春节消费旺季大幕拉开，各地促消费政策密集出台，为全年消费市场"开门红"注入强劲动力

Group 1 - Yum China reported a strong performance for the full year 2025, achieving an operating profit of $1.3 billion, representing an 11% year-on-year growth [1] - The company opened 1,706 new stores in 2025, expanding its network to 18,101 locations across over 2,500 towns in China [1] - In Q4 2025, Yum China's operating profit saw a significant increase of 25% year-on-year, with same-store sales growing for the third consecutive quarter [1] Group 2 - The Chinese government, along with nine other organizations, has launched the "2026 Spring Festival Special Activity Plan," promoting various food-related events to stimulate consumption during the holiday season [2] - The current consumption promotion activities are characterized by strong government leadership and multi-faceted collaboration, aiming to enhance consumer potential and create a festive atmosphere [2] - The Hong Kong Stock Connect Consumption ETF closely tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes leading companies in traditional services and high-growth assets, with a rolling P/E ratio of 17.9 and a dividend yield of 3.6% as of February 4 [2]