Core Insights - Zhengzhou's new commercial projects are moving beyond traditional shopping models to create complex consumption hubs that integrate culture, art, social interaction, and leisure, marking a clear sign of consumption upgrade in the city [2] Group 1: New Consumption Scenes - The "park park" district has quickly become a popular leisure destination for young people, featuring unique stores and a relaxed atmosphere that caters to the needs of the younger consumer demographic [1] - Other new consumption scenes are emerging in Zhengzhou, such as Zhengdong Wanda Plaza and Bo Du New Image Street, which incorporate local cultural elements and artistic designs to enhance the shopping experience [1] Group 2: Policy and Market Dynamics - Zhengzhou is accelerating its development as an international consumption center, supported by policies that promote new consumption formats and innovative market practices [2] - Since 2025, Zhengzhou has hosted over 1,100 consumption promotion events, stimulating market potential and driving significant sales, including 410 million units of products exchanged through trade-in programs, resulting in a consumption boost of 48.2 billion yuan [2] Group 3: Commercial Innovation - The emergence of first-store and first-launch economies is enhancing the city's commercial appeal, with both international and local brands establishing a presence in Zhengzhou [3] - New business models such as instant retail and live e-commerce are rapidly gaining traction, contributing to the dynamic commercial landscape [3] Group 4: Economic Growth - Zhengzhou's total retail sales of consumer goods reached 608.85 billion yuan in the first eleven months of 2025, reflecting a year-on-year growth of 5.2% [5] - The rise of new consumption scenes is attributed to the interplay of urban function updates, industrial upgrades, and demographic changes, indicating a shift in consumer focus from basic needs to quality and experience [5]

新华财经郑州12月31日电 2025年即将收官。 回首这一年，河南资本市场铿锵前行，蹄疾步稳。出海、并购、上市、回购，动作频频。年终岁尾之 际，我们从五大维度，全面梳理河南资本市场的发展密码和无限活力。 河南企业走出去 2025年，世界百年变局加速演进，大国关系牵动国际形势，国际形势深刻影响国内发展。新形势下，中 国企业出海进程显著加速，其全球化布局进入更具战略性和系统性的新阶段。 趋势之下，河南上市公司也纷纷出海，尝试在新市场创造增量价值。 在这些出海的豫股当中，有公司选择通过巨额资本并购获取海外战略资源。12月16日，洛阳钼业发布公 告，其控股子公司拟以10.15亿美元的总对价，收购加拿大上市公司Equinox Gold Corp.位于巴西的多个 金矿项目100%权益。交易完成后，洛阳钼业的黄金年产量预计将增加8吨，进一步增强对全球贵金属定 价权的影响。 也有公司通过落地项目完成了自己的出海首秀。10月31日，城发环境匈牙利包尔绍德30兆瓦光伏发电项 目正式破土动工。这个位于欧洲腹地的能源项目不仅是河南省重大国际合作项目之一，也标志着城发环 境从中国本土的生态环境治理服务商，向全球绿色能源供应商迈出了关键 ...

供应链方面，蜜雪集团采购网络覆盖全球六大洲、38个国家，门店核心饮品食材已实现100%自主生 产，并在国内设有29个仓库，配送网络覆盖超300个地级市，90%的县级区域可实现12小时内触达。 在品牌文化运营层面，其标志性的"雪王"IP已形成强大的影响力，通过推出多元联名周边、打造沉浸式 主题门店、布局短视频平台趣味内容矩阵等方式，持续强化与年轻消费群体的情感联结。 本报讯 （记者李静）12月26日，由《证券日报》社有限责任公司主办的2025证券市场年会暨2025金骏 马颁奖典礼在北京召开。蜜雪冰城股份有限公司（以下简称"蜜雪集团"）受邀参与本次年会，并凭借全 链路竞争力荣获"金骏马行业领军企业"奖项。 作为全球门店规模最大的现制饮品企业，蜜雪集团始终秉持"高质平价"的理念，通过其"供应链+品牌 IP+门店运营"三位一体的综合竞争力，不仅重塑了行业成本结构与商业模式，更推动了新茶饮的全民普 惠。 在资本市场，蜜雪集团于2025年3月成功登陆港交所，并创下超额认购纪录，市值位居行业首位。 2025年上半年，蜜雪集团实现收入148.7亿元，净利润27.2亿元，同比分别增长39.3%与44.1%。 总体来看，蜜雪集团 ...

Core Viewpoint - The service industry is showing signs of stabilization and bottoming out after experiencing price pressure and same-store sales decline in 2024, with expectations for recovery in 2026, particularly in sub-sectors like hotels and duty-free [2][17]. Group 1: Industry Trends - The service consumption ratio is increasing, supported by improved infrastructure for chain operations, leading to the emergence of more quality brands [4][21]. - The government has introduced multiple policies to promote service consumption, indicating a potential for stronger recovery in domestic demand [18][20]. - The hotel sector is expected to see a rebalancing of supply and demand in 2026, with RevPAR stabilizing due to a low base and slowing supply growth [4][31]. Group 2: Sub-sector Analysis - **Hotels**: The hotel industry faced pressure from weak business travel demand and continued supply expansion, but RevPAR showed signs of recovery in October 2025, driven by ADR increases [26][33]. - **Duty-Free**: Duty-free sales are stabilizing, with a focus on the potential of new policies to boost sales from departing travelers and local residents [45][49]. - **Dining**: The dining sector is experiencing a controlled competitive environment, with affordable brands performing relatively well amidst a recovering landscape [36][44]. Group 3: Investment Opportunities - Companies that can effectively meet consumer demands for value and emotional satisfaction, possess strong operational capabilities, and capture sustainable growth drivers are likely to succeed [4][29]. - The focus on high-quality brands and those with strong internal capabilities is expected to yield better performance in the coming years [4][21]. Group 4: Market Performance - In 2025, companies like Gu Ming and Mi Xue have shown significant stock performance, indicating a trend where companies with strong growth potential outperform their peers [7][12]. - The overall market for the service sector is expected to see a gradual recovery, with structural opportunities emerging in the hotel and duty-free segments [6][31].

消息上，近日蜜雪集团持续迎来利好消息。菜鸟与蜜雪冰城达成合作，涉AI及物流供应链科技；胡润 研究院与希尔斯联合发布《2025希尔斯·胡润全球餐饮企业价值TOP50》，蜜雪集团进入全球餐饮企业 价值榜前十；海通国际发表研报指，首次覆盖蜜雪集团，给予"优于大市"评级，考虑到公司在全球现制 饮品行业的领先地位，给予2026年25倍市盈率估值，对应目标价482港元。 大市下挫，蜜雪集团(2097.HK)盘中逆势冲高近4%，现报415.4港元，盘中创下月内新高价，总市值1579 亿港元。 ...

Group 1 - A-shares opened slightly higher with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.02%, and ChiNext Index up 0.01% [1] - Sectors such as robotics and non-ferrous metals showed strong performance [1] Group 2 - CITIC Securities highlighted strong investment enthusiasm in energy storage, with planned investment projects in Inner Mongolia expected to double compared to this year [2] - The demand for energy storage is expected to continue growing due to high load growth and the ongoing development of renewable energy [2] - Battery materials, including cathodes, anodes, electrolytes, and separators, are anticipated to see sustained price increases, with a positive outlook for battery and integration segments [2] Group 3 - Tianfeng Securities noted strong bottom-line support for the cement industry, with over 85% of clinker lines in northern provinces currently offline due to winter production restrictions [3] - The cement industry is expected to see a significant reduction in production capacity, with a total of 5,250 million tons of new capacity being added and 8,359 million tons of capacity being exited by November [3] - The effects of production capacity governance in the cement sector are expected to become evident by 2026 [3] Group 4 - Huatai Securities projected a steady recovery in domestic demand, driven by ongoing consumption policies and structural growth opportunities in the consumer sector [4] - The report emphasized four key investment themes for 2026: the rise of domestic brands, technology-driven consumption, emotional consumption, and undervalued high-dividend blue-chip leaders [4] - New consumer segments such as trendy toys, beauty and personal care, and ready-to-drink beverages are expected to emerge as strong growth areas [4]

Market Overview - The market experienced fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges recording a trading volume of 1.67 trillion yuan, an increase of 76.5 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.51%, the Shenzhen Component Index decreased by 0.78%, and the ChiNext Index dropped by 1.12% [1] Investment Insights Storage Demand and Battery Materials - CITIC Securities highlighted that the investment enthusiasm for energy storage is extremely high, with planned investment projects in Inner Mongolia doubling compared to this year [2] - The demand for energy storage is expected to continue growing due to high load growth and the ongoing development of renewable energy [2] - Battery materials, including positive and negative electrodes, electrolytes, and separators, are anticipated to see sustained price increases, with a positive outlook for the battery and integration sectors [2] Cement Industry Outlook - Tianfeng Securities noted that most provinces in northern China have begun staggered production during the heating season, with over 85% of clinker lines currently offline [3] - The short-term profitability support for the cement industry remains strong, with plans for production halts in December, particularly in the Yangtze River Delta region [3] - By 2025, leading companies are expected to address overproduction capacity, with a total of 52.5 million tons of new capacity planned and 83.59 million tons of capacity to be exited [3] Consumer Market Trends - Huatai Securities projected that consumer demand is likely to continue its steady recovery into 2026, driven by ongoing consumption policies [4] - The report emphasized the emergence of new consumption sectors, including trendy toys, beauty products, and ready-to-drink beverages, which are expected to produce leading companies [4] - Four key investment themes were identified: the rise of domestic brands, technology-driven consumption, emotional consumption, and undervalued high-dividend blue-chip stocks [4]

"公司正在厦门市委市政府指导下，积极推动重回美国主板上市进程。"11月初，瑞幸咖啡首席执行官郭 谨一的这番表态，正式宣告了这家曾因财务造假退市的企业，开启了其最为关键的救赎之战。 眼下，瑞幸在美股OTC市场的股价已高达38.5美元/股，市值突破109亿美元——这个数字甚至超越了其 2019年上市初期的表现。 但从OTC市场重返纳斯达克或纽交所这样的主板，从来不是一条坦途。市场各方都在冷静审视：瑞幸的 这场回归之战，胜算究竟几何？ 门店网络动能：采用"自营树标杆、联营扩规模"的混合模式。截至第三季度末，自营门店达18,882家， 联营门店突破10,332家，构筑了坚实的市场壁垒。 坚实的业务数据是说服市场的最硬通货，这也是瑞幸此次回归最为核心的筹码。 三道关卡：历史包袱与监管门槛 然而，有造假前科的企业，重返主板必须闯过严格的三道关卡。这是评估其胜算必须考虑的制约因素。 第一关，审计关。瑞幸需连续2–3个会计年度，由美国公众公司会计监督委员会（PCAOB）可现场检查 的会计师事务所出具审计报告，且所有工作底稿必须完整可查。 手中筹码：业绩基本盘与"韧性方法论" 评估胜算，首先要看瑞幸手中的筹码。其强劲的业绩，是 ...

Core Viewpoint - The service industry is showing signs of stabilization and bottoming out after experiencing price pressure and same-store sales decline in 2024, with expectations for recovery in 2026 driven by domestic demand and policy expansion [2][3][8]. Group 1: Industry Outlook - The service industry is expected to see a recovery in demand and a turning point in volume and price due to government policies aimed at boosting service consumption [3][8]. - The restaurant and hotel sectors are identified as the most promising areas for the emergence of large companies due to their broad consumer base and scalability [5][8]. - The article emphasizes the importance of strong internal capabilities and high-growth potential among leading companies in the industry [3][8]. Group 2: Restaurant Sector - The beverage segment is anticipated to face high baseline pressure in 2026, but leading brands are expected to achieve stable performance and gradually replace smaller chains [9]. - Fast food categories show resilience, while casual dining brands continue to experience differentiation in same-store sales [9]. - The article highlights the need for brands to meet consumer demands for value and emotional connection, as well as to possess strong operational and product capabilities [5][9]. Group 3: Hotel Sector - The hotel industry is still in a phase of supply-demand rebalancing, with a projected decline in RevPAR (Revenue per Available Room) of 5% in the first half of 2025 [10]. - High-quality hotel brands are expected to continue expanding their market share even during industry downturns due to superior product and service capabilities [10]. - The recovery of business demand is seen as a potential turning point for RevPAR to turn positive [10]. Group 4: Human Resources and Other Sectors - The human resources sector is characterized by strong cyclical attributes, with an increasing trend in flexible employment penetration [10]. - The duty-free sales sector is currently experiencing a bottoming out phase, with attention on the impact of Hainan's policy changes [10]. - The tourism sector is facing price pressures and investment costs, but there are potential catalysts from new project launches and transportation improvements [11].

Core Viewpoint - The report from Galaxy Securities emphasizes the importance of developing new consumption driven by changing demographics and consumer attitudes, positioning it as a significant growth point in the market [1] Group 1: New Consumption Trends - New consumption is rapidly developing and has become a focal point in the market due to changes in population structure and consumer concepts [1] - Emotional consumption is identified as a key direction for new consumption development, leading to the emergence of new consumption sectors such as trendy toys, outdoor activities, pet economy, traditional gold ornaments, and beauty products [1] - The pursuit of quality-price ratio has resulted in the rise of new products like beverages and leisure snacks [1] Group 2: Social and Cultural Shifts - There is a need to embrace and guide new consumption with an open mindset, as evidenced by the shared consumption of trendy toys and anime culture among both middle-aged and young consumers, which is now a social phenomenon [1] - Non-professional sports events, such as Guizhou Village Super League, Jiangsu Super League, and Guangzhou Dragon Boat races, break conventional norms and provide better emotional value, stimulating local traffic and service consumption [1]