Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI industry continues to show strong trends, with companies like MiniMax and Zhiyu AI passing hearings, indicating ongoing interest and investment in AI technologies [2] - The coffee and tea beverage sector remains vibrant, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is facing pressure due to a challenging domestic consumption environment, leading to a lackluster performance [4] - Music streaming platforms are highlighted as valuable internet assets driven by domestic demand, suggesting a focus on subscription models [4] - The virtual asset market is experiencing limited catalysts, with ongoing market anxiety and weak capital inflows [4] - The automotive service sector is expanding, with significant milestones such as Tuhu's workshop count surpassing 8000 [4] - The report emphasizes the importance of cash flow in technology leaders, particularly in the AI sector, while cautioning against potential overinvestment [4] Summary by Sections 1.1 Consumer & Internet - Coffee and tea beverage sector shows a +0.18% increase in the Hang Seng non-essential consumption index, outperforming the Hang Seng index by -0.32 percentage points [9] - Notable stock performances include Mixue Group (+6.78%) and Luckin Coffee (+0.47%), while others like Bawang Tea and Xiaomian faced declines [9] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index decreased by 0.59%, underperforming both the Hang Seng index and technology index [18] - Key stock performances include iQIYI (+3.24%) and Spotify (+0.38%), while Tencent Music saw a decline of -1.98% [18] 1.2.2 Virtual Assets & Internet Brokers - As of December 26, the global cryptocurrency market cap reached $30,205 billion, up 1.76% [22] - Bitcoin and Ethereum prices were $87,306 and $2,926.70, reflecting slight declines of -0.9% and -1.7% respectively [22] 1.2.3 Automotive Services - The Hang Seng composite index fell by -1.21%, with notable stock performances such as Zhongsheng Holdings (+2.25%) and Advance Auto Parts (-12.87%) [30] 1.2.4 O2O - The Hang Seng internet technology index dropped by -2.86%, with significant declines in stocks like Beike (-6.62%) and Didi Global (+4.57%) [34] 1.2.5 AI & Cloud - The Nasdaq internet index increased by +0.92%, with Nvidia (+5.27%) and TSMC (+4.81%) showing strong performances [39] 1.3 Media - The Shenwan first-level media index remained nearly flat with a -0.1803% change, with advertising marketing showing the largest gains [41] - Key stock performances include Xindong Company (+5.22%) and Perfect World (+3.09%) [41]

面对复杂多变、基建迥异的海外环境，中国企业化海外挑战为市场机遇，实现国际化增长突破的同时， 从 "全球化参与者" 转向 "全球化规则贡献者" 。 EDGE AWARDS创新评选始终以"潜在价值"为核心，着眼于世界前沿科技，是具有权威性、先锋性和敏 锐挖掘力的全球创新榜单。多年来，EDGE AWARDS创新榜单记录了许多扬帆出海入局全球市场的先 锋企业。今年，新一批出海探索者又创作出全球化的新篇章。2025 年 EDGE AWARDS 全球创新评选 ——"年度全球化公司榜" 现已荣耀揭榜，以下是完整获奖名单： 全球化先锋企业 该榜单颁发给在2025年波动的国际形势下，仍坚定出海、并在海外市场取得突破性成绩、收获客户信 任、市场优良反馈、以及高营收的中国企业和品牌。他们既可以是新型消费类公司和科技企业，也囊括 提供数字化产品和服务的中国企业。 ECARX 2025年，在海外政策充满变动的情况下，中国企业从跨境走向深入本地化，从出海加速走向全球化。 今年年初以来，美国政府相继颁布"取消800美金以下跨境小包免税"、"对等关税"等政策，欧盟推出 《新电池法》、"取消跨境小包免税"政策。在多项国际政策变动之下，中国企业 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights ongoing trends in the AI industry, with companies like MiniMax and Zhiyu AI passing hearings, indicating a strong interest in AI investments [2] - The education sector is experiencing slight pressure, with increased competition among small and medium institutions, while leading companies like Alpha are stabilizing [4] - The coffee and tea beverage industry maintains high enthusiasm, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is under pressure due to the domestic consumption environment, with online retail sales for physical goods reaching 11.82 trillion yuan, a 5.7% increase year-on-year [4] - Music streaming platforms are seen as quality internet assets driven by domestic demand, suggesting continued investment interest [4] - The automotive service sector is witnessing a decline in sales for traditional luxury brands, while domestic luxury and new force brands are experiencing growth [4] - The internet medical sector is expanding, with companies like JD Health and Ant Group's AI health application gaining traction [4] - Concerns remain regarding the sustainability of capital expenditure and returns in the AI industry, but there is optimism about the long-term trends [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index fell by 2.98%, with notable stock performances from companies like HuShang Auntie (+4.27%) and Luckin Coffee (-3.62%) [9] - E-commerce index decreased by 2.86%, with Pinduoduo's stock rising by 24.51% while Alibaba's stock fell by 5.71% [13] 1.2 Platform & Technology - The media index dropped by 2.23%, with Netflix and Tencent Music experiencing slight declines [19] - The virtual asset market saw a decrease in total cryptocurrency market value to $296.84 billion, with Bitcoin and Ethereum prices falling by 2.4% and 3.5% respectively [25] - The automotive service sector's index fell by 1.21%, with significant declines in stocks like Advance Auto Parts (-12.87%) [34] 1.3 Media - The media index decreased by 0.1763%, with Perfect World (+10.68%) and Giant Network (+8.97%) showing positive performance [50] - The report emphasizes the importance of new game releases and innovations in the gaming sector, with a projected revenue of 350.79 billion yuan for the domestic gaming market by 2025 [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Federal Reserve's interest rate cut has been implemented as expected, and Alibaba has established the Qianwen C-end business group [2] - The education sector is experiencing slight pressure with increased competition among small domestic institutions, while leading companies like Alpha are stabilizing [4] - The coffee industry maintains high growth, with a significant increase in coffee bean imports, although short-term volatility risks are present due to seasonal factors [4] - The e-commerce sector is under slight pressure due to the domestic consumption environment, with fierce competition and AI efficiency improvements being a focus for leading platforms [4] - Music streaming platforms are seen as high-quality internet assets driven by domestic demand, with a recommendation to continue monitoring music subscription platforms [4] - The virtual assets and trading platforms are experiencing price fluctuations following the interest rate cut, with a focus on predictive markets empowering exchanges [4] - The automotive service sector is expanding, with JD Auto surpassing 3,500 stores nationwide, indicating a need for a balanced ecosystem in the after-sales market for new energy vehicles [4] - The internet medical sector is advancing with Alibaba Health's exclusive launch of a new drug, suggesting continued interest in this area [4] - The AI and cloud sectors are facing concerns over potential overvaluation, but the long-term trend remains positive, with a focus on cash flow-positive tech leaders [4] - The gaming industry is entering a new product cycle driven by evergreen games, with expectations for increased performance and valuation [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index has seen a cumulative decline of 0.76%, with notable stock performances from companies like Haidilao (+5.56%) and Luckin Coffee (-1.39%) [9][10] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The media index has decreased by 0.63%, with Spotify (+5.82%) and NetEase Cloud Music (+3.39%) showing positive performance, while iQIYI (-6.70%) and Netflix (-5.04%) faced declines [18] 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $323.21 billion, with Bitcoin and Ethereum prices at $90,307 and $3,085.32, respectively, reflecting slight increases [23] 1.2.3 Automotive Aftermarket - The comprehensive index has declined by 0.45%, with significant declines in stocks like AutoZone (-9.86%) and Advance Auto Parts (-11.63%) [30] 1.2.4 O2O - The internet technology index increased by 0.44%, with stocks like Beike (+0.58%) performing well, while Didi Global (-4.80%) and Cao Cao Mobility (-20.00%) faced challenges [37] 1.2.5 AI & Cloud - The Nasdaq internet index decreased by 0.97%, with notable declines in stocks like Oracle (-12.96%) and Nvidia (-4.05%), while Tesla (+0.87%) showed resilience [43][45]

Investment Rating - The report maintains a positive outlook on domestic and international liquidity, particularly favoring the technology and trading platform sectors in the cryptocurrency space [1]. Core Views - The report highlights a cautious optimism regarding the recovery of high-end consumption in the luxury goods and gaming sectors, driven by wealth effects and a rebound in Macau's gaming revenue [3]. - The education sector is experiencing increased competition due to a rise in domestic small institutions, while leading companies are stabilizing their capabilities [3]. - The coffee sector remains robust, with high growth in coffee bean imports, while the tea beverage sector faces short-term pressure due to reduced subsidies from delivery platforms [3]. - E-commerce is under pressure from the domestic consumption environment, with overall performance remaining flat [3]. - The report suggests continued interest in music streaming platforms as quality internet assets driven by domestic demand [3]. - The virtual asset and trading platform sectors are experiencing volatility, with a cautious stance recommended in the short term, while maintaining a long-term optimistic view on blockchain and cryptocurrency markets [3]. - The automotive aftermarket is facing a decline in value and service frequency, warranting ongoing attention [3]. - The report emphasizes the potential of the Macau tourism sector, which is expected to benefit from a declining interest rate cycle [3]. - The report expresses confidence in the AI and cloud sectors, anticipating further advancements in AI applications [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The Chinese education index fell by 1.44%, underperforming major indices, with notable stock movements among key players [9]. - **Luxury Goods & Gaming**: The S&P Global Luxury Goods Index rose by 0.81%, with significant developments in the acquisition of Versace by Prada [19][21]. - **Coffee & Tea**: The Hang Seng Non-Essential Consumer Index showed a cumulative increase of 0.74%, with mixed performances among key coffee and tea brands [25]. - **E-commerce**: The sector is facing challenges, with a flat performance noted in the overall market [3]. 1.2 Platforms & Technology - **Streaming Platforms**: The Hang Seng Media Index increased by 0.89%, with varied performances among major streaming companies [35]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market cap reached $321.51 billion, with Bitcoin and Ethereum prices showing slight declines [42]. - **Automotive Services**: The automotive aftermarket is experiencing a decline, with a 5% drop in both output value and service frequency [54]. 1.3 Media - The media sector is expected to see growth resilience in gaming, with a focus on product releases in December [3].

Core Points - The article discusses the launch of the "Good Cup New Life: Bring Your Own Cup" green consumption initiative by Meituan Qingshan in Shanghai, aimed at reducing single-use plastic products and promoting the use of personal cups for beverages [1][3][4] - The initiative is supported by various organizations, including the Shanghai Municipal Commission of Commerce and the China Environmental Protection Foundation, and has attracted participation from well-known brands like Starbucks and Tims [1][4][6] - The program aims to engage over 500,000 consumers and will see over 30,000 beverage stores nationwide adopting the "Bring Your Own Cup" label [1][4] Group 1: Initiative Details - The "Good Cup New Life" initiative is designed to transform the use of personal cups from a niche trend into a common practice, contributing to pollution reduction and carbon footprint lowering [1][3] - The initiative includes a month-long campaign in Shanghai, with over 3,000 beverage stores in the city and more than 30,000 nationwide expected to participate [1][4] - Meituan has already implemented the first industry-wide "Support Bring Your Own Cup" label, allowing consumers to easily find participating stores through their apps [3][4] Group 2: Environmental Impact - Research indicates that using a personal cup can reduce carbon emissions by approximately 40 grams per use, equating to the carbon absorption of a tree over a year if done daily [3][4] - The initiative is part of a broader effort to address the entire lifecycle of single-use plastic packaging, focusing on reduction, eco-design, recycling, and high-value utilization [3][4] Group 3: Market Participation - As of now, over 17,000 beverage stores have adopted the "Support Bring Your Own Cup" label, with Shanghai leading the country with over 2,200 participating stores [4][6] - The initiative has garnered support from multiple beverage brands, including Peet's Coffee and Costa, which will also implement the "Support Bring Your Own Cup" label [9]

Investment Rating - The report maintains a positive outlook on the AI technology sector, emphasizing strong performance from leading tech companies like Google, META, Microsoft, Alibaba, and Tencent [3] Core Insights - The report highlights a gradual return to stability in the market, with reduced concerns over the Federal Reserve's interest rate cuts in December, leading to improved liquidity and risk appetite [3] - The AI industry is expected to continue its growth trajectory, with a focus on operational cash flow from leading tech firms and the application of AI in various sectors [3] - The cryptocurrency market faces short-term pressures but remains optimistic in the medium to long term, particularly regarding blockchain and decentralized payment technologies [3] - The Macau tourism sector is seen as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during holiday periods [3] - The report expresses a bullish stance on trading platforms, viewing any short-term pullbacks as opportunities to increase positions [3] Summary by Sections 1.1 Consumer & Internet - **Education**: The education index rose by 1.41%, outperforming several major indices. The number of college graduates is projected to increase by 480,000 to 12.7 million by 2026 [11][18] - **Luxury Goods & Gambling**: The luxury goods index increased by 3.90%, with notable gains from Sands China and MGM China. Macau's tourism is recovering well [20][28] - **Coffee & Tea**: The coffee sector remains robust, while the tea sector faces challenges due to reduced subsidies from delivery platforms [5][29] - **E-commerce**: The e-commerce sector is under pressure, affected by the consumption environment and tax impacts on advertising [5][33] 1.2 Platforms & Technology - **Streaming Platforms**: The media index rose by 4.54%, with key players like Netflix and Tencent Music showing positive performance [43] - **Virtual Assets & Internet Brokers**: The global cryptocurrency market capitalization reached $319.68 billion, with Bitcoin and Ethereum prices increasing by 6.9% and 9.7%, respectively [49][52] - **Automotive Services**: Japan plans to achieve a fleet of 10,000 autonomous vehicles by 2030, indicating a significant push in the automotive sector [61] 1.3 Media - The report notes a record high of 184 game approvals in November, with the domestic gaming market expected to generate revenues of 31.36 billion yuan by October 2025, reflecting a year-on-year growth of 7.83% [5][12]

以下文章来源于远川研究所 ，作者黄茜琳 远川研究所 . 刻画这个时代 好产品无国界。 文 ｜ 黄茜琳 编辑 ｜ 张婕妤 来源｜ 远川研究所（ID：YuanChuanInstitution） 封面来源 ｜ Unsplash 刚刚 过去的一个季度里，瑞幸的门店总数达到 2 921 4 家，这个数字是 2020 年退市时的 6 倍。五年时间里，它从每卖一杯亏掉 5.6 元，到如今单杯稳定获 利 1.2 元 [1 ] 。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美 元的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 这是近十年来中国商业史上最具代表性的 " 困境反转 " 案例。它修正了资本市场对于 " 中概股退市必死 " 的刻板印象，演绎了一段投资机构逆势支持企业 的佳话，更用一场起死回生告诉人们： 2021 年，生椰拿铁的上市宣布了瑞幸的"卷土重来" —— 单月销量突破 2000 万杯，相当于每秒钟卖出 7 杯，券后价格常年 9.9 元就能实现盈利。瑞幸又回 到了最朴素的商业常识里： 好产品是前面的 1 ，其他能力是后面的 0 。规模只是产品的结果，份额只是品牌的具象。 中 ...

编辑丨高梦阳 比库迪更便宜的幸运咖门店数破万家了。 2025年11月24日，幸运咖宣布，其全球门店数量正式突破10000家。从年初的4500余家到突破万店，仅 用了10个多月就实现了门店数翻倍。 幸运咖是蜜雪集团旗下现磨咖啡品牌，主要产品定价在6—8元。作为对比，库迪正在实施全场9.9元。 从门店规模来看，截至三季度末，瑞幸门店数为29214家。库迪最新数据是1.8万家。 另据幸运咖披露，截至目前，幸运咖门店已覆盖全国超300座城市，包括一线、二三线城市及广大下沉 市场。其中，一线市场的门店数已超千家，北京地区门店数达到100家。 需要注意的是，幸运咖的爆发，有着外卖大战推动。在今年二季度，幸运咖新签门店同比增长164%。7 月以来，加盟咨询量环比增长超过300%，且来自一线城市的加盟咨询电话激增。而幸运咖方面认为， 销售爆发也与其主动营销策略有关。 但是，外卖补贴正在退潮。 记者丨贺泓源 韦怡琦 瑞幸执行官郭谨一也在近期的业绩会上提到，随着外卖补贴退潮，瑞幸在第四季度乃至明年的同店销售 额增长指标将面临短期波动与压力。 这或许会影响幸运咖的下一步增长。 亦要看到，随着外卖补贴退潮，咖啡价格战可能会进入更稳定 ...

记者丨贺泓源 韦怡琦 编辑丨高梦阳 比库迪更便宜的幸运咖门店数破万家了。 2025年11月24日，幸运咖宣布，其全球门店数量正式突破10000家。 从年初的4500余家到突 破万店，仅用了10个多月就实现了门店数翻倍。 另据幸运咖披露，截至目前，幸运咖门店已覆盖全国超300座城市，包括一线、二三线城市及 广大下沉市场。其中，一线市场的门店数已超千家，北京地区门店数达到100家。 需要注意的是，幸运咖的爆发，有着外卖大战推动。在今年二季度，幸运咖新签门店同比增长 164%。7月以来，加盟咨询量环比增长超过300%，且来自一线城市的加盟咨询电话激增。而 幸运咖方面认为，销售爆发也与其主动营销策略有关。 但是，外卖补贴正在退潮。 有正在扩张期的咖啡品牌高管告诉21世纪经济报道记者， 7月后，外卖补贴明显收缩。 幸运咖是蜜雪集团旗下现磨咖啡品牌，主要产品定价在6—8元。作为对比，库迪正在实施全场 9.9元。 瑞幸执行官郭谨一也在近期的业绩会上提到，随着外卖补贴退潮，瑞幸在第四季度乃至明年的 同店销售额增长指标将面临短期波动与压力。 从门店规模来看，截至三季度末，瑞幸门店数为29214家。库迪最新数据是1.8万家。 这 ...