Group 1 - The core viewpoint of the article highlights the recovery of the restaurant industry since the beginning of 2023, driven by demand and supply dynamics [1] - Major restaurant stocks have shown significant gains, with Haidilao up 9.64% to HKD 15.8, Jiumaojiu up 4.84% to HKD 1.95, Helen's up 3.33% to HKD 12.99, and Tehai International up 3.26% to HKD 12.99 [1] - Zhejiang Securities reports that most leading restaurant brands are expected to see a positive turnaround in customer traffic in the second half of 2025, as the year-on-year basis normalizes [1] Group 2 - The average customer spending is stabilizing or recovering for more leading brands, indicating an improvement in market conditions [1] - Guotai Junan notes that the overall demand in the restaurant supply industry has been under pressure, leading to intensified competition, but the marginal benefits from price competition have significantly decreased [1] - The restaurant supply sector has reportedly passed its worst operational phase, with competition becoming more rational and leading companies innovating in new products, channels, and markets [1]

Group 1 - The Hong Kong stock market saw a collective rise in the restaurant sector, with notable gains from several companies [1] - Haidilao led the surge with an increase of over 10%, indicating strong market performance [1] - Other companies such as Jiumaojiu, Helen's, and Tehai International also experienced significant increases of 6%, 4.4%, and 3.4% respectively [1]

Group 1 - The Hong Kong restaurant stocks experienced a collective surge, with Haidilao leading the increase by over 10%, followed by Jiumaojiu with a 6% rise, and Helen's with a 4.4% increase [1] - On New Year's Day 2026, many regions in China saw a strong consumer market performance, particularly in the restaurant sector, with Haidilao reporting over 4.5 million customers served during the holiday period [1] - Haidilao's founder and chairman, Zhang Yong, has returned to the front line of management, taking on the role of CEO after nearly four years [1] Group 2 - The restaurant market's growth is driven by two main strategies: "going down" to lower-tier cities and "going out" to international markets, as leading brands seek to penetrate these areas amid high costs and intense competition in first-tier cities [1] - Many restaurant brands are now targeting fourth and fifth-tier cities for new growth opportunities, moving beyond second-tier cities [1]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Core Viewpoint - The recovery of the restaurant industry since the beginning of 2023 is driven by demand and paced by supply, with leading tea brands showing signs of recovery in Q1 2025, while Western fast food and casual dining are expected to stabilize in Q2 and Q3 2025 respectively [1][2]. Industry Trends - The restaurant industry is experiencing a survival of the fittest, with top brands becoming stronger. The recovery pace in the tea segment is ahead of Western fast food and casual dining by about 1 to 2 quarters [2]. - As of November 2025, the overall restaurant sector is seeing a net closure of stores, while specific segments like coffee, self-service, light meals, and regional cuisines are showing net openings [2]. - Leading brands such as Heytea, Luckin Coffee, KFC, and Haidilao are demonstrating superior net opening speeds, indicating brand resilience [2]. Performance Outlook - Most leading brands are expected to achieve same-store sales stabilization or growth starting in H2 2025, with a normalization of customer traffic anticipated [3]. - The average transaction value (ATV) for many leading brands is stabilizing or increasing, with brands like Haidilao, McDonald's, and Luckin Coffee showing year-on-year increases in ATV as of November 2025 [3]. - The restaurant sector is viewed as a valuation opportunity, with brands like Haidilao and Yum China expected to show strong recovery and shareholder returns [4]. Specific Company Insights - Haidilao is expected to see improved revenue growth in H2 2025 due to enhanced table turnover rates, with a projected dividend yield of around 5% [4]. - Yum China is accelerating its expansion, with expected system sales growth in the mid-single digits and a total shareholder return of approximately $3 billion for 2025-2026 [4]. - Special mention of Teahouse International as a unique player in the Chinese restaurant sector, with significant growth potential and improving profitability [5]. - Green Tea Group is actively expanding into second and third-tier cities, with an anticipated store opening growth rate of about 30% in H2 2025 [5]. - Dashi Co. is also expected to achieve around 25% revenue growth in H2 2025, benefiting from rapid store openings [6]. - The tea segment is highlighted as a key area for growth, with brands like Gu Ming and Mixue Group expected to continue high growth rates due to strong same-store sales and accelerated openings [6].

Group 1 - The State Administration for Market Regulation will accelerate the update and upgrade of a batch of national standards for green consumption [2] - The administration aims to create a favorable market environment and enhance public satisfaction through various initiatives [2] - Key initiatives include improving energy and water efficiency labeling systems, promoting "green dining" services, and strengthening law enforcement against violations in green product areas [2] Group 2 - Starting January 1, 2026, cosmetic surgery will be subject to VAT, while medical services provided by medical institutions will remain exempt [3] - The definition of "medical institutions" excludes profit-driven beauty medical institutions [3] Group 3 - Bawang Tea Ji responded to a viral video of a staff member preparing tea with bare hands, stating it was a staged act for social media and not for sale [3] - The company has taken disciplinary actions, including indefinite closure of the store and termination of the involved staff [3] Group 4 - Lee Jae-Yong, Chairman of Samsung Electronics, was spotted shopping in Beijing, purchasing 100 Labubu items [4][5] - This event occurred after his attendance at a China-Korea business forum [4] Group 5 - Elon Musk's xAI company completed a $20 billion funding round with investors including Nvidia and Qatar Investment Authority [5] - The funding has been in preparation for several months, although specific investment amounts from each party were not disclosed [5] Group 6 - Nvidia CEO Jensen Huang announced new AI products at CES 2026, including the next-generation Rubin architecture GPU [6] - The new GPU's performance is significantly improved compared to the previous Blackwell GB200 model [6] - Nvidia is also releasing several new models targeting various AI applications, including autonomous driving and robotics [6] Group 7 - Xiaomi announced disciplinary actions following an investigation into its team's interaction with KOLs, resulting in the dismissal of involved personnel [6] Group 8 - WeChat clarified that rumors about new account restrictions are false, emphasizing that normal social behavior will not be limited [7][8] Group 9 - Apple responded to criticism regarding the price of a Year of the Horse phone case, stating that the design is a collaboration and the price reflects its quality [8] Group 10 - Xiaohongshu is testing a paid note feature, allowing creators to charge for high-quality content with various payment models [9] Group 11 - KKV store in Shenzhen faced a forced closure due to alleged rent arrears, leading to employee injuries and emotional distress [10] Group 12 - Magic Cube Life Service Group is facing operational disputes in multiple cities, with claims of unpaid rent and forced tenant evictions [11] - The company stated it is optimizing its store operations and remains committed to expanding new projects [11] Group 13 - Tesla announced a new financing plan for Model 3 and Model Y vehicles, including a 5-year interest-free option [12] Group 14 - Moutai's Year of the Horse liquor is being resold at inflated prices, with some resellers offering up to 3000 yuan for a bottle originally priced at 1899 yuan [12] Group 15 - Great Wall Motors has officially implemented a full weekend off policy for all employees, marking a significant change in its work schedule [13] Group 16 - A recent incident involving a physical altercation between a pilot and co-pilot on a flight has been addressed by the airline, confirming compliance with operational standards [14] Group 17 - The C919 aircraft has successfully carried over 4 million passengers, with ongoing developments in new aircraft models and engine certifications [15] Group 18 - GAC Honda announced a two-week production halt due to semiconductor supply issues and production line upgrades, stating that the impact on overall production will be manageable [16]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 特海国际控股有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09658 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50, ...

Group 1 - The core view of the report emphasizes that the restaurant industry is stabilizing, with a differentiation in the tea beverage sector [7][10] - The investment strategy for 2026 is based on the belief that the restaurant sector will see a recovery, driven by a rebound in consumer spending and a favorable comparison to 2019 levels [10] - Key assumptions include a moderate recovery in CPI and stable single-store operations, while the main concern is that CPI recovery may fall short of expectations [10][11] Group 2 - The macro risk identified is that CPI recovery may not meet expectations, which could exert downward pressure on customer spending in the restaurant sector [11][12] - The operational risk involves single-store performance not meeting expectations, which could impact brand confidence and overall annual performance [13][14] - The report highlights specific stocks such as Haidilao and Yum China, noting that they could face risks related to CPI recovery [17][25] Group 3 - The report identifies Haidilao as a leading Chinese restaurant chain, which may face pressure on customer spending if CPI does not recover as anticipated [17][18] - Yum China, which includes KFC and Pizza Hut, is also highlighted for similar risks related to CPI recovery affecting customer spending [25][26] - Other notable companies like Mixue and Gu Ming are mentioned, with risks tied to single-store performance impacting their expansion and overall performance [33][40]

Group 1 - As of December 24, 49 stocks reached a 52-week high, with Shin-Etsu Holdings (06038), Gaoke Bridge (09963), and Easy Health (02661) leading the increase rates at 39.13%, 23.71%, and 16.39% respectively [1] - The closing prices and peak prices for the top three stocks are as follows: Shin-Etsu Holdings at 0.425 with a peak of 0.480, Gaoke Bridge at 1.040 with a peak of 1.200, and Easy Health at 66.800 with a peak of 69.600 [1] - Other notable stocks that reached new highs include Yijun Group Holdings (02442) at 14.060 (14.31% increase) and Jingxi International (02339) at 3.880 (13.78% increase) [1] Group 2 - The report also highlights 52-week lows, with Guanglian Technology Holdings (02531) experiencing the largest decline at -17.57%, closing at 4.760 with a low of 3.660 [2] - Other stocks that reached new lows include Caixing Toys (00869) at -8.51% and China Aoyuan (03883) at -8.00% [2] - The closing prices for the stocks at new lows include Guanglian Technology Holdings at 4.760, Caixing Toys at 0.435, and China Aoyuan at 0.076 [2]

Group 1 - The Hong Kong restaurant stocks have seen an increase in their share prices, with notable gains reported for several companies [1] - Jiumaojiu (09922.HK) rose by 3.75%, reaching HKD 1.66 [1] - Haidilao (06862.HK) increased by 3.6%, trading at HKD 14.12 [1] - Teh Hai International (09658.HK) experienced a rise of 2.25%, priced at HKD 13.62 [1] - Yum China (09987.HK) saw a gain of 2.02%, with shares at HKD 364.2 [1]