证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20260303 企业出海：破除内卷、提振内需与文化输出 2026 年 03 月 03 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 相关研究 《伊朗冲突还有哪些变数？——海外 周报 20260302 》 2026-03-02 《伊朗问题对股债商汇等大类资产的 影响 》 2026-03-02 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：受国内部分行业产能过剩、全球贸易保护主义抬头以及供应 链重构等多重因素影响，近些年我国越来越多的企业选择通过出海寻求 破局的机会。一方面，高技术企业的加速出海使得我国企业利润率整体 有所提升，同时也部分缓解了国内"内卷式"竞争的局面；而另一方面， 服务和文化的加速出海正成为传播中国历史文化，向全球讲好中国故事 的重要载体。在双循环新发展格局下，出海已经成为了企业发展和竞争 增长的"必选项"。 ...

以下文章来源于星海情报局 ，作者星海老局 星海情报局 . 见证中国科技奔赴星辰大海，专注产业链分析和案例写作，关注AI、互联网、汽车、消费电子、半导体等前沿科技产业。 县城的逻辑，才是更多中国人或许不认可但却默默遵循的逻辑。 月薪两千，是县城的常态 长期生活在一二线城市，会给人一种错觉。 县城的逻辑，才是更多中国人或许不认可 但却默默遵循的逻辑。 来源｜ 星海情报局（ID：junwu2333） 封面来源 ｜ Unsplash 截至 2025 年末，中国城镇常住人口已达 9.53 亿，城镇化率攀升至 67.89% 。按照更宽泛的统计口径，这一数字甚至接近 68.7% ，城镇人口超过 9.7 亿 。 这意味着，超过三分 之二的中国人生活在城镇里 —— 而其中绝大多数人，并不在北京、上海、广州，而是在那些你或许从未听说过的三四线城市和县城 里。 县城是中国最广阔的中间地带 ， 它不是乡村， 没有那么强大的宗族气息，你很难在一个县城里看到那种一个家族几百人一起去拜年的盛况。 它也不是 都市， 不存在北上广深或者新一线城市的那种 "边界感"，那种在大城市里随处可见、接受过高等教育、高喊着"逃离原生家庭""只为自己而活" ...

Group 1 - The core idea of the article is that the marketing strategies for the Chinese New Year (CNY) are evolving, with brands focusing on emotional narratives, cultural significance, and innovative engagement methods to resonate with consumers during this competitive period [1][30] - This year's CNY marketing is characterized by a shift from traditional methods to more personalized and emotionally driven campaigns, reflecting changes in consumer sentiment and expectations [23][30] - Brands are increasingly leveraging celebrity endorsements, with a focus on names that resonate with the zodiac theme, such as those with the surname "Ma," to create engaging and relatable content [3][24] Group 2 - The use of emotional storytelling is prominent, with brands like Apple and Pepsi focusing on themes of companionship and family reunions, which align with the sentiments of the CNY [9][10] - Limited edition products are a common strategy, with brands like Mixue Ice City and Lancôme incorporating cultural elements into their offerings, enhancing both sales and brand identity [16][19] - The marketing landscape is shifting towards a deeper understanding of cultural nuances, with brands moving beyond superficial symbols to create meaningful connections with consumers [27][30] Group 3 - The article highlights the importance of adapting to changing consumer behaviors, with brands embracing humor and relatability to connect with younger audiences facing social pressures during the CNY [26][30] - There is a growing trend of brands focusing on individual emotional experiences rather than grand narratives of success, reflecting a societal shift towards personal well-being [25][30] - The competitive nature of CNY marketing is leading brands to seek innovative and authentic ways to engage consumers, moving away from formulaic approaches to more genuine expressions of understanding and empathy [31][30]

Core Viewpoint - The article highlights the significant acquisitions made by Boyu Capital, including SKP, Badaling Outlet, and Starbucks China, showcasing its strategic positioning in the high-end retail market and its understanding of consumer psychology in China [2][4][11]. Group 1: Acquisitions and Market Position - Boyu Capital has made three major acquisitions in less than a year, including the purchase of SKP, Badaling Outlet, and Starbucks China, indicating its aggressive expansion strategy in the high-end retail sector [2][4][11]. - Badaling Outlet, despite its remote location, has thrived by attracting middle-class consumers looking for discounted luxury goods, with sales reaching 5.2 billion yuan during the 2025 National Day holiday [9][11]. - SKP's sales are projected to decline by approximately 17% in 2024, while Badaling Outlet's revenue has grown from 1.8 billion yuan in its opening year to 2.84 billion yuan in 2024, with a profit of around 900 million yuan [11][19]. Group 2: Consumer Behavior Insights - The article discusses the evolving consumer psychology among the middle class, who desire brand prestige without overspending, which Badaling Outlet effectively capitalizes on by offering luxury items at significant discounts [8][9]. - The outlet's strategy of providing a mix of nearly 300 brands, including high-end labels, has created a win-win situation for both consumers and brands, allowing for inventory clearance while satisfying consumer demand for value [9][11]. Group 3: Company Background and Leadership - Boyu Capital, founded in 2011, is one of China's largest private equity firms, managing approximately $10 billion in funds and boasting a portfolio of over 200 companies [13][14]. - The founding team includes notable figures such as Zhang Zixin, a former executive at Ping An, and Ma Xuezheng, known for her significant contributions to the investment landscape in China [14][15][16]. Group 4: Broader Investment Strategy - Beyond retail, Boyu Capital has diversified its investments into various sectors, including property, technology, and clean energy, indicating a comprehensive approach to capital allocation [17][19]. - The firm has also engaged in significant investments in data centers and biotechnology, reflecting a forward-looking strategy that aligns with future market demands [19].

"雪王乐园"上 线？蜜雪冰城公 开招聘多岗位， 月薪最高2.5万 元_南方+_南方 plus 近日，蜜雪冰城 在招聘软件集中 发布了一批乐园 相关岗位招聘信 息，月薪最高达 2.5万元。消息 一出，立马引发 行业及消费者广 泛关注，网友们 纷纷猜测：备受 期待的"雪王乐 园"终于要来 了？ 从招聘信息来 看，本次蜜雪冰 城招聘涵盖内容 编剧、演艺统 筹、工程管理、 周边产品统筹等 岗位，薪资范围 在月薪10K至 25K之间，所有 岗位均要求5至 10年相关工作经 验，工作地点统 一位于河南郑 州。 具体来看，乐园 内容编剧岗需要 参与乐园整体设 计，搭建雪王IP 完整故事背景和 核心叙事线，将 游乐项目、主题 区域、互动环节 串联成连贯的体 验链路，并持续 优化节日及日常 主题企划内容； 乐园演艺统筹岗 需围绕雪王IP制 定符合乐园风格 的表演及互动形 式，结合节假日 和热点策划创新 演艺项目，要求 具备环球影城、 迪士尼等大型乐 园IP管理经验者 优先；乐园项目 工程管理岗承担 从规划、设计、 施工到开业的全 流程管理职责， 需完整操盘过投 资额超2亿元的 主题乐园项目， 熟悉游乐设备安 装及沉浸式体验 项 ...

每经编辑｜许绍航 近日，BOSS直聘信息显示，蜜雪冰城上线了一批与"乐园项目"相关的招聘岗位。消息一出，迅速引发网友热议。不少网友直言："这不像是普通品牌活 动，更像是在为一座主题乐园做准备。" | BOSS 直聘 | 首页 职位 公司 校园·海归 APP 有了 海外 无缝碍专区 | | | | 搜索职位,公司 | O | 我要招聘 我要找工作 | 登录/注册 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 10 | 蜜雪冰城招聘 ■ ★ *** | | | | | | 132 在程度收 | | | 已上市 · 1000-9999人 · 批发/零售 | | | | | | | | | | 公司简介 | 招聘职位(132) | 工作感受 | | | | | | | | 明分子 全部(132) | | 客服/运营(20) | 技术(15) | 生产制造(15) 人力/财务/行政(14) 服务业(14) 市场/公关/广告(12) | | | 采购/贸易(10) | | | 供应链/物流(9) | | 设计(5) | 房地产健筑(5) | 产品( ...

Core Insights - The article discusses the recent price adjustments made by major fast-food chains like KFC and McDonald's, as well as various coffee and tea brands, primarily targeting delivery services to cope with rising operational costs [1][2]. Price Adjustments - KFC China announced a price increase of 0.8 yuan on delivery products while keeping dine-in prices unchanged, citing operational cost changes as the reason [1][2]. - McDonald's also raised prices on certain menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [2]. - Other brands like Salvia, Nayuki, and Luckin Coffee have also increased their prices, typically by 1 to 2 yuan, to balance costs and profits [1][2]. Market Dynamics - The competitive landscape has shifted due to an intense delivery price war, which has altered the profit margins for many restaurants [1][4]. - The increase in raw material costs, as indicated by a 0.8% rise in the Consumer Price Index (CPI) and a 4.4% increase in fresh fruit prices, is contributing to the need for price adjustments [3][4]. Impact on Smaller Brands - Smaller businesses are adopting more discreet and flexible pricing strategies compared to larger chains, which can afford to raise prices openly [5][6]. - Many small brands are experiencing significant profit reductions, with some reporting a 60% decrease in net profits due to low-price subsidies [6]. Long-term Implications - The ongoing price adjustments reflect a broader trend of brands reassessing their reliance on delivery channels and seeking to improve in-store experiences [7]. - The adjustments may help the industry move away from a low-price competition model, fostering a healthier market environment as subsidy pressures ease [7].

Group 1: Fund Performance Benchmark Guidelines - The China Securities Regulatory Commission released the "Guidelines for the Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, with a one-year transition period for existing products [1][7][9] - The guidelines emphasize the selection of benchmarks based on four principles: representativeness, objectivity, constraint, and continuity, and authorize the establishment of a benchmark element library by the fund industry association [7][8] - Strict requirements for benchmark changes are outlined, ensuring that benchmarks remain consistent and can only be changed under specific circumstances [7][8] Group 2: Mijiu Group (2097.HK) Performance and Outlook - Mijiu Group is expanding its main brand into overseas markets, with expectations of exceeding previous forecasts [2][11] - The company has opened three new stores in key U.S. cities, enhancing brand recognition and adapting its menu to local tastes, which is expected to increase customer retention [11][12] - Profit forecasts for 2025-2027 are raised to 6.1 billion, 7 billion, and 8.1 billion yuan respectively, with a current PE ratio of 25, 22, and 19 times [2][13] Group 3: Greenland Island Event and Investment Implications - The U.S. faces legal and public opinion barriers in acquiring Greenland, with four potential outcomes: agreement, long-term strategic lease, free association, or military intervention, with the first two being more likely [3][16][17] - The potential agreement may involve U.S. military bases and critical minerals, benefiting European defense giants and highlighting the importance of mineral resource autonomy in the context of great power competition [3][17] - The U.S. critical mineral supply chain resilience policies may present long-term investment opportunities [3][17] Group 4: Nonferrous Metals Industry Insights - The National Bureau of Statistics reported a 5.9% year-on-year increase in industrial added value for 2025, with a 5.2% increase in December [4][19] - The report indicates a growing preference for precious metals as a hedge amid rising risk aversion [4][19] - Zijin Mining announced the completion of the second phase of the Jilong Copper Mine, which will significantly increase its production capacity and is expected to become the largest copper mine in China [22]

Overall Sector Review - The food and beverage sector significantly underperformed the market, with a year-to-date decline of -0.62%, lagging behind the Shanghai Composite Index by 15.0 percentage points [2] - The sector experienced a deep correction after an initial rebound driven by expectations of consumption recovery and supportive policies, but the actual recovery rate was lower than anticipated, leading to a consensus on weak domestic demand [2] Subsector Performance - The snack sector outperformed with a year-to-date increase of 28.88%, driven by channel expansion and a revenue growth rate of 30.97% in the first three quarters [4] - Soft drinks also showed resilience with a 10.11% stock price increase, benefiting from strong travel demand and low-cost, high-frequency consumption [4] - The restaurant chain sector saw a rebound with gains of approximately 10.34% and 10.29% for pre-processed and baked goods, respectively [4] - The liquor sector, particularly high-end liquor, faced challenges with weaker sales and declining prices, while beer performance was supported but affected by high-end market constraints [4] Investment Insights - The sector is under pressure from deflationary trends and a weak recovery, with consumer confidence remaining low, indicating a shift to a "new normal" of low growth [8] - High-end consumption has shown slight recovery due to stock market wealth effects, but sustainability remains a concern [9] - The food and beverage sector's valuation is at historical lows, with a current PE (TTM) of 21.9X, indicating potential investment opportunities in undervalued segments [12] Fund Holdings - As of Q3 2025, the food and beverage sector's fund holdings decreased to 6.38%, nearing levels seen in 2016, with the liquor segment comprising 5.52% of this [14] - Fund holdings in the liquor sector increased for certain subsectors, including white liquor and seasoning products, while others saw declines [16] Long-term Trends - The liquor industry is undergoing its longest adjustment period since 2003, with significant price corrections and a potential bottoming out of valuations [21] - The white liquor sector has underperformed the market with a year-to-date return of -4.87%, reflecting weak demand and a divergence from broader market trends [24] - The third quarter of 2025 saw a significant decline in revenue and net profit for the white liquor sector, indicating a deep adjustment phase [27] Pricing Dynamics - The white liquor market is experiencing a general decline in prices, particularly in high-end segments, while lower price segments show resilience [29] - The average price of high-end products like Moutai has dropped significantly, while mid-range and lower-range products have maintained stability or slight increases [31] Investment Recommendations - The white liquor sector is advised to focus on inventory reduction and demand recovery, with a preference for leading brands that can maintain pricing power and product stability [32]

Group 1 - JD.com is enhancing its self-pickup service by launching the "JD Takeaway·Big Brand Treat" event on January 18 [1] - The event features promotional offers such as 0.01 yuan for a Zunbao pizza and 1.68 yuan for a drink from Mixue Ice City [1]