该行指，食品配送平台竞争自今年6月以来进一步加剧，平台间进行更激进投资，包括补贴。预计这次 对日常应用的投资持续时间，将较电商平台此前的几个季度投资更长。提高补贴促进交易量增长，鲜制 饮品公司今年的潜在盈利上行，但投资者关注明年在高基数下的前景，鲜制饮品行业竞争格局，以及对 消费者行为与价格认知潜在的长期影响。该行认为蜜雪集团及古茗短期股价将受配送平台策略的情绪影 响，投资者亦忧虑补贴正常化或导致每店交易额回落。古茗的投资者锁定期下周一(11日)届满，夏季后 的淡季或限制短期情绪。但该行对两者长期地位仍持乐观态度，认为补贴正常化或改善竞争格局。 高盛发布研报称，上调对古茗(01364)及蜜雪集团(02097)今年净利润预测9%及1%，反映食品配送补贴提 振的持续时间超预期，并上调古茗明年盈利预测4%，反映新产品表现稳健及2024至25年在品牌投资上 的努力。该行对古茗目标价由29.2港元上调至30港元，蜜雪目标价亦由597港元上调至599港元，两者评 级均为"买入"。 ...

Core Viewpoint - Goldman Sachs has raised the profit forecasts for Gu Ming (01364) and Mixue Group (02097) for this year by 9% and 1% respectively, indicating that the duration of food delivery subsidies has exceeded expectations [1] Company Summaries - Gu Ming's profit forecast for next year has been increased by 4%, reflecting strong performance of new products and efforts in brand investment for 2024 to 2025 [1] - The target price for Gu Ming has been raised from HKD 29.2 to HKD 30, while Mixue's target price has been adjusted from HKD 597 to HKD 599, with both companies rated as "Buy" [1] Industry Insights - Competition among food delivery platforms has intensified since June, with platforms engaging in more aggressive investments, including subsidies [1] - The expected duration of these investments in daily applications is anticipated to be longer than previous investments seen in e-commerce platforms [1] - Increased subsidies are expected to boost transaction volumes, leading to potential profit upside for fresh beverage companies this year [1] - Investors are concerned about the outlook for next year given the high base, the competitive landscape in the fresh beverage industry, and the potential long-term impacts on consumer behavior and price perception [1] - Short-term stock prices for Mixue Group and Gu Ming may be influenced by the sentiment surrounding delivery platform strategies, with worries that normalization of subsidies could lead to a decline in per-store transaction amounts [1] - The investor lock-up period for Gu Ming will expire next Monday (11th), and the seasonal slowdown after summer may limit short-term sentiment [1] - Despite these concerns, there is optimism regarding the long-term positions of both companies, with expectations that subsidy normalization may improve the competitive landscape [1]