12月16日，大市下挫，蜜雪集团(2097.HK)盘中逆势冲高近4%，现报415.4港元，盘中创下月内新高价， 总市值1579亿港元。 本文源自：格隆汇 消息上，近日蜜雪集团持续迎来利好消息。菜鸟与蜜雪冰城达成合作，涉AI及物流供应链科技；胡润 研究院与希尔斯联合发布《2025希尔斯·胡润全球餐饮企业价值TOP50》，蜜雪集团进入全球餐饮企业 价值榜前十；海通国际发表研报指，首次覆盖蜜雪集团，给予"优于大市"评级，考虑到公司在全球现制 饮品行业的领先地位，给予2026年25倍市盈率估值，对应目标价482港元。 ...

消息上，近日蜜雪集团持续迎来利好消息。菜鸟与蜜雪冰城达成合作，涉AI及物流供应链科技；胡润 研究院与希尔斯联合发布《2025希尔斯·胡润全球餐饮企业价值TOP50》，蜜雪集团进入全球餐饮企业 价值榜前十；海通国际发表研报指，首次覆盖蜜雪集团，给予"优于大市"评级，考虑到公司在全球现制 饮品行业的领先地位，给予2026年25倍市盈率估值，对应目标价482港元。 大市下挫，蜜雪集团(2097.HK)盘中逆势冲高近4%，现报415.4港元，盘中创下月内新高价，总市值1579 亿港元。 ...

完整早报音频，请点击标题下方小耳机收听 【 30 万级的玛莎拉蒂两天被一抢而空】 近日，上海一家大型玛莎拉蒂经销商管理人员许昕表示，" 30 多万的格 雷嘉卖得'飞'起来。"许昕表示，降价后，纯电版格雷嘉落地价不到 40 万元，总体折扣非常大。目前，在全国范围 内，格雷嘉不管是燃油版还是纯电版，低配车型已经全部售罄，现在燃油版还有部分中配和高配车型，裸车价高 4 万 ~8 万元。"没想到卖这么快，本来以为低配车要卖到今年底，高配版过年前卖完就不错了。"此次玛莎拉蒂大降 价实际上是在清库存。一位接近玛莎拉蒂的知情人士表示，受疫情影响，这批进口车晚了整整一年半才在中国市场 卖，与后面的新款车型上市时间重叠了。对于厂家而言，快速去库存是当前营销策略的当务之急，所以出现了罕见 的大降价。（第一财经） 【 OpenAI 调整薪酬政策，取消新员工股权归属等待期】 OpenAI 上周告知员工，该公司将终止一项薪酬政策，该 政策要求员工在公司工作至少六个月后，才能获得股权归属。据知情人士透露，这项由应用主管菲吉 . 西莫 (Fidji Simo) 宣布的对"归属悬崖期" (vesting cliff) 的调整，旨在鼓励新员工 ...

【深圳商报讯】（记者 苑伟斌）12月15日，《胡润全球餐饮企业价值TOP50》榜单正式发布，该榜单 按照企业市值或估值进行排名。这是胡润研究院第四次发布餐饮行业榜单，同时也是首次发布全球范围 的餐饮企业价值榜单。麦当劳成为全球餐饮行业最具价值企业，价值1.54万亿元人民币，也是价值最高 的连锁餐厅企业。中国11家企业上榜，其中2家位居前十，分别是价值1500亿元的蜜雪集团和价值1100 亿元的百胜中国。 根据榜单，麦当劳稳居全球第一餐饮企业的宝座，品牌价值1.54万亿元人民币，超过其后三大企业的总 和，约占全榜单总价值的近三成。它一直是全球快餐企业竞相效仿的标杆。 据悉，中国上榜企业平均仅16岁。在9家上榜的饮品服务企业中，中国独占7家；最近10年成立的4家上 榜企业中，有3家源自中国，分别是2017年创立的霸王茶姬和瑞幸咖啡，以及2015年成立的Manner咖 啡。在胡润看来，他相信，再过十多年，中国企业在这份榜单上的数量将显著增加。"中国庞大的国内 消费市场为餐饮企业提供了模式验证和规模积累的土壤，蜜雪冰城、瑞幸等品牌率先在国内铺设了庞大 的门店网络。此外，这些企业擅长结合互联网进行精准营销和模式创新，并 ...

火锅的香气还弥漫在空气里，一家家小炒店的灶火还未熄灭，但在全球餐饮资本的天平上，它们加起来的重量，可能不及一杯十几元的奶茶。 近日，胡润研究院发布的《2025希尔斯·胡润全球餐饮企业价值TOP50》榜单，如同一面棱镜，折射出中国餐饮江湖的冷暖两极。一边是蜜雪集团 （02097.HK）、古茗（01364.HK）等现制茶饮品牌成群结队地闯入全球价值高地，风头无两；另一边，市场体量庞大的中式正餐、火锅等"刚需"品 类，却在榜单上近乎集体"失声"，反差强烈。 聚光灯下的茶饮：蜜雪领跑，军团亮眼 "奶茶"何以征服资本？ 胡润全球餐饮价值榜的"茶饮狂欢"与"中餐沉寂"，是当代餐饮行业的真实切片。这背后并非味道的优劣比拼，而是资本逻辑与行业特性的双向选择。 这份首次发布的全球餐饮价值榜，以企业市值或估值为标尺。榜单结果清晰显示：中国餐饮的价值重心正在发生偏移。 榜单显示，蜜雪集团以1500亿元（单位人民币，下同）的价值成功跻身榜单第七名，力压百胜中国（09987.HK），成为中国阵营的领头羊。 | | | | 前十名 | | | | --- | --- | --- | --- | --- | --- | | | 企业 | ...

长沙晚报掌上长沙12月15日讯（全媒体记者 曹开阳）12月15日，按照企业市值或估值进行排名，胡润 研究院携手餐饮智能化解决方案提供商希尔斯联合发布《2025希尔斯·胡润全球餐饮企业价值 TOP50》。这是胡润研究院第四次发布餐饮行业榜单，同时也是首次发布全球范围的餐饮企业价值榜 单。 根据国际标准产业分类（ISIC），上榜企业分为连锁餐厅、饮品服务、活动餐饮及团餐三大类别。 TOP50的上榜门槛为120亿元，TOP20的上榜门槛为610亿元，TOP10的上榜门槛为1100亿元。 谈及上榜中国企业，胡润集团董事长兼首席调研官胡润表示："在中国企业出海的浪潮中，蜜雪冰城的 表现尤为亮眼，其国外门店数量已突破4700家，广泛分布于12个海外国家，尤其在印尼，拥有约2600家 门店。海底捞的海外业务也成绩突出，已构建起'百店级、跨四洲'的版图，在14个国家运营100多家自 营门店。喜茶则成功打入新加坡、英国、加拿大等8个海外国家及中国港澳地区，覆盖了28个海外城 市，海外门店总数达到100多家，近一年来的增长幅度超过6倍。霸王茶姬同样不甘示弱，其海外门店数 量已超过200家，仅在2025年第二季度就净增50多家门店 ...

Group 1: Strategic Partnership and Brand Launch - Junting Hotel Group and Choice Hotels International launched the Comfort and Quality brands in China, marking a significant collaboration in the hotel industry [1][12] - The brands were customized for the Chinese market, showcasing a model of "global resources + local operations" [2][12] - Initial investment agreements for several hotels were signed, including locations in Chongqing and Nanjing, indicating the start of brand expansion [2][12] Group 2: Comfort Hotel Insights - Comfort Hotel, established in 1981, targets the 18-30 age group with a focus on comfort and practicality, promoting a "Nothing but Comfort" philosophy [3][14] - Investment details show a single room investment of 85,000 yuan, with an average first-year room rate of 300 yuan per night and an occupancy rate of 80% [3][15] - The projected payback period for investors is approximately 3.19 years, making it an attractive option for high turnover [15] Group 3: Quality Hotel Insights - Quality Hotel, with roots dating back to 1939, emphasizes local culture and aims to create a unique cultural experience for guests [4][17] - The investment for a single room is 180,000 yuan, with a first-year average room rate of 520 yuan per night and an occupancy rate of 75% [4][17] - The projected GOP rate is 58%, indicating a strong potential for profitability [17] Group 4: Support Mechanisms for Investors - Junting has established four core support mechanisms to enhance the efficiency of the partnership: funding support, operational management, customer sourcing, and revenue management [6][18] - The funding support includes loans with a minimum interest rate of 4%, alleviating financial pressure for investors [6][18] - The operational management strategy includes a three-month group management period to quickly ramp up operations and reduce trial-and-error costs [6][18] Group 5: Market Implications - The collaboration between Junting and Choice Hotels is expected to drive high-quality development in the mid-to-high-end hotel market in China [6][18] - This partnership is seen as a new paradigm for internationalization and scalability in the hotel industry, potentially leading to the globalization of Chinese hotel services [6][18]

中国餐饮品牌的崛起成为榜单最亮眼的亮点。其中，蜜雪集团以1,500亿元人民币的价值位居中国餐饮企业 首位，百胜中国以1,100亿元人民币价值位列第二。更令人瞩目的是，中国上榜企业平均年龄仅16岁，远低 于非中国上榜企业平均52岁的年龄。 在最近十年成立的四家上榜企业中，有三家源自中国：2017年创立的霸王茶姬和瑞幸咖啡，以及2015年成 立的Manner咖啡。这一现象折射出中国餐饮品牌的创新活力与年轻化趋势。 近日，胡润研究院发布《2025希尔斯·胡润全球餐饮企业价值TOP50》，这份全球首份餐饮企业价值榜单揭 示了全球餐饮行业的最新格局。麦当劳以1.54万亿元人民币的价值稳居榜首，价值超过其后三大企业的总 和，约占全榜单总价值的近三成，彰显了其在快餐领域的绝对领导地位。 | | | | 前十名 | | | | --- | --- | --- | --- | --- | --- | | | ग्रहरू 价值(亿元人民币) | | 主营业务 | 代表品牌 | 总部国家 | | l | 麦当劳 | 15,400 | 连锁餐厅 | 麦当劳 | 美國 | | 2 | 星巴克 | 6,450 | 饮品服务 | 星巴克 ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the robust growth of emerging consumer goods, reflecting the new consumption concepts developed by the younger generation in the current social environment. Understanding this new consumption narrative is crucial for capturing the growth of new consumer companies [4][15] - The report suggests focusing on high-quality domestic brands with strong professionalism and innovation in the beauty and skincare sector, such as Mao Geping and Shangmei [4][15] - In the gold and jewelry sector, it recommends attention to leading brands in the ancient gold segment that are favored by younger consumers, such as Laopu Gold and Chaohongji [4][15] - For trendy toys, companies with successful experience in IP creation and operation, like Pop Mart, are highlighted [4][15] - In the ready-to-drink tea segment, it advises focusing on strong brand power and extensive business coverage of leading tea brands like Mixue Group and Guming [4][15] Summary by Relevant Sections Industry Performance - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the rise primarily driven by food prices turning from decline to increase. The CPI's year-on-year growth rate expanded by 0.5 percentage points compared to the previous month, marking the highest level since March 2024 [4] - The report tracks the performance of the new consumption sector, noting a weekly decline of 1.64% in the beauty and personal care sector and a 0.21% decline in the retail sector from December 8 to December 12, 2025 [7] Key Industry Data - In October, the retail sales of clothing and textiles increased by 6.3% year-on-year, cosmetics by 9.6%, and gold and silver jewelry by 37.6% [11][17] - The report indicates that the retail sales of beverages rose by 7.1% year-on-year in October [17]