Core Insights - The rise of Yunnan-Guizhou cuisine in urban areas is attributed to its unique sour and spicy flavors, appealing to younger consumers [1][4] - A report by KPMG and local associations highlights the growth and trends in the restaurant industry within the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Industry Overview - The restaurant industry in China is projected to reach a revenue of 5.6 trillion yuan in 2024, with a year-on-year growth of 5.3% [1] - Guangdong's restaurant revenue is expected to hit 590.49 billion yuan in 2024, marking a 2.5% increase, which is 1.7% higher than the province's retail sales growth [2] Market Dynamics - The Greater Bay Area has a restaurant chain rate of 31.7%, significantly higher than the national average, indicating a trend towards chain and scale operations [2][3] - The region's restaurant market benefits from a dense population, strong consumer spending power, and supportive policies, leading to a diverse culinary landscape [2] Consumer Trends - Consumers in the Greater Bay Area are categorized into four groups: Generation Z, middle-to-high income individuals, consumers from Hong Kong and Macau, and urban seniors, each with distinct dining preferences [4] - The demand for quality, health, and personalized service is rising, particularly among Generation Z, influencing the market's direction [4][5] Capital and Expansion - Many restaurant brands in the Greater Bay Area have successfully gone public, with 17 local companies listed, showcasing strong regional competitive advantages in terms of asset scale and revenue growth [3] - The traditional brand Tao Tao Ju has expanded to 42 locations across major cities, demonstrating resilience and adaptability in a competitive market [3] Culinary Innovation - Yunnan-Guizhou cuisine's appeal lies in its diverse ingredients and health attributes, aligning with consumers' increasing demand for novelty and quality in food [5] - The Greater Bay Area's open culinary culture facilitates the acceptance and integration of new cuisines, leading to a more diverse and personalized dining experience [5]

Core Viewpoint - The restaurant industry in Beijing is experiencing a significant decline in business dining consumption, leading to a drop in per capita spending in private rooms by 15% to 30% [1][3][7] Group 1: Decline in Business Dining - Multiple restaurant enterprises reported a noticeable decrease in the number of business dining customers this year, impacting the overall revenue from private room dining [1][3] - The trend of declining private room consumption began around 2021 and has become more pronounced in the past year, with many restaurants noting a shift in customer demographics [3][7] - Business dining, which was once a major profit source for high-end restaurants, is now facing challenges due to reduced frequency of business gatherings and stricter reimbursement standards [4][6][7] Group 2: Shift to Family Consumption - Family dining is emerging as the new mainstay of restaurant consumption, with an increase in customer flow and table turnover rates [3][10] - Restaurants are adapting their operations and menu offerings to cater to family-oriented consumers, who tend to spend less but visit more frequently [10][11] - The average spending per table for family dining is around 1000 yuan, contrasting with the higher spending associated with business dining [10] Group 3: Operational Adjustments - In response to changing consumer preferences, restaurants are adjusting the layout and number of private rooms, converting them into smaller tables during weekdays to maximize utilization [14] - Menu adjustments are being made to include more affordable dishes, appealing to family consumers while maintaining some high-end options for business clients [14][15] - The overall profit margins for restaurants are under pressure, prompting them to explore cost-cutting measures such as reducing staff and negotiating lower rents [17][18]

Core Viewpoint - The newly released "Measures for Promoting and Managing the Catering Industry" aims to combat food waste in the restaurant sector, with specific guidelines set to take effect on June 15, 2025 [2][3]. Group 1: Industry Overview - The annual revenue of the national catering industry has reached 5.57 trillion yuan, accounting for over 11% of the total retail sales of consumer goods [2]. - There are over 10 million operating entities in the catering industry, which significantly contributes to the consumption of grains, meat, and vegetables [2]. Group 2: New Regulations - The new regulations focus on three main areas to reduce food waste: 1. Implementation of food waste reduction requirements for catering service providers in various scenarios [3]. 2. Encouragement of practices such as menu optimization, public utensils, takeout services, and rewards for minimizing waste [3]. 3. Increased responsibilities for industry associations in combating food waste [3]. Group 3: Practical Applications - Restaurants are adopting strategies to minimize food waste, such as offering half portions and encouraging customers to order appropriately [5][6]. - The "38 Bites Action Plan" introduced by Beijing Huaten Group aims to quantify meal portions based on average consumption, promoting responsible ordering [6]. - Various restaurants are implementing "just-in-time" inventory practices to reduce food spoilage and waste [8]. Group 4: Consumer Behavior Changes - There is a noticeable shift in consumer attitudes towards dining, with many preferring to avoid waste rather than showcase abundance [10]. - Initiatives like "clean plate" campaigns and rewards for minimizing waste are becoming popular among consumers [10][11]. Group 5: Long-term Implications - The measures to combat food waste may initially limit short-term sales but are expected to promote healthier long-term growth in the catering industry [11].

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the temporary easing of China-US trade negotiations led to the release of previously postponed production demand, driving the PMI to rise. However, there is still uncertainty about the tariff outlook, and the recovery of new orders is relatively slow. The domestic off - season effect is becoming more prominent, and the contribution of domestic demand to new order growth has decreased compared to April [3][9]. - For the bond market, the fundamental conditions still provide support. Considering the historical experience of trade frictions from 2018 - 2019, there may be fluctuations in subsequent tariff policy negotiations. The uncertainty of external conditions may affect expectations, production, and inventory - stocking intentions and rhythms. The "rush - to - export" elasticity in May is not significantly higher than that in April, and the year - on - year increase in May's exports may be lower than expected. In the traditional off - season, the potential for unexpected growth in domestic demand in May is limited, so the bond market is still supported. Attention should be paid to the data verification in June and potential "expectation gaps" [3][41]. 3. Summary by Directory 3.1 Manufacturing PMI: External Disturbances Ease, PMI Moderately Recovers 3.1.1 Supply and Demand: Tariff Disturbances Ease, Production Accelerates Recovery - In May, production increased by 0.9 pct month - on - month to 50.7%, returning to the expansion range. The easing of Sino - US economic and trade negotiations in mid - May slowed the decline in exports, and the demand for existing foreign trade orders was released in an orderly manner, accelerating the production and procurement rhythms compared to April. The procurement volume index increased by 1.3 pct month - on - month to 47.6%, and imports increased by 3.7 pct month - on - month to 47.1%, with the decline significantly narrowing [16]. - Demand stabilized in May, and new orders improved moderately. New orders increased by 0.6 pct month - on - month to 49.8% but remained in the contraction range. After the easing of trade negotiations, export orders recovered marginally, reducing the contraction of new orders. However, the difference between "new orders - new export orders" narrowed, and domestic demand orders decreased due to the off - season, which may limit the recovery of new orders [19]. 3.1.2 Foreign Trade: Negotiations Ease, New Export Orders are Concentratedly Released - In May, the easing of tariff negotiations led to the release of overseas order increments. New export orders and imports increased by 2.8 pct and 3.7 pct month - on - month to 47.5% and 47.1% respectively, with their elasticity restored. Combining the month - on - month changes in April and May, both were better than the same period in previous years, indicating a wider improvement in the foreign trade prosperity of manufacturing enterprises in May [26]. 3.1.3 Price: External Disturbances Narrow, Price Decline Slows - In May, the impact of the traditional off - season became more evident, and the prices of upstream bulk commodities remained weak, causing prices to decline slightly. The purchase price of raw materials and the ex - factory price both decreased by 0.1 pct month - on - month to 46.9% and 44.7% respectively. Although the price continued to weaken marginally, the narrowing of external disturbances slowed the price decline [31]. 3.1.4 Inventory: Increased Procurement Boosts Raw Material Replenishment, and Products are Rapidly De - stocked - In May, with the acceleration of procurement, raw material inventories increased, and downstream de - stocking accelerated. The easing of the negotiation situation accelerated the shipment of downstream exports, and finished product inventories decreased by 0.8 pct month - on - month to 46.5%. As the production rhythm recovered, the material procurement volume increased month - on - month, and raw material inventories increased by 0.4 pct month - on - month to 47.4% [35]. 3.2 Non - manufacturing PMI: The Drag of Real Estate Construction May Continue to Expand, and the Service Industry during the Holiday Season Shows Many Highlights - In May, the non - manufacturing PMI was 50.3%, a month - on - month decrease of 0.1 pct. Among them, the service industry PMI increased by 0.1 pct month - on - month to 50.2%, and the construction industry PMI decreased by 0.9 pct month - on - month to 51.0%, with the expansion continuing to slow due to the drag of real estate construction demand [36]. 3.2.1 Construction Industry - In May, the construction industry PMI continued to decline, while infrastructure demand further strengthened. The new export orders of civil engineering construction rose above 60%, significantly driving the industry PMI to climb for two consecutive months and reach above 62%. The easing of trade negotiations boosted the acceleration of overseas infrastructure investment to some extent. However, the overall construction industry PMI continued to decline, indicating that the activity rhythm of the housing construction industry may have further contracted in May [2][36]. 3.2.2 Service Industry - Holiday consumption boosted the improvement of the service industry PMI. In May, the expansion of the service industry PMI accelerated slightly. The production and new order indices of the information service industry maintained strong expansion. The release of consumption demand during the May Day holiday significantly increased the month - on - month PMI of railway, air, and water transportation industries. The accommodation and catering industries rose above the boom - bust line, ending three consecutive months of contraction [2][36].

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]

依绍华 中国社科院财经战略研场流通与消费研究室 会上，中国社科院财经战略研究院市场流通与消费研究室主任依绍华表示，当前服务消费持续扩容，其中餐饮消费表现亮眼，成为拉动内需的重要引擎。数 据显示，1-4月全国服务零售额同比增长5.1%，其中4月餐饮收入增速达5.2%，较一季度加快0.5个百分点，增速高于服务零售额，凸显餐饮业强劲增长动 力。 北京作为消费创新高地，餐饮业数字化转型成效显著。限额以上餐饮企业"触网率"已提升至61.1%，直播带货、即时零售等新业态推动线上线下深度融合。 此外，文旅街区与餐饮业态的创新结合，进一步释放消费潜力。 针对未来提振消费，依绍华建议，优化服务供给，通过新技术赋能传统餐饮场景，提升品质与体验；深化业态融合，推动商文旅体多领域联动，打造多元化 消费场景；强化县域布局，完善乡村消费基础设施，下沉优质餐饮服务，激活县域市场。餐饮消费作为服务消费的重要领域，在政策与创新双轮驱动下，将 持续为扩内需注入新动能。 据了解，该会议作为2025深蓝媒体智库年度论坛的主题论坛，由北京市商务局指导，北京烹饪协会与北京商报社联合主办。 r 北京商报讯（记者 蔺雨葳）作为中国国际服务贸易交易会的重磅常 ...

Core Insights - The "2025 Deep Blue Media Think Tank Annual Forum" was held in Beijing, focusing on the role of professional media in promoting domestic consumption and the integration of media and finance [1][3] - The Deep Blue Media Think Tank, part of the Beijing Daily Media Group, has published 30 reports and organized 31 salons since its establishment in 2023, aiming to enhance its influence in the finance sector [3] - The forum's theme was "Innovative Consumption Power, Unified Big Market," featuring discussions on high-quality development paths in tourism, liquor, and catering industries, along with the release of six annual reports on various hot topics [3][4] Group 1 - The forum provided a high-end platform for elites to exchange ideas and share experiences, focusing on the high-quality development of the consumption market [4] - The Deep Blue Think Tank aims to bridge gaps in various industries by conducting in-depth research and providing recommendations to boost consumption and expand domestic demand [3][4] - The event gathered hundreds of guests from various sectors to explore practical solutions for stimulating consumption and promoting innovation [3][4] Group 2 - The forum utilized a "theme + topic" format to delve into cutting-edge issues in consumption, tourism, liquor, and catering, showcasing the responsibilities of media think tanks in the new era [4] - The Deep Blue Think Tank plans to continue leveraging its media advantages to transform research findings into actionable cases and reports, contributing to market potential and economic development in Beijing [3][4]

Group 1: Economic Performance - In Q1 2025, the service industry in Gulou District achieved operating income accounting for one-fifth of the total city revenue, indicating strong momentum in high-quality service development [1] - The total retail sales of consumer goods reached 32.185 billion yuan, and trade sales amounted to 219.77 billion yuan, both ranking first in the city [3] Group 2: Industry Development - Gulou District is focusing on future industries such as artificial intelligence, biomedicine, and green low-carbon technologies, with significant projects signed, including partnerships with "unicorn" companies and state-owned enterprises [2] - The establishment of the "Algorithm Space" AI innovation community aims to create a collaborative environment for government and enterprises, enhancing the integration of AI with the real economy [2] Group 3: Consumer Trends - The district has actively promoted consumption through various initiatives, resulting in significant growth in trade-in orders, with home appliances and mobile phones seeing increases of 118% and 129% respectively [3] - The launch of the first Michelin Guide in Jiangsu Province highlighted Gulou as a culinary hub, with several restaurants receiving accolades, contributing to the local dining industry's growth [4] Group 4: Cultural and Tourism Integration - The district is leveraging cultural and tourism resources through events like "Ticket in Hand, Gulou Fun," integrating various businesses to enhance the visitor experience [5] - The combination of commerce, culture, and tourism is becoming a new consumption trend, with initiatives aimed at creating innovative service consumption scenarios [4] Group 5: Service Optimization - Gulou District is upgrading its service model to better meet the needs of businesses throughout their lifecycle, aiming to enhance the overall business environment [6] - Specialized meetings have been held to address the needs of financial and legal services, facilitating better communication between enterprises and local government [7] Group 6: Future Outlook - The district is committed to improving its business environment and enhancing core competitiveness, focusing on innovation and practical efforts to achieve economic growth [8]

Core Viewpoint - The training program focused on low-carbon management in the restaurant supply chain, aiming to provide new momentum for the industry's low-carbon transformation under China's "dual carbon" goals [1][17]. Group 1: Training Program Overview - The first session of the training program was successfully held in Guangzhou, attracting nearly a hundred executives and technical personnel from various sectors including the restaurant and hotel industries, kitchen engineering equipment companies, research institutions, and carbon consulting services [1]. - The program is recognized as the first authoritative training project in China that focuses on the low-carbonization of the restaurant supply chain [1]. Group 2: Key Insights from Experts - The Secretary-General of the China Electronic Energy Conservation Technology Association emphasized the need for a comprehensive low-carbon management system from farm to table in the restaurant industry [3]. - The Vice Dean of Jinan University Management School highlighted the role of universities in providing professional talent and innovative solutions for the industry [5]. Group 3: Policy and Technology Insights - A detailed analysis of the "dual carbon" strategic framework was presented, discussing the impact of carbon market mechanisms and international carbon tariffs on the restaurant supply chain [7]. - The need for China's carbon labeling system to accelerate mutual recognition with international standards was emphasized to integrate domestic low-carbon practices into the global market [8]. Group 4: Innovations in Low-Carbon Kitchen Supply Chain - Experts discussed innovations in zero-carbon (near-zero carbon) kitchen supply chain management, focusing on the latest developments in technical standards for kitchen design and product energy efficiency [10]. - A methodology for low-carbon transformation was proposed, integrating supply chain management theory with practical applications in procurement, production, and logistics [11]. Group 5: Industry Collaboration and Solutions - A seminar on carbon footprint and labeling was held, where representatives from the restaurant industry, kitchen equipment manufacturers, and carbon service organizations explored low-carbon technology applications [14]. - The sharing of carbon labeling practices from the home appliance industry provided insights into how carbon footprint accounting can address challenges posed by international carbon tariffs [14]. Group 6: Future Directions and National Promotion - The training program aims to promote zero-carbon design standards and low-carbon technologies nationwide, transitioning the industry from "single energy saving" to "full-chain decarbonization" [17]. - The establishment of a "zero-carbon supply chain guesthouse" and the awarding of certificates to participants signify a commitment to fostering a sustainable restaurant industry [17].