本周观点 持续关注全球关税谈判： 投资逻辑 敬请参阅最后一页特别声明 1 教育：结合近期财报看，K12 教培行业景气良好，头部机构寒假培训收入增速多在 20%以上，非学科课程续班率 提升，继续看好头部机构转型后持续扩大市场份额。另外，上周高途推出毛豆爱学 AI 课堂、作业帮上线免费高 考志愿填报产品，持续关注 AI 教育进展。 奢侈品：美国对欧盟关税政策对板块的扰动持续。基本面来看，宏观经济影响奢侈品销售表现，今年以来奢侈品 牌涨价动作更趋谨慎，关注需求端变化。 咖啡茶饮&OTA：茶饮咖啡依旧是外卖平台主要补贴品类之一，近期京东提升商户补贴，继续积极关注平台补贴力 度&茶饮品牌交易机会。5 月咖啡 C 期货下跌 14.6%，目前主要咖啡豆生产国巴西采收进展顺利，关注咖啡价格下 跌带来的瑞幸下半年成本压力缓解可能。 电商：阿里/京东/美团在外卖&即时零售上的竞争依旧持续，相关支出或将导致短期利润波动。电商平台依旧处 于"618"活动大促期，主流平台纷纷发布第一阶段战报，国补品类表现较好，阿里/京东等平台有望受益。 流媒体平台：我们认为音乐流媒体平台为内需相关的优质互联网资产，规模效应持续驱动盈利杠杆释放，积极关 ...

Group 1 - Wangwang's sub-brand Bond Coffee opened its first offline store in Shanghai on August 8, 2023, located near the Guilin Road subway station [2] - The store design incorporates green from coffee beans as the brand color, and the product features a unique coffee made from discarded coffee fruit peels, which is low in caffeine and suitable for caffeine-sensitive consumers [2] - Bond Coffee, established in 1998, has seen steady sales growth for six consecutive years since being acquired by Wangwang in 2018, with plans to open 100 stores in three years [2] Group 2 - Many luxury brands, including MIKIMOTO, Dior, and Louis Vuitton, have entered the coffee industry, primarily for brand exposure and customer engagement [3] - Wangwang's recent financial performance shows positive growth, but it has not yet returned to the revenue and profit levels of its peak in 2013, indicating a need for new growth avenues [3] - The coffee industry has shown signs of fatigue in 2023, with a decline in the number of new store openings among chain coffee brands, reflecting a downward trend in the market [3][4] Group 3 - The coffee market is experiencing a "survival of the fittest" scenario, with several chain coffee brands closing numerous stores, indicating increased competition and challenges for new entrants like Wangwang [4]

猫屎咖啡为何那么贵？ 陈曦 对大多数消费者来说，猫屎咖啡是可望不可及的奢侈品。在其原产地印度尼西亚，每磅(约合0.454公斤) 猫屎咖啡的批发价为300美元至800美元不等，视年份和品质略有浮动。而经过"大厂"烘焙后的品牌咖 啡，每磅价格一般都在1000美元以上，个别大品牌能卖到3000美元/磅。 猫屎咖啡"名不虚传"——它真的是从麝香猫的排泄物中搜集而来的。 大约从18世纪初开始，印度尼西亚的苏门答腊岛、爪哇岛等地就开始广泛种植咖啡树，而这里也正好是 麝香猫的栖息地。根据资料记载，当地一些穷苦农民想喝咖啡却买不起，正好有人从麝香猫的粪便中找 到了未被完全消化的咖啡豆，于是试着将其清洗后磨成咖啡粉，结果发现味道居然比普通咖啡更好。 然而，猫屎咖啡真的有那么好喝吗？至少在当今这个时代，非也。 根据专业咖啡品鉴师的观点，野生麝香猫的肠胃其实并没有什么神奇效果，只是因为野生麝香猫只会挑 选最成熟、味道最甜的咖啡豆食用，这样"制成"的咖啡豆自然品质更好。而在当今社会，为扩大生产规 模，许多农场会人工养殖麝香猫，人工喂食咖啡果。此举相当于直接跳过了麝香猫自然筛选果实的"猫 猫优选"环节，自然也就导致了猫屎咖啡品质下降。 ...

Core Viewpoint - The recent issuance of a "6.9 yuan limited-time coupon" by Luckin Coffee has sparked discussions and speculation regarding its strategy in response to the ongoing price war with competitors like Kudi Coffee [1][4]. Group 1: Coupon Issuance and Consumer Response - On May 30, consumers noticed a "6.9 yuan limited-time gift" coupon that reduced prices by 3 yuan for various products, leading to a surge in discussions on social media [1]. - Some consumers reported that they did not receive the coupon, with prices remaining at the original 9.9 yuan, prompting Luckin's customer service to clarify that the coupons were randomly distributed by the system [1]. Group 2: Company Response and Pricing Strategy - Luckin Coffee responded to the "6.9 yuan" rumors by stating that the promotion was a special offer for the Dragon Boat Festival and Children's Day, not a price reduction [4]. - The 6.9 yuan price point represents the lowest price for online orders in recent years, highlighting the competitive nature of the coffee market [4]. - In January 2023, Luckin faced backlash for price increases at some locations, where products like lattes and Americanos saw price hikes of 3 yuan [4]. Group 3: Competitive Landscape - The ongoing price war in the coffee and tea sector has seen competitors like Kudi Coffee lowering their prices to 3.9 yuan and 4.9 yuan per cup [4]. - Data from Ele.me indicated that Kudi Coffee's sales surged to become the top coffee category on the platform, with a nearly tenfold increase in orders within 24 hours of a promotional launch [4]. - The coffee industry's price war continues, posing challenges for Luckin Coffee in balancing pricing strategies with consumer expectations [4].

5月30日，工业和信息化部印发《算力互联互通行动计划》。其中提出，到2026年，建立较为完备的算力互联互通标准、标识和规则体系。到 2028年，基本实现全国公共算力标准化互联，逐步形成具备智能感知、实时发现、随需获取的算力互联网。算力互联互通指不同主体（如企 业、机构）、不同地域、不同架构的算力资源实现高效连接、协同与共享，形成统一调度、灵活分配的算力网络体系。 行动计划提出，要发挥服务器龙头企业牵引作用，联合产业链上下游共同开展新型高速互联总线协议设计开发应用。鼓励芯片、服务器、网络和 软件等各领域主体推广远程直接内存访问等新型高性能传输协议技术，提升传输层多协议兼容适配能力。（财联社） ｜点评｜ 算力互联网有些类似电网建设，目标是将全国零散的算力资源统筹起来，统一调度分配。减少算力资源的闲置浪费。东部沿海城市对 算力的需求较大，但能源相对匮乏，西部清洁能源丰富，算力需求却偏低。算力互联网则有助于"东数西算"的实现，将东部城市需要处理的数 据先发送到西部，处理后再发送回来，从而降低算力租赁成本。 虽然国内互联网的建设已经十分完善，但此类需要计算的数据体量极为庞大，海量数据传输是算力互联网建设的难点之一。并且 ...

顺丰回应寄丢高价手镯，暂时无法达成一致意见，将继续与客户继续协商理赔。 整理 ｜袁思 天富龙集团股份有限公司 36氪获悉，据证监会网站消息，证监会同意扬州天富龙集团股份有限公司首次公开发行股票并在上交所主板上市的注册申请。 杰华特微电子股份有限公司 36氪获悉，据港交所，杰华特微电子股份有限公司向港交所提交上市申请书，独家保荐人为中信证券。 顺丰回应寄丢价值5万手镯仅赔67元 顺丰速运涉事网点相关负责人在接受媒体采访时表示，他们已经配合警察寻找失物，并称不存在监守自盗的情况。针对陈小姐 快件丢失事宜，该公司成立了理赔小组，目前正在跟进处理。据了解，当事快递员仍在正常上班。目前，陈小姐正在走法律程 序解决。对此，顺丰速运集团表示，由于快件没有保价，将按照非保价快件的条款与客户协商理赔，由于暂时无法达成一致意 见，将继续与客户继续协商理赔。（界面新闻） 胖东来"红内裤案"宣判：段某赔偿40万，道歉30天 2025年5月28日，许昌市魏都区人民法院依法公开开庭审理了原告许昌市胖东来商贸集团有限公司与被告段某名誉权纠纷案， 并当庭宣判，判决段某在其个人账号发布宣读书面道歉信的视频，书面道歉信的具体内容需经法院审核，发 ...

转自：南方日报 今天 话题#瑞幸咖啡降价# 冲上热搜第一！ 不少网友发现 点开瑞幸咖啡的小程序 卡券包里多出了一张优惠券 平时9.9元到手的咖啡 变成了6.9元 该券可以购买店内的多款饮品 对此有网友感慨：最近"商战"这么激烈，难道瑞幸要从9.9元时代进入6.9元时代了吗？ 咖啡仅需6.9元，瑞幸回应：为双节特惠福利 记者今天点开了瑞幸咖啡的小程序，确实发现页面上不少咖啡的预估到手价格变成了6.9元，包含生椰拿铁、美式、鲜萃轻轻栀 子、西瓜冷萃等多款招牌饮品。 记者又打开了京东、美团团购平台，发现各家团购平台上也有不少等于或低于9.9元的团购价格，美团的特价团部分咖啡价格为 5.9元，京东有券的情况下，咖啡加上配送费到手也是9.9元。 而瑞幸咖啡的主要竞品之一库迪咖啡的价格则更低，在京东平台上多款招牌单品价格在3.9元/杯与4.9元/杯左右。 有网友发现，似乎不是每个人的小程序里都有这个6.9元券，自己不常下单的微信号的瑞幸小程序里就没有这张券。 对此，瑞幸咖啡相关负责人回应："我们为消费者推出端午节和儿童节的双节特惠福利，随机发放6.9元优惠券，并非降价。" 瑞幸和库迪曾开启9.9元时代，瑞幸CEO称没有提 ...

从餐饮外卖打到闪购万物，消费习惯转移的赢家最终还是平台。 文 丨 沈方伟 管艺雯 编辑 丨 黄俊杰 淘宝闪购曾短暂拿掉了首页的服装分类，全力聚焦奶茶咖啡和快餐，上线 6 天后日单量增加了 1000 万单，21 天后增加 2000 万单，势头超过京东。近期，服装百货类目又重新出现在了首页。 五月以来，京东和淘宝闪购 x 饿了么分别宣布外卖战果：单日订单突破 2000 万单和 4000 万单。 整个 2024 年，中国外卖市场的峰值时段也不过一天约 1 亿单/天，其中大部分由美团配送，2000 万单 来自饿了么。现在靠补贴大战，京东和饿了么没花两个月就多了 4000 多万单。 与此同时，美团的订单量也还在增长。《晚点 LatePost》了解到，近期中国外卖市场（包括闪购送上 门的其他商品）峰值每天已经超过 1.4 亿单，其中美团在 8000 万 - 9000 万单。 很显然中国人的餐饮和商品消费没有在三个月里增长 40%。其中一部分是超低价促进的茶饮、咖啡消 费，还有一部分则是线下店的消费被搬到了外卖平台。美团在今年一季度财报后的营收会议上透露， 由于补贴消费者外卖下单，预计其到店业务营收增速和利润都将小幅下滑。 ...

5月30日，有消费者发现瑞幸咖啡多款饮品价格下调至6.9元区间，包括轻乳茶、果C美式等非核心饮品价 格在瑞幸小程序及外卖平台上从9.9元降至6.9元，经典咖啡如生椰拿铁、陨石拿铁等仍维持在13-17元区 间，甚至个别产品出现涨价。 对此瑞幸咖啡向多家媒体回应称："我们为消费者推出端午节和儿童节的双节特惠福利，随机发放6.9元优 惠券，并非降价。" ...

Group 1: Company Strategies and Developments - JiuGuiJiu has reduced its SKU by 50%, eliminating low-sales and non-growth potential products, and is focusing on a "2+2+2" strategic product system [1] - BaiGuoYuan Group has submitted an application to the China Securities Regulatory Commission for H-share full circulation, converting approximately 85.45 million non-listed shares into H-shares [2] - XiWang Food is committed to improving its sports nutrition business despite recent underperformance, citing long-term market potential and brand recognition [3] Group 2: Financial Performance and Projections - Vitasoy International expects a profit increase of approximately 94% to 111% for the fiscal year ending March 31, 2025, driven by improved operating profits in mainland China and Hong Kong [6] - NaiXue's Tea opened its 8th store in Southeast Asia in Chiang Mai, generating nearly 3.5 million Thai Baht (approximately 770,000 RMB) in its first month [9] Group 3: Market Reactions and Consumer Engagement - Luckin Coffee denied reports of price reductions, stating that it is offering promotional coupons for the Dragon Boat Festival and Children's Day instead [8] - WuFangZhai is gifting zongzi gift boxes to shareholders to promote traditional culture and gather feedback on its products [4] Group 4: Regulatory and Legal Matters - SanZhiSongShu has submitted its H-share issuance application to the Hong Kong Stock Exchange, which has been accepted by the China Securities Regulatory Commission [7] - DaRunFa clarified that it has restructured its operational zones from five to four, denying any plans to eliminate the Northeast region [12] - WanChen Group announced that its chairman, Wang JianKun, has had his detention lifted and is resuming his duties [13]