本周观点 寻找超预期标的和反转标的： 投资逻辑 寻找超预期标的和反转标的。1）港股互联网和中概等海外中国资产短期难再大涨，大量资产静态估值在面对国 际环境、三季报等事件的情况下显得脆弱，阿里等巨头短期兑现情绪不可避免，科技巨头的机会还是科技叙事的 进展，回调再出发更健康。腾讯、PDD 等基本面相对扎实的头部互联网企业我们认为持续配置的价值高，二梯队 的互联网赛道我们还是建议关注互联网医疗。2）加密货币虚拟资产短期压力较大，短期无增量叙事，零售的情 绪交易主导了近期的回调。3）寻找超预期标的和反转标的，市场一直担心跨境互联网券商是否会有进一步的政 策，短期加剧了相关标的的波动，但是根据跟踪研究来看，我们对政策的落地相对乐观，建议近期积极寻找加仓 的时机。互金助贷十一新规刚落地，政策的短期冲击不可避免，但是我们认为该赛道的刚需程度高，建议持续关 注回调后的极端估值和后续基本面困境反转。另外户外运动穿戴、咖啡龙头、海外电商平台或部分消费品标的我 们预期三季报超预期的概率较高，建议积极参与。 教育：景气略有承压。K12 教培行业由于中小机构供给增加，竞争边际加剧，龙头阿尔法能力逐渐趋稳。本周国 考公告发布，计划招录 ...

Equity companies Carlyle and Boyu Capital have emerged as frontrunners to buy a majority interest in Starbucks’ operations in mainland China, as reported by the Financial Times (FT). The full China business is expected to be valued at $4bn, not including royalties, which are still being negotiated. Five companies submitted binding proposal in early October 2025. Starbucks has confirmed to the FT that it is reviewing offers from five bidders, and a final decision from the company’s management is anticipa ...

When Brian Niccol took the reins at Starbucks Corp. (NASDAQ:SBUX) last September, he inherited several problems. Competition was growing, and consumers ditched pricey lattes for cheaper beverages.By then, shares in the world’s largest coffee chain had lost a quarter of their value since his predecessor, Laxman Narasimhan, took the helm. Niccol has since sought to rebuild the business through the “Back to Starbucks” initiative, which includes a series of major policy changes intended to improve the customer ...

夏季进入尾声，咖啡行业上新势头不减。 据茶咖观察统计，今年8月，全国门店数量TOP10的咖啡品牌共推出了46款新品，平均每日上新1.5款产品。 | 品牌名称 | 新品名称 | 上新时间 | 类别 | 茶基底 | 主要原料 | | --- | --- | --- | --- | --- | --- | | 瑞幸 | 鲜萃轻轻轻化 | 8月4日 | 轻乳突 | 乌龙奈、桂化 | 1 | | 瑞幸 | 金桂花香拿铁 | 8月4日 | 如如 | 花朵 | 1 | | 瑞辛 | 桂花雪梨大福 | 8月4日 | 果咖 | 花茶 | 雪梨 | | 瑞辛 | 珺溪蜜柚拿铁 | 8月11日 | 1 | | 柚子 | | 瑞幸 | 芦荟美式 | 8月11日 | 票咖 | 1 | 芦茶 | | 瑞幸 | 芦荟水茶 | 8月11日 | 冰茶 | 花茶、绿茶 | 보호 | | 瑞幸 | 大果粒桃桃柠檬杀 | 8月18日 | 景茶 | 柠檬茶、绿茶 | 水蜜桃、柠檬 | | 瑞幸 | 桃桃水茶 | 8月18日 | 冰茶 | 未利化突 | 水蜜桃 | | 瑞幸 | 多肉桃桃咖 | 8月18日 | 果咖 | 1 | 水蜜桃 | | 瑞幸 | ...

Investment Dynamics - Yonghui Supermarket has established a new trading company in Beijing with a registered capital of 10 million yuan, focusing on food internet sales, telecommunications, and internet information services, which could create additional revenue streams for the company in the long term [3] - Third Space, a luxury gym in London, secured a £75 million bank loan from OakNorth, following a previous loan of £38.5 million in June 2023, indicating investor confidence in the gym's growth potential amid increasing consumer health demands [5] - Guizhou Southern Dairy announced the suspension of its listing application on the Beijing Stock Exchange due to the need for supplementary audit matters, with projected 2024 revenue of 1.817 billion yuan and net profit of 209 million yuan, ranking 20th among 36 listed dairy companies [7] - Eight Horse Tea has passed the listing hearing at the Hong Kong Stock Exchange, aiming for a main board listing with projected revenues of 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan from 2022 to 2024, showing growth rates of 16.8% and 1.0% for 2023 and 2024 respectively [10][11] - Haidilao has opened a budget conveyor sushi restaurant in Hangzhou, indicating its strategy to diversify into the sushi market, leveraging its supply chain to create a differentiated product offering [13] Brand Dynamics - Luckin Coffee has launched a venue leasing cooperation across 39 cities, focusing on school locations, which is expected to enhance brand coverage in a rapidly growing coffee market [19] - LOEWE and Swiss sports brand On have collaborated to launch a limited edition Cloudsolo sneaker, which is anticipated to generate high-margin revenue for LOEWE while attracting high-net-worth customers for On [16] Personnel Dynamics - Cargill appointed Andrew MacPherson as the new CEO of Teys, coinciding with Cargill's acquisition of Teys, which is expected to enhance operational capabilities and market reach [22][23] - China Resources Beer announced a management reshuffle, appointing Jin Hanquan as executive director and president, which aims to strengthen leadership amid increasing competition in the premium beer segment [26] - The global luxury fashion group, Richemont, announced the resignation of its CEO and CFO, Chen Jiyu, who will leave on October 27, 2025, raising questions about the future leadership and performance of the group [28]

Financing Dynamics - JingShi Technology completed several tens of millions in Series A financing, led by Ivy Capital, focusing on technology R&D and accelerating the mass production of consumer and industrial robots [3] - Future Intelligence announced the completion of a billion-level Series A financing led by Ant Group, marking its third round of financing this year, with funds aimed at expanding AI hardware products, promoting its overseas brand, and investing in frontier technologies [5] - Pernod Ricard invested approximately 100 million CAD (about 51 million RMB) in its Hiram Walker distillery in Ontario, Canada, with an additional 15 million CAD expected this year to enhance production capacity [8] - Suntory Holdings completed a strategic investment in startup Mokaburu, which innovatively combines coffee beans and cocoa butter to create a new coffee experience [10] Brand Dynamics - BIRKENSTOCK launched the CARE ESSENTIALS care series, adhering to high German quality standards and using natural materials to enhance foot comfort [13] - Luckin Coffee collaborated with Honor of Kings to launch a new product, "Pain Mask Sour Horn Americano," featuring Yunnan sour horn juice and 100% Arabica coffee beans [16] - Lay's initiated its largest brand overhaul in nearly a century, redesigning packaging to emphasize the journey of potatoes from farm to bag and removing artificial flavors and colors in the U.S. market [22] Personnel Dynamics - Wahaha Group appointed Xu Simin as General Manager, following the resignation of Zong Fuli, with expectations for stability in operations [25] - Vanke Enterprises announced the resignation of Chairman Xin Jie, with Huang Liping elected as the new chairman, indicating no substantial impact on short-term operations [28]

以下文章来源于Tech星球 ，作者翟元元 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 价格战加速咖啡行业洗牌。 文 ｜ 翟元元 来源｜ Tech星球（ID：tech618） 封面来源 ｜ unsplash 2025年，第二次咖啡价格战由新茶饮公司主动发起。消费者对咖啡的"合理价格"预期再次被颠覆，咖啡价格锚定直接下探至4元+。 9月，新茶饮品牌古茗开启了为期45天的"万店狂欢，首杯咖啡4.9元起"活动，将单杯美式咖啡价格定在了4.9元，相比于9.9元单价近乎砍半，比瑞幸、库 迪更像"价格屠夫"。除了美式4.9元，其余产品也极具价格优势，6.9元、9.9元。 咖啡价格战还未停止。 两年前，瑞幸、库迪等咖啡品牌将咖啡价格打到了9.9元，如今，古茗、茶百道等新茶饮品牌则将咖啡价格战打到了4元+时代。 咖啡行业竞争已经不是企业与企业之间的单个较量，或一时的引流手段，整个行业都被裹挟其中。包括瑞幸、库迪、古茗、茶百道、星巴克、皮爷咖啡、 肯德基肯悦咖啡在内的茶饮品牌都在降价促销。星巴克甚至首次启动进入中国市场26年以来的价格体系：对星冰乐、冰摇茶、茶拿铁等数十款产品集体降 价，大杯平均降幅在5元左右， ...

China Restaurants: FMD expert call takeaways: Divergent sales performance amid subsidy normalization; price competition still intense As part of the post-National Day holiday expert channel-check calls, we hosted an expert session on China's freshly made drink (FMD) market, with a franchisee who runs multiple Luckin (mainly in low tier city), Cotti (mainly in high tier city) and Chagee stores (mainly in low tier city) in Guangdong province. Key takeaways: 1) The platform subsidy has seen sequential normaliz ...

这是新消费智库第 2 6 9 3 期文章 新消费导读 1. 「瑞幸咖啡」 x 《猫和老鼠》打造奶皮子拿铁 2. 喜茶上新酱香白脱碎银子 3. 洽洽联名 奶龙推出成长坚果 4. 「盐津铺子」 x 「农心」联名打造辣白菜薯片 5. 「东鹏特饮」 x 「炫迈」打造联名口香糖 6. 让茶 芭乐油柑茉莉茶新品上市 7. 「元气森林」上新 1.8L 冰茶 8. 孙颖莎成为 OPPO 全球合作伙伴 9. 郑钦文成为霸王茶姬首位全球品牌代言人 10. 爷爷不泡茶推出下午茶系列新品 11. 蜜雪冰城收购 福鹿家啤酒 12. 周大生收购德国高端音响品牌 MBL 13. 旺旺上新旺仔蔬果牛乳 ...... 一周新品 1. 「瑞幸咖啡」 x 《猫和老鼠》打造奶皮子拿铁 图片来源：AI生成 近日 ，瑞幸咖啡 × 《猫和老鼠》联名推出「奶皮子拿铁」新品。据官方介绍，该产品灵感源自内蒙古传统奶食，选用锡林郭勒黄金奶源制成 的奶皮子风味奶底，搭配鲜萃咖啡液。奶香浓郁醇厚，奶布丁口感 Q 弹。 （ iBrandi 品创 ） 2. 喜茶上新酱香白脱碎银子 喜茶推出酱香白脱碎银子新品，宣称选用云南甜酱油与白脱（黄油）特调出酱香风味云顶，搭配碎银子 ...

以下文章来源于Tech星球 ，作者翟元元 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 2025年，第二次咖啡价格战由新茶饮公司主动发起。 消费者对咖啡的"合理价格"预期再次被颠覆 ，咖啡价格锚定直接下探至4元+。 9月，新茶饮品牌古茗开启了为期45天的"万店狂欢，首杯咖啡4.9元起"活动，将单杯美式咖啡价格定在了4.9元，相比于9.9元单价近乎砍半，比瑞 幸、库迪更 像"价格 屠夫 " 。除了美式4.9元，其余产品也极具价格优势，6.9元、9.9元。 来源|Tech星球 作者|翟元元 咖啡价格还未停止。 两年前，瑞幸、库迪等咖啡品牌将咖啡价格打到了9.9元，如今，古茗、茶百道等新茶饮品牌则将咖啡价格战打到了4元+时代。 咖啡行业竞争已经不是企业与企业之间的单个较量，或一时的引流手段，整个行业都被裹挟其中。包括瑞幸、库迪、古茗、茶百道、星巴克、皮爷咖 啡、肯德基肯悦咖啡在内的茶饮品牌都在降价促销。 星巴克甚至首次启动进入中国 市场 26年以来的价格体系：对星冰乐、冰摇茶、茶拿铁等数十款 产品集体降价，大杯平均降幅在5元左右，最低价降至23元。 低价咖啡成为常态，外卖 " 三国杀 " ，又将价格 ...