Investment Rating - The report does not explicitly provide an investment rating for the Southeast Asia consumer sector, but it indicates that most consumer sectors are underperforming the index, suggesting a cautious outlook for investments in this area [1]. Core Insights - Inflation in Southeast Asia is described as moderate and uneven, with varying impacts across different countries. Indonesia's CPI increased by 2.72%, Thailand's decreased by 0.49%, Vietnam's rose by 3.25%, and the Philippines saw a 1.5% increase, indicating a controlled inflation environment conducive to consumer recovery [3][12][22][37]. - Consumer confidence is recovering in Indonesia, with the consumer confidence index rising to 124.0, reflecting optimism about economic prospects. In Thailand, the consumer confidence index increased to 50.9, driven by government stimulus and improved trade conditions [17][25]. - Retail sales in Indonesia and Vietnam show robust growth, with Indonesia's food and beverage retail index growing by 8.2% year-on-year, while Vietnam's retail sales increased by 7.1% [4][39]. Economic Data Summary - Indonesia's GDP growth for Q3 2025 was 5.04%, supported by strong consumer spending and investment, although it showed a slight slowdown compared to Q2 2025 [12]. - Thailand's GDP growth for Q3 2025 was 1.2%, driven by consumer spending and tourism, but overall growth remains moderate [20]. - Singapore's GDP grew by 4.2% in Q3 2025, primarily due to manufacturing and service sector recovery, indicating a stable economic environment [28]. - Vietnam's GDP growth reached 8.23% in Q3 2025, reflecting strong performance in industrial and service sectors, although challenges remain from external demand fluctuations [35]. Consumer Sector Performance - The consumer sector in Southeast Asia shows signs of resilience, with Indonesia's consumer confidence and retail sales indicating strong demand. However, the overall performance of consumer stocks has lagged behind the market index in several countries [4][11]. - In Thailand, consumer spending remains cautious, with inflation pressures being low, which may limit growth in consumer sectors [22]. - Malaysia's consumer sector is recovering, with GDP growth of 5.2% in Q3 2025, supported by domestic demand and investment [42].

"老物件"入景入店 天津老厂区焕新重拾工业记忆 中新社天津12月18日电 题："老物件"入景入店 天津老厂区焕新重拾工业记忆 中新社记者 王君妍 周亚强 记者日前走访看到，市民牵着宠物在园区散步，偶尔驻足街边展出的"内燃机牵引车""摇臂钻床"旁讨论 用途；也有不少年轻人以老厂房为背景拍下"工业风"照片。冬日午后，阳光洒在草坪与外摆区，闲坐聊 天的市民让曾经封闭的厂区变得有温度。这里不再是"远远看一眼的老地方"，而是可慢行、可闲坐的生 活街区。 不少商户在布置门店时，也尽力让"老"与"新"自然融合。园区内天津菜餐厅"福慧轩"店主单良表示，自 己学的是美术专业，会特别关注餐厅装修与建筑结构、周边环境的协调性。"这栋楼门前有几棵种了几 十年的树，我不想让它看起来是被现代装修'包裹'起来的。"他说，店内色调设计也围绕绿色展开，希 望让室内外在视觉和气息上有延续感，"更像是树木长进了屋子里"。 12月17日，天津河东区"津一·Park"园区中展示的立式键槽铣床。中新社记者 佟郁 摄 走进由七十余年历史的苏联专家楼修缮而成的咖啡店，万能测齿仪、显微镜等老设备静静陈列。铭牌字 迹仍然清晰，边角磨损亦未遮掩。"一尺花园旗舰店 ...

【环球时报综合报道】综合韩联社、《朝鲜日报》等媒体17日报道，韩国政府宣布将推行"杯具单独计 价制"，禁止咖啡厅、餐厅等场所无偿提供一次性杯具，顾客使用一次性杯具须额外支付费用。相关方 案草案将于本月23日公布。韩国气候能源环境部表示，此举旨在通过有偿使用机制，减少一次性杯具消 耗，引导消费者更多使用可循环重用杯。 该政策引发争议。批评者称，对杯具单独收费并未直接对应减少塑料消费或提升回收率的目标，反而可 能因饮料价格本已包含杯具成本，导致实际消费负担上升。（黎枳银） 这一新规被视为对现行一次性杯子押金制度的调整。原制度要求顾客使用一次性杯时支付300韩元（100 韩元约合0.48元人民币）押金，归还杯子后退还押金。该制度被商户和消费者批评流程繁琐，是环保领 域的"代表性失败政策"之一。与强调"回收"的押金制度不同，"杯具单独计价制"不设退费机制。相关人 士将其比作"有偿提供塑料袋"的做法。在收费标准方面，韩国政府计划允许商家自主定价，但将设定最 低收费线以避免制度流于形式。相关官员表示，杯具价格预计在100至200韩元之间。 ...

Core Viewpoint - The event organized by Xi'an Municipal Bureau of Commerce aims to facilitate international cooperation for Xi'an's restaurant brands, particularly focusing on their expansion into Malaysia [1] Group 1: Event Overview - The Xi'an International Food Capital Industry Alliance delegation visited Kuala Lumpur for business matching activities [1] - The event brought together government departments, high-quality restaurant enterprises, and supply chain companies from Xi'an [1] Group 2: Business Matching Conference - A business matching conference for Xi'an restaurants was held in Malaysia, in collaboration with the Malaysia Chinese Restaurant Association [1] - The conference focused on addressing the core needs of Xi'an restaurant enterprises looking to expand overseas and aimed to resolve operational challenges in foreign markets [1] Group 3: Expert Insights - Experts provided in-depth interpretations of key topics such as company registration processes, legal regulations, business management requirements, tax policies, and business license applications in Malaysia [1] - This guidance offers a clear compliance path and scientific decision-making reference for Xi'an cuisine to establish itself in Malaysia [1] Group 4: Strategic Importance - The visit is seen as a significant practice for Xi'an's restaurant industry to connect with high-quality resources in Malaysia [1] - The event is expected to help Xi'an restaurant brands quickly adapt to overseas market rules and lay a solid foundation for deepening engagement in the Southeast Asian market and promoting Xi'an's culinary culture [1]

Group 1 - The core objective of the recent government meeting is to enhance the adaptability of supply and demand in consumer goods, aiming to unleash consumption potential and lay a solid foundation for high-quality economic development [1] - The central government has introduced multiple policies to boost consumption, including a 300 billion yuan special long-term bond to support the replacement of old consumer goods, injecting strong momentum into the consumption market [1][2] - The final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year, continuing to serve as the "main engine" for economic growth [3] Group 2 - The trend of consumption is shifting towards personalization, quality, and scenario-based experiences, necessitating support for traditional sectors to innovate and transform while nurturing emerging industries [3][4] - Financial institutions, such as credit card companies, are actively participating in boosting consumption by launching promotional activities that align with government policies, thereby enhancing the multiplier effect of consumption vouchers [3][5] - The upcoming New Year period is seen as a golden opportunity for consumption, with consumers eager to purchase products that symbolize good fortune and positive expectations for the coming year [4][8]

本文源自：智通财经网 智通财经讯，绿茶集团(06831)发布公告，于2025年12月18日斥资75.45万港元回购12.32万股。 ...

中国商报（记者 冉隆楠）12月18日，由中国商报社联合中国商界杂志社、中国商人杂志社、中国收藏杂志社、中国烹饪杂志社、中国经贸杂志社共同举办 的第十二届中国商业创新大会暨推动中国商业进程四十年活动在京顺利召开。活动汇集来自政府、行业协会、学界、媒体、企业等各领域的领导、专家及代 表，共同深入剖析商业创新的前沿趋势与策略，共同探索商业创新的无限可能。 新质生产力引领商业生态升级 2025年是"十四五"规划收官之年、"十五五"规划谋篇布局之年，也是进一步全面深化改革、推动中国式现代化行稳致远的关键一年。 "当前，中国式现代化建设全面推进，商业作为连接生产与消费的关键环节，肩负着畅通经济循环、服务高质量发展的重要使命。"中国商报社党委书记、社 长兼总编辑胡斌为大会致辞时强调，商业兴则经济兴，创新强则产业强。面对新的历史机遇与挑战，唯有以创新破局、以变革赋能，才能在时代浪潮中勇立 潮头。 第十二届中国商业创新大会暨推动中国商业进程四十年活动现场。 中国商报社党委书记、社长兼总编辑胡斌。 中国商业联合会党委书记姜明在致辞中表示，当前，国家正着力推进现代流通体系建设，促进消费扩容提质，"这要求我们商贸流通业不仅要运用新技 ...

据美团介绍，2026年美团卫星店扶持政策的丰富性和覆盖范围将超过今年，措施将包括与优质品牌联合 进行新店型探索，并提供开店基金奖励；进行供应链深度合作保障；提供数据和AI工具运营扶持、流 量和曝光倾斜等。 北京商报讯（记者 郭缤璐）12月18日，北京商报记者了解到，美团宣布2025年已联合1000多个品牌完 成店型创新，共拓建10000家卫星店进社区，累计服务消费者上亿人次，满足消费者日常用餐"不排队、 高品质、配送近、亮后厨"的新需求。美团卫星店业务负责人赵一博表示，餐饮市场正发生非常深刻的 变化，在总结今年万店运营经验的基础上，美团明年将联合更多品牌进行店型创新升级，帮助商家适应 餐饮市场新需求，进一步扩容扶持政策。 经过2025年的品牌联合创新，美团卫星店已涵盖所有中式正餐、西餐、火锅等餐饮品类，其中不乏四川 饭店、西安饮食集团等中华老字号，以及眉州东坡等传统中餐品牌。海底捞推出子品牌"下饭火锅菜"， 开出1400多家卫星店。木屋烧烤通过50平方米社区店、街边店，适配夜宵、简餐需求，平均回本周期仅 6个月。 ...

Core Viewpoint - Banu Maodu Hotpot is making a renewed attempt to go public on the Hong Kong Stock Exchange after its initial application was invalidated in June 2025, amidst a backdrop of significant competition in the hotpot industry and recent controversies surrounding its brand image [1][11]. Group 1: Financial Performance - For the first three quarters of 2025, Banu Maodu Hotpot reported revenue of 2.078 billion yuan, a year-on-year increase of 24.5%, and an adjusted net profit of 236 million yuan, reflecting a substantial growth of over 80% [3]. - The operating profit margin for its stores improved from 15.2% in 2022 to 24.3% in the first three quarters of 2025, significantly exceeding the industry average [3]. - The company plans to open 22 new stores in 18 cities in December 2025, bringing its total number of direct-operated stores close to 170 [4]. Group 2: Business Strategy - Banu Maodu Hotpot emphasizes "productism," focusing on high-quality ingredients, particularly its signature "maodu + mushroom soup" combination, which constitutes nearly 50% of its total sales [6]. - The company has established a robust supply chain with a "central kitchen + cold chain logistics" system, ensuring the stability of ingredient quality, which supports its high-quality positioning [6]. - The restaurant maintains a table turnover rate of 3.6 times per day and a same-store sales growth rate of 4.3%, indicating improved single-store profitability and operational efficiency [4]. Group 3: Market Competition - The theft of opening advertisements for the new store in Lianyungang highlights the intense competition within the restaurant industry, particularly in the hotpot sector [7]. - Despite being the third-largest brand in China's hotpot market in 2024, Banu faces challenges from established competitors like Haidilao and Xiaobai Xiaobai, which continue to dominate market share and consumer perception [9]. - The overall market is experiencing a decline in average consumer spending, with per capita consumption dropping from around 90 yuan in 2023 to 60-65 yuan in 2024, putting pressure on Banu's premium pricing strategy [7]. Group 4: IPO Challenges - While Banu Maodu Hotpot holds a certain market position in the quality hotpot sector, it faces significant challenges regarding compliance and brand image ahead of its IPO [11]. - Controversial actions, such as distributing 70 million yuan in cash dividends to shareholders shortly before the IPO, have raised concerns about the company's motives, especially given its need for capital expansion [12]. - Previous incidents involving substandard products and misleading marketing claims have undermined consumer trust in its "productism" approach, posing additional hurdles for the IPO [12].

12月18日，北京培育建设国际消费中心城市工作成效和亮点新闻发布会上，北京市商务局党组成员、副 局长卢慧玲介绍，在北京消费版图上，商品消费持续焕新升级。北京市持续释放首发经济潜能，2019年 以来累计吸引超5000家首店落地，培育三里屯太古里等12个全球首发中心。 同时，北京市拥有境外旅客购物离境退税商店近1600家，即买即退商店24家，在全国首创"全城退税， 多点通办"模式，在国贸商城等区域设立6个集中退付点。 在品牌培育方面，国际风范与京韵文化交相辉映。国际品牌集聚度稳居全国前列，累计认定老佛爷、星 巴克等26家消费类跨国公司地区总部。2026北京时装周联动隆福寺、古北水镇等标志性场地，汇集300 余个全球品牌，打造超150场线下时尚盛宴。本土品牌同样繁荣，北京市拥有老字号总数274家，其中中 华老字号137家。 在美食消费领域，截至目前，北京市已建成24条特色餐饮聚集街区，累计打造31条"深夜食堂"特色街 区。在此期间，北京创新推出"京彩四季"北京城市消费活动主题品牌,打造了北京国际美食荟等系列品 牌活动，每年带动市场主体开展千余项促消费活动。 截至2025年11月底，全市已建成一刻钟便民生活圈850个 ...