Group 1 - The Federal Reserve officials show significant disagreement on whether to further cut interest rates in December due to moderate economic expansion and a cooling labor market [1] - Some officials believe that current inflation levels are close to the Fed's target, while others argue that inflation remains persistently above the target with little sign of a timely return to the 2% goal [1] Group 2 - The Chinese government is preparing a new round of support policies for the real estate market, including interest subsidies for new personal housing loans and tax deductions [2] - Major cities like Beijing and Shanghai may relax residency restrictions for home purchases, indicating the government's commitment to stabilize the real estate market [2] Group 3 - The Guangzhou Futures Exchange has announced adjustments to trading fees and limits for lithium carbonate futures contracts, aiming to curb speculative trading and prevent irrational price fluctuations [3] Group 4 - North American technology stocks experienced a significant decline, with the Nasdaq Composite Index dropping 2.2% after an initial rise, influenced by concerns over high valuations in AI companies [4] - Nvidia's stock fell 3.15% despite reporting strong quarterly earnings, resulting in a market capitalization loss of approximately $142.9 billion [4] Group 5 - Concerns have been raised about Nvidia's financial health, with a significant increase in accounts receivable and inventory, leading to predictions of a potential downgrade in early 2026 [5] Group 6 - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities through a share swap, which will position the new entity as the third-largest in the industry by revenue [7] Group 7 - The public fund issuance market in China has seen a resurgence, with 1,332 new public funds launched this year, totaling over 1.03 trillion units, marking a three-year high [8] - The average subscription period for new funds has decreased significantly, indicating heightened investor interest [8] Group 8 - The concentration of fund issuance is increasing among leading institutions, with the top four firms accounting for over 18% of the total issuance scale [9] - Smaller fund companies are struggling, with many launching fewer than five new products this year, leading to a significant disparity in market presence [9] Group 9 - Several QDII funds have suspended or limited large subscriptions, particularly in the US stock index category, due to high performance and significant inflows [10][11] - The tightening of QDII quotas has led to a structural shortage of available investment capacity among top institutions [11] Group 10 - Manner Coffee is considering an IPO in Hong Kong, potentially raising hundreds of millions of dollars with a valuation of up to $3 billion [12] - The company has over 2,000 stores in China and is backed by major investors, indicating strong growth potential [12]

新消费，新投资，新叙事。 文｜陈之琰 来源｜暗涌（ID：waves36kr） 封面来源｜unsplash 11月17日，瑞幸咖啡在美股盘前发布其2025年第三季度财报。Q3总营收153亿元人民币（21.4亿美元），同比增长50.2%。净利润达12.8亿元人民币，同比 实现扭亏为盈。截至当日收盘，瑞幸粉单报40.00元美元/股，相比其2020年在粉单市场的1.54元美元/股，涨幅达2497.4%。 这本应是一次常规的业绩披露，但在当下的时间节点，其意义远不止于财报数字。就在几天前，瑞幸CEO郭谨一在厦门企业家日大会上公开表示，瑞 幸"正积极推动重回美国主板上市进程"。 当所有人都认为瑞幸的故事已经结束时，IDG却选择与瑞幸最早的投资者大钲资本一起在"废墟"中下注。这个瑞幸买方团里鲜少被提及的名字背后，不仅 是一个被公认保守者的"豪赌"，也潜藏着这家与中国投资行业共生的机构未被人关注到的另一面。 主动闯入"风暴眼" 事后瑞幸官方向媒体补充说明："目前对于重返主板上市没有确定的时间表，现阶段的首要任务仍是践行业务战略、聚焦发展。"即便如此，瑞幸所经历的 巨大转折性，也足以在中国商业史上留下自己的名字。 "上岸"，这 ...

以下文章来源于暗涌Waves ，作者暗涌 暗涌Waves . 钱的流向，人的沉浮。36氪旗下投资报道账号。 新消费，新投资，新叙事。 文 ｜ 陈之琰 来源｜ 暗涌（ID：waves36kr） 封面来源 ｜ unsplash 11月17日，瑞幸咖啡在美股盘前发布其2025年第三季度财报。Q3总营收153亿元人民币（21.4亿美元），同比增长50.2%。净利润达12.8亿元人民币，同 比实现扭亏为盈。截至当日收盘，瑞幸粉单报40.00元美元/股，相比其2020年在粉单市场的1.54元美元/股，涨幅达2497.4%。 这本应是一次常规的业绩披露，但在当下的时间节点，其意义远不止于财报数字。就在几天前，瑞幸CEO郭谨一在厦门企业家日大会上公开表示，瑞 幸"正积极推动重回美国主板上市进程"。 事后瑞幸官方向媒体补充说明："目前对于重返主板上市没有确定的时间表，现阶段的首要任务仍是践行业务战略、聚焦发展。"即便如此，瑞幸所经历的 巨大转折性，也足以在中国商业史上留下自己的名字。 "上岸"，这个在中国语境中充满"历劫重生"意味的词汇，或许将成为瑞幸的现实。 距离2020年那场风波已过去五年。五年间，瑞幸从纳斯达克退市，支付 ...

Core Viewpoint - Manner Coffee, a Chinese coffee chain, is considering an IPO in Hong Kong as early as 2026, aiming to raise several hundred million dollars with a potential valuation of up to $3 billion [2][6]. Company Overview - Founded in 2015 in Shanghai, Manner Coffee is positioned as a premium coffee chain under Shanghai Yinhai Industrial Co., Ltd. The brand's main products include latte, espresso, and concentrated coffee, with prices ranging from 15 to 25 yuan [7]. - As of November 20, 2025, Manner Coffee operates 2,234 stores nationwide, ranking sixth among coffee brands in terms of store count [9]. Financial Performance - Manner Coffee reportedly achieved a net profit of approximately 300 million yuan last year, although the company declined to comment on this information [7][12]. - The company has undergone five rounds of financing between October 2018 and June 2021, with investors including H Capital, Meituan Longzhu, ByteDance, and Temasek [7][8]. Market Position and Expansion - Manner Coffee's potential IPO may reflect the company's urgent need for capital and the early investors' desire for an exit strategy [8]. - The company has recently conducted internal surveys regarding franchise intentions, indicating a possible shift in its approach to franchising, although no formal plans have been announced [9]. Competitive Landscape - Manner Coffee's store count is significantly lower than leading competitors such as Luckin Coffee, which has 27,930 stores, and Starbucks China with 8,382 stores [9]. - Both Manner Coffee and Starbucks China operate under a direct sales model, while Starbucks is expanding aggressively with plans to sell up to 60% of its stake to a private equity firm [9]. Internal Management Challenges - Recent incidents involving employee grievances over bonus distributions and labor relations have raised concerns about internal management practices [10][12]. - The company needs to ensure that its management quality keeps pace with its expansion efforts to maintain competitiveness in a rapidly evolving market [12].

这本应是一次常规的业绩披露，但在当下的时间节点，其意义远不止于财报数字。就在几天前，瑞幸CEO郭谨一在厦门企业家日大 会上公开表示，瑞幸"正积极推动重回美国主板上市进程"。 事后瑞幸官方向媒体补充说明："目前对于重返主板上市没有确定的时间表，现阶段的首要任务仍是践行业务战略、聚焦发展。"即 便如此，瑞幸所经历的巨大转折性，也足以在中国商业史上留下自己的名字。 "上岸"，这个在中国语境中充满"历劫重生"意味的词汇，或许将成为瑞幸的现实。 距离2020年那场风波已过去五年。五年间，瑞幸从纳斯达克退市，支付巨额罚金，几乎被市场宣判死刑。而今，它却奇迹般地"逆 风翻盘"：超29000家门店，成为实质上中国最大的咖啡连锁品牌；还把咖啡店开到新加坡、美国、马来西亚等国家；郭谨一更预 计，2025年公司全年营收将超500亿元人民币。 「 新消费，新投资，新叙事。 」 文 ｜ 陈之琰 11月17日，瑞幸咖啡在美股盘前发布其2025年第三季度财报。Q3总营收153亿元人民币（21.4亿美元），同比增长50.2%。净利润达 12.8亿元人民币，同比实现扭亏为盈。截至当日收盘，瑞幸粉单报40.00元美元/股，相比其2020年在粉单 ...

2022年7月，瑞幸咖啡正式成立可持续发展委员会，并推出一系列可持续战略规划。截至目前，瑞幸已 建立起包括绿色工厂、绿色门店和原产地生态保护在内的绿色价值链。在生产端，瑞幸以智能化绿色生 产为底色，规划打造了中国最大的咖啡烘焙网络；在门店端，瑞幸致力于为消费者创造更健康、更可持 续的咖啡消费空间，从门店节能、节水、室内环境质量等细节入手，打造绿色门店体系；此外，在云南 保山，瑞幸携手世界自然基金会及一个地球自然基金会开展"商业向善"生物多样性保护项目，维护栗喉 蜂虎重要栖息地和咖啡原产地周边生态环境，成效显著。 "对瑞幸咖啡来说，可持续发展理念从来都不是一句口号"，瑞幸咖啡可持续发展负责人赵艳艳在大会主 题演讲中表示，瑞幸希望通过自身的探索实践，成为有担当、负责任的绿色创变者，为中国咖啡行业的 可持续发展做出引领性贡献。 11月19日，《南方周末》2025绿色创变者大会在成都举行。会上，来自政府、学界、企业和媒体的代表 聚焦全球可持续发展趋势，深入探讨了中国经济社会绿色发展的创新模式和路径。同时，大会发布年度 绿色标杆案例名单，瑞幸咖啡凭借可持续发展理念的系列实践，斩获"2025年度ESG低碳实践奖"，成为 ...

Core Viewpoint - Manner Coffee is considering an IPO in Hong Kong as early as next year, potentially raising hundreds of millions of dollars with a valuation of up to $3 billion [2][2][2] Company Overview - Manner Coffee was founded in 2015 by Han Yulong and Lu Jianxia, offering a range of products including coffee, tea, juice, baked goods, coffee machines, coffee cups, and drip coffee bags [2][2] - The company operates over 2,000 directly-operated stores in China, adhering to the philosophy of making coffee an affordable and healthy part of daily life [2][2] Investment Background - Manner Coffee has undergone several rounds of financing, with investors including Temasek, Meituan Longzhu, ByteDance, Today Capital, H Capital, and Coatue Management [2][2] Market Context - The company has been contemplating an IPO in Hong Kong for approximately four years, with the market recently becoming more active after a period of stagnation [2][2]

Industry Insights - The domestic demand for cranes in the Chinese engineering machinery industry continues to recover, with sales of truck-mounted cranes and crawler cranes increasing by 42% and 54% year-on-year in October, respectively, driven by energy projects and wind power installations [2] - Exports of various types of engineering machinery also performed strongly in October, except for aerial work platforms and truck-mounted cranes, confirming the previous view that non-earthmoving machinery demand is recovering and will act as a catalyst for the industry [2] - The report maintains a "Buy" rating for companies such as Zoomlion (1157 HK / 000157 CH), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH), while adopting a cautious stance on Zhejiang Dingli (603338 CH) due to the continued weakness in aerial work platform sales, which fell by 39% year-on-year in October [2] Company Insights - Pinduoduo (PDD US) reported a 9.0% year-on-year revenue growth in Q3 2025, reaching 108.3 billion RMB, slightly above Bloomberg consensus expectations, primarily driven by a 7% increase in transaction service fees [6] - Baidu (BIDU US) reported a core revenue of 24.7 billion RMB in Q3 2025, a 7.0% year-on-year decline, but slightly above market expectations, with non-GAAP operating profit showing a 67% year-on-year decline [7] - Trip.com Group (TCOM US) achieved a total revenue of 18.4 billion RMB in Q3 2025, a 15.5% year-on-year increase, exceeding both internal and market expectations, driven by strong operational leverage [8] - BOSS Zhipin (BZ US) reported a 13% year-on-year revenue growth to 2.16 billion RMB in Q3 2025, with non-GAAP net profit increasing by 34% to 999.2 million RMB, benefiting from effective control of sales and R&D expenses [10] - Xiaomi Group (1810 HK) saw a 22% year-on-year revenue growth in Q3 2025, driven by the rapidly growing smart electric vehicle business and resilient internet segment, despite pressures from rising memory costs [11] - Luckin Coffee (LKNCY US) anticipates continued revenue growth in FY26, driven by store expansion and new product strategies, despite a cautious outlook on same-store sales growth due to high base effects [12][13] - Guosheng Tang (2273 HK) is entering a phase of overseas expansion with the acquisition of a 100% stake in a Singapore-based TCM clinic, aiming for significant revenue growth in the overseas market by 2026 [17][18]

Group 1: Manner Coffee's IPO Consideration - Manner Coffee is reportedly considering an IPO in Hong Kong as early as 2026, aiming to raise several hundred million dollars with a valuation of up to $3 billion [1][3] - This is not the first time Manner has been rumored to go public; similar speculation arose in 2021, but the founder denied any plans for an IPO at that time [1][3] Group 2: Manner Coffee's Business Overview - Founded in 2015 in Shanghai, Manner Coffee is positioned as a premium coffee chain and is part of Shanghai Yinhai Industrial Co., Ltd [3] - Manner has received significant investment, with four rounds of financing between December 2020 and June 2021, involving investors like H Capital, Meituan Longzhu, ByteDance, and Temasek [3] - As of November 13, 2025, Manner operates 2,234 stores nationwide, ranking sixth among coffee brands in terms of store count, significantly behind leaders like Luckin Coffee and Starbucks China [3] Group 3: Seven Fresh Coffee by JD - JD has launched a new coffee brand called "Seven Fresh Coffee," emphasizing the use of fresh milk and aiming to provide healthier coffee options [7][9] - The brand is expanding rapidly in Beijing, opening 3 to 5 new stores weekly, with plans to cover major urban areas by the end of the year [7] - Seven Fresh Coffee's pricing strategy includes offering products at prices approximately 30% lower than the industry average, with a focus on high-quality ingredients [9]

上海通报校园餐发臭事件，484所学校校园餐被接管；10月餐饮收入回升至3.8％，为近五个月来最高水 平；瑞幸咖啡CEO透露公司拟重返美股，但尚无具体时间表布；吉野家重启中国拉面店业务；外媒称大 钲资本正考虑竞购Costa咖啡；大米先生放开加盟；日本水产恢复输华；寿司郎母公司2025财年营收创 新高；茶瀑布破千店；DQ与美乐蒂、酷洛米联动。详情请看转门面网《开店指南》。 上海通报"绿捷校园餐事件" 据消息，10月14日，上海市市场监督管理局发布情况通报，9月15日有市民反映，上海绿捷实业发展有 限公司供应本市部分学校午餐中的虾仁炒蛋存在问题。现已查明事件经过和绿捷公司及相关人员违法犯 罪事实，拟依照法定程序吊销绿捷公司的食品经营许可证及营业执照，公司实际控制人张某华等8名责 任人已被依法执行逮捕。 同时，市属国企光明食品集团已于9月23日起临时接管全市484所学校的校园餐供应，确保学生就餐不受 影响。 10月全国餐饮收入5199亿元 据消息，国家统计局最新数据显示，2025年10月份全国餐饮收入为5199亿元，占社会消费品零售总额的 11.23%，同比增长3.8%，为近5个月来最高水平。其中，限额以上单位餐饮收 ...