Sinolink research reports pointed out, 1) Snack food: Snacks are about to enter the peak season for stocking up, but the recent stock prices have shown a differentiated trend. At present, the market is more concerned about the certainty of corporate revenue growth. Companies with multiple channels and products have stronger cashing capabilities. In addition, under the background of intensified industry competition, the market is more sensitive to changes in corporate net margins. It is recommended to focus on individual stocks with strong supply chain capabilities and significant internal cost reduction and efficiency improvement space. In terms of the annual outlook, considering the catalysis of the Spring Festival peak season in the fourth quarter, it is recommended to gradually improve the demand for gift boxes from chacha food, remain bullish on the rapid expansion of channels and categories of Yanker Shop Food and Jinzai Food Group in the medium to long term. 2) Soft drinks: The industry is entering the off-season, market competition is gradually slowing down, and terminal price adjustments are gearing up for a strong start to the following year. In the short term, various catalytic factors are weakening, and the market is more focused on marginal improvements of individual stocks, such as new product launches, market share recovery, and other catalytic factors. In the medium to long term, it is recommended to continue to focus on the strong players in traditional product categories and the dividend growth of new product categories. In terms of traditional product categories, leading companies are expected to leverage their economies of scale to continuously improve price competitiveness and strengthen market share. As for new product categories, there is still room for penetration rate improvement in sugar-free tea and electrolyte water, and companies with channel and brand advantages are expected to benefit.