中国茶饮行业_增长的味道_首次覆盖七家龙头企业；首选瑞幸咖啡与古茗-China Bubble & Brew Sector - The Taste of Growth_ The Taste of Growth_ Initiated coverage of seven leading players; top picks Luckin Coffee and Guming

Asia Pacific Equity Research Feb 2026 China Bubble & Brew Sector The Taste of Growth: Initiated coverage of seven leading players; top picks Luckin Coffee and Guming China Consumer Jessie Xu AC Phone: +852 2800-8590 E-mail: jessie.j.xu@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research report ...