投资要点■休闲零食：行业结构性成长，魔芋等品类高景气，头部零食/量贩企业抢眼。渠道方面抖音的零食大盘增速在放缓，但会员制商超渠道的贡献愈发突出，已经有7家上市公司进入了山姆会员制商超，相比2024年再增2家。品类方面魔芋的高景气延续，2025H1盐津铺子魔芋产品的销售额同比增长155%，卫龙魔芋保持高增。1）收入端：2025年上半年由于高基数、渠道红利（尤其抖音电商渠道）放缓弱于行业平均水平。...
Source Link投资要点■休闲零食：行业结构性成长，魔芋等品类高景气，头部零食/量贩企业抢眼。渠道方面抖音的零食大盘增速在放缓，但会员制商超渠道的贡献愈发突出，已经有7家上市公司进入了山姆会员制商超，相比2024年再增2家。品类方面魔芋的高景气延续，2025H1盐津铺子魔芋产品的销售额同比增长155%，卫龙魔芋保持高增。1）收入端：2025年上半年由于高基数、渠道红利（尤其抖音电商渠道）放缓弱于行业平均水平。...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.