Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and Midea Group, while Budweiser Asia is rated "Neutral" [1]. Core Insights - In September, total retail sales of consumer goods in China reached 4.1971 trillion yuan, reflecting a year-on-year increase of 3.0%. Excluding automobiles, retail sales amounted to 3.7260 trillion yuan, up 3.2% year-on-year [6][7]. - Pop Mart reported a significant revenue growth of 245%-250% in Q3, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [6][7]. - Haidilao launched its first sushi restaurant in Hangzhou, focusing on diverse dining options and achieving high customer turnover [6][7]. - Midea Group plans to invest at least 50 billion yuan in R&D over the next three years, targeting advanced technologies [6][7]. - TCL Huaxing's 8.6-generation printed OLED production line commenced construction, with a total investment of approximately 29.5 billion yuan [6][7]. Weekly Performance Summary - Top performers in the F&B sector included Chagee (+8.5%), Xiaocaiyuan (+5.8%), and Yum China (+5.3%). In the home appliance sector, Sanhua (+12.3%), Roborock (+7.7%), and Haier Smarthome (+5.4%) showed strong performance [2][7]. - Underperformers included Helens (-5.7%), Mixue Group (-8.1%), and Guming (-10.1%) in the F&B sector, while Pop Mart experienced a decline of -16.3% in the trendy toy industry [2][7].

Group 1 - The "warm economy" is gaining traction as colder temperatures drive demand for hot food and beverages, with consumers seeking comfort and warmth through their purchases [1][3] - Sales of hot drinks have significantly increased, with brands like Tea Baidao reporting over 350,000 cups sold of their new "cake milk tea" on its first day, particularly in northern cities like Beijing and Tianjin [1][2] - Heytea's popular product "Snowy Yak Milk" has sold out in multiple cities due to increased demand and seasonal supply fluctuations, prompting the brand to work on restocking [1][2] Group 2 - Naixue's Tea has launched a new "Raw Cocoa Black Tea" series, combining traditional tea flavors with modern ingredients to appeal to younger consumers during the winter hot drink season [2] - The coffee segment is also experiencing growth, with Lucky Coffee reporting over 300 million yuan in sales and 30 million cups sold of their "Coconut Latte" this year [2] - Online platforms are seeing a surge in hot drink orders, with coffee orders increasing by 800% and overall beverage orders up by 270% compared to the previous year [2]

Group 1 - A new wave of cold air has led to a rise in demand for warm foods and beverages, contributing to the "warm economy" during autumn and winter [1][3] - The sales of hot drinks have significantly increased, with brands like Tea Baidao reporting a surge in demand for their new "cake milk tea" product, which sold over 350,000 cups on its first day [1][3] - The "cake milk tea" series is inspired by French brulee and semi-cooked cheese cakes, offering a layered drinking experience with ingredients like fresh pudding and New Zealand dairy cream [3] Group 2 - The concept of the "warm economy" combines temperature and emotional consumption, where consumers are not just purchasing items for warmth but also for the immediate emotional experience they provide [3]