现制饮品行业跟踪报告：千问加码外卖补贴，行业价格战趋缓

Investment Rating - The report assigns an "Accumulate" rating for the beverage industry [3][4]. Core Insights - Continuous delivery subsidies in the ready-to-drink beverage sector are expected to maintain high activity levels during the Spring Festival, while the price war in the industry is easing, leading to an improved competitive landscape [2][3]. - The launch of a 3 billion yuan subsidy project by Qianwen is expected to benefit sales in the ready-to-drink beverage sector, with significant order volumes reported shortly after the campaign began [3]. - The competitive dynamics in the beverage market are improving, as evidenced by price increases from brands like Kudi Coffee and a reduction in the number of new stores in the ready-to-drink tea segment [3]. Summary by Sections Investment Recommendations - The report recommends specific companies for investment: Gu Ming, Mixue Group, Luckin Coffee, Cha Bai Dao, and Hu Shang Ayi [3]. Market Activity - Qianwen's subsidy project includes a 30 billion yuan red envelope initiative, with users able to receive a 25 yuan no-threshold coupon for various beverage purchases [3]. - The campaign saw over 1 million orders within the first 3 hours and exceeded 10 million orders in just 9 hours [3]. Competitive Landscape - Kudi Coffee has raised prices on core products by 30%-60% and adjusted promotional activities, indicating a shift towards a more stable pricing strategy [3]. - The number of ready-to-drink tea stores has decreased by 35,000 over the past year, with a total of 399,000 stores as of January 12, 2026, suggesting a consolidation in the market [3].