11月12日，奈雪的茶（02150.HK）股价盘中大涨5%，引发市场关注。这一涨势与现制饮品行业整体向好的趋势相吻合。
据中信证券分析，本轮外卖补贴推动现制饮品行业景气度提升，使得各品牌店效增长明显、行业供给再度扩张。数据显示，截至7月，全国奶茶门店总数达到51.8万家，较3月增加5万家；咖啡门店总数达18.6万家，较3月增加2.2万家。在这一背景下，头部公司凭借优秀的品牌、产品及加盟商的认可度得以快速扩张，2025年上半年业绩增长优于行业整体水平。
奈雪的茶作为行业领先品牌之一，有望从这一趋势中受益。虽然原材料如柠檬、咖啡豆等价格有所波动，但得益于规模效应和产品组合优化，各家企业的毛利率基本保持平稳或略有提升。展望未来，分析师认为真正的受益者仍将是具备门店运营、产品研发及供应链管理等综合能力的头部品牌，如奈雪的茶等。这些企业有望进一步扩大市场份额，享受行业的长周期增长红利。
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