2025 年 11 月 23 日 A 股估值及行业中观景气跟 行业比较周跟踪（20251115-20251121） 本期投资提示: 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 冯彧 A0230525080001 fengyu@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 一、Ａ 股本周估值（截至 2025 年 11 月 21 日) ● 1) 指数及板块估值比较: 中证全指（剔除 ST）PE 为 20.6 倍，PB 为 1.7 倍，处于历史 74%和 36%分位; √ √ 上证 50 指数 PE 为 11.9 倍，PB 为 1.3 倍，处于历史 64%和 43%分 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇 为栏目第 309 篇报道。 整理丨 Lucas 11 月 22 日消息 ，志在打造 "跨境电商之城"的广州， 近期 联动 SHEIN 、亚马逊等持续举办"跨境 电商 + 产业带"活动， 带来 全市跨境电商进出口两位数 的 增长。 目前， 以 SHEIN 为 代表的跨境电商企业正在双向发力：一方面，赋能国内供应链上下游，引领产 业升级；另一方面，加速吸引全球品牌与卖家入驻，拓宽终端市场生态，推出 " SHEIN Xcelerator "品牌孵化 与扶持计划 。 大公司 滴滴旗下99出行加速电动化，电车服务已覆盖巴西5大城市 滴滴旗下的巴西出行平台99近日宣布，其电动车出行品类"99electric-Pro"已覆盖圣保罗、巴西利 亚、阿雷格里港、戈亚尼亚和库里提巴5大城市，持续拓展绿色出行服务。 本周（11 月 1 7 日至 11 月 23 日）出海大事件包括： 速卖通 在 巴西成交 额 创新高 ； 海内外品 牌加速入驻 SHEIN 平台 ； 滴滴旗下 99 出行加速电 ...

Core Insights - Didi is re-entering the Brazilian food delivery market with its "99 Food" brand, planning to invest 2 billion reais by June 2026, which is double its initial plan [2] - The Brazilian food delivery market is experiencing rapid growth, with a market size of 139 billion reais in 2023 and an annual growth rate of 15% to 20% from 2019 to 2023 [6] - iFood dominates the market with an 80% market share, making it challenging for new entrants like Didi and Uber to gain traction [4][5] Company Strategies - Didi aims to leverage its experience from Mexico, where it has successfully integrated ride-hailing and food delivery services, to establish a foothold in Brazil [8] - The company has a significant user base in Brazil, with over 55 million users and 1.5 million registered drivers, which can be utilized for food delivery [8] - Didi's strategy includes reusing existing transportation capacity to reduce delivery costs and improve response times [8] Market Dynamics - The Brazilian food delivery market is characterized by a high concentration of power with iFood, leading to complaints from riders about low wages and long hours, creating an opportunity for new players [6][11] - iFood is responding to competition by investing 17 billion reais and integrating with Uber to enhance its service offerings [7] - The competitive landscape is shifting as Didi and Meituan introduce different operational models, making the market less monotonous [10][11] Consumer Behavior - Consumers in Brazil show a strong preference for iFood due to its extensive restaurant partnerships and established brand loyalty, making it difficult for new entrants to attract users [4][10] - Local consumers express a willingness to try new platforms if they offer unique services or better value propositions, indicating potential for market disruption [10] Regulatory Environment - The Brazilian government has introduced regulations requiring platforms to provide benefits to delivery workers, increasing operational costs for companies like Uber [5] - The evolving regulatory landscape may impact the expansion strategies of new entrants like Didi, as they navigate different local laws and labor standards [9][11]

为了增强对区域内顶尖科技公司的吸引力，新加坡宣布了一项允许上市公司仅提交一套文件，便可同步在新加坡交易所和美国纳斯达克交易所挂牌的政策。 根据新交所和纳斯达克周三晚间发布的公告，新交所将在2026年中推出"全球上市板"（Global Listing Board），为市值达到20亿新元（约合人民币108亿 元）及以上的公司提供一套统一且简易的"跨太平洋融资框架"。 新上市框架和"全球上市板"旨在吸引的公司非常明确。纳斯达克CEO阿德娜·弗里德曼表示，这一双重上市桥接是"同类中的首例"，这对于在亚洲有业务、 希望获得全球曝光并获得统一监管体验的公司来说值得兴奋。 （来源：新交所集团） 也就是说，符合条件的公司只需要填写一套文件，就能同时满足两地交易所的监管要求。 新交所集团首席执行官罗文才也表示，跨越不同时区的双重上市对投资者同样有利。他说："你几乎可以全天候进行价格发现...鉴于目前的波动性，这让投 资者可以进行24小时的风险管理，同时也为投资者提供了选择，不论是以美元计价还是以新加坡元计价。" 值得一提的是，新加坡国家发展部长兼金管局副主席徐芳达也在新闻发布会期间提及，这一双重上市框架也向希望在东南亚展业的中 ...

Group 1 - The article emphasizes the importance of effective complaint channels for consumers to protect their rights when businesses harm their legitimate interests [1][2] - Online complaint platforms, such as the 12315 Internet platform, are highlighted for their authority and efficiency in handling consumer complaints related to product quality, false advertising, and price fraud [1][2] - Third-party complaint platforms like Black Cat Complaints are noted for their flexibility and broad coverage across various sectors, allowing consumers to submit complaints easily and prompting businesses to respond under public scrutiny [2][3] Group 2 - Social media platforms are identified as powerful tools for consumers to voice their complaints directly to companies, leveraging the rapid spread of information to prompt corporate responses [2][3] - Industry forums and communities serve as additional venues for consumers to share experiences and exert pressure on companies, potentially leading to industry-wide discussions and improvements [3] - Traditional complaint channels, such as consumer associations and industry regulatory bodies, are recognized for their reliability and ability to mediate disputes effectively, providing professional guidance to consumers [4][6]

（资讯） 这也体现了本地生活服务领域的新趋势——以用户真实行为路径为基础的场景融合正成为行业增长的重要驱动力。哈啰所 覆盖的广泛骑行用户与瑞幸"在线点单、门店取餐"的运营模式高度契合，共同构建了"即想即得"的新型服务体验。 当前，本地生活服务市场竞争正逐步由流量获取深化为场景融合能力的比拼。哈啰通过平台能力开放，为行业提供了提升 用户价值与商业效率的创新路径。哈啰相关业务负责人表示："我们致力于推动出行场景与生活服务的深度融合。此次与瑞 幸的合作，充分验证了哈啰平台在连接多元消费需求方面的能力。我们期待与更多优秀品牌携手，共同拓展更丰富的消费 场景。" 骑行路上可顺手买咖啡了！哈啰与瑞幸咖啡于近日正式宣布达成合作：自11月17日至11月30日，用户通过哈啰App扫码骑 行时，可在同一界面直接完成瑞幸饮品的选购与支付，并有机会享受骑行免单权益。 据悉，用户打开哈啰App或使用扫码开锁功能后，即可进入瑞幸-哈啰联合活动专区，点击后可跳转至瑞幸支付宝小程序完 成下单。订单生成后，用户可在哈啰App或瑞幸支付宝小程序内同步查看取餐码信息。除支持到店自提外，用户也可选择 配送服务。此外，用户当日首次下单可获得1.5元骑 ...

智通财经获悉，对冲基金大佬比尔·阿克曼旗下的潘兴广场资本管理公司公布了截至2025年9月30日的第三季度持仓报告(13F)。统计数据显示，潘兴广场第三 季度持仓总市值为146亿美元，上一季度总市值为137亿美元，环比增长6.6%。潘兴广场在第三季度的持仓组合中，没有新增、增持个股，同样也没有清仓 个股，减持了4只个股。其中，前十大持仓标的占总市值的99.29%。 值得注意的是，虽然，潘兴广场13F 披露中并无大幅买入，但该基金聚焦于集中型策略。它持续持有保险公司Brookfield、房企Howard Hughes等大仓，被认 为是阿克曼打造"现代伯克希尔"的长期战略。 | 2025-09-30 | | 2025-09-30 | | | | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | | | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | | | Name | % Change | ...

Core Viewpoint - Consumers can effectively protect their rights through various complaint channels when facing issues with companies, ensuring timely responses and resolutions [1][15]. Group 1: Complaint Channels - **In-App Customer Service**: The fastest and most direct method for resolving issues within specific apps or platforms, such as e-commerce, food delivery, and travel services [3][4]. - **National 12315 Platform**: The most authoritative official complaint channel, suitable for serious issues like product quality problems and false advertising [5][6]. - **Industry Regulatory Hotlines**: Specialized hotlines for specific industries, providing higher efficiency in handling complaints related to telecommunications, transportation, and product quality [7][8]. Group 2: Alternative Complaint Platforms - **Black Cat Complaints**: A social platform that offers transparency and quick feedback, ideal for unresolved issues with companies [9][10]. - **Consumer Associations**: A more gentle mediation approach for disputes that can be resolved through communication, such as service attitude disagreements [12][13]. - **Legal Recourse**: The last resort for serious issues involving fraud or significant financial loss, allowing consumers to seek legal assistance [14]. Group 3: Summary of Complaint Process - The complaint process is straightforward, with a recommended order of channels to follow: In-App Customer Service → Platform After-Sales Intervention → Industry Hotline (if applicable) → 12315 → Black Cat Complaints → Consumer Association/Legal Action [15][16].

Consumer Sector - The "14th Five-Year Plan" focused on supply-side structural reforms, while the "15th Five-Year Plan" emphasizes direct stimulation of demand, aiming to significantly boost consumer spending and enhance domestic circulation [2][3] - The goal of the "15th Five-Year Plan" includes increasing the consumer rate and ensuring that domestic demand continues to be the main driver of economic growth, with expectations for retail sales growth to outpace GDP growth [3] - Policies such as government and enterprise subsidies are expected to directly stimulate consumer spending, with a shift from structural optimization to activating consumption [2][3] E-commerce and Retail Innovations - New retail models like live streaming and instant retail are emerging growth areas, leveraging platforms like Douyin and Kuaishou to create new consumer scenarios [4] - Instant retail is evolving from meeting urgent needs to catering to a broader range of consumer demands, creating a positive feedback loop that drives both supply and demand [4][5] - The "15th Five-Year Plan" calls for expanding the supply of quality consumer goods and services, with e-commerce platforms expected to focus on balancing price and quality [3][5] Travel and Tourism - The "15th Five-Year Plan" aims to enhance the quality of tourism services and promote the integration of culture and tourism, with OTA platforms playing a key role in this transformation [6][7] - Domestic tourism is being enriched through cultural elements, while inbound tourism policies are being optimized to lower barriers and enhance the experience for international visitors [7][8] - OTA platforms are responding to national policies by expanding their service offerings and improving the overall travel experience for both domestic and international tourists [6][7] Technology and AI Development - The "15th Five-Year Plan" emphasizes accelerating AI innovation and application, with a focus on enhancing efficiency in existing businesses and driving new demand through AI technologies [9][10] - The demand for cloud computing is surging due to the growing need for AI applications, with Chinese cloud providers expected to benefit significantly from this trend [10] - AI applications are anticipated to revolutionize content production and advertising, with platforms leveraging AI to enhance user engagement and operational efficiency [11][12]

Investment Rating - The report maintains a "strongly recommend" rating for Alibaba, Pinduoduo, JD Group, and Vipshop, indicating a positive outlook for these companies in the e-commerce sector [19][21][22]. Core Insights - The e-commerce sector is expected to see a steady increase in profitability, with a focus on Alibaba's improving monetization rate and growth potential in cloud services [19][21]. - The local lifestyle segment remains competitive, with Meituan's long-term value and competitive edge intact despite short-term disruptions [19]. - The travel sector is projected to maintain high growth, with recommendations for companies in the OTA and scenic areas, as well as transportation and hotel sectors driven by business travel demand [19][21]. Summary by Sections E-commerce - The report highlights the low valuation of leading e-commerce companies, recommending Alibaba, Pinduoduo, JD Group, and Vipshop as key investment opportunities [19][21]. - Alibaba's e-commerce monetization rate is steadily improving, with significant growth in its food delivery business and cloud services [21]. Local Lifestyle - Meituan's competitive position remains strong despite increased competition in the food delivery market, with a focus on high-value users and operational efficiency [19]. Travel and Transportation - The travel sector is expected to continue its high growth trajectory, with recommendations for companies closely related to leisure travel and outbound tourism [19][21]. - Companies like Atour and Changbai Mountain are highlighted as key players in the travel industry [19]. Market Performance - The restaurant and tourism sector index rose by 1.26%, outperforming the Shanghai Composite Index and the ChiNext Index, while the retail sector index fell by 0.92% [6][8]. - The report notes significant growth in new customer orders during the Double 11 shopping festival, with over 100 million orders recorded for Taobao Flash Sale [2][27]. Company Performance - Key companies in the restaurant and tourism sector, such as Quanjude and Caesar Travel, showed notable stock performance, with increases of 11.47% and 10.08% respectively [10][12]. - In the retail sector, Dongbai Group and Tianhong Co. also demonstrated strong performance, with increases of 10.16% and 4.81% respectively [17][23].