]. - Specific stocks such as Qianwei Yangchun and Haoxiangni showed substantial gains, while traditional liquor brands experienced mixed results [31][32]. 4. Investment Trends - The food and beverage manufacturing sector's fixed asset investment grew by 22.9% year-on-year in 2024, but showed signs of slowing down in the latter half of 2025 [33][36]. - The production of key products like fresh meat and edible oil maintained growth, while categories like wine and dairy continued to see declines [38][39]. 5. Import and Price Trends - In 2025, imports of corn and wheat saw significant declines, while imports of high-end dairy products and nuts increased [54][56]. - Prices for raw milk are stabilizing, while prices for oils and vegetables are showing upward trends [81][82].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is a leader in the snack retail sector, with a significant market presence and a strong growth trajectory. The merger of its two brands has positioned it as the largest snack retail chain in China by GMV as of 2024 [8][14] - The industry is experiencing rapid growth, with the market size projected to increase from 73 billion in 2019 to 1,297 billion by 2024, reflecting a CAGR of 77.8% [8] - The company's revenue is primarily generated through a franchise model, with over 98.5% of sales coming from franchise stores, allowing for rapid expansion and high operational efficiency [23][27] Summary by Sections 1. Company Overview - The company operates under two main brands, providing a wide range of snack products and has established a robust supply chain to ensure competitive pricing and product availability [14] - As of November 2025, the company had 21,041 stores across 28 provinces in China, with 59% located in county and town areas [14][18] 2. Industry Dynamics - The snack retail sector is characterized by a dual oligopoly, with the company and its main competitor expected to hold approximately 75.6% of the market share by 2024 [8] - The shift towards discount retailing is driven by consumer demand for value and the inefficiencies of traditional retail channels [8] 3. Financial Performance - Revenue projections for 2025-2027 are 645 billion, 822 billion, and 944 billion respectively, with adjusted net profits of 26 billion, 32 billion, and 39 billion [8] - The company has shown a significant improvement in profitability, with net profit margins increasing from 1.7% in 2022 to 3.4% in 2025 [48] 4. Operational Efficiency - The company has a high inventory turnover rate, significantly outperforming its peers, which contributes to its operational efficiency [50] - The gross margin has improved from 7.5% in 2022 to 9.7% in 2025, reflecting enhanced supply chain integration and cost management [42][48] 5. Future Outlook - The company is exploring new store formats, including discount supermarkets, to enhance revenue streams and improve profitability [8][14] - The management team is stable and experienced, with a focus on strategic planning and operational execution [58]

Core Insights - The cross-border trade at the Tongjiang port has seen significant growth, with imports reaching 927.95 tons and trade volume at 9.7831 million RMB in 2025, marking increases of 285.8% and 258.6% year-on-year, respectively, setting a historical high [1] - The establishment of border resident cooperatives has facilitated the import of Russian pre-packaged foods and frozen seafood, streamlining the customs process to just half a day [1] - The Tongjiang Customs has implemented various supportive measures to enhance the quality of cross-border trade, including policy advocacy and the introduction of a "smart mutual trade" regulatory model [2] Group 1 - The cross-border trade at Tongjiang port has become a significant driver of regional economic development [1] - The cooperative model has effectively organized local residents, leading to increased income through efficient trade channels [1] - The customs authority has focused on both regulatory oversight and support for local enterprises, aiming to enhance trade efficiency and variety [4] Group 2 - The implementation of the mutual trade 2.0 system has improved regulatory efficiency and allowed for a broader range of imported goods, expanding from initial products to seven categories including honey and baked goods [2] - The customs has emphasized the importance of balancing national trade strategies with local economic benefits, ensuring that border residents can thrive [4] - Continuous policy education and support have been provided to local cooperatives to help them navigate complex trade regulations effectively [2]

Core Insights - The cross-border trade at the Tongjiang port has seen significant growth, with imports reaching 927.95 tons and trade volume at 9.7831 million RMB in 2025, marking increases of 285.8% and 258.6% year-on-year, respectively, setting a historical high [1][2] Group 1 - The establishment of border resident cooperatives has facilitated the import of Russian pre-packaged foods and frozen seafood, reducing customs clearance time to half a day, thereby increasing income for local residents [1] - The Tongjiang Customs has implemented policies to support the high-quality development of the cross-border trade zone, including face-to-face policy explanations to help residents understand and utilize trade policies effectively [2] - The introduction of the Mutual Trade 2.0 system has enhanced regulatory efficiency through a comprehensive risk warning and verification system, allowing for faster customs clearance and an expanded range of trade goods [2] Group 2 - The customs authority emphasizes its dual role as a protector of national borders and a supportive partner for businesses, aiming to provide quality services to enhance the convenience and smoothness of cross-border trade [2]