营运方面，该行预期明年首季海底捞的翻桌率将有正面势头，料经营利润率压力将于今年下半年逐步纾 缓，并于明年进一步恢复，受惠于公司在今年完成店铺改造，该行指，海底捞仍然是其在中国餐饮板块 的首选，明年将更看好休闲餐饮企业而非快餐公司。 花旗发布研报称，刚闭幕的中央经济工作会议中，政府强调计划清理消费领域不合理限制措施，释放服 务消费潜力。该行预期政府将在2026年放宽部分反奢华消费措施，而休闲餐饮企业如海底捞(06862)， 较快餐企业更能受惠。该行对海底捞开启30天正面催化观察，现予目标价18.5港元及"买入"评级。 ...

营运方面，该行预期明年首季海底捞的翻桌率将有正面势头，料经营利润率压力将于今年下半年逐步纾 缓，并于明年进一步恢复，受惠于公司在今年完成店铺改造，该行指，海底捞仍然是其在中国餐饮板块 的首选，明年将更看好休闲餐饮企业而非快餐公司。 智通财经APP获悉，花旗发布研报称，刚闭幕的中央经济工作会议中，政府强调计划清理消费领域不合 理限制措施，释放服务消费潜力。该行预期政府将在2026年放宽部分反奢华消费措施，而休闲餐饮企业 如海底捞(06862)，较快餐企业更能受惠。该行对海底捞开启30天正面催化观察，现予目标价18.5港元 及"买入"评级。 ...

营运方面，该行预期明年首季海底捞的翻台率将有正面势头，料经营利润率压力将于今年下半年逐步纾 缓，并于明年进一步恢复，受惠于公司在今年完成店铺改造，并将于明年第一季终止部分亏损试点项 目。 花旗发表研究报告指，中央经济工作会议强调计划清理消费领域不合理限制措施，释放服务消费潜力， 预期政府将在2026年放宽部分反奢华消费措施，而休闲餐饮企业如海底捞，较快餐企业更能受惠。 该行指，海底捞仍然是其在中国餐饮板块的首选，明年将更看好休闲餐饮企业而非快餐公司；该行同时 对海底捞开启30天正面催化观察，现予目标价18.5港元及"买入"评级。 ...

12 Dec 2025 01:08:59 ET │ 12 pages Haidilao International Holding Ltd (6862.HK) Top Buy in China Restaurant Industry; Open 30D Positive Catalyst Watch CITI'S TAKE In the Central Economic Work Conference (CEWC) concluded yesterday (Xinhua, Dec 11th), the government highlighted its plan to "eliminate unreasonable restrictions on consumption and boost service consumption" as one of the priorities in pro-consumption policy execution in 2026E. With this context, we reasonably expect government's easing of anti-e ...

去年，36元自助小火锅涌入北上广核心商圈开店火爆一时，今年在超市、菜市场涮火锅正成为新潮流。 盒马永辉胖东来，集体盯上火锅生意 商超布局火锅业务并非新鲜事，在30分钟送达的即时零售发展下，火锅套餐也是传统商超、生鲜电商平台们在冬季的线上重要业务之一，主要满足宅家涮 火锅需求。 线下堂食火锅需要一定面积的用餐区，盒马鲜生、胖东来等门店本来就有餐吧、美食广场区，增设火锅堂食只需增加设备、员工即可。而胖东来调改后的 永辉，也重点增加了熟食、烘焙等区域，并在福建等地同样率先打造了火锅堂食区。 图注：盒马火锅堂食区 Tech星球摄。 尽管三家商超具备堂食火锅业务的基础，但模式各不相同。 截至目前，包括盒马、胖东来和永辉等在内的超市，部分门店里都开设了火锅堂食业务，用户推着购物车自选完海鲜、鲜切肉、蔬菜等食材后，可以直接 在超市的火锅桌开涮。 在卷生卷死的火锅赛道，以农小锅为代表的平价火锅品牌，曾靠着极致的性价比和丰富的SKU卷出一席之地，超市里涮火锅本质跟菜市场火锅的模式和商 业逻辑一致，新鲜、灵活食材组合、烟火气等特征，是吸引用户在社交平台上争相打卡的关键。 商超能够如星巴克一般打造出社交第三空间，或者颠覆火锅行业吗 ...

Group 1 - The pre-prepared food market is experiencing a paradox of consumer trust issues and capital enthusiasm, driven by urbanization and the demand for convenient dining [3][4]. - The "zero additives" concept is being phased out in favor of "clean label" standards, emphasizing ingredient transparency and natural prioritization [5][6]. - The energy drink industry is undergoing rapid transformation with ingredient innovation and scene segmentation, focusing on health trends and diverse flavors [7][8]. Group 2 - The nut import market in China is projected to reach $2.386 billion in 2024, with a significant increase in demand for high-end varieties like pistachios [10]. - The beverage market is facing a downturn, with sales declining due to the rise of on-demand drink services and aggressive pricing strategies [14][15]. - The convenience food industry in China is shifting towards value creation, with a market size expected to grow from 673.6 billion yuan in 2023 to 960.3 billion yuan by 2026 [18]. Group 3 - The dairy industry is seeing a shift from ambient milk to fresh milk, with companies like Bright Dairy exploring new growth areas in the pet food market [20]. - Wangwang is facing challenges in the milk market, prompting the company to diversify into AD calcium milk to regain market share [21]. - The plant-based food sector is experiencing a downturn, with companies focusing on technological innovation and localization to meet market demands [17]. Group 4 - JD.com is enhancing its pre-prepared food strategy, aiming to strengthen its supply chain and align with the growing demand for ready-to-eat meals [31]. - China Resources Beverage is entering the ready-to-drink coffee market, competing against established brands like Nestlé and Starbucks [32]. - Wanglaoji is diversifying into the functional beverage market by acquiring distribution rights for Red Bull in southern China, aiming for significant sales growth [33].

12月11日，记者从公司方面获悉，近日，海底捞大排档火锅广州首店进入内测阶段，以更自由、更鲜活 的呈现方式，探索介于火锅开涮和市集逛吃之间的"餐饮新物种"，这也是海底捞布局多元餐饮场景的又 一动作。 "大排档"是中式餐饮的经典场景之一。海底捞大排档火锅项目负责人表示，随着广州首店进入内测阶 段，未来海底捞大排档火锅还将陆续在青岛、上海、武汉、杭州、南宁等城市推出更多门店。在产品结 构、主打品类上，大排档火锅在不同区域的门店将充分结合当地消费者的偏好，呈现更加多元化的设计 风格。 值得一提的是，海底捞在布局多元餐饮赛道方面动作频频。10月23日，记者获悉，近日海底捞旗下全新 寿司品牌"如鮨寿司"全国首店在浙江杭州开业。 从经营业绩看，8月25日晚间，海底捞公布财报显示，上半年，公司实现营收207.03亿元，同比下滑 3.7%；净利润17.55亿元，同比下降13.7%，核心经营利润24.08亿元，同比下降14%。截至6月30日，海 底捞品牌共经营1363家餐厅，其中加盟餐厅41家。 据悉，海底捞大排档火锅全国首店位于广州番禺万达4楼，超过200款产品像陈列在市集摊位上一样被分 区呈现，铁板区、鲜切区、海鲜区与水果 ...

Group 1 - The restaurant stocks are performing well, with notable increases: Jiumaojiu (09922) up 4.82%, Haidilao (06862) up 4.14%, Yum China (09987) up 2.63%, Xiaobai (00520) up 2.50%, Xiaocaiyuan (00999) up 2.54%, and Nayuki (02150) up 1.92% [1][2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest increase since March 2024, with a 0.5 percentage point increase from the previous month [1][2] - The rise in CPI is primarily driven by a turnaround in food prices, with household appliances and clothing prices increasing by 4.9% and 2.0%, respectively, while prices for air tickets, domestic services, and dining out rose by 7.0%, 2.4%, and 1.2% [1][2] Group 2 - Wanlian Securities forecasts that the share of domestic service consumption in total household consumption has recovered to 46%, nearing the critical structural threshold of 50%, indicating a potential rapid growth phase for the industry [1][2] - Service consumption is expected to become a key driver for domestic demand and consumption recovery, offering higher growth elasticity and user stickiness compared to goods consumption due to its personalized interaction and unique experiences [1][2] - The report suggests focusing on chain restaurants and tea beverage companies, highlighting that those with brand advantages and supply chain strengths will have greater development potential, particularly those with scale effects and performance elasticity [1][2]

一、服务消费政策主要方向，餐饮有望重点受益 智通财经APP获悉，西部证券发布研报称，推荐餐饮业短期扩张与长期稳健低估标的，关注经营改善与 扩张期高估标的。该行认为需重点关注的标的有：1)凭借长期持续迭代的运营能力具备穿越周期能力的 百胜中国(09987);2)门店扩张期且具备较强团队及供应链运营能力的小菜园(00999);3)处于调整改革期但 团队仍有较强执行力的海底捞(06862);4)赛道空间大且门店高势能扩张的达势股份(01405)。 西部证券主要观点如下： 日本头部餐企经营周期长，快餐连锁业态占比高，正餐、居酒屋亦跑出龙头。该行梳理下行期日本餐饮 板块三大变化为：1)极致性价比与消费者体验的平衡，价格的极致压缩需以维护甚至提高消费者体验为 前提，对餐企战略平衡与执行能力均提出较高要求。2)供应链与门店极致效率带来高店效，但我国标准 化复杂与困难程度更高。3)多品类融合形成餐饮巨头，便于实现供应链协同、运营能力复用及多消费群 体触及。 消费提振重点明确，"服务消费"政策持续加码。今年9月商务部等提出扩大服务消费5大方向19条具体措 施，餐饮为服务消费季活动核心内容。 风险提示：食品安全风险;消费力持续下 ...

Core Viewpoint - The Hong Kong restaurant sector showed active performance with significant gains in various stocks following the Central Economic Work Conference, which emphasized domestic demand and consumer spending recovery [1][2]. Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% [2] - Jiumaojiu rose nearly 5% [2] - Other notable gains included Yum China, Nayuki Tea, and Haidilao, each rising close to 3% [1][2] - Xiabuxiabu saw a 2.5% increase, while Xiaocaiyuan and Hite International also experienced upward movement [1] Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined key policies aimed at boosting domestic consumption and addressing income growth for urban and rural residents [1] - The meeting's positive signals are expected to facilitate the ongoing recovery of restaurant consumption, benefiting the sector as the overall consumer environment shows signs of gradual improvement [1] - Analysts from Galaxy Securities highlighted the importance of focusing on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1]