智通财经APP获悉，国信证券发布研报称，2025年1-11月全国餐饮收入累计同增3.3%，慢于商品零售增 速4.1%延续弱复苏。与咖啡茶饮赛道受益于外卖补贴战不同，2025H1上市餐饮龙头收入受价格降价内 卷、高端餐饮政策扰动、预制菜舆论等多因素扰动增速平稳，但2025H1归母净利润同增7.5%表征经营 效能在改善。考虑到2026年餐饮龙头经营基数相对较低，伴随CPI数据反弹、潜在服务政策提振以及龙 头持续创新举措，如收入端呈现更多惊喜经营杠杆作用下板块有望在低基数下迎来触底反弹。 国信证券主要观点如下： 餐饮消费趋势：1）需求弱复苏供给出清，龙头多元举措觅增长：2025年1-11月全国餐饮收入累计同增 3.3%，慢于商品零售增速4.1%延续弱复苏。受需求端承压多数餐饮赛道2025年供给边际出清，龙头则 依托产品线扩充、借力外卖渠道等多元思路创收；2）线上渠道结构性增长：2025年即时零售大战加速 消费渗透率提升，奶茶咖啡、快餐阶段受益明显，但伴随平台竞争演进品牌方对外卖的态度也更为辩证 与理性；3）品牌塑造思路重构，会员价值凸显：在当前消费环境下，品牌打造思路也从打造单品爆款 到向供应链要效率，经营也更加注 ...

韩路二么乃的茶叶店。 韩路二么乃检查茶叶品质。本组图片均由西海新闻记者 祁晓军 摄 韩路二么乃，这位来自化隆的拉面匠人，用二十五载光阴丈量了大半个中国。与无数走出大山的同乡一样， 他怀揣着开一家拉面馆养家糊口的朴素愿望，期待着能通过自己的手艺过上更好的生活。然而，命运却为他 安排了另一条道路——在经营拉面馆十多年后，他毅然将店铺转让后回到故乡，投身于茶叶生意。 谈及这段经历，韩路二么乃眼中闪烁着智慧的光芒。他坦言，在外闯荡的岁月里，他的视野更加开阔了、思 路更加清晰了。在他看来，茶叶生意的利润空间远非拉面馆能比。如今，他以一种全新的方式继续参与着拉 面产业：将从全国各地精选而来的茶叶，配送到大江南北的拉面店里，为这碗承载着乡愁与梦想的拉面，增 添一抹别样的清香。 西海新闻记者 赵俊杰 张昕岳 1 一碗面，走出大山 韩路二么乃家住化隆县昂思多镇，从小家里就靠种地和放羊过日子。日子一天天过去，太阳升起又落下，眼 前的生活就像一条永远走不完的路，一眼望不到尽头。可就在他18岁那年，有个从外地打工回来的老乡，跟 他说了句话，就像在他心里点了一把火："开拉面馆可以赚钱。" "家里实在太穷了，就想出去争口气。"这个简单的 ...

Core Viewpoint - The market regulatory authority has issued a notice to ensure stable prices and quality of essential goods during the upcoming New Year and Spring Festival, focusing on consumer protection and price monitoring [1] Group 1: Price Monitoring and Regulation - Increased monitoring of prices for essential goods such as rice, flour, oil, meat, eggs, milk, and fruits and vegetables during the festive season [1] - Special attention will be given to the pricing of New Year's Eve dinner reservations, high-end tobacco, alcohol, tea, and cultural entertainment services [1] - Enhanced regulation of prices in the tourism sector, including dining, accommodation, and scenic area tickets [1] Group 2: Emergency Price Monitoring - Strengthened price monitoring and early warning systems for essential commodities like medicines, coal, and natural gas during adverse weather conditions [1] - Increased oversight of pricing for air and rail passenger transport, as well as parking fees [1] Group 3: Enforcement and Compliance - Intensified enforcement of price regulations, including market price inspections to combat price fraud and non-compliance with government pricing guidelines [1] - Encouragement for online trading platforms to fulfill their compliance management responsibilities [1] Group 4: Food Safety and Quality Control - Enhanced supervision of food production and sales to combat counterfeit products, adulteration, and false advertising [1] - Increased safety inspections for food services and agricultural products, focusing on key regions and product types [1] - Special sampling inspections for bulk foods and popular festive items during the New Year and Spring Festival, with timely publication of inspection results [1]

据介绍，接下来的双节期间，新津区还将聚焦重点消费领域，推出5条精品新春节日线路、3大特色消费组团、N个全域消费活动，助力新春消费市场。 因为一条鱼，命名一条街。今年，新津区还将以这条鱼为媒，开启超120场新春促消费活动。12月28日，成都市新津区焕新开街的"黄辣丁第一街"热闹非 凡，正在举行的"津津有味・暖冬消费季"启动仪式，开启了新津黄辣丁国家地理标志保护产品的"特色产业IP化、消费场景品质化"的发展方向。据悉，这也 是新津区首届村糖会系列活动之一。 ▲活动现场 ▲活动现场 除政策补贴与特色美食，本次消费季更注重"场景创新"与"体验升级"。据介绍，2026年元旦，新津区首届村糖会也将正式启幕，作为系列活动之一，以本次 黄辣丁第一街焕新升级为起点，新津区推出5条精品新春节日线路，3大特色消费组团，N个全域消费活动。其中，5条精品新春节日线路包括古蜀文化探秘 线、田园休闲度假线、都市潮流体验线、康养休闲线以及夜间消费线等。3大特色消费组团则分别为新春寻味记、新春好物购、新春游乐汇等，涵盖了以黄 辣丁、鱼头火锅为特色的新津鱼鲜美食及太平老街迎春美食集、纯阳观估膘大会、安西村游记等特色民俗消费活动。其间，还有希望奥 ...

Core Viewpoint - The second "Tianfu Boutique" Spring Consumption Month and "Chuan-Zihao" characteristic consumption brand event will officially start on December 30, 2025, lasting for 61 days, aiming to promote local products and enhance consumer experiences during the New Year celebrations [1] Group 1: Event Overview - The event is organized by the Sichuan Provincial Government and various departments, featuring local products, quality services, and attractive discounts [1] - It will include nine key activities over the 61 days, focusing on four main themes: "Fashion·Shopping," "Fireworks·Feasting," "Leisure·Enjoyment," and "Comfort·Travel" [2] Group 2: Key Activities - "Fashion·Shopping" theme includes the Sichuan Goods E-commerce Festival starting in January 2026, featuring over 200 live broadcasts and thousands of "Chuan-Zihao" products [3] - The 29th China (Sichuan) New Year Shopping Festival will take place on January 30, 2026, with various themed exhibition areas and participation from international buyers [3] - "Leisure·Enjoyment" theme features the 32nd Zigong International Dinosaur Lantern Festival, showcasing large mechanical dinosaur lanterns and cultural performances [5] - "Comfort·Travel" theme includes the "One Ticket to Travel Sichuan-Chongqing" promotion, offering discounts at local businesses for ticket holders [6] Group 3: Thematic Exhibitions - The "Tianfu Boutique" theme exhibition will run from December 30, 2025, to January 3, 2026, featuring four main display areas: "Tianfu Granary," "Sichuan Intelligent Manufacturing," "Shu Li An Yi," and "Comfortable Sichuan" [7][8] - The exhibition will highlight local agricultural products, modern manufacturing innovations, and various consumer services, enhancing the immersive experience for visitors [8] Group 4: Creative Elements - A giant themed inflatable display will be set up on December 31, 2025, featuring local brands and cultural elements, complemented by a light show to enhance the New Year atmosphere [8]

转自：贵州日报 本报讯 近日，乌当区新堡乡王岗村迎来庖汤季，这个布依族村寨愈发热闹起来。 花葵说，时下，乌当区迎来冬季泡汤热，王岗村庖汤非遗宴与枫叶谷温泉"两汤"联动，推出了吃庖汤送 温泉票、泡温泉吃庖汤宴打折等优惠活动。 近年来，新堡乡以王岗村为核心，培育"庖汤+"融合业态，发展菌菇采摘、布依民宿等关联产业12家， 推出了庖汤、八大碗等产品，并通过直播带货的方式，销往广东、四川等地。2024年，该乡庖汤产业综 合产值达800万元，带动村集体经济增长23%，农户通过土地流转、务工就业、经营餐饮等方式，人均 年收入突破3.8万元，较2019年增长66%。 （贵阳日报融媒体记者 黎荣） （《乌当区王岗村进入庖汤季》由贵阳日报为您提供，转载请注明来源，未经书面授权许可，不得转载 或镜像。） 王岗村党支部书记、村委会主任花葵介绍，当地布依族群众素有"杀年猪、吃庖汤"的传统。曾经，村民 吃庖汤以"一锅香"为主，发展到现在已演化为"三盘四碟八大碗"的标准庖汤宴。2023年，王岗村庖汤被 列为贵阳市非物质文化遗产。 2007年，村"两委"依托优良的自然生态和独特的布依族文化，以布依族庖汤宴为特色，开始发展"庖 汤"经济，打 ...

Core Insights - The consumption market in Hunan province is experiencing significant growth, driven by policies such as the "old-for-new" program and the distribution of consumption vouchers, with retail sales exceeding 1.3 trillion yuan from January to August 2025, marking a strong economic performance [1][4] Group 1: Old-for-New Policy - The "old-for-new" policy has become a key driver in the consumption market, with over 13.01 million applications for subsidies amounting to 12.18 billion yuan, leading to sales of 90.58 billion yuan [1] - The automotive sector has seen a notable impact, with 331,300 vehicles replaced, over 50% of which are new energy vehicles, contributing to sales of 45.37 billion yuan [1] - The home appliance sector is also thriving, with 6.78 million energy-efficient appliances replaced, accounting for nearly 80% of the total, highlighting a shift towards green consumption [1] Group 2: Consumption Vouchers - The "Enjoy Hunan" consumption voucher program, launched on October 23, has allocated 100 million yuan, covering various sectors including dining, fuel, and home services, with multiple discount tiers to cater to diverse consumer needs [2] - As of now, over 90 million yuan in vouchers have been distributed, with 146,000 merchants participating and attracting 13.59 million consumer registrations, resulting in a direct consumption boost of 340 million yuan [3] - The program has enhanced consumer engagement, with many users reporting significant savings on dining and fuel costs, indicating its effectiveness in stimulating daily spending [3] Group 3: Market Dynamics - The consumption landscape in Changsha is diversifying, with a blend of offline and online experiences, reflecting a high-quality development trend [4] - The opening of the first duty-free store in Changsha has filled a local market gap, providing residents and tourists with convenient access to high-end shopping options, marking a new landmark in consumption upgrades [3][4] - The Hunan Provincial Department of Commerce plans to continue optimizing consumption policies and launching additional rounds of vouchers to further stimulate market activity [4]

消费场景的创新则是打破传统消费模式、释放增量需求的关键驱动力。单纯的商品交易已难以满足消费 者当下的复合需求，"沉浸化、休闲化、个性化"日益成为新的消费导向。近期消费市场的鲜活案例就生 动印证了这一趋势：哈尔滨冰雪大世界跨年夜门票早早售罄，冰雪主题体验带动周边餐饮住宿持续升 温；南宁举办的明星跨年演唱会，带动全市酒店预订量同比激增17倍，形成"为一场演出赴一座城"的消 费热潮……这些现象表明消费场景正在从"单一购物"向"多元体验"转型，更证明了场景创新能够有效挖 掘增量需求、拓展消费边界。 从根本上说，"扩大优质商品和服务供给，创新多元消费场景"的政策部署，既是应对当前消费市场结构 性挑战的务实之举，也是着眼长远扩大内需的战略抓手。为促进短期刺激向长期增长有效转化，笔者认 为应从以下三方面重点着力： 其一，引导企业加大研发投入，推动产品迭代与服务升级，形成需求牵引供给、供给创造需求的良性循 环，促进产业转型升级；其二，健全消费长效保障机制，多措并举稳定居民收入预期、完善社会保障体 系，切实提升居民长期消费能力，破解"不敢消费、不愿消费"的痛点堵点；其三，总结和推广场景创新 成果，将假期的场景创新成功经验转化为 ...

| 摘 要 | 在互联网时代，迷因（meme）已从当今的网络文化中发展为"网络迷因"，逐渐形成具有独特风格的语言表达方式。本文基于肯德基的"疯四文学 梗"进行了实证研究设计，探究网络迷因和用户与品牌之间的影响关系。研究发现，迷因的"相关性"、"娱乐性"、"传播互动性"可以显著正向影响网络用户 对于品牌的购买意愿，同时个人认同和社会认同在迷因的特性与用户的购买意愿之间起中介影响作用。网络迷因可以在用户之间形成有效传播，帮助品牌在 网络中不断积累"声量"，随着用户在参与网络迷因传播时，会通过个人认同和社会认同的因素增强对品牌的购买意愿，从而不断转化为品牌的"销量"。 | 关 键 词 | 网络迷因 品牌传播 个人认同 社会认同 购买意愿 01 研究背景 随着品牌年轻化、数字化、个性化的发展，营销人员当前需要一种符合市场价值规律、契合青年群体特点的新型网络营销方式，帮助他们直接触达消费群 体。网络迷因是一组具有共同特征的数字内容，可由动画、GIF、标签、图像、文本或视频等形式构成，被认为是当前新媒体语境下的一种传播现象 （Milner, 2016）。与传统广告相比，网络迷因可使网络用户在特定的语境下更好理解其内容，通 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid growth of the community dining sector in China, with the market size expected to reach RMB 2,137.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 9.4% from 2023 to 2028 [4][16] - The Hainan Free Trade Port has seen significant policy benefits, leading to increased consumer and trade activity, with notable growth in duty-free shopping and foreign trade enterprises [12][13] - The "oil-based skincare" segment is experiencing expansion, with both international and domestic brands enhancing their product offerings, which is expected to drive industry growth [27][28] Summary by Sections Hainan Free Trade Port Tracking - The first week of the Hainan Free Trade Port's full closure saw duty-free shopping amounting to RMB 1.1 billion, with a year-on-year increase of 54.9% [12] - The number of new foreign trade registered enterprises in Hainan increased by 2.3 times year-on-year, with over 30,000 new registered customs declaration units for the year, up over 40% [12] - Passenger throughput at Meilan Airport increased by 11.8% year-on-year during the first week of closure [13] Community Dining - The community dining sector has grown rapidly, with the market size increasing from RMB 1,141.4 billion in 2018 to RMB 1,365.8 billion in 2023, a CAGR of 3.7% [14][19] - JD's "Seven Fresh Kitchen" has opened over 30 stores in Beijing, aiming to establish 10,000 stores in three years, focusing on a dual model of delivery and self-pickup [18][24] - The "锅圈" (Guoquan) has expanded its store size and product offerings, transitioning from a simple grocery model to a comprehensive community kitchen service [24] Oil-based Skincare - The "oil-based skincare" market is seeing increased competition from both international luxury brands and domestic brands, with a focus on high-quality ingredients and effective formulations [27][28] - Lin Qingxuan has maintained the top market share on platforms like Taobao and Douyin, with a significant increase in its market share on Douyin by 13.8 percentage points compared to the previous year [28][33] - The report emphasizes the importance of product innovation and the introduction of new active ingredients to meet diverse consumer needs [28] Market Performance Overview - The Hong Kong retail sector outperformed the Hang Seng Index, while consumer services and media sectors lagged behind [34][35] - The report notes that the duty-free and dining sectors have shown strong performance, with specific companies like 多想云 (Duoxiangyun) and 中国中免 (China Duty Free Group) leading in stock performance [43][44]