华西证券：春节餐饮消费回暖 重视餐饮链投资机会

Group 1 - The core viewpoint is that the Spring Festival serves as a peak season for dining consumption, with a clear recovery trend in restaurant consumption, laying a solid foundation for the upstream supply chain's recovery [1] - The Ministry of Commerce reported that during the Spring Festival holiday, the average daily sales of key retail and catering enterprises nationwide increased by 5.7% year-on-year, with foot traffic in 78 key pedestrian streets rising by 6.7% and sales increasing by 7.5%, indicating a strong recovery momentum in dining consumption [1][2] Group 2 - There is an explosive growth in demand for festive gatherings, with Meituan's New Year's Eve dinner reservations increasing by 105% year-on-year and Douyin's group purchase sales for New Year's Eve dinners rising by 185%, showcasing the vitality of consumer spending [2] - Jiangsu Province's dining revenue during the nine-day Spring Festival holiday reached 18.3 billion yuan, a year-on-year increase of 11.9%, reflecting a comprehensive recovery trend in dining consumption nationwide [2] Group 3 - The strong performance of downstream dining consumption is expected to transmit to the upstream supply chain, improving inventory and sales dynamics, with leading companies benefiting from scale, channels, and product advantages during the peak season [3] - Frozen foods and condiments are core categories in the dining supply chain that will benefit from the seasonal demand surge, with the recovery in dining scenes directly driving B-end product sales growth [3] Group 4 - The recovery logic is reinforced, with the service consumption sector, particularly dining and travel, expected to boost consumer confidence and enhance subsequent consumption willingness [4] - Continuous recovery in dining sales, coupled with an increase in store numbers and price adjustments to cater to mass consumption and market expansion, will drive sustained demand for dining-related products [4] Group 5 - Investment recommendations focus on core targets that combine alpha and beta resonance, highlighting companies such as Anjijia Food, Yihai International, and others that are well-positioned to benefit from the dining recovery [5]