年度策略报告姊妹篇：2026年餐饮行业风险排雷手册-20251225

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]