Core Insights - The restaurant industry in 2025 is characterized by a shift from rapid expansion to a focus on sustainable growth, driven by challenges such as rising labor costs and store closures, leading to innovative paths in digital transformation and transparent operations [1] Group 1: Pre-prepared Dishes - The debate surrounding the use of pre-prepared dishes has become a focal point in the industry, prompting a shift from concealment to transparency in their usage, accelerating the establishment of supply chain traceability systems [2] Group 2: Delivery Wars - The entry of JD.com into the delivery market has disrupted the previous duopoly of Meituan and Ele.me, leading to a new competitive landscape characterized by dual strategies of subsidy-driven customer acquisition and supply innovation [5] Group 3: Digital Transformation - The application of new technologies such as automated delivery vehicles and service robots has accelerated the digital transformation in the restaurant industry, with significant advancements in operational practices [7] Group 4: Store Closures - A significant number of restaurants have closed in 2025, with over 800,000 exiting the market in the first half of the year, highlighting the industry's realization that focusing on single-store profitability is more beneficial than blind expansion [9] Group 5: Chinese Cuisine Going Global - The rise of niche dishes utilizing local ingredients has led to a surge in Chinese restaurants expanding internationally, showcasing the global potential of regional flavors [11] Group 6: Emotional Consumption - A report indicates that 56.3% of young consumers are willing to pay for experiences that meet their emotional needs, prompting restaurants to enhance their offerings to attract this demographic [13] Group 7: Small Store Models - The popularity of small, community-focused restaurants has increased, with many leveraging low rent and flexible offerings to reduce operational costs and achieve growth [15] Group 8: Compliance - New regulations regarding food safety and labor practices are pushing restaurants to improve supply chain management and operational compliance, making it a core competitive advantage [17] Group 9: ESG Responsibility - The third China Restaurant Industry Social Responsibility Conference highlighted the importance of ESG practices, with initiatives aimed at community engagement and sustainable development gaining traction [19] Group 10: Lightweight Health Trends - The rise of health-conscious consumers has led to the popularity of lighter health food options, integrating wellness elements into everyday snacks and beverages, driving growth in the food and beverage sector [20] Conclusion - The restaurant industry has transitioned from a phase of rapid growth to one of meticulous cultivation, emphasizing the importance of understanding value and adhering to industry regulations as key drivers for future success [22]

智通财经APP获悉，万联证券发布研报称，中国消费进入"消费分级"新阶段，表现为大众品追求性价 比，同时对能提供情绪价值的创新产品和服务愿意支付溢价。在此背景下，潮玩市场快速扩容，行业集 中度有望提升；黄金珠宝行业从渠道驱动转向产品与设计驱动；国货化妆品则凭借研发与营销优势持续 崛起。相关产业迎来发展机遇，龙头企业有望受益。 万联证券主要观点如下： 回顾与展望：消费分级时代来临，情绪消费兴起带火相关产业发展 金价的快速上涨抑制了黄金珠宝的消费需求，不少黄金珠宝企业门店拓展放缓甚至出现闭店的情况，但 同时，仍有部分优秀的企业凭借精湛的工艺设计和营销成功吸引消费者，实现业绩的快速增长。当前全 球经济不确定性以及地缘政治风险依然存在，且新兴经济体为分散风险持续购入黄金，金价或将被继续 推高。未来随着黄金饰品工艺提升以及"悦己"消费观念的深入，黄金珠宝首饰在非婚嫁场景的渗透率有 望进一步提升。看好注重产品设计、运营能力强、品牌势能强、高分红+高股息的黄金珠宝龙头企业。 化妆品：国潮崛起趋势明显，优秀国货品牌突围 短期下半年化妆品行业整体恢复势头良好，"双11"大促部分国货品牌发展势头保持良好。供给端方面， 国货美妆企业 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 26 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收涨，截止收盘，沪指收涨 0.47%，深成指收 涨 0.33%，创业板指收涨 0.3%。沪深两市成交额 19243.81 亿元。申 万行业方面，国防军工、轻工制造、机械设备领涨，综合、有色金属、 商贸零售领跌；概念板块方面，成飞概念、航空发动机、商业航天概 念涨幅居前，海南自贸区、金属铅、金属锌概念跌幅居前。因圣诞假 期，周四全球主要股市多数休市。 【重要新闻】 【两部门发布《鼓励外商投资产业目录（2025 年版）》】国家发展改革 委、商务部近日发布《鼓励外商投资产业目录（2025 年版）》，自 2026 年 2 月 1 日起施行。主要变化有：一是鼓励引导外商投资先进制造 业。全国目录新增或扩展终端产品、零部件、原材料等领域有关条目， 提升产业链供应链发展水平。二是鼓励引导外商投资现代服务业。全 国目录新增或扩展商务服务、技术服务、科学研究、服务消费等领域 有关条目，促进服务业高质量发 ...

Group 1: Consumer Market Trends in Shanghai - Shanghai's consumer market is vibrant and diverse as it approaches the end of 2025, featuring emotional and practical values that cater to both spiritual and daily needs [1] - The "Crybaby" exhibition, a collaboration between Pop Mart and artist Molly, is the largest of its kind globally, showcasing a unique emotional experience [2][3] - The exhibition includes an immersive "tear ball pool" and interactive experiences, emphasizing the importance of emotional expression in contemporary society [5] Group 2: Local E-commerce Initiatives - The local e-commerce platform i百联 is launching a "Year-End Gratitude Season" with significant discounts and promotions aimed at providing tangible benefits to consumers [6] - The platform features a selection of popular products based on real transaction data, including electronics and traditional brands, enhancing consumer satisfaction [8] - The initiative also highlights local "old brand" products, allowing consumers to reconnect with familiar tastes in a fast-paced environment [8] Group 3: Health Initiatives for the Elderly - The aging population in China is prompting initiatives to address health challenges, particularly neurodegenerative diseases like Alzheimer's [9] - Danone Nutricia is launching a "Memory Guardian" project to train nutritionists in brain health assessment and intervention strategies [9] - The "智敏捷" product, designed for individuals with cognitive decline, has received recognition for its scientific formulation and clinical research backing [11]

Group 1 - The report highlights the transition from "consumption upgrade" to "consumption stratification" in China, where consumers are increasingly seeking cost-effectiveness in traditional products while being willing to pay a premium for innovative and emotionally valuable goods [2][15][30] - The emotional consumption trend is driven by fast-paced lifestyles and mental health concerns, leading to increased demand for products that provide emotional comfort, such as trendy toys, skincare, and gourmet snacks [2][30][32] Group 2 - The Chinese trendy toy market is rapidly expanding, projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, with a CAGR of 35.11%, driven by rising disposable income and the popularity of emotional consumption [3][37] - The market is characterized by a fragmented structure, with the top five companies holding only 20.8% market share, indicating potential for consolidation and growth among companies with strong IP resources and extensive distribution channels [3][46][47] Group 3 - The gold and jewelry sector is shifting from channel-driven to product-driven dynamics, with high dividend yields providing defensive attributes amid rising gold prices, which have reached historical highs [4][51] - Despite a temporary decline in gold jewelry consumption due to high prices, companies with strong design and marketing capabilities are still achieving rapid growth [4][51] Group 4 - The cosmetics industry is witnessing a resurgence, particularly for domestic brands, which are gaining market share due to improved product quality and marketing strategies, especially during promotional events like "Double 11" [4][28] - Young consumers are increasingly accepting domestic beauty brands, leading to a potential rise in market share against foreign competitors [4][28]

新华财经上海12月25日电25日，上海市青少年研究中心发布"2025年度青年十大热词"，"韧性""具身智 能""DeepSeek""情绪消费""主理人""爱你老己""从从容容游刃有余""基础不基础""初代同事"与"'窝囊'旅 游"上榜。这份基于AI监测、多平台数据与专家评议生成的年度热词榜，不仅记录了年轻人的话语方 式，更折射出当代青年在社会生活中的心理状态与价值取向。 上海市青少年研究中心主任李清川表示，热词背后是蓬勃生长的青年表达，是年轻人观察社会、参与文 化的创造性回应。 同济大学马克思主义学院副教授运迪分析，年轻人正将复杂社会现象转化为可传播的"意义胶囊"，通过 热词的创造与实践，融入并推动社会文化潮流的演变。 从十大热词中，可以看到当代青年不同状态下的心理特征。以"韧性"为例，该词虽然是一个传统词汇， 但如今被青年赋予更丰富的内涵——面对挫折的抗压力，善于调整心态的适应力。另一个热词"爱你老 己"意为"爱你自己"，通过第三人称"老己"，青年进行自我对话，自我关怀。此外，热词"从从容容游刃 有余"源自网络神曲《没出息》，往往被用在自嘲时，表达松弛的生活态度。 除了上述三个体现青年与自我关系的词汇，"具 ...

Core Insights - The "Love Yourself" trend reflects a growing attitude among young people towards self-pleasure and emotional spending, which is becoming a significant driver of market growth in 2025 [2] Group 1: Emotional Consumption Trends - A report indicates that 56.3% of young consumers are willing to spend for emotional value and interests, marking a 16.2 percentage point increase from 2024 [2] - Young consumers are actively participating in emotional consumption, as evidenced by long queues for popular products and sold-out concert tickets [4] - The emotional consumption trend is closely tied to cultural confidence, with young people favoring domestic products and traditional experiences to express their cultural identity [7] Group 2: Market Potential and Economic Impact - The emotional economy market in China is projected to reach 2.3 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029 [8] - The rise of emotional consumption is expected to create new job opportunities and boost creative industries, enhancing product value [9] - This trend fosters a sustainable consumption model, where frequent, smaller purchases contribute significantly to overall market vitality [10]

Core Insights - The "Top Ten Youth Buzzwords of 2025" reflect the evolving cultural expressions and social sentiments of the youth, showcasing their unique perspectives and attitudes towards life and technology [1][5]. Group 1: Buzzword Selection Process - The selection of the buzzwords was based on data from various social media platforms, including Xiaohongshu, Bilibili, and Weibo, utilizing AI technology to create a comprehensive corpus of youth-related terms [2]. - A multi-dimensional approach was employed to calculate the popularity index of the buzzwords, considering factors such as WeChat index, Weibo topic views, and Douyin topic plays [2]. - The research team included experts from diverse fields to evaluate the cultural significance and societal impact of the buzzwords, ensuring a thorough selection process [3]. Group 2: Key Buzzwords and Their Meanings - "Resilience" signifies the psychological elasticity and endurance of youth in facing challenges, reflecting their ability to adapt and grow in changing environments [4][7]. - "Embodied Intelligence" refers to AI systems that interact with their environment, showcasing the youth's anticipation of the integration of technology into daily life [4][8]. - "DeepSeek" is a domestic AI model that has gained popularity for its high performance and user-friendly features, indicating the youth's embrace of technological advancements [4][8]. - "Emotional Consumption" highlights a shift in youth spending habits towards products that provide emotional satisfaction, reflecting their desire for deeper emotional connections [4][9]. - "Main Operator" has evolved from a commercial term to a popular identity among youth, symbolizing their active engagement in various fields [4][13]. - "Love Yourself" encourages self-care and self-acceptance among youth, promoting a positive relationship with oneself [4][15]. - "Casual and Effortless" reflects a humorous self-reflection on the contrast between ideal and real-life situations, showcasing the youth's coping mechanisms [4][16]. - "Basic or Not" is a versatile phrase used by youth to express humor and creativity in everyday life, demonstrating their optimistic outlook [4][17]. - "First Generation Colleagues" refers to peers who started their careers together, emphasizing the value of shared experiences in the workplace [4][18]. - "'Wuss' Tourism" describes a trend towards safer, more relaxed travel experiences, aligning with the youth's desire for exploration while prioritizing comfort [4][24].

在《老友记》第一季中，有一幕格外经典：莫妮卡为姐妹们的微醺派对，特调了一款名为"醉生梦死"（Tiki Death Punch）的鸡尾酒。 那一年，她们正站在人生的十字路口，对未来充满迷茫。她们从这杯特调与它名字中，获得了一种慰藉。 图源：《老友记》 有时候，特调不仅仅是饮品，而更像一种生活隐喻：在高度程式化的日常中，人们通过一杯不同于常规的选择，完成对庸常的温和叛离。这或许正是那些 既有趣又好喝的特调饮品，总能隔一阵就掀起话题的原因。 然而，今年的特调风潮，单看酒与咖啡已经不够了。茶特调，登场了。 年初上海、成都等地涌现出不少主打茶特调的特色小店，真正的信号来自头部连锁品牌的迅速跟进。 8月，喜茶以"雪毫茉王芭乐"正式加入特调赛道，短短四个月内，就接连推出5款茶特调。部分热门单品上新不久便快速售罄，甚至引发消费者在社交平台 呼吁返场常驻。 类似茶特调这样的特调型饮品，为何能成为年轻人的杯中新宠，又映照出他们怎样的消费情绪？ 喜茶，正悄然探索"茶特调" "作为喜茶老粉，爱的就是这种'不顾人死活的创新'。"有网友如此评价喜茶近期推出的几款茶特调。 图源：小红书 @Lis鱼 如果说让酱油闯进茶饮圈还不够新奇，那11 ...

Group 1 - The consumer sector is experiencing a rebound after a period of absence, driven by policies aimed at expanding domestic demand and boosting consumption [1] - The food and beverage industry, as a core segment of essential consumption, is expected to benefit directly from the domestic demand enhancement strategy, with trends towards health, quality, and cost pressure relief [1] - Current consumer industry indicators suggest a bottoming out, with policy benefits and fundamental recovery creating a resonance that presents allocation value [1] Group 2 - The new consumption investment sentiment has shifted from enthusiasm to caution, with expectations that continued policy support in 2026 will boost consumer confidence [1] - Investment in the new consumption sector is anticipated to focus on companies with solid business models and sustainable profit patterns, moving away from short-term narratives [1] - The new consumption industry is expected to evolve towards three trends: health, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [1] Group 3 - Relevant ETFs include tourism ETF (562510) benefiting from holiday catalysts and ice and snow economy, food and beverage ETF (515170) focusing on undervalued sectors, and Hong Kong consumption ETF (513230) linked to e-commerce leaders and new consumption [2]