2024年以来，中国连锁品牌的IPO热潮悄然转向港股。无论是茶饮赛道的茶百道、沪上阿姨，还是零售餐饮代表锅圈、特海国际，又或是今天的周六福、圣 贝拉、颖通控股，越来越多的连锁企业选择在港交所打开资本之门。 6月26日，港交所的交易大厅格外热闹。黄金珠宝品牌周六福、高端母婴护理机构圣贝拉，以及美妆零售渠道商颖通控股三家企业，在同一天完成了上市鸣 锣仪式。 这一天，三响锣声接连敲响的背后，不只是港股市场的一次小高潮，更是连锁产业的一次集中展示。从珠宝到母婴，从零售到服务，它们的共通点不仅是上 市，更是连锁模式走向成熟资本化的典型路径。 内容来源：行业资讯 干货有趣 1874字｜4分钟阅读 背后原因并不复杂。一方面，A股审核逻辑更趋科技导向、消费企业排队期长且变数多；另一方面，港交所对"具备标准化复制能力的商业模型"显然更为青 睐。 为什么这么多不同品类的企业，都能在"连锁模式"这条路径上讲通自己的增长故事？这不仅关乎资本选择，更揭示了一个深层趋势：连锁正在成为穿越周期 的底层商业逻辑。 01 黄金到母婴 连锁的边界正在被打破 周六福、圣贝拉和颖通控股，这三家企业覆盖的，是黄金珠宝、高端护理服务与美妆零售三个本无交 ...

2025 年 7 月 13 日 策略研究 哪些行业中报业绩可能更占优势？ ——策略周专题（2025 年 7 月第 1 期） 要点 本周 A 股市场出现回暖 下半年市场或冲击新高。去年 9 月以来的市场行情已从政策驱动逐步转向基本面 与流动性驱动，未来市场行情演绎的节奏或可参照 2019 年。展望下半年，市场 仍存在一些预期差，市场或将开启下一阶段上涨行情，并有望突破 2024 年下 半年的阶段性高点。 配置方向上，短期关注中报业绩有望占优的板块，中长期则关注三条主线：内需 消费、科技自立与红利个股。内需消费方向，关注补贴相关、线下服务消费等； 科技板块，关注 AI、机器人、半导体产业链、国防军工、低空经济等；红利板 块，关注部分高质量标的。 受风险偏好抬升等因素的影响，本周 A 股市场出现回暖。受政策预期升温、市 场情绪回暖等因素的影响，A 股市场本周整体出现回暖，主要宽基指数大多上涨。 在主要宽基指数中，本周创业板指涨幅最大。分行业来看，本周申万一级行业涨 跌出现分化，房地产、钢铁、非银金融等行业本周表现相对较好。 哪些行业中报业绩可能更占优势？ 市场即将迎来财报披露高峰期，中报业绩表现较好的行业，在 7- ...

Core Points - Beijing Xingliao Catering Management Co., Ltd. has become the first company in Beijing to obtain a business license using a residence use certificate issued by the cultural tourism department, successfully entering the Dabaotai Ruins Museum [1] - Fengtai District has implemented measures to streamline the process for catering businesses to operate in public cultural venues, addressing long-standing issues related to property rights and complex approval processes [1] - The new mechanism allows businesses to use a residence use certificate instead of complicated property documents, significantly reducing processing time and enhancing access for market participants [1] Company and Industry Insights - The Dabaotai Ruins Museum has seen a considerable daily visitor flow, highlighting the urgent demand for convenient dining services among tourists [2] - The new policy has not only resolved registration challenges but also enabled the museum to quickly introduce quality catering service providers, enhancing the overall cultural and leisure experience for visitors [2] - The North Palace National Forest Park has also benefited from the new policy, with its tea café being the first catering service to obtain a business license through the park management center's residence use certificate [2]

以下文章来源于思想钢印 ，作者人神共奋 思想钢印 . 雪球2020年度十大影响力用户，私募基金经理 文章来源于：投资类微信公众号 思想钢印 边际消费倾向与结构思维 消费行业应该是投资者最熟悉的领域，不需要研究一堆你在真实生活中永远遇不到的产品与技术。但消费 研究只是"看上去熟悉"，反而有很多反直觉的现象。 边际消费倾向是凯恩斯经济学中的一个核心概念，是指增加的收入中用于消费的比例 ，某人今年收入增加 了1万元，消费增加了4000元，那么，边际消费倾向4千/1万=0.4，它表明居民收入增加量中的40%用于消费 支出。 边际消费倾向(Marginal propensity of consume,MPC)在凯恩斯主义中的地位非常高，假设总居民边际消费倾 向为2/3，每新增一个亿的投资，初始增加1000个就业岗位，通过一系列的派生消费行为，可以产生三个亿 的国民收入增长，最终增加3000个就业岗位。 边际消费倾向越高，政府投资的回报越高，这正是凯恩斯就业理论的核心依据之一。 边际消费倾向一般是一个比较稳定的值，但疫情三年，消费被压抑得太厉害了，导致这个稳定的值也开始 持续下降，这正是政府花了很多钱，却总看不到效果的原 ...

Core Viewpoint - The Beijing Chaoyang District Market Supervision Administration has released a notice regarding the inspection of restaurants, listing 14 establishments that failed to meet food safety standards and were placed on a "blacklist" for various violations of the Food Safety Law of the People's Republic of China [1][2][3]. Summary by Category - **Violations Related to Environmental Hygiene** - Multiple restaurants, including Beijing Weidao Catering Management Co., and Beijing Chengbei Miaomiao Catering Management Co., were found to have issues with unsanitary conditions, violating Article 33 of the Food Safety Law [1][2][3][4][5][10][11]. - **Violations Related to Food Equipment and Facilities** - Beijing Guowei Rongxiang Catering Co. was cited for improper cleaning and disinfection of food utensils, violating Article 56 of the Food Safety Law [6]. - Beijing Lazy Chef Trading Co. was noted for failing to maintain pest control measures in food service areas, also violating Article 33 of the Food Safety Law [8]. - **Violations Related to Personnel Health** - Beijing Yihuiyuan Catering Co. was found to have food production personnel without health certificates, violating Article 45 of the Food Safety Law [9]. - **General Non-compliance** - Other establishments, such as Beijing Taishuxi Catering Management Co. and Beijing Shishang Huijing Catering Management Co., were issued correction notices for various operational non-compliance issues [10][11][12].

"过去几年我们投资的企业，单店平均收入都在行业顶尖。每个项目单店利润率至少20%，新店回本 期不超过三年，且在同类中消费者复购意愿第一。"Matt 在访谈中表示。 如果条件合适， GSP 会以 5年3倍MOIC为目标定价。 实际操作中， 买入倍数通常远低于行业平均 的 10-12倍。 他们认为， 买价很重要，因为直接影响现金流收益率。如果以 5.5倍买入，首年收益 率就是18%（ 即 1除以 5.5）。 作者：MD 出品：明亮公司 ！ 今年以来，中国多个头部加盟连锁品牌在二级市场和海外市场都取得了更好的成绩，反映了中国 连锁品牌在产品、技术、组织管理等各方面正在逐步建立全球竞争力。 不久前，瑞幸咖啡（ LKNCY.U S） 在纽约已经开出两家新店，正式开启美国市场的运营，而背后的 PE机构大钲资本作为核心操盘者，对瑞幸的转型功不可没。从更广泛的程度上来看 ，中国PE机构在 加盟品牌的收购-运营方面，也逐渐走出成熟的打法， 并有潜力将这一打法对更多品牌、在更多地 区"复用"。 对比之下，美国作为全球最大的消费市场，围绕加盟连锁品牌的生意规模巨大，所沉淀下来的数据和 行业经验也更为丰富。其核心资金的主体不仅是加盟 ...

特朗普总统的强硬贸易政策正在重塑全球经济版图，令投资者处境更加复杂。他对主要贸易伙伴 的进口货品大规模征收关税，令市场担忧物价上涨、供应链受阻及经济增长放缓。 以下文章来源于英为财情Investing ，作者Jesse Cohen 英为财情Investing . 全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包 括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。 来源 | 英为财情Investing 在这种挑战环境下，有些公司因为其业务模式独特，较少受到关税成本的冲击，从而能在市场波 动中获得优势。Netflix（NASDAQ:NFLX）和Uber（NYSE:UBER）就是当中的佼佼者。 下面将分析这些公司的特点，以及它们在当前市况下有什么优势。 N e t f l i x （ 网 飞 ） 在特朗普加强贸易关税之际，Netflix凭借其数码优先的业务模式及持续增长的全球订户群，有望 在当前环境中茁壮成长。 与依赖硬件或制造业的同业不同，Netflix的成本主要来自内容制作和版权授权，而非跨境商品贸 易，因此较少受到 ...

同时，萨莉亚还表示，将2025财年（截至2025年8月）期末分红提高至30日元（上财年期末 为25日元），比原本的预期增加5日元。 萨莉亚同期销售额增长15％，达到1883亿日元。日本国内现有门店销售额增长18％，表现出 色。维持低价的战略取得成效，顾客数量增长16％。SMBC日兴证券的高级分析师皆川良造 表示，"由于价格相对便宜，人均点餐数量出现增加"，客单价也提高2％。 营业利润增长5％，达到106亿日元。大米等原材料价格高涨将营业利润拉低9.4亿日元，但 被销售额的增长所抵消。萨莉亚社长松谷秀治就大米价格表示，"储备米释放之后，价格下 降"。 为了应对顾客数量的增加，该公司推进了数字设备的使用。通过引入自助收银机以及扫码点 餐的系统等，节省了人力。截至6月底，已在约700家门店引入扫码点餐系统，相当于日本国 内总门店数量的70％。 以中国为中心的亚洲业务的营业利润下降5％，陷入苦战。虽然推进了开设新店的举措，但当 地消费放缓给业绩带来了影响。 萨莉亚2024年9月~2025年5月合并财报显示，净利润同比增长50％，达到77亿日元，创出 同期数据新高。在日本国内，萨莉亚维持低价促使顾客人数增加。不过，以中 ...

Core Viewpoint - The "Beijing Deepening Reform to Boost Consumption Special Action Plan" aims to achieve an average annual growth of around 5% in total market consumption by 2030, establishing 2-3 new consumption landmarks worth over 100 billion yuan, and enhancing Beijing's role as an international consumption center [1] Group 1: Promoting Income Growth and Reducing Burdens - The plan emphasizes implementing an employment-first strategy to drive income growth for urban and rural residents, particularly focusing on supporting college graduates and flexible employment [2] - Measures will be taken to improve the minimum wage standards and promote agricultural income through modern agriculture and rural tourism [2] - A public service guarantee mechanism will be established to enhance elderly care services and support for child-rearing, alongside improving financial services for the elderly [2] Group 2: Optimizing Service Consumption Experience - The plan aims to explore new cultural and entertainment consumption by revitalizing historical cultural sites and supporting online performances and exhibitions [3] - It includes initiatives to develop new tourism consumption scenarios and promote major projects like the second phase of Universal Studios [3] - The focus will also be on enhancing sports consumption by cultivating high-value international and local events [3] Group 3: Enhancing Product Consumption Momentum - The plan seeks to elevate the "Jingcai Four Seasons" city consumption brand and promote themed consumption activities monthly [5] - It encourages the development of international food brands and supports the establishment of flagship restaurants in Beijing [5] - The initiative includes creating unique dining experiences and promoting the integration of dining with various public spaces [5] Group 4: Creating Diverse and Integrated Spaces - The plan emphasizes revitalizing commercial spaces through innovative operational models and mixed-use developments [7] - It aims to enhance the consumption capacity of the "dual hubs" by leveraging airport resources and expanding international passenger services [7] - Support will be provided for the expansion of duty-free shops and cross-border e-commerce initiatives [7]

Core Insights - The article discusses the rapid expansion of Chinese supermarkets and food stores in Southeast Asia, particularly in Indonesia, Malaysia, Thailand, and Vietnam over the past five years [1] - Chinese food imports have increased in Southeast Asia, enhancing the image of Chinese brands through food packaging and the proliferation of Chinese restaurant chains [1] - As of the end of 2024, around 60 Chinese restaurant brands are expected to have opened over 6,100 stores in Southeast Asia, driven by intense competition in China's domestic restaurant industry [1] - The article highlights a cultural shift where Southeast Asian youth are increasingly influenced by affordable Chinese snacks, reflecting a broader strategy to enhance China's cultural soft power [1] Industry Trends - Chinese cuisine is gaining popularity among Southeast Asian youth on social media, leading to a "reverse country-of-origin effect" where product quality enhances perceptions of the country [2] - The trend indicates that food trade between ASEAN and China will continue to grow alongside other forms of economic integration [2] - Southeast Asian youth are increasingly engaging with Chinese media, music, social platforms, and games, which is strengthening China's influence in the region [2] - The expectation is set for more Chinese brand chains to appear in Southeast Asia, reflecting the growing familiarity and acceptance of Chinese culture among local populations [2]