智通财经APP获悉，民银国际发布研报称，尽管2H仍面临贸易摩擦不确定性，具备出海扩张能力的公 司仍将获得更大成长空间，关注全球产能布局具备优势的出口链品牌商，以及内需结构性机会，例如悦 己消费领域如潮玩零售及IP、受益于出行趋势及成本利好的包装饮料企业、以及稳步成长的高股息企业 等。 此外，8月社零餐饮项增速有所修复，失业率季节性上升至5.3%，线上增速持续好于线下。社零餐饮项 增速6-7月显著转弱，而8月餐饮整体/限上餐饮增速同比分别修复至+2.1%/ +1.0%(7月同比+1.1%/ -0.3%)，或因外卖补贴对堂食意愿的影响边际减弱。1-8月社零线上实物电商同比+6.4% (1-7月+6.3%)， 高于社零整体。 该行表示，8月社零增速回落，低于一致预期。8月社零同比+3.4% (WIND一致预期为+3.8%)。汽车项转 正(同比+0.8%)，除汽车外社零同比+3.7%，餐饮增速有所修复，社零餐饮/商品项同比分别+2.1%/ +3.6%。8月可选品稳健增长，国补品类增速边际放缓，烟酒类承压。 ...

Core Viewpoint - The rise of health-oriented bottled water, leveraging traditional Chinese medicinal ingredients, is becoming a significant trend among young consumers, creating a rapidly growing market opportunity in the beverage industry [1][4][9]. Group 1: Market Dynamics - The health water segment has attracted significant investment from venture capital firms like ZhenFund and Meihua Venture Capital, indicating strong market interest [2]. - Traditional juice brands are pivoting to health water, with companies like Leyuan gaining traction by supplying health water to major retailers [2][5]. - The market for health water is projected to grow from 450 million yuan in 2023 to 10.8 billion yuan by 2028, suggesting a substantial growth trajectory [9]. Group 2: Product Development and Innovation - Leyuan has successfully introduced products like apple astragalus water and mulberry mint water, which have quickly gained popularity in retail channels [5][6]. - The health water market is characterized by a high degree of product similarity, with many brands relying on common ingredients like red beans and goji berries, leading to concerns about innovation [10]. - Companies are encouraged to enhance product differentiation through innovative formulations and high-quality raw materials to combat market saturation [10]. Group 3: Consumer Behavior and Market Perception - Health water serves as a vehicle for emotional consumption, providing a flavorful alternative to plain water while embodying traditional health concepts [3][9]. - The perception of health water as a lifestyle choice rather than a medicinal product is driving its popularity among younger consumers [3][9]. - Despite concerns about the sustainability of the health water trend, industry insiders remain optimistic about its long-term potential, viewing it as a significant market opportunity [9].