现场，《昆山打造国际咖啡产业之都三年行动计划（2025~2027年）》发布，将围绕建设国际咖啡产业 之都的功能定位，形成千亿级的"买全球、卖全球"咖啡产业规模和"咖啡+"文化品牌矩阵，全面打响"做 咖啡到昆山"的全球标识。 活动中，昆山咖啡博物馆建设方案发布，将打造以金刚鹦鹉为特色的全国首家咖啡文化博物馆。 5月16日，2025昆山咖啡产业招商大会举行，诚邀海内外企业共建"甜蜜产业"、共创"香醇世界"。巴西 联邦共和国驻华使馆商务参赞李嘉明，哥伦比亚共和国驻华使馆商务参赞奥斯卡，中国食品工业协会咖 啡与饮品专业委员会会长翁杰瑞；昆山市相关领导出席会议。 李嘉明表示，作为优质可持续咖啡的生产者，巴西拥有34个特色咖啡产区，咖啡风味与产地多样性无与 伦比，将与作为咖啡创新与消费中心的昆山携手，带来优质的咖啡体验，深化合作、共赢发展。 印尼三林集团代表祝欧说，三林集团是印尼最大的综合食品企业，将携手昆山继续扩大咖啡业务版图， 从咖啡生豆拓展到咖啡粉、咖啡液、纯天然绿色椰汁等熟豆制品，共同书写属于昆山咖啡产业的辉煌篇 章。 昆山市相关领导表示，近年来昆山积极抢抓共建"一带一路"倡议、长三角一体化发展等重大机遇，构建 ...

本周观点 关注海外资产的季报变化： 投资逻辑 持续关注中美关税谈判，关注海外资产一季报的变化。因关税贸易战引发（包括担心中概退市）的海外中国资产 跌幅陆续得到填补，挖掘超跌板块或个股的难度增加。建议关注：1）美股中概资产：对交易平台资产的推荐不 变，但短期暂无新增催化或者增量逻辑；保持对咖啡龙头的长期看好；保持关注跌出深度价值的个股；2）港股 互联网资产：关注追求确定性的优质互联网平台、外卖平台竞争情况。3）港股消费类资产：咖啡茶饮板块关注 咖啡龙头，同时关注将 IPO 的消费类公司。4）其他：建议关注困境反转标的，及互金助贷板块。5）传媒：建议 关注重组逻辑的个股机会。个股：拼多多、贝壳、分众传媒、芒果超媒。 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险 敬请参阅最后一页特别声明 教育：上周在线教育公司高途/有道发布财报，收入收款保持较好增长的同时，盈利能力有所提升。结合近期财 报看，K12 教培行业景气良好，非学科课程续班率提升，继续看好龙头公司转型后持续扩大市场份额。 奢侈品：上周历峰集团发布财报 ...

Core Insights - The company, Kafei Mei, has experienced rapid growth in its automatic coffee machine business, with revenue projections increasing from approximately 100 million yuan in 2021 to over 700 million yuan in 2024, and exports to the U.S. accounting for nearly 30% of total sales [1][4]. Group 1: Business Growth and Market Expansion - Kafei Mei's foreign trade business continues to grow despite previous order pauses from the U.S., with many orders scheduled for delivery two months later [1]. - The company has established a strong presence in over 100 countries, with the U.S. being its largest overseas market, exporting nearly 200 million yuan worth of products last year [1][4]. - The company has successfully entered new markets, such as New Zealand, where it received a significant order after product testing [4]. Group 2: Innovation and R&D - Kafei Mei has invested approximately 20% of its sales revenue into R&D, building a team of over 200 people and creating various performance testing laboratories [2]. - The lifespan of its main products has improved significantly, reaching 90,000 cups, allowing Kafei Mei to compete with established European brands [2][5]. - The company has achieved 99.8% localization of its components, enhancing its supply chain resilience and innovation capabilities [3][5]. Group 3: Future Outlook and Goals - Kafei Mei aims to achieve a sales target of over 1 billion yuan for the year, with confidence in reaching this goal despite potential challenges [4]. - The company is preparing for upcoming promotional events, such as the "618" sales event, and has recently opened a new factory to support its growth [4].

本周观点 关注海外资产的季报变化： 投资逻辑 持续关注中美关税谈判，关注海外资产一季报的变化。因关税贸易战引发（包括担心中概退市）的海外中国资产 跌幅陆续得到填补，挖掘超跌板块或个股的难度增加。建议关注：1）美股中概资产：对交易平台资产的推荐不 变，但短期暂无新增催化或者增量逻辑；保持对咖啡龙头的长期看好；保持关注跌出深度价值的个股；2）港股 互联网资产：关注追求确定性的优质互联网平台、外卖平台竞争情况。3）港股消费类资产：咖啡茶饮板块关注 咖啡龙头，同时关注将 IPO 的消费类公司。4）其他：建议关注困境反转标的，及互金助贷板块。5）传媒：建议 关注重组逻辑的个股机会。个股：拼多多、贝壳、分众传媒、芒果超媒。 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险 敬请参阅最后一页特别声明 1 教育：上周在线教育公司高途/有道发布财报，收入收款保持较好增长的同时，盈利能力有所提升。结合近期财 报看，K12 教培行业景气良好，非学科课程续班率提升，继续看好龙头公司转型后持续扩大市场份额。 奢侈品：上周历峰集团发布 ...

浦东新区老港镇今年要开镇里首家肯德基，这在当地居然成了一条"大新闻"。镇政府里年轻的工作 人员长舒一口气，"以后不想吃食堂，也终于可以点外卖了。" 记者 杜晨薇 最近几年，当生活垃圾处理技术全面从填埋转向无害化、资源化，老港彻底摆脱了垃圾带来的气味 困扰，当大规模的居民动迁走向尾声，老港似乎已经能够从投入民生，全身心转向投入产业经济了。 LiLi Time，一家开在前滩太古里，被网友点评"贵得离谱但实在好喝"的咖啡馆，今年开进了老港。 这是镇里持有的物业空间，原本并没有派上什么用场。重新装修后，老港镇将这一网红咖啡品牌引 进，并与店家达成一致，在保持风味标准不变的前提下，以远远低于太古里的价格对外销售。而且店内 还要解决本地的一小部分残疾人就业。 一些咖啡爱好者为了低价格的"LiLi Time"来打卡，更多的是周边居民、企业员工开始约在这里聊 天、谈事，老港开始有了一些大都市的样子。 当然，开一家咖啡馆并不是什么了不得的事情。可是，当一个地区开始有意识地抬升商业品质，并 愿意把更多空间通过腾挪改造交付给市场时，市场也一定会作出反馈。 可事实是，老港的民生改善力度和广度似乎更大了。政府部门把精力放在一些看似不起 ...

Core Insights - The national coffee industry in China has surpassed 300 billion yuan for the first time, reaching 313.3 billion yuan, with a year-on-year growth of 18.1% [1] - The per capita annual coffee consumption in China has also crossed 20 cups for the first time, reaching 22.24 cups [1] Group 1: Industry Growth and Events - The 2025 Hongqiao International Coffee Culture Festival opened on May 16, featuring the release of the "2025 China Urban Coffee Development Report" [1] - The event attracted over 300 industry leaders and representatives from more than 40 well-known coffee companies [1] - A total of 16 themed activities will take place until May 31, focusing on "Coffee + Cultural Tourism" [1] Group 2: Coffee Industry Alliance - The "Hongqiao International Coffee Industry Alliance" was established to support Shanghai's goal of becoming a "Global Coffee Capital" [2] - The alliance aims to leverage the Hongqiao International Coffee Port as a core platform to create a new high-quality development pattern for the coffee industry [4] Group 3: Market Dynamics - Coffee bean imports have increased nearly threefold over the past five years, while coffee machine exports reached 17.46 billion yuan [6] - Over 300 million cups of coffee were sold via delivery services, contributing 5.51 billion yuan to the market, with local brands accounting for 70% of this consumption [6] - Shanghai leads the nation with 9,115 coffee shops, with nearly half of the coffee beans sourced from the Hongqiao International Coffee Port [6] Group 4: Regional Collaboration and Tourism - A strategic partnership was formed between Yunnan Tourism Planning Research Institute and Hongqiao Pinhui to launch the "2025 Shanghai-Yunnan Coffee Tourism Plan" [7] - This plan aims to create unique coffee-themed tourism routes that allow participants to experience the complete coffee production chain [7] Group 5: Industry Forum and Cultural Integration - The event featured over 40 well-known coffee brands and discussions on topics such as the globalization of Chinese coffee brands and new retail trends [8] - The Hongqiao International Coffee Culture Festival emphasizes industry, talent, and culture, establishing a core position in the Chinese coffee industry [8] - The festival's theme, "Coffee +", integrates various activities to inject new vitality into the coffee culture in the Hongqiao International Central Business District [8]

Group 1 - The "2025 China Coffee Development Report" was released at the 2025 Hongqiao International Coffee Culture Festival, indicating that the coffee industry in China will reach a scale of 313.3 billion yuan in 2024, with a year-on-year growth of 18.1% [1] - The report highlights that the per capita annual coffee consumption in China has reached 22.24 cups, with coffee bean imports increasing nearly threefold over the past five years, and coffee bean export value reaching 1.36 billion yuan [1] - The coffee machine export value is reported at 17.46 billion yuan, and over 300 million cups of coffee were sold through delivery services nationwide [1] Group 2 - The online coffee consumption market in China shows a significant gender disparity, with female consumers accounting for 67.72% of the market, while male consumers represent 32.28% [1] - The primary consumer demographic is the post-90s and post-80s generations, with the post-90s group making up 39.98%, indicating a trend of young professionals and urban youth using coffee as a daily energizer and social beverage [1] - First-tier and second-tier cities dominate the coffee market, accounting for 72% of total consumption, while third to sixth-tier cities only account for 28%, suggesting that although there is growth potential in lower-tier markets, consumption remains concentrated in higher-tier cities [1] Group 3 - In Shanghai, there are already 9,115 coffee shops in 2024, with nearly half of the coffee beans sourced from the Hongqiao International Coffee Port, which has established a complete industry ecosystem from "seed to cup" [1] - The Longhu Shanghai Hongqiao Tianjie is promoting a new lifestyle of "morning coffee and afternoon tea," achieving an average daily consumption of 3,000 cups of tea and coffee, with sales in the first quarter of this year increasing by 167% [2] - The "Hongqiao International Coffee Industry Alliance" was established to support Shanghai's goal of becoming a "global coffee capital," aiming to create a high-quality development pattern for the coffee industry and enhance local brand competitiveness [2]

Core Insights - Kunshan, once known for its manufacturing, is now a central hub for China's coffee industry, hosting the 2025 Kunshan Coffee Industry Investment Conference with over 500 exhibitors and representatives from 17 coffee-producing regions worldwide [1][4] Industry Overview - Kunshan has developed a comprehensive coffee industry chain, integrating bean trade, platform transactions, research and roasting, and brand sales, with over 60% of China's green coffee bean imports and roasting occurring in the city [4] - The city has established connections with 24 countries and regions, including Ethiopia, Brazil, and Uganda, enhancing its global coffee trade network [4] Strategic Developments - The release of the "Kunshan International Coffee Industry Capital Three-Year Action Plan (2025-2027)" aims to create a coffee industry scale worth hundreds of billions, promoting a global identity for coffee production in Kunshan [6] - The plan includes the construction of the Kunshan Coffee Museum, further solidifying the city's commitment to becoming a global coffee industry leader [6] Partnerships and Growth - Major coffee brands such as Starbucks, Trung Nguyen Coffee, Louis Dreyfus Company, and Mitsui & Co. have established operations in Kunshan, contributing to its growth as a coffee hub [4] - Brazilian coffee exports to China have seen exponential growth, with Brazil looking to share its diverse coffee flavors with Chinese consumers through partnerships with Kunshan [4][5]

IPO and Financing - Baillie Gifford is reportedly considering an IPO in Hong Kong [1] - Huadian New Energy has received approval from the CSRC for its IPO registration on the Shanghai Stock Exchange [2] - Beijing Zhenyuan Chengchuan Technology Co., Ltd. has completed a 30 million yuan A-round financing to enhance its "Zhihui" ecosystem [12] Corporate News - Walmart plans to raise prices on certain products in the U.S. due to tariff policies, indicating that the cost increases exceed what retailers can absorb [8] - China Telecom has appointed Liu Guiqing as the new President and COO [6] Market Trends - The average annual salary for urban non-private sector employees in China is reported to be 124,110 yuan for 2024 [5] - The Guangzhou high-speed maglev train is being developed to reach speeds of 600 km/h, potentially reducing travel time to Beijing to four hours [6] Financial Performance - Fuji Media Holdings reported a net loss of 20.1 billion yen (approximately 1 billion yuan) for the fiscal year 2024, marking its first loss since its listing in 1997 [13] - Samyang Foods reported a 67% increase in operating profit for Q1, reaching 134 billion won, driven by strong overseas demand for its "Buldak noodles" [14]

编者按：维护消费者权益，守护消费安全。央广网啄木鸟消费者投诉平台，保障消费者合法权益，为新消费时代保驾护航！ 央广网马鞍山5月16日消息（记者徐鹏）今年3月，安徽省马鞍山市花山区一家餐厅突然闭店，导致近800名消费者的充值卡无法使用，据初步统计，涉及退 费金额70万左右。目前，马鞍山市花山区市场监管局已介入调查。该局相关负责人告诉央广网记者，他们正在和相关部门加强联动，形成工作合力，尽最大 努力化解这起消费纠纷。 店铺突然关闭，"我卡里还有1万多" "今年3月10日，这家店突然关门了，我卡里还有11000多元没用完！"消费者张女士说，几个月前，她在位于马鞍山市花山区的湾岛咖啡中央花园店参与 了"充3000送3000"活动，累计充值金额达12000元，"我在这里消费近十年了，之前也经常充值，但没想到会遇到这种情况。" 湾岛咖啡中央花园店（央广网发 受访者供图） 张女士说，3月8日，她还到过店里消费，没有看到有关闭店的告示。"我找服务员要矿泉水，说没有了，下次补给我，也没提及其他事情。"近日，与她有类 似遭遇的消费者，组建了两个维权微信群，总人数近800人。 湾岛咖啡中央花园店电脑系统统计数据显示：该店自成立以来 ...