Fixed Income - The bond market in 2026 is expected to perform better than anticipated, driven by a continuation of weak economic recovery and a divergence of new and old growth drivers, with infrastructure and real estate continuing to drag on the economy [9][12] - The central bank's monetary policy remains moderately accommodative, which is expected to keep social financing costs low and promote a reasonable recovery in prices [9][12] - The credit spreads for various sectors have shown mixed movements, with significant compression in the AA+ textile and apparel sector, while AAA real estate and AA+ pharmaceutical sectors have seen notable expansions [13][17] Construction and Building Materials - The construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches, with significant government signals indicating a focus on urban renewal and housing security [20][21] - Key investment themes for 2026 include major national projects like the canal system and the Tibet railway, high-dividend low-valuation state-owned enterprises, and private construction firms leveraging cash flow in new sectors such as clean rooms and AI infrastructure [22][24] Pharmaceutical Industry - The pharmaceutical sector is anticipated to see concentrated catalysts in 2026, particularly in areas like brain-machine interfaces and AI medical technologies, with a focus on companies that have shown strong fundamentals and potential for recovery [25][27] - The brain-machine interface industry is highlighted as a key growth area, supported by government policies and clinical trials, with companies like Mai Lande and Meihua Medical recommended for investment [26][27] Commercial Aerospace - The commercial aerospace industry is poised for significant developments, with new listing standards for commercial rocket companies and a series of supportive government measures aimed at enhancing the sector's growth [31][32] - The cost competitiveness of China's commercial aerospace has improved, with private rockets nearing international standards, although there remains a gap compared to established players like SpaceX [31][32] New Consumption - The expansion of new consumption brands like Mixue Ice City and Huaxizi into international markets signifies a strategic move towards global brand recognition, with ongoing store openings in the Americas [4][5] - The pet market is also expanding, with companies like Lusi focusing on high-value product lines and stable relationships with core customers, indicating growth potential in both domestic and export markets [6]

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2025 年 12 月 29 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 蜜雪冰城美国首店在好莱坞开业，花西子入驻美国最大美妆零售平台 投资评级： 看好（维持） ——新消费行业周报（2025.12.22-2025.12.26） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 蜜雪冰城美国首店在好莱坞开业，打开美洲拓店版图。近日蜜雪冰城洛杉矶好莱坞 店正式营业。该店位于星光大道"中国剧院"正对面，所在商圈消费成熟。作为蜜 雪冰城在美洲市场开出的首家门店，标志着其全球化战略再迈出关键一步，根据郑 州晚报，目前蜜雪冰城在美国的多家新店正在紧张筹备当中，巴西、墨西哥等美洲 国家的门店也在稳步推进，持续深化品牌全球化战略。美国首店延续品牌经典菜单 设计，涵盖冰淇淋、纯茶、果茶、奶茶、现磨咖啡等多个产品系列，同时结合美国 消费者的饮食偏好，提供多种小料、糖度选项，门店菜单信息显示，招牌冰淇淋售 价 1.19 美元，冰鲜柠檬水售价 1.99 美元，拿铁咖啡售价 2.99 ...

新华网洛杉矶/郑州12月20日电（记者高山 任卓如）中国知名茶饮品牌蜜雪冰城20日在美国洛杉矶 好莱坞星光大道开设其北美首家门店，成为中式茶饮出海浪潮中的新足迹。 刚在店内排队买到冰激凌的洛杉矶消费者提芬妮对记者说，自己很喜欢中式美味。她表示不但欢迎 蜜雪冰城在美开设更多门店，也欢迎更多中国公司来美国设点开拓市场。 记者当日在位于好莱坞TCL中国大剧院正对面的蜜雪冰城门店现场看到，以年轻人为主的大批消费 者排起了长队。店内提供奶茶、冰激凌及现磨咖啡等多类产品，同时结合当地消费者的饮食偏好，提供 多种小料、糖度选项，以满足不同消费者的多元化饮品需求。 蜜雪冰城美西总经理张文昌表示，近年来中式茶饮在北美的认知度、接受度都在提升，蜜雪冰城也 积极布局全球化的发展，将在北美地区稳步推进门店拓展，让更多北美消费者体验到高质平价的美味。 当地华裔托莉也表示，能在星光大道上喝到地道的中式茶饮让她惊喜不已。她表示，饮食也是文化 的一部分，希望中式茶饮扎根洛杉矶，能让更多的中国文化元素融入美国民众的生活。 当地时间12月20日，蜜雪冰城的人偶宣传活动在洛杉矶好莱坞星光大道吸引路人目光。曾慧 摄 ...

21世纪经济报道记者易佳颖 12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。该店位于星光大道"中国剧院"正对面，所在商圈消费成 熟。这也是蜜雪冰城在美洲市场开出的首家门店，标志着其全球化战略再迈出关键一步。 无独有偶，仅在今年，霸王茶姬美国首店选址洛杉矶，沪上阿姨美国首店落地纽约。而喜茶早在2023年 就在纽约百老汇开出美国第一家门店，茉莉奶白也将海外首店开在美国纽约。 "随着越来越多的新茶饮品牌进入美国市场，我们也发现确实有更多的当地消费者开始接受这类饮 品。"某新茶饮品牌海外市场负责人在接受21世纪经济报道记者采访时表示，"但这条道路在我看来依然 相当漫长，需要整个行业共同努力。" 有行业分析指出，当前美国茶饮市场仍处发展初期，品牌竞争格局未定，蕴藏巨大增长潜力。 柠檬水售价1.99美元 此次美国首店，蜜雪冰城同样延续品牌经典菜单设计，涵盖冰激凌、纯茶、果茶、奶茶、现磨咖啡等多 个产品系列，同时结合美国消费者的饮食偏好，提供多种小料、糖度选项，更好满足不同消费者的多元 化饮品需求。 "1.99美元的柠檬水还是很实惠的。"有美国留学生在接受21世纪经济报道记者采访时表示，"星巴克一 杯的税后价格在4-5美元左 ...

值得一提的是，为了贴合当地消费者的口味，在选择饮品糖度时，除了常规的正常糖、七分糖、五分糖、三分糖、不另外加糖 的选项外，蜜雪冰城还额外提供了120%糖度、150%糖度、200%糖度可选。 21世纪经济报道记者易佳颖 12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。该店位于星光大道"中国剧院"正对面，所在商圈消费成熟。这也是蜜雪冰城在 美洲市场开出的首家门店，标志着其全球化战略再迈出关键一步。 无独有偶，仅在今年，霸王茶姬美国首店选址洛杉矶，沪上阿姨美国首店落地纽约。而喜茶早在2023年就在纽约百老汇开出美 国第一家门店，茉莉奶白也将海外首店开在美国纽约。 "随着越来越多的新茶饮品牌进入美国市场，我们也发现确实有更多的当地消费者开始接受这类饮品。"某新茶饮品牌海外市场 负责人在接受21世纪经济报道记者采访时表示，"但这条道路在我看来依然相当漫长，需要整个行业共同努力。" 有行业分析指出，当前美国茶饮市场仍处发展初期，品牌竞争格局未定，蕴藏巨大增长潜力。 柠檬水售价1.99美元 此次美国首店，蜜雪冰城同样延续品牌经典菜单设计，涵盖冰激凌、纯茶、果茶、奶茶、现磨咖啡等多个产品系列，同时结合 美国消费者的饮食偏好，提 ...

冰淇淋售价1.19美元，"雪王"圈粉好莱坞 来源：环球网 【环球网消费综合报道】北京时间12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。该店位于星光大 道"中国剧院"正对面，所在商圈消费成熟。作为蜜雪冰城在美洲市场开出的首家门店，标志着其全球化 战略再迈出关键一步。 好莱坞素有"世界电影之都"之称，作为全球娱乐文化中心，常年吸引大量国际游客与本地消费者。蜜雪 冰城在此设立首店，旨在服务全球多元消费群体，彰显出品牌对美洲市场的重视。 中国茶饮，正日益活跃在世界舞台。从中国郑州，到美国洛杉矶，蜜雪冰城正持续将"高质平价"的产 品，带给全球更多国家的消费者。 好莱坞店正式开业当天，吸引了当地消费者纷纷到店打卡，下单品尝冰淇淋、柠檬水、芋圆葡萄等招牌 产品，踊跃参与门店开业活动。该店的到来，也为热闹的星光大道，增添更多"中国元素"。 从东南亚到北美，蜜雪冰城海外拓至13国 近些年，中国餐饮品牌掀起出海热潮，茶饮品牌表现尤其活跃。作为行业出海"先行者"，蜜雪冰城已深 耕海外市场多年。 "高质平价"，是蜜雪冰城的标志性品牌符号之一。 此次美国首店，同样延续品牌经典菜单设计，涵盖冰淇淋、纯茶、果茶、奶茶、现磨咖啡等多个产品系 ...

好莱坞素有"世界电影之都"之称，常年吸引大量国际游客与本地消费者。蜜雪冰城在此设立首店，旨在服务 全球多元消费群体，彰显品牌对美洲市场的重视。 此次美国首店，延续蜜雪冰城"高质平价"的品牌符号特性，在经典菜单设计方面，涵盖冰淇淋、纯茶、果 茶、奶茶、现磨咖啡等多个产品系列。同时，结合美国消费者的饮食偏好，还提供多种小料、糖度选项，旨 在更好满足不同消费者的多元化饮品需求。 中国餐饮品牌掀起出海热潮，茶饮品牌表现尤其活跃。作为行业出海"先行者"，蜜雪冰城已深耕海外市场多 年。今年3月，开放日本市场加盟；4月，进入哈萨克斯坦阿拉木图；5月，与巴西签下40亿元意向采购大 单……蜜雪冰城海外业务版图持续拓展。 产品价格方面，依旧非常亲民。蜜雪冰城好莱坞门店菜单信息显示，招牌冰淇淋售价1.19美元（约合8.4元人 民币，货币单位下同），冰鲜柠檬水售价1.99美元（约合14元）；珍珠奶茶根据杯型不同，定价分别为3.99美 元（约合28元）和4.99美元（约合35元）。整体产品价格带在1.19美元—4.99美元（约合8.4元—35元）。 蜜雪冰城全球化战略再迈出关键一步。 截至目前，蜜雪冰城已在海外布局约4700家门店，覆 ...

Investment Rating - Initiate with OUTPERFORM rating [1][2] Core Views - MIXUE Group is the largest fresh beverage chain in China and ranks fourth globally in terms of GMV, with a market share of 2.2% [3][7] - The company aims to achieve a "trinity of total cost leadership" through a strong supply chain, brand IP, and store operations [4][28] - The fresh beverage market is experiencing significant growth driven by rising disposable income and consumer demand for higher quality products [12][14] Financial Projections - Revenue is projected to grow from RMB 24.83 billion in 2024 to RMB 42.17 billion in 2027, with a CAGR of 22% [5] - Net profit is expected to increase from RMB 4.45 billion in 2024 to RMB 7.50 billion in 2027, reflecting a CAGR of 40% [5] - The company is valued at a P/E of 25x for 2026, leading to a target price of HK$ 482 [5] Market Position - The fresh beverage market in China is expected to grow from RMB 517.5 billion in 2023 to RMB 1,163.4 billion by 2028, with a CAGR of 17.6% [12][14] - The market share of fresh tea drinks is projected to increase significantly, especially in lower-tier cities [18][23] Competitive Advantages - MIXUE Group has established a comprehensive digital supply chain covering procurement, production, and logistics, allowing for cost advantages [30][37] - The company has a unique brand IP, "Snow King," which enhances brand recognition and consumer loyalty [38] - The franchise model has led to a rapid expansion of stores, with over 48,000 locations in China as of 1H25 [41][43] Expansion Strategy - The company plans to penetrate both domestic and international markets, focusing on lower-tier cities and Southeast Asia [4][49] - MIXUE Group has launched sub-brands like Lucky Coffee and Fresh Beer to diversify its product offerings and revenue streams [49]

12月6日至7日，象州县借广西匹克球超级联赛"李宁杯"来宾市级赛事举办契机，同步启动"新大集 新服务 新消费"——广西县域商业消费季（来宾象州 站）暨惠享暖冬消费月活动。活动以特色市集为载体，精心设置特色商品展区、特色小吃区、休闲打卡区，遴选本地优质特产与风味小吃集中入驻，为广 大消费者打造集特产采购、美食品尝、文化体验于一体的沉浸式消费场景，全方位展现象州独特的饮食文化魅力。 游客品尝特色产品 "接下来，我们将聚焦冬季消费高频场景，持续搭建便捷消费平台。"象州县经济贸易局相关负责人表示，后续将针对商超、加油站等重点行业精准发放消 费券，同时引导商家紧扣"双12"、周末等重要时间节点，推出满减、折扣、买赠、秒杀等多元化促销活动，形成"季季有主题、月月有热度、周周有活 动"的促消费氛围。通过系列举措推动"新大集 新服务 新消费"暨惠享暖冬消费月活动取得实效，进一步激发县域消费潜力，不断提升消费对经济增长的拉 动作用。 通讯员：陈燕荣 吴梁丹 黄新都 吴燕娟 据悉，本次活动旨在贯彻落实党中央、国务院关于大力提振消费的决策部署和"购在中国"系列活动安排，充分发挥县域商业体系建设工作成效，持续释放 县域消费潜力。活动 ...

Core Insights - Luckin Coffee, a brand under Mixue Group, has rapidly expanded its store count, surpassing 10,000 locations in just over 10 months, marking a significant milestone in its growth strategy [1][2] - The brand's aggressive expansion strategy has positioned it as a leading player in the affordable coffee segment, with a competitive pricing strategy that has attracted a large customer base [2][10] - The coffee market in China is experiencing a transformation, with increasing consumer demand and a shift towards affordable options, driven by price wars initiated by competitors [15][18] Expansion and Growth - Luckin Coffee was established in 2017 and began franchising in 2020, accumulating approximately 4,600 stores by 2024 before launching its "10,000 store plan" [1][5] - The brand's store count grew by over 164% year-on-year in the second quarter of 2025, with a significant increase in franchise inquiries, particularly from first-tier cities [7][10] - The company has implemented various support measures for franchisees, including fee waivers and incentives to encourage expansion in less saturated markets [6][7] Competitive Landscape - Luckin Coffee competes with other major brands like Luckin and Kudi, which have also achieved significant store counts, creating a highly competitive environment [2][3] - The brand's pricing strategy positions it as the most competitively priced option among its peers, with an average transaction value of 8.13 yuan [2][10] - The rapid expansion has raised concerns about market saturation and the sustainability of profitability amid intense competition [3][21] Supply Chain and Operational Efficiency - Luckin Coffee benefits from Mixue Group's established supply chain, which includes direct sourcing of coffee beans and a robust logistics network, enhancing its cost control capabilities [10][12] - The company has invested in production capacity, including a new roasting line with an annual capacity of over 20,000 tons, to support its expansion and maintain cost efficiency [12][19] - The operational model leverages standardized processes and experienced management from Mixue Group, which aids in maintaining quality and efficiency across its stores [13][10] Market Trends and Consumer Behavior - The Chinese coffee market is projected to exceed 1 trillion yuan by 2025, with a significant increase in per capita coffee consumption [15][18] - The price wars initiated by competitors have lowered consumer barriers to entry, leading to increased coffee consumption among previously non-coffee drinkers [15][18] - The rise of affordable coffee brands has contributed to a rapid increase in the number of coffee shops, surpassing the growth seen in the tea beverage sector [18][20] Challenges and Strategic Adjustments - Despite rapid growth, franchisees have reported mixed experiences, with increased competition leading to pressure on profitability in densely populated areas [8][21] - The company is tightening its franchisee selection criteria to ensure higher-quality locations and reduce the risk of underperforming stores [21] - Luckin Coffee is also exploring international expansion, having opened its first overseas store in Malaysia, which presents additional operational challenges [13][14]