商贸零售行业跟踪周报 2025 年双十一数据复盘：综合电商平台稳 健增长，即时零售表现亮眼 增持（维持） [Table_Tag] [周观点（注：文中 Table_Summary]"本周"指的 11 月 10 日至 11 月 16 日） 本周行情回顾 2025 年 11 月 18 日 证券分析师 吴劲草 证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025-11-04 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年双十一时间继续延长，全网 GMV 稳健增长。根据星图数据， 2025 年双十一全网电商销售总额约为 16,950 亿元，同 ...

顾客在泡泡玛特英国伦敦牛津街店内选购。 阮秋玄不仅能准确说出多部中国剧中人物的中文名字，还专门报名学习中文。"剧中人物的服饰、礼仪 都美得让人心醉。"她说，"更吸引我的是中国影视剧那些传承千年的价值观念——忠孝节义、家国情 怀。" 像阮秋玄这样的越南年轻人不在少数。河内师范大学的学生陈氏梅甚至组建了"中国古装剧迷"社团，不 时举办观影活动。"《甄嬛传》里精致的宫廷礼仪，《知否知否应是绿肥红瘦》中展现的宋代美学， 《庆余年》里巧妙的诗词运用，都让我们着迷。"她说。 在英国伦敦卡姆登区，一名小女孩刚走出中国潮玩门店，就迫不及待地拆开手中的"拉布布"盲盒，脸上 绽放出笑容。身旁的父亲轻声问："是不是很开心？"小女孩用力地点了点头。 如今，在伦敦的地铁、街头，记者时常能看到背包上挂着"拉布布"、哪吒等中国潮流玩具的行人，每有 中国潮玩新店开业也总能吸引大量粉丝排队等候。 新华社记者 李 颖摄 从中式新茶饮的美学浸润到中国潮玩的创意绽放，如今，越来越多中国品牌正通过创新设计承载文化内 核，以多元形态不断走进海外消费者日常生活，让世界更直接地触摸到中国文化的独特魅力。 午后时分，马来西亚吉隆坡市中心的中国新式茶饮品牌霸王 ...

证券之星消息，11月17日一般零售板块较上一交易日上涨0.63%，赫美集团领涨。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。一般零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002356 | 赫美集团 | 3.94 | 10.06% | 180.43万 | 6.78亿 | | 600327 | 大东方 | 6.14 | 10.04% | 74.48万 | 4.56 Z | | 600693 | 东自集团 | 11.70 | 6.36% | 221.47万 | 25.85 Z | | 000417 | 合百集团 | 7.48 | 6.25% | 1 70.18万 | 5.14亿 | | 600828 | 成 商业 | 4.48 | 2.99% | 31.25万 | 1.39亿 | | 600280 | 中央商场 | 3.56 | 2.01% | 30.60万 | 260"I | | 000882 | 未联股份 | 2 ...

1/4 好的商业模式 虽然巴菲特不常使用"商业模式"这个词，但他对企业"如何赚钱""为什么能持续赚钱"的看法，实际上就是对好的商业模式的判断。 巴菲特强调的好的商业模式主要是有两点：一是护城河，让企业的优势在竞争中被放大，另一个是可持续的自由现金流，比如不依赖新技术，不需要大规 模再投资，随着消费增长而自然扩大，高毛利、品牌忠诚度高，等等。 但A股上市公司目前的商业环境已不是巴菲特投资的全盛时期（1977~1997），中美商业环境的差异更大，很多当时看来固若金汤的护城河，在现在的中 国可能非常脆弱，主要原因在于： 1、竞争更加恶劣，对手常常不惜自己巨亏也要把你搞垮 2、市场环境变化更快，政府监管风险更大，对手不但是同行，还来自其他行业，来自监管部门 3、消费者和客户更缺乏忠诚度 在研究A股上市公司的商业模式时，要跳出巴菲特的经验，回到企业战略管理中第一性的问题，下面是我在商业模式研究中常常会问自己的三个问题： 问题一：企业的核心资源与关键业务是什么？ 问题二：公司如何取得、使用并保护这些核心资源？ 问题三：公司如何让这些生产活动更有效率？ 弄懂这三个问题，是理解一家公司商业模式的关键，本文先以现制茶饮行业两种 ...

Group 1: Chinese New Tea Beverage Industry - Chinese new tea beverage brands like Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, particularly in Malaysia, by combining cultural elements with their products to enhance their appeal [2][3] - The Malaysian market is witnessing a significant increase in the market share of Chinese tea brands, which are transitioning from passive followers to active participants in the global market, showcasing strong cultural attraction [2] - The incorporation of Chinese visual elements such as characters and traditional patterns into brand identity enhances brand recognition and consumer loyalty, reflecting cultural confidence and creativity of Chinese enterprises in overseas markets [3] Group 2: Chinese Television Dramas - Chinese historical dramas like "Journey to the West," "Empresses in the Palace," and "Nirvana in Fire" have gained immense popularity in Vietnam, with viewers discussing plots and characters passionately [4][5] - The cultural values portrayed in these dramas resonate deeply with Vietnamese audiences, fostering a better understanding of Chinese history and traditions [5] - The ongoing cultural exchanges between China and Vietnam are strengthening the ties between the two nations, enhancing mutual understanding and friendship [5] Group 3: Chinese Trendy Toy Industry - Chinese trendy toy brands such as Pop Mart are rapidly expanding in the UK, with plans to open additional stores, reflecting a growing market presence [6] - The sales of blind boxes from Chinese brand Miniso are increasing significantly, with a reported 63% growth in the past year in the UK [6] - Trendy toys are increasingly incorporating Chinese cultural elements, with brands like 52TOYS achieving success in Thailand by creating culturally inspired products that resonate with local consumers [6][7] - The success of these brands highlights the potential of Chinese creative products in the global market, showcasing the ability to connect emotionally with consumers [7]

Core Viewpoint - The article discusses the phenomenon of young entrepreneurs in China who, despite facing significant financial risks, are determined to start their own businesses, often leading to failure and debt. It highlights the common pitfalls and the influence of fast-track recruitment companies that exploit these aspiring entrepreneurs [5][101]. Group 1: Entrepreneurial Trends - A new wave of entrepreneurs is emerging, willing to incur substantial debt to open businesses, particularly in the food and beverage sector, such as tea and burger shops [5][11]. - Many entrepreneurs are drawn to the idea of starting their own businesses without conducting proper market research, leading to poor decision-making and financial losses [16][17]. - The article illustrates various entrepreneurial archetypes, including those who rely on loans and leverage to start their businesses, often resulting in significant debt [16][34]. Group 2: Common Pitfalls - Entrepreneurs frequently fall victim to fast-track recruitment companies that promise easy success but often lead to financial ruin [101][105]. - Many aspiring business owners lack basic business acumen, such as understanding market demand and competition, which contributes to their failures [17][94]. - The article provides examples of individuals who invested heavily in franchises without proper due diligence, leading to rapid financial losses [20][24][88]. Group 3: Case Studies - A case study highlights a woman who lost 900,000 yuan in just six days after opening a poorly chosen franchise, illustrating the risks of blind entrepreneurship [20][24]. - Another example features a man who invested 100,000 yuan in a lavishly designed tea shop but faced daily losses due to poor location and competition from established brands [34][36]. - The article also discusses a woman who opened a juice shop next to a popular brand, believing her product would attract customers despite the overwhelming competition [70][79]. Group 4: Market Dynamics - The article emphasizes the saturation of the food and beverage market, particularly in the tea and coffee segments, where established brands dominate and new entrants struggle to survive [111][105]. - It notes that many entrepreneurs are misled by the allure of trendy brands and fail to recognize the realities of market competition [89][120]. - The influence of social media and fast-track recruitment companies exacerbates the issue, as they promote unrealistic success stories that entice individuals to invest without proper understanding [120][121].

红旗连锁公告称，2023年12月20日，商投投资分别与曹世如、曹曾俊及永辉超市签署股份转让协议，受 让2.30亿股，占总股本16.91%；曹世如、曹曾俊还放弃2.82亿股（占20.72%）表决权。2024年11月11 日，标的股份过户完成，公司控股股东变为商投投资，实控人变为四川省国资委。持续督导期内，收购 人及公司依法运作，收购人履行承诺和后续计划，公司未为收购人及其关联方提供担保或借款。2025年 9月24日，公司聘任谭柳为董事会秘书。持续督导于2025年11月11日结束。 ...

华西证券股份有限公司 关于 成都红旗连锁股份有限公司 详式权益变动报告书 之 2025 年第三季度持续督导意见 暨 声 明 2023 年 12 月 20 日，商投投资与曹世如女士及其一致行动人曹曾俊先生签 署了《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红旗连锁股份有限 公司之股份转让协议》《表决权放弃协议》《业绩承诺协议》。曹世如女士、曹 曾俊先生拟通过协议转让的方式将持有的合计 93,925,000 股红旗连锁股份（其中 曹世如女士转让 81,855,000 股，曹曾俊先生转让 12,070,000 股）及其所对应的股 东权利、权益转让给商投投资，合计转让股份占公司总股本的 6.91%，在上述股 份转让完成后，曹世如、曹曾俊承诺在弃权期限内放弃其合计所持红旗连锁剩余 的 281,775,000 股股份（占公司总股本的 20.72%）的表决权；同日，永辉超市与 商投投资签署了《四川商投投资有限责任公司与永辉超市股份有限公司关于成都 红旗连锁股份有限公司之股份转让协议》，永辉超市拟通过协议转让的方式将持 有的 136,000,000 股红旗连锁股份及其所对应的股东权利、权益转让给商投投资， 占公司总股本 ...

Core Insights - The recent establishment of a joint venture "Burger King China" between CPE Yuanfeng and RBI Group marks a significant shift in the ownership structure of Burger King's operations in China, with CPE Yuanfeng acquiring approximately 83% control [1][2] - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support expansion, marketing, menu innovation, and operational improvements [1] - The joint venture aims to increase the number of Burger King outlets in China from around 1,250 to over 4,000 by 2035, representing more than a twofold increase [3] Company Background - Burger King entered the Chinese market in 2005 and has undergone several ownership changes, with RBI acquiring full control in 2025 before this latest transaction [2] - CPE Yuanfeng has extensive investment experience in the consumer services sector, with a total investment of approximately 10 billion RMB in various well-known brands [2] Market Context - The expansion plan for Burger King China comes amid challenges, as the brand currently lags behind competitors like KFC and McDonald's, which have over 12,000 and nearly 8,000 outlets in China, respectively [3][4] - The trend of foreign restaurant brands in China shifting to local capital partnerships is evident, as seen with Starbucks recently selling 60% of its Chinese operations to a local investor [3]

（文章来源：证券日报） 证券日报网讯红旗连锁11月10日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东总 数64083户。 ...