日前，华润饮料（02460.HK）发布了一则看似寻常的董事变更公告。 公告显示，原非执行董事曹越因工作安排辞任，取而代之的是拥有超过34年食品饮料行业经验的行业老将王德刚。 公开资料显示，王德刚是一名在食品饮料行业深耕34年的老将，曾在今麦郎食品股份有限公司担任饮品营销中心总经理，并在康师傅控股有限公司担任多个 高层职位。其加如华润饮料董事会后，不仅被任命为非执行董事，还被委任为战略与投资委员会主席。 外界对此普遍解读为华润饮料意图借助外部资深力量，在战略、产品与渠道层面寻求破局的关键信号。 根据华润饮料披露的2025年中报，报告期内实现营收62.06亿元，同比下滑18.52%；股东应占溢利位8.05亿元，同比下滑28.63%；毛利率同比减少2.2个百分 点至46.67%。而以怡宝为代表的核心业务包装饮用水收入同比下降23.1%，在农夫山泉、康师傅等巨头激烈竞争中增长受阻。 与此同时，华润饮料的饮料业务虽在2025年上半年实现了21%的同比增长，但其整体营收占比仅为15.39%，距离成为支撑公司稳健发展的"第二增长曲线"仍 有长路要走。 王德刚的加入并担任战略与投资委员会主席后，能否将其自身经验与华润体系结合 ...

Core Viewpoint - The article discusses the evolving landscape of investment strategies, particularly the tension between growth and value investing, emphasizing the need for a nuanced understanding of these concepts in the context of modern economic changes [6][8][9]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft and Google [8]. - The article highlights that while growth and value investing appear divergent, they share fundamental principles, such as the importance of honest long-term cash flow estimation and risk awareness [9]. - Anderson emphasizes the need for a longer time perspective and serious company research, valuing patience and governance sensitivity inherent in value investing [9][10]. Group 2: Historical Context and Literature - The article notes a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has a rich tradition and numerous classic texts [11][13]. - It references Benjamin Graham's views on growth stocks, indicating that while he recognized their potential, he also warned of their speculative nature and preferred investing in larger, less popular companies [13][14]. - The article argues that the realities of the past decade have diverged from Graham's observations, with growth stocks outperforming traditional value stocks [15]. Group 3: Future Investment Landscape - The article posits that future returns are highly uncertain, urging a reevaluation of investment beliefs and strategies in light of complex market dynamics [18][30]. - It suggests that understanding structural changes in the global economy is crucial for predicting long-term investment outcomes, rather than focusing solely on short-term financial metrics [33][34]. - The piece warns against relying on historical volatility to forecast future performance, advocating for a mindset open to exploring various possibilities [38][39]. Group 4: Case Studies - The article compares Coca-Cola and Facebook, illustrating how traditional value metrics may misrepresent the potential of high-growth companies [64][69]. - It highlights that Coca-Cola's growth has stagnated, while Facebook has shown significant growth potential, challenging the notion of which company represents true value [66][70]. - The automotive industry is used as a case study, showcasing how different companies within the sector exhibit varying growth and value characteristics, with General Motors and Ferrari serving as contrasting examples [82][88].

这是新消费智库第 2 7 2 6 期文章 一鸣谈品牌 . 新消费导读 中式养生水，卖的是"水"还是"药"？ 作者 ：胡一鸣 以下文章来源于一鸣谈品牌 ，作者胡一鸣 胡一鸣，数一数二品牌战略咨询创始人，专注品牌战略及品牌营销实战21年，助力多个品类领先品牌，与你一起探讨品牌战略、品牌定位及营销原则。 来源：一鸣谈品牌 近两年， "中式养生水"这个赛道非常热。有不少创始人带着自家产品找到我，有黑芝麻的、枸杞的、桑葚的，都想杀进"中式养生水"这个赛 道。 毕竟，这个赛道看起来，市场够大，利润也很好。一整根人参水火过，好自在的红豆薏米水也卖得还不错。 但每次，我都会问他们同一个问题： 你的产品，到底是 "水"，还是"药"？ 这个问题看似简单，实则暗藏中式养生水这个赛道的陷阱。只有破解了这个陷阱，你的品牌才能找到真正的破局之道。 中式养生水卖的是 "水"，还是"药"？ 为什么先问这个问题？ 因为我发现，绝大多数中式养生水品牌，都死在了一个关键的战略问题上： 它们陷入了 "身份危机"，到底卖的是"水"，还是"药"？ 当你把 "功效"拉满，把它做得如此像一剂"猛药"或"补品"时，消费者会在什么时候喝它？ 答案是： 在需要 ...

Group 1 - Chengdu Rongjiu plans to acquire Jiangkou Chun and Xiao Jiao Lou to save "Little Golden Flower" [1] - PepsiCo undergoes significant strategic adjustments, including factory closures, layoffs, product line reductions, and price cuts [1] - Coca-Cola announces a leadership change, with James Quincey stepping down as CEO and replacing him with Beverages President, Bai Ruikai [1] Group 2 - Heytea closes over 650 stores in a year, with more than half of its affiliated branches being deregistered [1] - Xijiu and China National Petroleum Corporation establish the first joint venture company [1]

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 48704.01 | 646.26 | 1.34% | | | 纳斯达克 | 23593.86 | -60.3 | -0.25% | | | 标普500 | 10669 | 14.32 | 0.21% | | | 欧洲斯托克50 | 5753.96 | 45.84 | 0.80% | | | 英国富时100 | 9703.16 | 47.63 | 0.49% | | | 法国CAC40 | 8085.76 Z | 63.07 | 0.79% | | | reformation 德国DAX | 24294.61 | www.gogudata.com 164.47 | 0.68% | | | 俄罗斯RTS | 1091.47 | -8.75 | -0.80% | | | 上证指数 | 3873.32 | -27.18 | -0.70% | | | 深证成指 | 13147.39 | -169.03 | -1.27% | ...

Group 1: Coca-Cola CEO Succession Plan - Coca-Cola announced its CEO succession plan, with Henrique Braun set to become CEO on March 31, 2026, while current CEO James Quincey will transition to Executive Chairman [1] - The succession plan reflects Coca-Cola's mature talent pipeline, with Braun's global operational experience being crucial for the company's strategic positioning in the Asia-Pacific market [1] Group 2: Domestic Hotel Bookings Surge - Data from Qunar indicates that hotel bookings in popular domestic cities for the New Year holiday in 2026 have increased by over three times year-on-year [2] - The surge is significantly driven by the concert economy, with hotel bookings in Nanning, where concerts by Hu Xia and Hua Chenyu are held, increasing by 17 times [2] - Shanghai Disneyland ticket bookings rose by 5.2 times, while Beijing Universal Resort saw nearly a threefold increase in ticket reservations [2] Group 3: Nova Coffee Store Expansion - Nova Coffee announced that its global store count has surpassed 10,000, covering over 300 cities in China and expanding into Australia and Southeast Asia [3] - The company views the 10,000-store milestone as a starting point, focusing on supporting partners and franchisees for business and profit growth [3] - The competitive landscape includes established players like Luckin and Koolearn, making it essential for Nova to solidify its single-store profitability and customer loyalty [3] Group 4: Wu Yue Joins Pop Mart Board - Wu Yue has been appointed as a non-executive director of Pop Mart, following the resignation of He Yu due to other work commitments [4] - Wu Yue's extensive experience with LVMH and Sony in the Chinese market positions Pop Mart to leverage LVMH's resources to enhance its consumer base and brand influence [4] - This collaboration offers Pop Mart insights into young consumer trends, while LVMH can better predict future consumption patterns through this partnership [4]

天眼查App显示，近日，沧州蓝悦饮料有限公司成立，法定代表人为黄明明，注册资本50万人民币，经 营范围为一般项目：食品互联网销售（仅销售预包装食品）;食品添加剂销售;食用农产品批发;食用农产 品零售;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;保健食品（预包装）销售;日 用百货销售;食品销售（仅销售预包装食品）;水产品零售;食品进出口（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）许可项目：食品销售（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Core Insights - Coca-Cola has appointed Henrique Braun as the new CEO, effective March 31, 2026, succeeding James Quincey, who will become the executive chairman after nearly nine years as CEO [1] - Braun has extensive experience within Coca-Cola, having joined in 1996 and held various positions across different regions, including a significant role in the Greater China and Korean markets [1][2] - Under Quincey's leadership, Coca-Cola optimized its brand portfolio by eliminating over 200 underperforming brands and introducing more than 10 billion-dollar brands, resulting in a total of 30 billion-dollar brands currently [2] Company Strategy and Market Position - Coca-Cola is focusing on the Chinese market, which is its third-largest globally, and Braun's familiarity with this market may lead to continued emphasis on local innovation [2][3] - The company reported a 1% increase in global case volume and a 5% revenue growth to $12.455 billion in Q3, with a net profit of $3.683 billion, reflecting a 29% increase [3] - Despite overall growth, Coca-Cola faces challenges in the Asia-Pacific region, where case volumes have declined due to weakened consumer spending and increased competition [3][4] Challenges in the Chinese Market - Coca-Cola's Costa Coffee has seen a significant reduction in store numbers, dropping to approximately 334 locations, with only 11 new stores planned for 2025, far below the previously set target of 1,000 stores by 2025 [3] - The brand's market share in China is projected to be only 12.3% in 2024, less than half of Starbucks' share, indicating intense competition from local brands and other beverage categories [3][4] - Analysts suggest that despite Coca-Cola's investments in production capacity and product innovation, the current product offerings and marketing strategies have not yet effectively driven sales growth in the face of changing consumer preferences and competition [4]

时隔九年，可口可乐再迎新帅。12月11日，可口可乐宣布，首席运营官柏瑞凯（Henrique Braun）将于2026年3月31日起接替詹鲲杰（James Quincey）出任 首席执行官。詹鲲杰结束首席执行官九年任期后，将转任董事会执行主席。新老交接后，可口可乐还将面临行业竞争加剧、亚太市场销量下滑等问题。 新老交接已定 可口可乐在公告中称，董事会已选举柏瑞凯为新任首席执行官，任期自2026年3月31日起生效。詹鲲杰在担任首席执行官九年后，将转任执行董事长一职。 董事会还计划提名柏瑞凯为公司2026年年度股东大会的董事候选人。 在中国市场，以可口可乐旗下COSTA为例，其门店数量近年来显著减少。根据窄门餐眼数据，截至12月11日，COSTA在营门店数量已降至约334家，主要 集中在一线城市如北京和上海。2025年，COSTA新开门店仅11家，而2023年为92家。这一数字远低于其2022年提出的2025年千店目标，且自2020年以来门 店规模长期徘徊在400家左右，净关店趋势明显。尽管可口可乐推出了COSTA瓶装咖啡，但在中国市场被星巴克、农夫山泉等挤压，2024年市占率仅 12.3%，不足星巴克的一半。 被 ...

不过，在昆西卸任首席执行官之际，可口可乐正面临诸多挑战，包括其产品在美国和欧洲市场需求疲 软，以及消费者对其配料的关注度日益提升。今年夏天，在美国前总统唐纳德・特朗普的提议下，可口 可乐宣布将推出一款使用蔗糖而非高果糖玉米糖浆的经典可乐版本。 可口可乐公司（KO）于周三宣布，其首席运营官将在 2026 年第一季度接任公司下一任首席执行官。 这家总部位于亚特兰大的饮料巨头表示，董事会已选举恩里克・布劳恩担任首席执行官，任期自 3 月 31 日起生效。现任董事长兼首席执行官詹姆斯・昆西将转任公司执行董事长。 57 岁的布劳恩已在可口可乐供职 30 年。今年早些时候出任首席运营官之前，他曾负责巴西、拉丁美 洲、大中华区以及韩国的业务运营。他还曾担任过多个岗位，分管可口可乐的供应链、新业务拓展、市 场营销、创新研发、综合管理以及瓶装业务等领域。 布劳恩出生于美国加利福尼亚州，在巴西长大。他拥有里约热内卢联邦大学农业工程学士学位、密歇根 州立大学理学硕士学位以及佐治亚州立大学工商管理硕士学位。 可口可乐独立董事首席代表戴维・温伯格称，60 岁的昆西是一位 "具有变革性的领导者"，未来仍将积 极参与公司业务。 在昆西担任 ...