中信证券：具备产品创新、线下引流能力的现制饮品头部品牌有望穿越周期

Core Viewpoint - The beverage industry continues to benefit from subsidies provided by third-party delivery platforms, leading to rapid growth in the number of tea and coffee stores nationwide [1] Industry Summary - In July, the ready-to-drink beverage sector experienced significant growth due to external support from delivery platforms [1] - The total number of tea and coffee stores across the country is increasing at a fast pace [1] - Concerns among investors regarding the industry's performance next year due to high base effects are noted [1] Company Summary - Leading brands with product innovation and strong offline customer attraction capabilities are expected to navigate through market cycles successfully [1] - There is a focus on brands that may experience growth in overseas markets [1]