Investment Rating - The report suggests a positive outlook for the liquor sector, with a recommendation to invest in specific companies based on supply and demand improvements expected in 2026 [1] Core Insights - The snack industry is showing signs of recovery, with companies entering the critical phase of preparing for the Spring Festival, which is expected to boost performance in Q1 2026 due to low base effects and seasonal demand [2] - Companies are adjusting their channel operations and product priorities in response to evolving market demands, leading to gradual improvements in their performance [2] - Specific companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) are highlighted for their strategic adjustments and potential for recovery in 2026 [3][4] Summary by Sections Liquor Sector - The liquor market is expected to see a dual improvement in supply and demand by 2026, with short-term sales showing signs of recovery [1] - Recommended companies for investment include 泸州老窖 (Luzhou Laojiao), 古井贡酒 (Guojingongjiu), and 贵州茅台 (Kweichow Moutai) among others [1] Snack Industry - The snack sector is entering a critical preparation phase for the Spring Festival, with companies like 甘源食品 (Ganyuan Food) and 劲仔食品 (Jinzai Food) making strategic adjustments to improve their market positions [2][3][4] - 甘源食品 is expected to recover from a significant revenue decline by leveraging new product launches and channel improvements [3] - 劲仔食品 is shifting focus to new product categories to drive growth, despite facing some revenue pressures [4] Market Trends - The overall food and beverage sector is projected to experience a rebound, with specific attention on the performance of major brands and their strategic responses to market changes [1][2]

1月5日清晨，秦巴山间的晨雾尚未散去，安康市汉滨区建民街道忠诚村的蔬菜产业园里，工人已经 开始忙碌地采摘、分拣、装箱，冷链运输车整装待发。村党支部书记刘瑞红站在地头，手里拿着最新的 订单数据。他说，自从和周边几个村抱团发展，共同开拓市场、对接商户，村里的菜就不愁销路了，价 格也更稳定。 军坝村党总支书记谢涛说，企业投资引入的陆基高密度循环水养殖项目迅速落地，形成了集育苗、 养殖、加工于一体的产业链，带动本村及周边百余户村民增收。 在恒口示范区，梅子铺片区的5个村成立了联合党总支，每月召开联席会议。"大家将各自资源摆上 台面，坦诚协商，统一规划产业，连片发展。"联合党总支负责人介绍，5个村共同规划建设的千亩标准 化贡米产业园已见成效，打造的田园观光线路正在吸引越来越多的游客。 刘瑞红所说的"抱团"，正是安康市近年来推行的"支部联建、产业联盟、资源联享"工作机制的核 心。 安康市通过不断深化完善"三联"工作机制，促进组织振兴、业态共融、资源共享，让各地各展其 长，将乡村特色产业从孤立的"点"串联成"链"，在更加广阔的舞台发展壮大。 支部联建 抱团发展 白河县与接壤的湖北省郧西县的几个乡镇建立边界村党支部联建机制， ...

消息面上，爱建证券指出，公司作为辣味零食龙头，凭借辣条和魔芋双品类断层领先的市场地位，在品 牌、产品、渠道三个维度构筑竞争壁垒：品牌与品类深度绑定形成消费者优先认知、大单品模式带来领 先同业的盈利能力、全国化经销网络支撑新品快速铺货。 该行认为，公司成本拐点临近，利润弹性有望集中释放。受价格上涨刺激，上游农户种植积极性提升， 种植面积已开始扩张，随着2025年新增产能逐步释放，预计2026年将迎来魔芋精粉成本下行周期；高端 渠道突破，渠道结构与产品认知双重优化。7月牛肝菌魔芋成功进入山姆会员店，标志着公司产品从大 众流通渠道向高端会员制渠道的跨越；行业格局走向集中，龙头竞争壁垒加速固化。魔芋休闲食品行业 近年保持高速增长，当前仍处于快速扩容阶段，但上游原料供给紧张、中游产能有限的格局意味着行业 终将进入整合期。 卫龙美味(09985)涨近9%，截至发稿，涨8.81%，报12.1港元，成交额8774.51万港元。 ...

消息面上，爱建证券指出，公司作为辣味零食龙头，凭借辣条和魔芋双品类断层领先的市场地位，在品 牌、产品、渠道三个维度构筑竞争壁垒：品牌与品类深度绑定形成消费者优先认知、大单品模式带来领 先同业的盈利能力、全国化经销网络支撑新品快速铺货。 智通财经APP获悉，卫龙美味(09985)涨近9%，截至发稿，涨8.81%，报12.1港元，成交额8774.51万港 元。 该行认为，公司成本拐点临近，利润弹性有望集中释放。受价格上涨刺激，上游农户种植积极性提升， 种植面积已开始扩张，随着2025年新增产能逐步释放，预计2026年将迎来魔芋精粉成本下行周期；高端 渠道突破，渠道结构与产品认知双重优化。7月牛肝菌魔芋成功进入山姆会员店，标志着公司产品从大 众流通渠道向高端会员制渠道的跨越；行业格局走向集中，龙头竞争壁垒加速固化。魔芋休闲食品行业 近年保持高速增长，当前仍处于快速扩容阶段，但上游原料供给紧张、中游产能有限的格局意味着行业 终将进入整合期。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Sector Outlook for 2026**: The consumer sector is expected to recover significantly, driven by a focus on domestic demand and policy support, particularly in service consumption and new product categories. The real estate sector's negative impact is diminishing, with core CPI showing six months of recovery [2][5][8]. Core Insights and Arguments - **Long Bull Market Prediction**: A long bull market similar to 2016-2019 is anticipated to begin in the second half of 2026, led by AI-driven new products, service consumption, overseas opportunities, and durable goods. The first half of 2026 will see strong performance in overseas markets, while domestic demand will gain attention in the latter half [1][5][6]. - **Policy Support for Consumer Spending**: The introduction of a resident income increase plan by the central economic work conference, along with the appreciation of the RMB and favorable trade policies, will provide a solid foundation for consumer spending in the coming years [1][9][10]. - **AI and 3D Printing Opportunities**: The AI and 3D printing sectors are poised for significant growth, with opportunities across the entire supply chain, including leading companies and innovative hardware products like AI glasses and smart mattresses [1][12]. Key Sectors and Companies to Watch - **Service Consumption**: Focus on service consumption growth in 2026, particularly in travel and tourism, as well as the elderly care sector, which is expected to see increased demand [3][15]. - **Alcohol and Snack Industries**: The liquor sector, particularly major brands like Moutai, is expected to maintain strong performance due to price stability measures. The snack sector is also showing promise, with companies like Wanchen and Yanjin expected to perform well during the pre-Spring Festival period [16][20][24]. - **Elderly Economy**: The silver economy is anticipated to grow, with companies like Sanxia Tourism and Aima Technology showing potential in the elderly travel and mobility sectors [15][11]. Investment Logic and Recommendations - **Consumer Sector Investment**: The consumer sector is seen as undervalued, with significant room for valuation recovery. The focus should be on companies benefiting from policy support and improving domestic demand [2][30]. - **Emerging Technologies**: Investment opportunities in AI and new technologies, particularly in 3D printing and AI-enhanced products, are highlighted as key growth areas [12][35]. - **Overseas Expansion**: Companies with strong overseas branding and supply chain capabilities are recommended for investment, especially in light of the RMB appreciation [13][31]. Additional Insights - **Real Estate Market Impact**: The negative impact of the real estate market on consumer spending is expected to be limited, as government measures to boost public spending and social security are likely to stabilize purchasing power [7][8]. - **Consumer Market Drivers**: Key drivers for the consumer market include urbanization, rising GDP per capita, and demographic shifts, particularly the aging population, which will influence consumption patterns [10][11]. - **Food and Beverage Sector**: The snack and beverage sectors are expected to benefit from new retail models and consumer trends, with specific companies recommended for their growth potential [20][24][27]. This summary encapsulates the essential insights and recommendations from the conference call records, providing a comprehensive overview of the anticipated trends and investment opportunities in the consumer sector for 2026.

贵州威宁："小魔芋"撬动亿元大产业 连日来，贵州省毕节市威宁彝族回族苗族自治县麻乍镇的魔芋迎来集中采收期，种植户们抢抓晴好天气 全力采收。2025年，麻乍镇因地制宜发展魔芋种植1.2万亩，预计总产值可达1.5亿元人民币，有效带动 当地3000余户民众实现增收。图为12月22日，航拍农户在麻乍镇松木坎村魔芋种植基地采挖魔芋。陈逍 摄 图为12月22日，农户在麻乍镇松木坎村魔芋种植基地采挖魔芋。蔡脒 摄 编辑：王永乐 图为12月22日，务工群众在麻乍镇松木坎村翻晒魔芋种子。蔡脒 摄 广告等商务合作，请点击这里 图为12月22日，航拍农户在麻乍镇松木坎村魔芋种植基地采挖魔芋。陈逍 摄 本文为转载内容，授权事宜请联系原著作权人 图为12月22日，农户在麻乍镇松木坎村魔芋种植基地采挖的魔芋。陈逍 摄 来源：中国新闻网 图为12月22日，务工群众在麻乍镇松木坎村翻晒魔芋种子。蔡脒 摄 图为12月22日，农户在麻乍镇松木坎村魔芋种植基地采挖魔芋。陈逍 摄 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

长江商报消息 ●长江商报记者 黄聪 股权激励与回购股份并行，盐津铺子（002847.SZ）对未来发展充满信心。 12月19日晚间，盐津铺子公告，公司拟回购股份数量不低于260万股，不超过300万股。按回购数量上限测算，预 计回购金额约为3.28亿元，按回购数量下限测算，预计回购金额约为2.84亿元。本次回购股份后续将用作股权激励 计划。 12月18日，盐津铺子发布2025年限制性股票激励计划（草案），激励计划拟授予的限制性股票数量为300万股，与 最新回购股份数量上限相当。 长江商报记者注意到，盐津铺子本次激励计划限制性股票的授予价格为每股35.18元，按盐津铺子当前股价计算打 了个五折。 其中，盐津铺子要求2026年至2028年（第三个解除限售期）净利润目标值不低于31亿元，触发值不低于27.9亿 元。 2025年营收有望破60亿 年内股价涨超19% 盐津铺子在股价上涨时坚持回购股份，用于股权激励计划。 12月19日晚间，盐津铺子公告，公司拟使用自有资金或自筹资金（含股票回购专项贷款资金等）以集中竞价方式 回购部分公司已发行的人民币普通股（A 股）股票。本次回购股份的价格为不超过109.32元/股（不超过董 ...

由于今年国内部分豌豆主产区遭受极端天气影响，产量有所下降，市场供给相对紧张，宾川冬早豌豆成为了市场上的"紧俏货"。据了解， 今年宾川冬早豌豆价格从去年的每公斤7元上涨到每公斤15元至25元。 该养殖基地采用分段式养殖法，初期参苗先在网箱内喂养管护，提升存活率。等到它们长到一定阶段，再转入更开阔的空间进行散养。据 了解，罗源县今年投苗预计明年可以产出150万斤的海参，年产值将超过6000万元。 云南宾川：2.5万亩冬早豌豆上市 价格较去年上涨 近日，云南宾川县的2.5万亩冬早豌豆迎来了采收旺季。今年的价格怎样？销量如何？马上跟随记者的镜头到当地看一看。 走进云南宾川县鸡足山镇的这片豆田，藤蔓上挂满了豆荚，农户们正在采收，田间地头与收购点一片繁忙。 央视网消息：福建福州市罗源县是我国重要的海参养殖基地之一。这两天，当地养殖户们趁着晴朗天气与适宜水温，正在开展今年的投苗 工作。 陕西岚皋：魔芋迎集中采挖期 深加工产品产销两旺 在罗源县鉴江镇的码头上，记者看到，工人们正将一盘盘鲜活的海参苗从活水车上卸下，运抵海上养殖区，经过分拣的海参被分装至养殖 网箱，随后投放至海水中。这些海参苗是引进北方传统养殖区的优质苗种，进行 ...

Core Insights - Anqiu City in Shandong Province has developed into "China's No. 1 Vegetable Export County" over 30 years, transitioning from a local agricultural hub to a significant player in the global vegetable market [1][3]. Industry Overview - China is the world's largest vegetable producer and exporter, with Shandong Province accounting for nearly 40% of the country's agricultural export value, making it the largest vegetable-exporting province [2]. - Anqiu's agricultural exports have reached over 2 billion USD, with a growth rate of 30% in 2007 after overcoming a significant export crisis [10]. Historical Development - The first successful export of preserved vegetables from Anqiu occurred in 1993, marking the beginning of its journey into international markets [3][4]. - By 1996, Anqiu was exporting over 20 containers of green onions weekly, showcasing rapid growth in agricultural exports [6]. Challenges and Adaptations - Anqiu faced a severe export crisis around 2006 due to new stringent food safety regulations from the EU and Japan, which led to significant losses for local farmers [9][10]. - In response, Anqiu established a high-standard agricultural safety management system to meet international standards, which included forming a local agricultural product testing institution [10][12]. Current Status and Future Prospects - Anqiu has developed an international, high-standard testing and certification system, allowing it to participate in setting global vegetable trade standards [11][12]. - The city has seen a rise in young farmers who are adopting modern agricultural practices, including organic farming, which has led to increased demand and higher prices for organic vegetables [14][15].

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]