【中泰研究丨晨会聚焦】固收吕品：多空互加筹码，债市迎来 "验牌时刻" 证券研究报告/晨会聚焦 2026 年 02 月 09 日 分析师：戴志锋 2、《【中泰研究丨晨会聚焦】医药祝嘉 琦：战略重视原料药板块，价格修复 +新业务增量；积极把握医药底部机 会》2026-02-04 3、《【中泰研究丨晨会聚焦】军工陈鼎 如：Space X 再申请百万颗卫星，商 业航天关注度持续提升》2026-02-03 今日预览 今日重点>> 【固收】吕品：多空互加筹码，债市迎来"验牌时刻" 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】固收林 莎：如何在定位和投资上做好一只"固 收+"——基金四季报详细拆解》 2026-02-06 【食品饮料】何长天：快餐市场重焕生机，产品创新增时运营 研究分享>> 【固收】吕品：信用债类 ETF 持续净流出 请务必阅读正文之后的重要声明部分 今日重点 【固收】吕品：多空互加筹码，债市迎来"验牌时刻" 近两周以来，债市的行情不断修复。尤其是以二永、10 年内期限为代表的配置型品种来说，债 ...

Investment Rating - The report maintains an "Overweight" rating for the fast food industry, expecting a growth of over 10% relative to the benchmark index in the next 6 to 12 months [5][28]. Core Insights - The fast food market in China is experiencing a revival, driven by product innovation and extended operational hours, with a notable shift towards healthier and more diverse offerings [6][8]. - The market is characterized by a significant presence of Chinese fast food, which accounts for over 47% of the market, while Western fast food holds a smaller share of 2.1% [7][10]. - The report highlights three key trends: 1. Store distribution is increasingly penetrating lower-tier cities, with expectations that by 2025, these cities will account for 65% of the market [16]. 2. Accelerated product innovation is evident, with a focus on fusion and health-oriented products, exemplified by KFC's introduction of new items at an average rate of 7.5 per month [22]. 3. A shift towards all-day operations is being adopted to maximize store utilization, with brands like KFC and McDonald's introducing time-limited products to attract diverse consumer segments [25]. Summary by Sections Market Overview - The fast food sector is witnessing a recovery with a stable growth trajectory after fluctuations in store numbers and average spending per customer [7][10]. - The market size for Western fast food is projected to reach 297.5 billion yuan in 2024, with an annual growth rate of 11% [12]. Consumer Trends - The average spending for Chinese fast food is predominantly below 30 yuan, with a K-shaped distribution emerging in 2024, while Western fast food also shows a similar trend [14]. Store Distribution - The number of Chinese fast food outlets is expected to grow from 3.24 million in 2023 to 3.49 million by 2025, while Western fast food outlets are anticipated to rise from 292,000 to 325,000 in the same period [10]. Product Innovation - There is a notable trend towards product innovation, with over 1,000 new items launched by 45 Western fast food brands from January 2024 to February 2025 [22]. Operational Strategies - Fast food brands are extending their operational hours and diversifying their product offerings to cater to various consumer needs throughout the day [25].