投资建议1H25 现制茶饮/餐饮公司密集上市提高板块效应,在消费环境尚待拐点情况下,具备自身增长动能的公司股价表现领先,也因此获得相对较高估值水平,而其余部分与宏观周期相关度高的头部公司估值仍低于历史中枢。展望2H25,我们看好在服务消费享有自身成长和潜在政策促进的背景下,强内功综合性龙头和高成长性细分龙头的增长机遇。理由服务连锁正当其时:老框架和新问题。在服务消费占比提升、支撑连锁业态发展的...
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