Core Insights - The spicy snack industry in Hunan, particularly in Pingjiang County, is thriving, with over 100 companies and an annual output value exceeding 20 billion yuan, accounting for one-third of the national market [1] - The retail sales of spicy snacks in China are projected to grow at an annual rate of 9.6%, reaching 273.7 billion yuan by 2026, driven by marketing innovations and health trends [1] - The emergence of social media challenges, such as "spicy eating challenges," has significantly boosted brand visibility and sales, exemplified by the brand "缺牙齿" which saw a monthly sales increase from 1,000 to 20,000 units after a viral video [1] Industry Developments - The online revenue share for brands has increased from 20% to 40%, with a nearly 60% repurchase rate, indicating a shift in consumer behavior towards online shopping [2] - The popularity of low-fat, low-calorie konjac products is rising, with over 50 competitors in the market; however, some brands like 南江桥 are focusing on niche markets such as dried konjac to avoid direct competition [2] - 南江桥's sales of dried konjac reached over 10 million yuan in December 2023, marking its entry into the "billion club" within its first full year of operation [2] Infrastructure and Production - The 麻辣王子辣条产业园 in Pingjiang is one of the largest and most automated production bases in the spicy snack industry, with an expected annual output value of 3 billion yuan, potentially reaching 9 billion yuan upon full completion [3] - The local government is promoting the leisure food industry as a leading sector, aiming to establish Pingjiang as the "capital of spicy snacks" in China, focusing on high-quality development and breaking away from homogeneous competition [3] Market Collaboration - The collaboration between retail channels like "零食很忙" and spicy snack brands is evolving into a tightly integrated "production and sales community," allowing for customized products and shared sales data to quickly respond to consumer trends [4]

Group 1 - The event "Famous, Special, Excellent Products Entering Hong Kong" was held in Ankang, aimed at connecting high-quality local products from Shaanxi with the procurement needs of Hong Kong [1] - Ankang showcased its unique products, including selenium-rich tea, konjac products, organic tofu, and local fruit wines, attracting many merchants for tasting and discussions [1] - Local companies like Ankang Longwang Spring Selenium-rich Mineral Water Co. and Pingli Gaoying Tea Co. presented their specialty agricultural products, laying the groundwork for future connections with the Hong Kong market [1] Group 2 - The delegation from the Hong Kong Pharmaceutical Chamber of Commerce visited Ankang to explore traditional Chinese medicine and health care projects, aiming to build a bridge for Shaanxi enterprises to access the Hong Kong market and connect with the global market [2] - The collaboration between Shaanxi and Hong Kong is expected to deepen in industrial cooperation and economic exchanges, promoting mutual benefits [2]

智通财经APP获悉，中信证券发布研报称，虽然魔芋食品行业规模过去10年都保持年复合20%+的增 长，但是目前国内人均魔芋消费金额依然偏低，该行测算魔芋终端行业规模269亿元，国内魔芋爽渗透 网点及有效渗透率仍有较大提升空间；魔芋后续有较大产品形态及口味创新空间，该行仍然看好魔芋休 食行业规模未来存在1~2倍增量空间，未来5年魔芋素食零食行业有望保持20%CAGR增长。 中信证券主要观点如下： 魔芋：超级食材、健康美味，应用领域广阔。 魔芋富含可溶性、宝贵的膳食纤维葡甘聚糖，其赋予魔芋良好的可溶性、凝胶性、增稠性，同时具有碱 盐诱导下形成不可逆凝胶的特性，因此魔芋兼具健康属性和良好的食品加工延展性，是一种超级食材。 魔芋产业链上游为魔芋种植环节、中游为魔芋粉初/深加工环节，下游则为魔芋应用领域，包括食品、 医学、纺织、化妆、环保、军工、石油开采，目前魔芋主要应用领域是食品加工，且以休闲零食为主。 风险因素： 行业规模：该行估算魔芋食品行业规模过去10年维持CAGR 20%+良好成长性，2024年魔芋终端商品市 场规模为269亿元，其中魔芋休食行业规模183亿。魔芋休食行业又可以细分为魔芋爽/魔芋素食素毛肚 (市 ...