Group 1: Financial Engineering Research - The report predicts the adjustment list for the constituent stocks of major indices in December 2025 based on the adjustment rules of the CSI and Guozheng indices, and measures liquidity shocks from a market-wide perspective [1][30] - As of the end of October 2025, the ETF sizes for major market indices such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext have reached 192.6 billion, 180.1 billion, 1,254.7 billion, 181.9 billion, 170.2 billion, and 141.0 billion respectively, indicating a 4.7 times growth compared to the end of 2021 [2][30] - The report outlines the periodic adjustment rules for core indices, noting that adjustments occur twice a year for SSE 50, CSI 300, CSI 500, CSI 1000, and ChiNext, and four times a year for STAR 50 [2][30] Group 2: New Stock Research - In the first three quarters of 2025, IPO support policies have been frequent, leading to a recovery in the issuance pace and fundraising scale, with a total of 773.02 billion raised, a 61% year-on-year increase [5][6] - The report anticipates an acceleration in IPO issuance over the next year, estimating that A-class/B-class accounts with a scale of 500 million will see additional yield increases of approximately 2.82% and 2.20% respectively [7][6] - The approval pace for existing projects is tight, with a high-quality project reserve expanding, indicating a positive outlook for future IPOs [6][7] Group 3: Company Research - Yum China - Yum China's Q3 2025 revenue reached 3.206 billion USD, a year-on-year increase of 4%, with operating profit at 400 million USD, up 8% [9][10] - Same-store sales continued to show positive growth, with KFC and Pizza Hut same-store sales increasing by 2% and 1% respectively [9][10] - The company plans to return 3 billion USD to shareholders through dividends and buybacks from 2025 to 2026, with projected EPS for 2025-2027 at 2.50, 2.88, and 3.16 USD [8][9] Group 4: Company Research - Nanwei Medical - Nanwei Medical achieved revenue of 2.381 billion CNY in the first three quarters of 2025, a year-on-year increase of 18.29%, with net profit of 509 million CNY, up 12.90% [17][18] - The company’s overseas sales maintained strong growth, with revenue reaching approximately 1.4 billion CNY, a 42% year-on-year increase [18][19] - The company is focusing on integrating its CME operations, with a new production facility in Thailand expected to be operational by the end of 2025 [19] Group 5: Company Research - Yongxing Materials - Yongxing Materials reported revenue of 5.547 billion CNY in the first three quarters of 2025, a year-on-year decrease of 10.98%, with net profit down 45.25% [21][22] - The decline in performance is attributed to falling lithium prices, with the average price of lithium carbonate showing fluctuations throughout the year [22] - The company maintains a high dividend payout, planning to distribute 528 million CNY in cash dividends in 2024, representing over 50% of its net profit [23] Group 6: Company Research - I Love My Home - I Love My Home reported a revenue of 8.165 billion CNY in the first three quarters of 2025, a year-on-year decrease of 6.81%, while net profit surged by 398.75% [24][26] - The company’s transaction volume increased significantly, with total housing transaction amounts reaching 196.2 billion CNY, a 5.2% year-on-year increase [26][27] - The company continues to focus on core cities, with a total of 2,549 operational stores as of Q3 2025 [26]

Core Insights - The company reported a revenue of $3.206 billion in Q3 2025, representing a year-on-year increase of 4.4%, and an operating profit of $400 million, up 7.8%, primarily due to improved restaurant operational efficiency [1] - The net profit attributable to shareholders was $282 million, down 5.1% year-on-year, mainly due to a pre-tax investment loss of approximately $10 million [1] - The company aims to achieve a net increase of 1,600 to 1,800 stores for the year, with a total of 17,514 stores at the end of Q3 2025 [2] Financial Performance - KFC division generated $2.404 billion in revenue, up 4.0%, with an operating profit of $384 million, reflecting a 5.5% increase [1] - Pizza Hut division achieved $635 million in revenue, a 3.3% increase, and an operating profit of $57 million, up 9.6% [1] - The overall same-store sales growth was 1%, with KFC and Pizza Hut showing increases of 2% and 1%, respectively [2] Operational Efficiency - The company saw a 32% increase in delivery revenue, which now accounts for 51% of total revenue [1] - Employee benefits and salaries accounted for 26.2% of total costs, while food costs were 31.3%, and property rent was 25.2% [2] - The management fee rate improved to 4.7%, indicating ongoing efficiency enhancements [2] Brand and Market Expansion - The company added 536 new stores in Q3 2025, with a total of 1,119 new stores added in the first three quarters [2] - The membership base reached 575 million, with member sales accounting for 57% of total sales [2] - The company has expanded its innovative business formats, including over 1,800 K Coffee stores and 100 K Pro stores [3] Shareholder Returns - The company targets a shareholder return of $1.5 billion for 2025, with dividends and buybacks progressing steadily [3] - The adjusted net profit forecasts for 2025-2027 are $927 million, $993 million, and $1.066 billion, respectively [3] - The expected EPS for the same period is $2.62, $2.95, and $3.30, with corresponding PE ratios of 17.1, 15.2, and 13.6 [3]

Overall Situation - Zhaoqing City Market Supervision Administration conducted a supervision sampling of 267 batches of food across 14 categories, including edible agricultural products, catering food, tea and related products, alcoholic beverages, grain products, meat products, edible oils, beverages, aquatic products, vegetable products, soybean products, food additives, bee products, and special dietary foods [2]. - Out of the 267 batches, 252 were qualified, while 15 were found to be unqualified, indicating a qualification rate of approximately 94.4% [2]. Breakdown of Unqualified Products - Among the 172 batches of edible agricultural products, 9 were unqualified [2]. - For 14 batches of catering food, 3 were unqualified [2]. - In the tea and related products category, all 22 batches were qualified [2]. - The alcoholic beverages category had 3 batches, all of which were qualified [2]. - Grain products had 3 batches, all qualified [2]. - Meat products included 10 batches, with no unqualified samples [2]. - Edible oils and related products had 5 batches, all qualified [2]. - The beverage category had 2 batches, both qualified [2]. - Aquatic products included 11 batches, with no unqualified samples [2]. - Vegetable products had 8 batches, with 3 unqualified [2]. - Food additives had 3 batches, all qualified [2]. - Soybean products included 7 batches, all qualified [2]. - Bee products had 3 batches, all qualified [2]. - Special dietary foods included 5 batches, all qualified [2]. Handling of Unqualified Products - Zhaoqing City Market Supervision Administration has mandated relevant local market supervision departments to investigate and handle unqualified food products and their producers promptly [4]. - Companies are required to trace the distribution of unqualified products, recall them, and analyze the reasons for non-compliance to implement corrective actions [4]. - Businesses must take immediate measures such as removing unqualified food from shelves to control risks and face legal consequences [4].

Core Viewpoint - The company anticipates a significant decline in adjusted EBITDA and net profit for the six months ending September 30, 2025, compared to the same period in 2024, primarily due to reduced revenue and fair value losses on investment properties [1] Financial Performance - The adjusted EBITDA for the six months ending September 30, 2025, is expected to decrease by approximately 30% from HKD 343.8 million for the six months ending September 30, 2024 [1] - The net profit attributable to shareholders is projected to decline between 65% to 70% from HKD 144 million in the same period last year [1] Revenue and Profitability - The company expects a mid-single-digit percentage decline in revenue compared to the same period last year, leading to a decrease in gross profit [1] - The anticipated fair value loss on investment properties during the review period contrasts with no such losses in the same period last year [1]

为迎接今年立冬的消费高峰，袁记云饺全国尤其是华北区域门店已提前部署，确保饺子供应充足、消费 体验顺畅。"基于去年立冬当日华北区域销量较前一周日均增长超过200%的数据，我们预测今年销量将 再次实现显著攀升。"袁记云饺相关负责人表示，从北京区域门店来看，去年立冬时，西城区宣武门、 丰台区木樨园、朝阳区东坝等商圈门店表现尤为突出，环比增长超600%，韭菜鲜肉饺、白菜鲜肉饺、 芹菜鲜肉饺等产品销量排名居前。从消费场景来看，临近社区及临街门店增长排名靠前；线下渠道的增 长率比外卖渠道高出40%，显示出消费者在立冬节气更倾向于到店选购或堂食。 北京商报讯（记者 郭缤璐）时至立冬 ，多家餐饮品牌迎来新一波预订热潮 。11月6日，北京商报记者 了解到，烤肉宛、烤肉季的"武吃自烤"体验项目，早在9月初就已有消费者开始预订。砂锅居的的砂锅 白肉不仅店内堂食订单火爆，还有不少消费者电话咨询外卖。砂锅居经理丛蕾表示，到了立冬，砂锅菜 的销量基本是平时的两三倍，除了堂食，外卖订单约占三成。除了经典砂锅菜预订火热，砂锅居的网红 立冬产品"圆梦水饺"，今年将继续由中国烹饪大师监制，坚持当日现制现售。 "立冬吃鱼头"也作为一传统讲究，湘菜 ...

Group 1 - The establishment of Jizhou District Jubai Xiang Roast Duck Shop in Ji'an City has been registered with a legal representative named Liu Kai and a registered capital of 60,000 RMB [1] - The business scope includes licensed projects such as small catering and food sales, which require approval from relevant authorities to operate within the validity period of the license [1] - The shop will also engage in general projects like food sales (only selling pre-packaged food) and delivery services, which can be conducted independently with a business license [1]

Core Viewpoint - Guangzhou is actively promoting the "Bright Code Entry" initiative to enhance regulatory oversight and standardize administrative inspections involving private enterprises, leveraging technology to improve the business environment and protect legal rights [1][3]. Group 1: Implementation of "Bright Code Entry" - The "Bright Code Entry" initiative utilizes the "Yuezhengyi" and "Yuezhifa" platforms to standardize inspections, ensuring traceability and enhancing the experience for enterprises [1][3]. - Enforcement personnel are required to present electronic enforcement certificates and inspection notices, allowing businesses to verify their identities through QR codes [2][3]. - The initiative establishes clear rules such as "no notice, no inspection" and "must show code during inspections," promoting transparency and reducing arbitrary enforcement [3]. Group 2: Data Supervision and Internal Regulation - The "Bright Code" data supervision platform enables regulatory bodies to analyze inspection data across multiple departments, facilitating precise oversight and reducing redundant inspections [4][5]. - The annual "comprehensive check once" initiative allows for the identification of excessive inspection frequencies, leading to coordinated joint inspections to alleviate the burden on enterprises [4]. - The data platform also helps in evaluating enforcement personnel's performance, encouraging best practices and addressing areas needing improvement through targeted training [4][5]. Group 3: Enhanced Communication and Feedback Mechanism - The "Bright Code Entry" initiative provides a channel for enterprises to monitor enforcement actions and report any irregularities through provided complaint hotlines [6]. - Businesses express increased confidence in the legal business environment due to the transparency and clarity brought by the initiative, with over 113,000 records of enforcement data collected since its implementation [6].

于同日，该公司斥资626.23万港元回购1.795万股股份，每股回购价格为343.2-352港元。 百胜中国(09987)发布公告，于2025年11月4日，该公司斥资约320万美元回购7.07万股股份，每股回购价 格为44.63-46.01美元。 ...

Core Viewpoint - The "Xibei pre-made dish" controversy has created both challenges and opportunities for the restaurant industry, prompting many businesses to adapt by emphasizing "freshly made" dishes and transparency in food preparation [1][2]. Group 1: Industry Response to Pre-made Dishes - Many restaurant businesses are reluctant to label themselves as "pre-made dish" providers, yet consumer perception suggests that pre-made dishes may be a necessary choice for chain restaurants [2][8]. - The rising operational costs, including labor and rent, are pushing chain restaurants to consider pre-made dishes as a means to reduce costs and improve efficiency [2][8]. - A significant portion of the restaurant market relies on central kitchens and pre-made processing, allowing for simplified cooking processes in-store [2][8]. Group 2: Consumer Sentiment - Approximately 50% of surveyed consumers do not accept pre-made dishes, and over 60% oppose their presence in restaurants, indicating a strong consumer resistance [2][3]. - Consumers associate pre-made dishes with a lack of freshness and quality, leading to a perception of deception when restaurants market "freshly made" dishes that are actually pre-made [3][8]. Group 3: Transparency and Adaptation - In response to the controversy, many restaurants are focusing on "freshly made" offerings and adopting "open kitchens" to showcase food preparation processes, thereby enhancing consumer trust [3][4]. - Some small and medium-sized restaurant brands are prominently advertising their lack of pre-made dishes to attract customers [4][6]. - Notable chain restaurants, including Xibei, are also making significant changes, such as rebranding and altering their menus to emphasize fresh ingredients and cooking methods [6][7]. Group 4: Balancing Pre-made and Freshly Made - There is a clear distinction between consumer perceptions of pre-made dishes and the standards set for them, with many consumers associating pre-made dishes with negative attributes [8][9]. - Successful examples, such as Salia and Laoxiangji, demonstrate that transparency in food preparation can lead to consumer acceptance of pre-made dishes when they are clearly communicated [9][10]. - The current situation presents an opportunity for small and medium-sized restaurants to attract consumers seeking authentic and freshly made dishes while navigating the challenges faced by larger chains [9][10].

Core Insights - The overall results indicate a continuous improvement in the commercial service capabilities of Huangpu District [1] Group 1: Service Quality Improvement - The "2025 Huangpu District Commercial Service Quality Index" was released, showing a score of 88.91 for 2025, an increase of 0.09 from the previous year [1] - The retail service quality index reached 89.31, up by 0.16 year-on-year, while the restaurant service quality index was 88.52, increasing by 0.04 [1] Group 2: Consumer Experience Initiatives - The "2025 Huangpu District Consumption Carnival" is themed "潮购黄浦 悦享全球" and aims to enhance consumer experiences with global products [2] - From November 5 to November 25, Huangpu District will distribute three rounds of exclusive consumption vouchers on Alipay, covering key shopping areas like Nanjing Road and Huaihai Road [2] Group 3: Import Expo Synergy - Huangpu District is leveraging its unique public bonded warehouse to enhance the "exhibits into commodities, exhibitors into investors" goal of the Import Expo [4] - The district is utilizing the "Import Expo Direct Train" mechanism to attract high-quality imported goods and brands, facilitating brand incubation and investment landing [4]