证券研究报告 点评报告 2025 年 5 月 13 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、策略和先进制造组： 5 月 12 日报道称，三星已与主要客户敲定新定价，计划将 DDR4 的价格提高约 20%。 另外 DDR5 的价格也会上涨，幅度大概在 5%，由此全球主要存储厂都已上调，据 Etoday 报道，SK 海力士最近将 DRAM 价格上调了 12%。4 月份国际市场，PC 用 DDR4 8Gb 的价格环比上涨了 22.22%。存储厂从今年一季度就开始不断给市场传递涨价的 信息，但是因为美国对全球关税战的原因，市场反应较弱。目前中美关税战阶段性 超预期缓和，国内主要存储模组上市公司的存货也相对较高，股价也相对高位下跌 20%左右，因此本次存储芯片原厂涨价，大概率会给国内国内存储模组公司带来类似 2024 年上半年的业绩提升。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 12 日中国汽车动力电池产业创新联盟发布数据，4 月我国动力和其他电池合计出口 22.3GWh，环比下降 2.9%，同比增长 64.2%。1-4 月，我国动 ...

Group 1 - The core idea is that young people are not only consumers but also creators of innovative consumption models, as evidenced by initiatives in Shanghai to enhance youth-oriented commercial spaces and activities [1][8] - The establishment of youth night schools in Shanghai has led to increased evening consumer activity, benefiting local businesses such as bakeries, which reported a 50% increase in orders due to the influx of students and young professionals [3][4] - The youth night school model is being expanded across Shanghai, aiming to create a "youth night school + youth center + youth consumption" integrated development framework [8][20] Group 2 - The "coffee +" consumption model is being explored in Shanghai's Xuhui District, where coffee shops are adapting to attract students by offering non-caffeinated drinks and special promotions during peak school hours [9][12] - Various coffee shops in the area are implementing creative strategies, such as student packages and themed events, to differentiate themselves in a highly competitive market [14][16] - Xuhui District is conducting research to address the operational challenges faced by coffee shop owners and to foster innovation through community engagement and skill training [16][20] Group 3 - The Longjing District is promoting a "one store, one feature" model to enhance the visibility and uniqueness of youth-oriented shops, addressing issues like low brand recognition and high innovation costs [17][25] - The district has launched a special policy to provide comprehensive support for young entrepreneurs, including funding, venue matching, and promotional assistance [20][24] - Collaboration between universities and local communities is being encouraged to create vibrant youth consumption scenes, with students actively participating in the revitalization of local businesses [25][27]

据壹览商业不完全统计，5月第一、第二周，共24个品牌关闭了至少29家门店。 | | | | 200 200 | 1807 33 =157 3= 14-1-3712 11-3 (1) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 闭店时间 | 行业 | 品牌 | 城市 | 门店 | 闭店原因 | 开业时间 | 开业时长 | 备注 | | 4月29日 | 超市 | 美廉美超市 | 北京 | 西潞北大街店 | 未说明 | 2006 | 194 | | | 4月30日 | 餐饮 | 肯德基 | 上海 | 新共康店 | 经营策略调整 | 7 | 1 | | | 4月30日 | 餐饮 | 一哥澳门豆捞 | 广州 | 高德置地广场店 | 未说明 | 2014 | 11年 | | | 4月30日 | 颜佳 | 不好咖啡 | 绍兴 | 环城西路店 | 未说明 | 2024 | It | | | 4月30日 | 顾非 | 东北灵丹CREA | 大连 | 延安路店 | 未说明 | 2023 | 2年 | | | 4月30日 | 超市 | 雨露 ...

Core Viewpoint - The article highlights the global trend of agricultural premiumization, where countries are enhancing the competitiveness of their agricultural products through innovation and advanced management practices, as emphasized by the World Bank and the International Agricultural Research Consortium [1] Group 1: Brazil's Coffee Industry - Brazil is focusing on developing premium coffee to tap into high-end markets, utilizing scientific planting methods to improve quality and yield [2][3] - The Brazilian coffee sector has seen the emergence of premium coffee varieties like Yellow Bourbon and Geisha, which have gained a good reputation in international markets [3] - The Brazilian government and industry associations are promoting brand recognition and certification systems for premium coffee, with annual exports of approximately 10 million bags [3][4] Group 2: New Zealand's Kiwi Industry - New Zealand's kiwi industry has transitioned from disorganized competition to a structured marketing approach, with the establishment of the New Zealand Kiwi Marketing Board in 1988 [5][6] - The new variety "Zespri Ruby Red Kiwi" is expected to reach a production of 10,800 tons by 2025, with 40% of sales targeted for the Chinese market [5] - Stringent standards for organic certification and quality control are enforced throughout the kiwi production and sales process, ensuring high standards and consumer protection [6] Group 3: Netherlands' Flower Industry - The Netherlands has a highly efficient flower auction market, with the Aalsmeer Flower Auction being the largest, facilitating a significant volume of flower transactions [7][8] - The auction employs a unique "Dutch auction" system, enhancing transaction efficiency and reducing waste [7] - The flower industry is exploring sustainable development paths, with expectations for the market size to grow from €7.1 billion in 2024 to $6.43 billion by 2030 [8]

创业最前线 . 创业有道·创新中国｜长期关注中国科技创新经济市场，提供更有价值的创投科技报道。 为形成差异化竞争，Tims天好中国想靠"咖啡+贝果"吸引消费者，可餐饮行业可谓中国市场上最为内卷的行业，想要卖餐食的茶饮、咖啡 品牌越来越多了。Tims天好中国还有机会吗? 以下文章来源于创业最前线 ，作者谢小丹 文 ｜ 谢小丹 编辑 ｜ 胡芳洁 来源｜ 创业最前线（ID：chuangyezuiqianxian） 封面来源 ｜ 官方微博 在市场热切寻找下一个瑞幸的时候，加拿大国民咖啡品牌Tim Hortons的中国业务主体Tims天好中国曾被寄予厚望。 咖啡生意一度是最火热的赛道，这一品牌更可谓含着金汤匙出生，不仅配置了豪华团队，更相继引入了红杉中国及腾讯的投资， 更于2022年9月登陆纳斯达克上市。 为了在咖啡市场上形成差异化竞争，Tims天好中国推出了"咖啡+暖食"战略，在产品打造上，以咖啡和贝果并重。 在2024年，Tims天好中国宣布了数个好消息，剥离炸鸡品牌Popeyes、开放单店加盟、门店规模达1000家，到2025年2月又宣布推 出"轻体贝果堡午餐盒"系列，之后这一系列不断上新。 然而，餐饮行业可谓中 ...

地处中国西南边陲的云南，因其独特的地理和气候条件，为种植优质咖啡豆提供了理想环境。当前，云 南咖啡种植面积和产量均占全国的98%以上，云南咖啡出口量稳居全国首位。 虽然云南咖啡种植历史可追溯至130年前，不过商业化起步始于20世纪90年代外资咖啡企业在中国投资 布局。中国咖啡消费端的需求爆发，则主要集中在最近十年。 沧海桑田，岁月轮转，在云南保山种植了37年咖啡的番啟佐，见证了云南咖啡产业变迁：20世纪80年 代，种植咖啡主要是为了生存。当时，咖啡作为经济作物，比其他农作物值钱，一斤咖啡可以换三斤大 米。20世纪90年代，在国家政策引导下，咖啡主要用于出口创汇，种植的咖啡主要卖给外贸局与供销 社。现阶段，伴随消费水平的提高和咖啡消费习惯养成，中国百姓对咖啡特别是精品咖啡的需求日益增 加，云南咖啡豆在国内市场根本不够卖。 纵观云南咖啡产业发展历史，从早期以咖啡生豆贸易为主到现如今致力于咖啡生豆精品率和咖啡精深加 工率"双提升"的精品化转型，其背后折射出中国咖啡消费市场日益蓬勃对整个产业发展的驱动。 "浓而不苦、香而不烈、略带果酸"，这是云南咖啡带来的味蕾体验。人们常说，一方水土养一方人。对 于农产品，原产地的重 ...

2025 年 05 月 12 日 行业研究 研究所： 证券分析师： 马川琪 S0350523050001 联系人 ： 刘毅 S0350123090035 macq@ghzq.com.cn liuy23@ghzq.com.cn [Table_Title] 瑞幸咖啡 2025Q1 自营同店改善，沪上阿姨港交 所上市 ——海外消费咖啡茶饮周专题 最近一年走势 一．茶饮咖啡公司个股区间表现 茶饮咖啡公司（2025/04/25-2025/05/09）区间涨跌幅表现分别为： 奈雪的茶（2150.HK）+14.43%、茶百道（2555.HK）+14.24%、古 茗（1364.HK）+12.73%、 Tims 中国（THCH.O）+4.03%、霸王 茶姬（CHA.O）+3.83%、蜜雪集团（2097.HK）+1.43%、瑞幸咖啡 （LKNCY.OO）-1.34%、星巴克（SBUX.O）-1.99%。 | 指数表现 | | | | | --- | --- | --- | --- | | （%） | 1M | 3M | 12M | | 恒生消费指数 | 10.04 | 5.33 | 1.65 | | 恒生指数 | 12.85 | ...

Core Insights - Luckin Coffee has launched a new franchise recruitment plan, targeting 186 cities with over 800 selected premium locations, providing opportunities for aspiring entrepreneurs to quickly open stores [1] - The company has introduced three types of partnership models, including fixed-point new partner franchise, store franchise, and directed point franchise, with the latter showing significant advantages in efficiency and certainty [3] - As of the first quarter of 2025, Luckin Coffee has a total of 24,097 stores globally and approximately 355 million cumulative transaction customers, indicating a strong market presence [5] Company Developments - The directed point franchise model, launched on January 1, 2024, has attracted numerous coffee entrepreneurs, with over 500 directed points passing site selection review and more than 400 stores opened across 229 cities by April 2025 [3] - The company has launched 119 new products in 2024, with nearly 3 billion cups of ready-to-drink beverages sold, showcasing its strong product innovation capabilities [5] - The "Fresh Brew Light Jasmine" drink achieved a record single-day sales of 1.67 million cups in March 2025, highlighting the popularity of its offerings [5] Market Context - The Chinese coffee market is rapidly developing, with the industry scale reaching 313.3 billion yuan in 2024, a growth rate of 18.1% compared to the previous year [8] - Per capita annual coffee consumption has increased to 22.24 cups, a 33% rise from 2023, indicating a growing consumer interest in coffee [8] - Luckin Coffee's strong product and supply chain innovations provide reliable support for its franchise partners, enhancing its competitive position in the market [8]

之所以能够在激烈的市场竞争中大胆加码补贴政策，与其自身的诸多优势密不可分。首先，咖啡饮品属于高频刚需品类，复购率极高。随着消费升级的推 进，现制咖啡逐渐成为市场主流，库迪咖啡精准把握了这一趋势；其次，库迪咖啡始终高度重视原材料品质，通过自建供应链确保了稳定的供应，高品质咖 啡的形象已深入人心；再者，库迪咖啡单价较低，在同样的补贴金额下，消费者对其价格优势的感知最为明显，补贴效果也最佳。 此外，库迪咖啡拥有超过1万家门店，实现了全国范围无盲点覆盖，从一线到五线市场均有布局。这使得总部一旦与平台谈定合作，就能在全国范围内迅速 起量，这种强大的渠道优势在全国范围内都实属罕见。最后，库迪咖啡长期坚持9.9元无套路的价格策略，在外卖平台补贴后，到手单价更低，消费者能够 清晰地感知到其性价比，对品牌的认可度也随之不断提高。 【环球网财经综合报道】最近如火如荼的外卖大战中，一个有趣的现象是：所有外卖平台都不约而同地将奶茶和咖啡作为补贴的排头兵。随着平台纷纷升级 补贴策略，加之外入夏后消费者对饮品需求的激增，整个行业呈现出一片火热景象。 据媒体报道，自从京东发券，库迪咖啡门店业绩环比、同比均有显著增长，库迪联营商也因此被戏称 ...

培育中的"德热6号"种苗。 德宏热作所苗圃内咖啡树上的小花。 曹再会摄 本报记者 张 驰摄 李锦红（左）与白学慧查看咖啡树生长情况。 曹再会摄 习近平总书记考察云南时指出，"云南咖啡还是代表着中国的"。云南咖啡种植面积和产量均占全国的 98%以上，2024年出口量达3.25万吨，同时形成了从种植、加工到体验、消费的咖啡全产业链条。产业 兴旺背后，离不开种质资源的培育。近日，本报记者走进云南省德宏热带农业科学研究所，记录科研人 员选育咖啡良种、创新田间管理、对接技术需求的生动故事。 ——编 者 "在海拔1650米的高原咖啡馆喝咖啡是一种什么样的体验？"近日，位于云南临沧沧源佤族自治县的秋珀 庄园咖啡基地，吸引了不少年轻游客前来打卡。 基地内，咖啡树开满了星星点点的白色小花；咖啡厅里，游客正在专注地手磨、冲泡秋珀庄园生产的咖 啡。"咱们喝的，是云南本地的咖啡品种，叫'德热'系列。味道怎么样？"庄园负责人赛敏一边招呼游客 王静敏（左）与同事挑选种苗。 曹再会摄 一边介绍。 "从'种子'到'杯子'，游客可以了解到咖啡生产的全流程。"赛敏说，"云南咖啡越来越有名，我们的庄园 也借势发展。说起来，这一切都离不开德宏热作所 ...