Vi e w p o i n t | 11 Jan 2026 23:00:04 ET │ 79 pages China Consumer 2026 Outlook: Stock Picking with Five Investment Themes CITI'S TAKE We expect investors to rebalance portfolio profiles of "value" vs "growth" within the China consumer sector in 2026E. With our low expectation of an immediate consumption boost from government policies amid a likely less inflationary environment in 2026E, our stock picking is centered on companies' sustainable level of profit growth (which is gauged by our five investment ...

Core Insights - The cultural tourism market is shifting from "sightseeing" to "cultural experiences," with cities like Dunhuang, Luoyang, and Quanzhou seeing a surge in visitor numbers and spending [1][5] - At the same time, Atour Group has opened its first hotel in Dunhuang, strategically located near popular local attractions, enhancing the accommodation market in the area [1][3] Group 1 - Dunhuang received 20.131 million visitors from January to August this year, a year-on-year increase of 15.87%, with tourism spending reaching 18.622 billion yuan, up 30.27% [1] - Atour's hotel in Dunhuang emphasizes the integration of cultural scenes and local life, providing guests with a unique experience that combines local culture with accessibility to major attractions [3][5] - The hotel features a wellness-focused breakfast system and amenities designed for deep rest, catering to modern travelers' demands for quality and refined living [3] Group 2 - Atour's expansion in Dunhuang is part of a broader strategy to establish a presence in core business districts and cultural tourism destinations, with recent openings in Fuzhou, Quanzhou, and Lushan [5] - This strategic approach allows Atour to maintain a steady growth pace while adapting to changing consumer trends in the cultural tourism market [5] - The focus on destination hotels is becoming a new competitive focal point for mid-to-high-end brands, with Atour's strategy showcasing a growth logic that balances quality standards with market demands [5]

Core Insights - Starbucks China has announced a partnership with Atour Group to launch a joint membership program, enhancing the benefits of the Star Enjoy Club [1][3] - The joint membership allows members to enjoy up to 360 days of Atour Gold membership benefits, including room upgrades, complimentary breakfasts, and late check-outs [1][6] - The collaboration aims to create a seamless "coffee + travel" experience for the 160 million Starbucks members in China [3][9] Membership Benefits - Members can easily bind their accounts through apps or WeChat mini-programs to access exclusive benefits such as room upgrades and complimentary breakfasts [4] - Starbucks Gold and Diamond members can enjoy up to 12 Atour Gold membership experiences, equivalent to 360 days of core benefits, including 36 breakfast vouchers and 36 late check-out vouchers [6] - Atour members can earn double stars when making purchases at Starbucks during their stay at Atour hotels [6][8] Future Plans - Starbucks plans to continue expanding its membership services and partnerships in the "coffee + travel" sector, aiming to enhance the overall member experience [9] - The company has established a four-tier membership system, allowing members to accumulate "gift stars" through daily purchases and activities, which can be redeemed for various rewards [9] - Starbucks has introduced a special day for members, "Star Day," to encourage engagement and reward accumulation [9] Company Background - Since entering China in 1999, Starbucks has been actively involved in the development of the premium coffee industry [10] - As of September 2023, Starbucks operates over 8,000 stores in China, covering more than 1,000 county-level markets [10] - Atour Group, established in 2013, has over 1,948 hotels and more than 108 million registered members as of September 2025 [11]

面对国内咖啡市场的价格战与扩张潮，星巴克还是想走出一条差异化增长之路。 1月6日，星巴克中国宣布与亚朵集团达成联合会员合作，简而言之，两个品牌打通会员体系，互相符合条件的会员在对方门店和酒店消费时，可享受免费 升房、免费早餐、延迟退房、双倍积分等福利。 来源：源Sight 作者 | 王言 克中国咨询中心公众号 来源：星巴 而星巴克不断扩大"朋友圈"的背景是，近几年来，中国咖啡市场整体压力变大，价格战和扩张潮仍在持续。 尽管星巴克已于去年6月官宣降价，但可能是出于对品牌调性、盈利能力等多重因素的考量，其降价无论是幅度还是覆盖品类，都只能算作浅尝辄止。在 此情况下，把目光投向有着更高消费粘性和品牌认知度的会员，就成为其尝试曲线增长的策略之一。 在亚朵之外，从2024年至今，星巴克还相继与希尔顿、中国东方航空达成类似合作，其表示进一步将"星式生活"拓展至高频住宿、出行场景。而如果梳理 星巴克的朋友圈就能发现，其合作品牌的用户无论是在消费，还是场景需求上，都有着一定程度的重叠。 也就是说，传统咖啡行业扩张、产品升级等策略之外，进一步挖掘会员池的价值，为其提供增值服务，成为星巴克在避开价格战的同时找到增长点的策略 之一 ...

Group 1: Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones Industrial Average reaching a new historical high, approaching the 50,000 mark, closing at 49,462.08 points, up 0.99% [3] - The Philadelphia Semiconductor Index increased by 2.75%, setting a new historical high, with notable gains in chip stocks such as Microchip Technology up over 11%, Micron Technology up over 10%, and NXP Semiconductors up over 9% [5][6] Group 2: Federal Reserve Insights - Federal Reserve Governor Milan stated that the Fed should lower interest rates by more than 100 basis points this year, as economic data trends may support further rate cuts [5] - Milan noted that core inflation has returned to around the Fed's 2% target, and he expects strong economic growth in the U.S. this year [5] Group 3: Commodity Prices - Silver prices surged again, with COMEX silver futures breaking the $80 per ounce mark, reflecting a rise of approximately 6% [8] - Gold prices also saw a slight increase, with COMEX gold futures surpassing $4,500 per ounce, up over 1% [8]

丨 2025年1月7日 星期三 丨 NO.3星巴克中国与亚朵集团推出联合会员计划 星巴克中国官微1月6日发布消息，星巴克中国宣布与亚朵集团达成合作，推出联合会员计划。此次星巴 克与亚朵推出的联合会员权益将覆盖双方全等级会员。截至2025年11月，星巴克中国会员规模已突破 1.6亿，其中90天活跃会员达2500万。 点评：星巴克中国与亚朵集团达成联合会员合作，实现了咖啡生态与酒店场景的深度融合。此举有望通 过流量互通，提升双方用户粘性与复购率，重塑市场对商业模式创新的预期。这一跨界联动将为新零售 及服务板块带来积极示范效应。 NO.4"春娟""红玫瑰"母公司估值2.1亿元 据证券时报，1月6日，攀钢集团成都钢铁所持成都蓝风(集团)股份有限公司（简称"蓝风集团"）10万股 股份（占总股本的0.1333%）正在挂牌转让，底价为27.96万元，以此估算，公司的整体估值约为2.1亿 元。官网称，蓝风集团拥有化妆品、洗衣液、洗洁精和洗衣粉等近300个品种规格的生产许可证，知名 洗洁精品牌"红玫瑰"、化妆品"春娟"均在公司旗下。 NO.1"爷爷的农场"冲击港股IPO 1月5日，爷爷的农场国际控股有限公司向港交所递交上市申请 ...

本报记者 梁傲男 1月6日，星巴克中国宣布与亚朵集团达成合作，携手推出联合会员计划，标志着星享俱乐部的会员权益 再度加码。加入联合会员的金星、钻星会员，可体验一年至高360天亚朵金会员核心权益，享受"升级好 房、双人早餐、延迟退房"等实用出行福利。而加入联合会员的星享俱乐部会员，如在亚朵集团旗下指 定酒店入住期间为亚朵黑金、铂金或金会员，在星巴克指定渠道消费还可享受双倍积星。星星可用于兑 换星巴克提供的多种好礼，包括礼宾专车接送机、机场贵宾厅等品质服务，温暖每一次出行。 星 巴克/供图 星巴克金星会员在本次活动期间内至高可领取12次亚朵金会员先享权，相当于一年可体验360天的亚朵 金会员核心权益，至高可得36张双人早餐券与36张延迟退房券等实用福利。星巴克钻星会员更可将其中 的3次亚朵金会员先享权升级为亚朵铂金会员先享权，从而额外体验包括至高18张亚朵升房券在内的亚 朵铂金会员核心权益。星巴克银星与玉星会员也可定期领取亚朵无门槛立减券，享专属优惠，真正实 现"会员即权益"。 亚朵黑金会员绑定可得6颗星巴克好礼星星，铂金会员绑定可得3颗好礼星星，金、银、注册会员绑定亦 可享1颗好礼星星，轻松开启"星"体验。 此 ...

Core Insights - Starbucks China has announced a partnership with Atour Group to launch a joint membership program, enhancing the benefits of the Star Enjoy Club membership [1][4] - Members of the Star Enjoy Club can experience up to 360 days of Atour Gold Member core benefits, including perks like room upgrades, double breakfasts, and late check-outs [1][3] Membership Benefits - The membership system at Starbucks includes four tiers: Silver Star, Jade Star, Gold Star, and Diamond Star [3] - Gold Star members can receive up to 12 Atour Gold Member priority access rights, equivalent to 360 days of core benefits, and can earn up to 36 double breakfast vouchers and 36 late check-out vouchers [3] - Diamond Star members can upgrade three of their Atour Gold Member priority access rights to Atour Platinum Member rights, gaining additional benefits including up to 18 room upgrade vouchers [3] - Silver and Jade Star members can receive Atour discount vouchers and exclusive offers, enhancing the value of membership [3] Atour Member Benefits - Atour members can earn Starbucks rewards, with Black Gold members receiving 6 stars, Platinum members 3 stars, and Gold, Silver, and registered members 1 star upon binding their accounts [3] - During their stay at Atour hotels, members with Black Gold, Platinum, or Gold status can earn double stars when spending at designated Starbucks channels [3] - Atour has introduced a joint meal delivery robot featuring the joint membership theme, allowing guests to enjoy Starbucks coffee without leaving their rooms [3] Additional Perks - Starbucks offers additional benefits for members seeking quality travel experiences, including free in-flight Wi-Fi and complimentary medium-sized drinks [4] - Members can redeem stars for services such as concierge car transfers, airport lounges, and expedited security checks [4] Membership Growth - Starting in 2024, Starbucks plans to continue enhancing the Star Enjoy Club membership system, collaborating with Hilton Group and China Eastern Airlines for joint membership programs [4] - By November 2025, Starbucks China's membership base is expected to exceed 160 million, with 25 million active members within the last 90 days [4] - This partnership with Atour is part of Starbucks China's broader strategy to expand its membership offerings following the establishment of a joint venture with China’s Boyu Capital in November last year [4]

同时，此次星巴克与亚朵推出的联合会员权益将覆盖双方全等级会员。会员通过双方App或微信小程序等渠道绑定， 领取专属福利。自2024年起，星巴克陆续与希尔顿集团、中国东方航空联手推出联合会员计划。 据了解，星巴克于1999年进入中国内地，当前在中国拥有8000多家门店，覆盖超过1000个县级市场。亚朵集团成⽴于 2013年，截⾄2025年9⽉末，亚朵集团在营酒店数量达1948家，旗下拥有A.T.HOUSE、萨和酒店、亚朵S酒店、亚朵酒 店、亚朵X酒店、轻居酒店六个住宿品牌，以及零售品牌亚朵星球、萨和。 北京商报讯（记者 张天元）1月6日，星巴克中国宣布与亚朵集团达成合作，携手推出联合会员计划。据介绍，加入联 合会员的金星、钻星会员，可体验一年至高360天亚朵金会员核心权益，享受"升级好房、双人早餐、延迟退房"等出 行福利。加入联合会员的星享俱乐部会员，如在亚朵集团旗下指定酒店入住期间为亚朵黑金、铂金或金会员，在星巴 克指定渠道消费还可享受双倍积星。星星可用于兑换星巴克提供的多种好礼，包括礼宾专车接送机、机场贵宾厅等品 质服务。 ...

（文章来源：每日经济新闻） 每经AI快讯，据星巴克中国官微1月6日消息，星巴克中国宣布与亚朵集团达成合作，推出联合会员计 划。此次星巴克与亚朵推出的联合会员权益将覆盖双方全等级会员。截至2025年11月，星巴克中国会员 规模已突破1.6亿，其中90天活跃会员达2500万。 ...