Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Core Viewpoint - The decline in shares of Mixue Group is primarily attributed to UBS downgrading the company's rating from "Buy" to "Neutral" and lowering the target price from HKD 490 to HKD 468 [3][7]. Company Performance - As of January 28, Mixue Group's shares fell over 10%, reaching a low of HKD 396 during trading [1]. - The company faces risks of declining gross margins due to rising raw material costs, particularly for key ingredients like lemons, a reduction in delivery subsidies, and intensified industry competition [4][9]. Market Outlook - Despite the downgrade by UBS, domestic institutions remain optimistic about Mixue Group's growth prospects. West Securities noted that the company is accelerating its overseas expansion, with store performance exceeding expectations [4][10]. - Mixue Group plans to open three new stores in the U.S. by December 2025, targeting major cities like Los Angeles and New York. The menu will include high-sweetness options and plant-based milk to cater to local tastes [4][10]. International Expansion - The company is set to open an exclusive overseas franchise channel in November 2025, targeting 16 countries and regions, with Southeast Asia identified as a key area for expansion [5][10]. - In Vietnam, the total cost for a franchise store is approximately 10 billion VND, equivalent to 265,000 RMB, leveraging local supply chains and standardized support systems [5][10]. - Mixue Group has signed a procurement order for 4 billion coffee beans with Brazil, with plans to establish a supply chain factory, aiming to open its first store in São Paulo by March 2026 [5][10]. Financial Projections - West Securities has raised its profit forecasts for Mixue Group, expecting net profits attributable to shareholders to reach 6.1 billion, 7 billion, and 8.1 billion RMB for the years 2025 to 2027, respectively [5][10]. - The current stock price corresponds to a price-to-earnings ratio of 25, 22, and 19 times for the years 2025 to 2027, with a "Buy" rating assigned [5][10].

Core Viewpoint - Mixue Ice City has achieved a significant victory in its intellectual property rights enforcement action in Hong Kong, with the High Court ruling against six companies for trademark infringement [2][4]. Group 1: Legal Proceedings - The Hong Kong High Court ruled on December 19, 2025, that six companies were found to have committed trademark infringement against Mixue Group [2]. - The court ordered the defendants to cease using names that include "Mixue Ice City" and to bear the legal costs of the case [2][4]. - The six infringing companies are registered in Hong Kong and exhibit characteristics typical of "shadow companies," including similar names and shared addresses with their company secretaries [3]. Group 2: Trademark and Brand Recognition - Mixue Group has been operating under the "Mixue Ice City" brand since 1999 and registered the trademark in mainland China in 2009 [2][3]. - The company has established a high level of consumer recognition for its brand, which includes various designs and combinations of the "Mixue" trademark [3]. - The defendants' use of similar names was intended to mislead the public into believing there was a connection with Mixue Group, constituting trademark infringement [3][4]. Group 3: Court Findings - The presiding judge confirmed that Mixue Group has demonstrated significant goodwill and reputation associated with the "Mixue Ice City" and "Mixue" trademarks [4]. - The court found that the defendants' actions could lead the public to mistakenly associate their businesses with Mixue Group, resulting in potential losses for the plaintiff [4].

Core Viewpoint - The "Mixue" brand, operated by Mixue Group, has achieved a significant legal victory in Hong Kong against six companies that were found to infringe on its intellectual property rights by using similar names [1][4]. Group 1: Legal Proceedings - The Hong Kong High Court ruled on December 19, 2025, that the six defendant companies were guilty of trademark infringement [1]. - The court ordered the defendants to cease using names that include "Mixue" and to bear the legal costs associated with the case [1][4]. - The defendants, all private limited companies registered in Hong Kong, exhibited characteristics typical of "shadow companies," such as having similar names to Mixue Group and sharing the same registered addresses as their company secretaries [4]. Group 2: Brand Background - Mixue Group has been operating under the "Mixue" brand since 1999, focusing on the production and sale of fresh juice, tea drinks, and ice cream [3]. - The company first applied for trademark registration of "Mixue" in mainland China on March 31, 2009, and received approval on October 7, 2010 [3]. - Mixue Group has registered various forms of the "Mixue" trademark in mainland China, Hong Kong, and other jurisdictions, establishing a high level of consumer recognition [3]. Group 3: Infringement Claims - Mixue Group claimed that the six defendant companies aimed to mislead the public into believing they were associated with Mixue Group, constituting trademark infringement [3][4]. - The High Court found that the defendants did not respond to court summons or attend the hearings, leading to a presumption of acknowledgment of Mixue Group's claims [4]. - The court confirmed that Mixue Group has established goodwill and reputation associated with the "Mixue" brand, and the defendants' actions could lead to public confusion regarding the origin of their products [4].

Group 1 - The core viewpoint of the report is that Mixue Group (02097) is a leading player in the domestic fresh beverage market, benefiting from a high-quality, affordable positioning and a first-mover advantage in the supply chain, which creates barriers through economies of scale [1] - The company is projected to achieve revenues of 33.7 billion, 38.1 billion, and 42.4 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 13%, and 11% [1] - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 5.934 billion, 6.779 billion, and 7.535 billion RMB, with growth rates of 34%, 14%, and 11% [1] Group 2 - The domestic fresh beverage market has significant growth potential, with the market size increasing from 187.8 billion RMB in 2018 to 517.5 billion RMB in 2023, reflecting a compound annual growth rate of 22.5% [2] - Mixue Ice City holds a dominant market share in the affordable tea beverage segment, and the overall penetration of fresh beverages in the beverage market is expected to increase [2] - The company has substantial domestic and international expansion opportunities, with potential store openings of 60,000 to 70,000 for Mixue Ice City and over 40,000 for international markets, particularly in Southeast Asia [3]

智通财经APP获悉，国泰海通证券发布研报称，首次覆盖，给予蜜雪集团(02097)"增持"评级。蜜雪集团 是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。预测公司2025-2027年收入分 别为337/381/424亿元(人民币，下同)，增速分别为36%/13%/11%。预测公司2025-2027年归母净利润分 别为59.34/67.79/75.35亿元，增速分别为34%/14%/11%。综合PE和DCF估值，给予公司目标价549.47港 元。 国泰海通证券主要观点如下： 国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒 蜜雪集团是国内平价现制饮品龙头，旗下有现制茶饮品牌"蜜雪冰城"、现磨咖啡品牌"幸运咖"和现打鲜 啤品牌"福鹿家"。蜜雪集团核心竞争优势包括：①卡位平价赛道，原料工业化、标准化程度高，源头直 采、核心饮品食材100%自产，拥有行业内最大的自主运营的仓储体系和专属配送网络，规模化带来成 本优势;②建立高密度广覆盖的门店网络，提高消费者触达，规模优势领先;③加盟商筛选和管理严格， 门店经营质量高;④打造和运营"雪王"超级IP、参与公益事业，提高品牌价值，成就国民品牌。 ...

该行认为美国市场的成功开拓利于蜜雪巩固国际认知，同时有效推动其他国家拓展，2025年11月中旬蜜 雪开放海外加盟专属通道，开放海外16个国家与地区招商业务;其中：1)东南亚地区为蜜雪核心加密开 店区域，以越南为例，冷饮刚需性强且品牌连锁化率提升空间大，蜜雪加盟门店总费用约10亿越南盾即 26.5万元人民币，凭借本地供应链仓配与标准化加盟支持体系，叠加统一品牌输出，具备稳定品质与高 效管理优势。2)日韩、澳洲、南美等均为潜在市场，2025年5月蜜雪与巴西签署40亿咖啡豆等采购订 单，且预计启动供应链工厂建设;首店将于2026年3月开在圣保罗购物中心。 西部证券（002673）发布研报称，上调蜜雪集团(02097)至"买入"评级。主品牌海外市场开拓预计超预 期。幸运咖加速开店释放规模优势。该行看好公司极致性价比背后的供应链与门店运营能力，且品牌效 应持续释放，上调公司盈利预测，预计25-27年归母净利润分别为61/70/81亿元，目前股价对应公司PE 为25/22/19X。 西部证券主要观点如下： 蜜雪海外加速开拓，门店表现超预期 2025年12月蜜雪冰城在美国连开3家门店，进入洛杉矶和纽约两座核心城市。菜单设置 ...

Core Viewpoint - Western Securities upgraded the rating of Mixue Group (02097) to "Buy," anticipating that the company's overseas market expansion will exceed expectations and that Lucky Coffee's rapid store openings will leverage scale advantages [1] Group 1: Overseas Market Expansion - Mixue is accelerating its overseas expansion, with store performance exceeding expectations. In December 2025, Mixue opened three stores in the U.S., entering key cities like Los Angeles and New York [1] - The U.S. stores feature additional high-sweetness options and plant-based milk, catering to local dietary preferences and enhancing repurchase rates. Prices for main products are controlled between $1.99 and $3.99, with a maximum of $5 [1] - Increased marketing efforts are being made to strengthen brand recognition, including advertising in core business districts and enhanced social media exposure [1] Group 2: International Recognition and Franchise Opportunities - Successful expansion in the U.S. market will help Mixue solidify its international recognition and facilitate expansion into other countries. In mid-November 2025, Mixue will open a dedicated overseas franchise channel for 16 countries and regions [2] - Southeast Asia is identified as a key area for store openings, with Vietnam showing strong demand for cold beverages and significant potential for brand chain development. The total cost for a franchise store in Vietnam is approximately 10 billion VND, equivalent to 265,000 RMB [2] - Other potential markets include Japan, South Korea, Australia, and South America. In May 2025, Mixue signed a procurement order for 4 billion coffee beans with Brazil, with plans to start building a supply chain factory [2] Group 3: Lucky Coffee's Growth - Lucky Coffee has surpassed 10,000 stores as of December 2025 and has announced flagship store franchise standards, targeting core business districts in first-tier or provincial capital cities [3] - The flagship stores will offer a variety of products, including regular and specialty drinks, ice cream, desserts, and brand-related items, with store sizes exceeding 100 square meters to create a large store image [3] - The second growth curve for Lucky Coffee continues to gain momentum [3]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].