集中整治四个领域 释放怎样的信号？ 中国人民大学食品安全治理协同创新中心 公共管理学院教授 刘鹏：食品安全是天大的事，但这样一个天大的事，实际上是一个系统的工程，需要久久为 功。这一次我们说的这四项专项，实际上覆盖了食品安全当中重点的领域，重点的地区，重点的环节和重点的品种，实际上涵盖的也是一个重点风险问题， 也就是老百姓最关心，跟老百姓生活最密切，以及风险最易发的这么一些领域。抓住了这些领域，就相当于抓住了我们长久以来国家食品安全当中的一些牛 鼻子问题，便于我们去集中我们有限的监管资源去针对这些风险问题来开展集中的监管。 守牢校园食品安全底线 主要治理思路是什么？ 中国人民大学食品安全治理协同创新中心 公共管理学院教授 刘鹏：校园的食品安全，关系到我们每个家庭和我们每个孩子的身体健康，是我们民生福祉的 根本，那么对于校园食品安全的整治，我们现在一个基本的思路，通过这几年的一个探索，我们首先第一个就是要做到一个责任的闭环。 首先我们强调在学校里校园餐的主体，比方说学校的校长和相关的配餐人员，他们是第一责任主体。同时，我们在校园食品安全管理当中，设立了一些相关 的监督员和食品安全总监，他们的责任如何来落到实处。 ...

Core Viewpoint - Guangzhou Restaurant (603043) is positioned as a leader in Cantonese cuisine, aiming to innovate while preserving traditional culinary techniques, with a vision to become an internationally renowned dining group by its 100th anniversary in 2025 [1][6]. Group 1: Company Overview - Guangzhou Restaurant has evolved from a small eatery in 1935 to a large dining group with three major brands: Guangzhou Restaurant, Tao Tao Ju, and Li Kou Fu, all recognized as Chinese time-honored brands [1][2]. - The company has cultivated a rich heritage over 90 years, establishing a strong brand, talent pool, and management system, which includes seven generations of inheritors of Cantonese culinary heritage [2][3]. Group 2: Business Model and Strategy - The company operates under a dual business model of "Catering + Food," creating a synergistic relationship between its restaurant and food production segments, which enhances brand strength and operational efficiency [3][4]. - Guangzhou Restaurant has 27 direct-operated stores focusing on classic Cantonese cuisine and non-heritage culture, while Tao Tao Ju targets younger consumers with trendy offerings across 43 locations [4][5]. Group 3: Product Innovation and Market Expansion - The company has successfully maintained its position as the top producer of mooncakes in China for 13 consecutive years, with its sales ranking first globally for five years [4][5]. - To mitigate seasonal fluctuations in performance, the company is diversifying its product offerings by developing non-seasonal items such as frozen foods and prepared dishes, which are becoming significant profit drivers [5][6]. - Future plans include enhancing brand operations, expanding into new markets, and developing a localized international sales network, particularly in Southeast Asia and North America [6][7]. Group 4: Commitment to Innovation - Product innovation is central to the company's growth strategy, focusing on health-conscious options and integrating traditional culinary techniques with modern consumer preferences [7]. - The company aims to strengthen its technological capabilities through partnerships and research initiatives, ensuring a continuous pipeline of innovative products [7].

机构：中金公司 研究员：林思婕/陈文博/赖晟炜 公司动态 公司近况 我们看好公司在外卖补贴退坡下实现相对稳健业绩增长，建议关注早餐等新品类测试效果、幸运咖和福 鹿家发展潜力、以及海外存量市场调整和新市场拓展情况。 评论 我们看好公司通过产品创新、线下营销及小程序引流等手段应对外卖补贴退坡影响，整体价格体系维持 稳定。此外蜜雪在部分城市试点早餐业务（推出售价7.9 元的早餐奶+面包套餐），建议关注测试效 果。开店方面，我们估计蜜雪主品牌25 年净增约7,000家，门店数未来有望稳健增长。 关注新品牌发展潜力。1）幸运咖今年以来强化果+咖产品创新并推出开店补贴政策，截至11 月24 日全 球签约门店已突破1 万家（极海数据显示目前幸运咖实际开业门店数超8,000 家，其中三线及以下城市 占比69%）。公司持续布局上游供应链支撑门店扩张，目前已与超1 万个果园合作（最大战略果园占地 2 万亩）、海南自建咖啡工厂规模达19 万亩、年产能突破2 万吨。2）10月公司公告收购鲜啤福鹿家 53%股权，主打6-10 元/500ml的高性价比现打鲜啤，我们估计单店年销50-60 万元；目前门店数突破 1,600 家，且公司计划 ...

（来源：中华工商时报） 在难题破解上，连山壮族瑶族自治县充分发挥县领导挂点联系企业机制优势，联合税务、发改、司法等 多部门，重心下沉企业一线，主动服务，解决企业办税流程不熟悉、场地租金压力大、运营成本高企、 法治管理薄弱等问题，让企业轻装上阵。 在建言献策上，连山壮族瑶族自治县工商联不断发掘推荐优秀民营代表人士，目前有56名企业家当选工 商联执委，26人当选县政协委员，开展主题调研20次，提交调研报告10份，政协提案22份。 以好宣传为驱动，唤醒消费活力、凝聚发展共识。结合当地民族特色，连山壮族瑶族自治县工商联连续 创新举办"七月香购物节"活动，涵盖零售百货、家电卖场、超市、餐饮、住宿等多行业商家，充分带动 县内消费热潮，参与消费活动人数超1.8万人，带动消费近1万笔，交易金额达600万元，激发县域经济 活力。 在树立典型方面，连山壮族瑶族自治县工商联开设"执委风采"电视专栏，广泛传播企业家事迹，提升民 营企业的社会认可度，为其他企业提供可借鉴的发展经验，凝聚起民营经济向上向好的发展共识。 以好机制凝聚发展合力，促进民企乡村同频共振。连山壮族瑶族自治县工商联扎实推进镇级商会党建全 覆盖，广泛开展省市县"百会万 ...

Core Viewpoint - Guangzhou Restaurant, a leader in Cantonese cuisine, aims to become an internationally renowned dining group by 2025, marking its 90th anniversary, through a dual business model of "catering + food" and a commitment to cultural heritage and innovation [1][6]. Group 1: Company Overview - Guangzhou Restaurant has evolved from a small eatery in 1935 to a large dining group with three major brands: "Guangzhou Restaurant," "Taotaoju," and "Likoufu," all recognized as Chinese time-honored brands [1][2]. - The company has cultivated seven generations of inheritors of Cantonese culinary heritage, establishing a complete talent pipeline and becoming a core hub for the living transmission of Cantonese culinary skills [2][3]. Group 2: Business Model and Strategy - The company has adopted a dual business model of "catering + food," creating a virtuous cycle where strong restaurant brands complement food production, enhancing overall competitiveness [3][4]. - Guangzhou Restaurant operates 27 direct-operated stores focusing on classic Cantonese cuisine and non-heritage culture, while "Taotaoju" targets younger consumers with trendy offerings across 43 locations [4]. Group 3: Product Innovation and Market Expansion - The company has maintained its leading position in the mooncake market for 13 consecutive years, with its sales ranking first nationally and globally for five years [5]. - To address seasonal fluctuations in performance, the company is diversifying its product offerings, focusing on non-seasonal items like frozen foods and prepared dishes, which are becoming new profit growth points [5][6]. Group 4: Future Outlook - Guangzhou Restaurant plans to enhance brand operations, focusing on personalized and customized services while integrating dining with cultural and tourism experiences to unlock consumer potential [6]. - The company aims to strengthen its national presence and explore international markets, particularly in Southeast Asia and North America, to promote Cantonese food culture abroad [6].

此外,沸点计划所构建的生态体系,也为其未来的增长提供了无限可能。不仅限于火锅,其系统能力和品牌 运营经验可以复制到其他餐饮品类,甚至延伸到更广泛的消费领域。这种生态化的布局,使得沸点计划拥 有了超越单一品牌的市场天花板。其孵化十余个副线品牌的举措,正是这一生态野心的初步体现。 在未来,随着数字技术的不断深入应用和消费升级的持续推进,沸点计划的模式将成为行业发展的主流方 向。它不仅提升了自身的商业价值,也推动了整个餐饮行业的转型升级。作为一个融合了餐饮、科技、 零售等多种属性的新型消费平台,沸点计划正引领着一场前所未有的"沸腾奇迹",其未来的发展前景值得 期待。 因此,沸点计划的真正启示在于,它为所有寻求穿越周期的传统行业提供了一个可参照的范式:未来的胜出 者,必将是那些能够将"烟火气"转化为"可计算",再将"可计算"升华为"新生活方式"的系统构建者。它的 估值逻辑,也因此从传统的餐饮市盈率,转向更具想象空间的消费科技平台。这意味着,资本市场对沸点计 划的看法,不再仅仅将其视为一家连锁餐厅,而是一个拥有科技内核、数据资产和生态延展能力的平台型 企业。 这种估值逻辑的转变,源于沸点计划对餐饮本质的重构。在传统观念 ...

Core Viewpoint - The province experienced a 7.5% year-on-year decline in fixed asset investment from January to November, with project investment decreasing by 3.7% when excluding real estate development, while private investment in projects saw a slight increase of 0.2% [1] Investment Trends - Investment in basic living-related sectors such as food, clothing, housing, transportation, and entertainment showed strong growth, with agricultural and food processing industries seeing investments rise by 17.9% and 44.5% respectively [1] - The textile and apparel industry experienced a significant investment increase of 39.6%, while furniture and automotive manufacturing investments grew by 5.4% and 30.1% respectively [1] - The accommodation, catering, and entertainment sectors also reported substantial investment growth, with increases of 19.9%, 43.9%, and 41.5% respectively [1] High-Tech and Green Energy Investments - Investment in high-tech service industries grew by 18.1%, surpassing the overall investment growth rate by 25.6 percentage points, and its share of total investment increased by 0.9 percentage points year-on-year [1] - In the green energy sector, investments in electricity, heat, gas, and water production and supply industries rose by 30.6%, indicating sustained high growth in green energy investments [1]

Core Insights - The "Love Yourself" trend reflects a growing attitude among young people towards self-pleasure and emotional spending, which is becoming a significant driver of market growth in 2025 [2] Group 1: Emotional Consumption Trends - A report indicates that 56.3% of young consumers are willing to spend for emotional value and interests, marking a 16.2 percentage point increase from 2024 [2] - Young consumers are actively participating in emotional consumption, as evidenced by long queues for popular products and sold-out concert tickets [4] - The emotional consumption trend is closely tied to cultural confidence, with young people favoring domestic products and traditional experiences to express their cultural identity [7] Group 2: Market Potential and Economic Impact - The emotional economy market in China is projected to reach 2.3 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029 [8] - The rise of emotional consumption is expected to create new job opportunities and boost creative industries, enhancing product value [9] - This trend fosters a sustainable consumption model, where frequent, smaller purchases contribute significantly to overall market vitality [10]

Core Insights - The competition in the food delivery industry is shifting towards supply chain optimization rather than price wars, as evidenced by Meituan's "Pin Hao Fan" initiative [2][8] - Meituan's CEO Wang Xing stated that price wars do not create value and are unsustainable, indicating a strategic pivot towards enhancing supply-side capabilities [2][4] Group 1: Supply Chain Development - The "Pin Hao Fan" team is currently developing new dishes and will create a selection list and process standards for various cuisines, indicating a focus on improving product quality [3] - As of July 2025, "Pin Hao Fan" is projected to reach a peak daily order volume of over 35 million, showcasing its rapid growth since its launch in 2020 [3] - The introduction of "Pin Hao Fan" has led to a 30% increase in merchant orders and a 20% reduction in operational costs, highlighting its positive impact on business efficiency [3][4] Group 2: Strategic Partnerships - Meituan has launched a "10,000 Brands" initiative to support 10,000 well-known restaurant brands with traffic allocation and joint custom services, aiming to enhance brand collaboration [4] - The collaboration with Burger King to offer customized meal packages at competitive prices reflects a strategy to attract price-sensitive consumers while ensuring quality [5][7] - Other brands, including KFC and Haidilao, have also partnered with "Pin Hao Fan" to develop customized meal options, indicating a trend towards collaborative product development in the industry [7] Group 3: Industry Trends - The shift from price wars to supply-side competition is becoming a key focus in the food delivery sector, as companies seek to establish sustainable business models that balance cost and quality [8] - The collaboration model between "Pin Hao Fan" and brands is seen as a test of the platform's ability to define products and enhance supply chain efficiency [8] - The evolving consumer preferences towards value and quality over mere low prices are driving this transformation in the food delivery landscape [7][8]

Economic Overview - The national economy in November 2025 showed characteristics of "stable production, differentiated consumption, and pressured investment" with industrial production recovering to normal levels after holiday disruptions[2] - Emerging industries continue to be the main support for production and investment, although industrial growth has slightly slowed down, indicating significant industry differentiation[6] Production Insights - The industrial added value in November increased by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month, while month-on-month growth improved by 0.44 percentage points[8] - The production-sales rate for industrial enterprises was 96.5%, showing a month-on-month increase of 0.1 percentage points, with the export delivery value decline narrowing from 2.1% to 0.1%[8] Consumption Trends - Retail sales growth in November was 1.3% year-on-year, marking a continuous decline for six months, with large-scale retail sales dropping by 2.0%[20] - The promotional season had limited impact on consumer spending, with online retail growth decreasing from 8.1% to 5.4%[22] Investment Analysis - Fixed asset investment from January to November decreased by 2.6% year-on-year, with November showing a month-on-month decline of 12.0%[26] - Manufacturing, broad infrastructure, and real estate investments saw declines of -4.5%, -11.9%, and -30.3% respectively, indicating a challenging investment environment[26] Risk Factors - There is an increasing uncertainty in external trade and a potential unexpected decline in domestic demand, which could further pressure economic growth[37]