24 年零食板块受益于渠道红利维持高景气度,量贩渠道、会员商超及直播电商渠道红利延续,部分企业受益于品类红利快速增长,而传统卤味连锁表现承压。展望25 年,零食板块新渠道和品类景气度依然延续,且Q2 基数下降增长加速,卤味连锁基本面变化积极、看点增多,成本端多数企业预计平稳,费用投放受策略影响略分化,重点关注零食企业新渠道、品类及海外市场机遇。业绩回顾:板块表现分化,渠道、品类结构性机会。24 年...
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