卫龙美味(09985)再涨超6%，截至发稿，涨6.53%，报13.55港元，成交额4440.98万港元。 西部证券续指，渠道端，卫龙美味基本实现全渠道覆盖，经过多轮迭代后，目前形成"辅销+助销"的渠 道模式，协助经销商共同成长。从网点覆盖盖广度和终端掌控力来看，卫龙在零食行业中都属于头部水 平，渠道有效赋能新品推广。 消息面上，招商证券指出，卫龙9月整体增速20%以上、魔芋产品增长良好、辣条产品基本止滑。西部 证券认为，卫龙美味魔芋产品在快速增长阶段，香辣、麻辣、酸辣等经典口味魔芋在终端持续渗透，麻 酱新口味销售快速爬坡，单品天花板有望超预期。利润端，魔芋精粉成本压力最大阶段已经过去，25- 27年有望进入成本下行周期。 智通财经APP获悉，卫龙美味(09985)再涨超6%，截至发稿，涨6.53%，报13.55港元，成交额4440.98万 港元。 ...

西部证券续指，渠道端，卫龙美味基本实现全渠道覆盖，经过多轮迭代后，目前形成"辅销+助销"的渠 道模式，协助经销商共同成长。从网点覆盖盖广度和终端掌控力来看，卫龙在零食行业中都属于头部水 平，渠道有效赋能新品推广。 卫龙美味(09985)再涨超6%，截至发稿，涨6.53%，报13.55港元，成交额4440.98万港元。 消息面上，招商证券指出，卫龙9月整体增速20%以上、魔芋产品增长良好、辣条产品基本止滑。西部 证券认为，卫龙美味魔芋产品在快速增长阶段，香辣、麻辣、酸辣等经典口味魔芋在终端持续渗透，麻 酱新口味销售快速爬坡，单品天花板有望超预期。利润端，魔芋精粉成本压力最大阶段已经过去，25- 27年有望进入成本下行周期。 ...

Core Viewpoint - Weitlong Delicious (09985) has seen a stock price increase of over 6%, currently trading at 13.55 HKD with a transaction volume of 44.41 million HKD, indicating strong market interest and positive growth prospects for the company [1] Group 1: Company Performance - In September, Weitlong's overall growth rate exceeded 20%, with significant growth in konjac products and stabilization in spicy snack products [1] - The cost pressure for konjac powder has passed its peak, and a downward cost cycle is expected from 2025 to 2027 [1] Group 2: Product and Market Insights - Weitlong's konjac products are in a rapid growth phase, with classic flavors such as spicy, numbing, and sour gaining market penetration, and new sesame flavor sales are quickly rising [1] - The company has achieved comprehensive channel coverage, utilizing a "supplementary sales + assisted sales" model to support distributors and enhance growth [1] Group 3: Competitive Position - Weitlong is positioned at the top level in the snack industry regarding network coverage and terminal control, effectively empowering new product promotions through its channels [1]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].