从1985年破土动工的第一期工程，到如今涵盖9栋核心建筑、110万平方米建筑面积的超级综合体，国贸 商圈的四十年变迁，正是中国商业发展的缩影。 天生自带"国际范儿" 上世纪八十年代初，北京的商业格局集中在西单、王府井等传统商圈。彼时，随着改革开放的推进，中 国急需一个面向国际的贸易窗口，国贸商圈的前身——中国国际贸易中心的建设应运而生。 在国贸中心一层的历史陈列区展柜里，一张泛黄的设计图纸上标注着1985年的开工日期，旁边的老照片 里，戴着安全帽的建设者们正围着刚封顶的一期主楼欢呼。"当时东三环还是农田和简易厂房，谁也没 想到会建起这么一座'摩天大楼'。"国贸商城的一位老员工指着照片里的商场入口介绍，"1989年开业 时，一楼的进口商品柜台前排起长队，很多人专程从天津、石家庄来，就为了看看'国际范儿'的商场是 什么样。" 国贸一期的10万平方米建筑规模，在上世纪八九十年代的中国堪称"商业巨鳄"。当时商场内聚集了全国 罕见的进口腕表、高端化妆品专柜，成为北京第一个真正意义上的高端商业载体。"1992年在这儿买了 一块瑞士手表，花了我半年工资。"已退休的陈女士回忆，"那时候能在国贸消费，是身份的象征。商场 里的导 ...

Group 1: Alibaba and Marriott International Strategic Cooperation - Alibaba Group and Marriott International announced a strategic AI cooperation focused on cloud infrastructure and AI application innovation in the Chinese market [1] - Marriott will integrate Alibaba's Tongyi series large models to enhance customer service and marketing through intelligent upgrades [1] - The partnership aims to establish an innovation mechanism for AI applications in hotel scenarios, with a pilot AI smart application set to launch at the Fliggy Marriott flagship store by 2026 [1] Group 2: Xibei's Store Adjustments - Xibei stated that opening and closing stores is a normal operational behavior in the restaurant industry, with dynamic adjustments based on business conditions [2] - Recent store closures in cities like Shenzhen, Shantou, and Yiwu are part of this normal adjustment process, while new stores have also opened in Harbin and Jinan [2] - The domestic restaurant market is experiencing polarization, with consumers favoring options that balance cost-effectiveness and experience, while high costs are forcing restaurants to optimize their store layouts [2] Group 3: ByteDance's Stake in Zhongtong Express - ByteDance denied rumors of becoming a new shareholder in Zhongtong Express, clarifying that it made a small investment in the company back in 2021 with a low shareholding ratio [3] - The recent increase in registered capital from 420 million to approximately 600 million yuan is attributed to internal structural adjustments within Zhongtong Express [3] - The core competitiveness of companies in the industry should focus on "network, efficiency, and service," with external capital being supportive but not decisive [3]

Group 1: Economic Indicators - ADP reports that the U.S. private sector has seen an average weekly job loss of 11,250 positions, with Goldman Sachs estimating a total reduction of approximately 50,000 non-farm jobs in October, marking the largest decline since 2020 [10][12]. - The People's Bank of China released its monetary policy execution report for Q3 2025, indicating ongoing adjustments in monetary policy to support economic growth [12]. Group 2: Market Performance - U.S. stock indices showed mixed results, with the Dow Jones rising by 1.18% and the S&P 500 increasing by 0.21%, while the Nasdaq fell by 0.25%. Notable movements included Nvidia dropping by 2.96% and Apple rising by 2% [3]. - European stock indices rebounded, with the DAX30 up by 1.65%, the FTSE 100 rising by 1.08%, and the Euro Stoxx 50 increasing by 1.76% [3]. Group 3: Commodity Prices - Gold prices reached a near three-week high, closing at $4,126.36 per ounce, up by 0.26%. Silver also saw an increase of 1.4%, closing at $51.20 per ounce [7]. - WTI crude oil prices rose by 1.72% to $60.96 per barrel, while Brent crude oil increased by 1.79% to $64.89 per barrel [7]. Group 4: Corporate Developments - SoftBank's second-quarter net profit surged to $16.6 billion, driven by soaring valuations in AI, while the fund liquidated its holdings in Nvidia and invested $22.5 billion in OpenAI [12]. - Vanke received a loan of 1.666 billion yuan from its major shareholder, bringing the total loans from Shenzhen Metro Group to approximately 30.796 billion yuan this year [12].

【环球时报特约记者 黎明】每年秋冬季到次年春季是日本的禽流感流行季。据日本《朝日新闻》11日 报道，新潟县政府9日确认，位于该县胎内市的一家养鸡场暴发高致病性禽流感疫情。当天，新潟县政 府对该养鸡场约28万只鸡进行扑杀。为防止疫情扩散，新潟县要求半径10公里范围内的养鸡场暂停向外 界运输家禽及蛋类。 当前禽流感季开始以来，日本已报告4起疫情，涉疫禽类累计超过150万只。随着多地启动扑杀措施，日 本社会对鸡蛋供应紧张的担忧持续加剧。受饲料涨价、夏季高温导致产量减少等因素影响，日本鸡蛋价 格近期不断飙升，已处于高位。日本《读卖新闻》11日分析指出，若高致病性禽流感疫情未能得到有效 控制，日本很可能将重演两年前的供应危机与价格飙升，令消费者与相关行业的神经再度紧绷。 札幌市北区的超市"食rich拓北店"已经受到直接影响。"这里原本是鸡蛋销售区。现在因为禽流感，（鸡 蛋）无法稳定到货，所以卖场规模就缩小成了现在这样。"该店店长对富士新闻网表示，由于禽流感的 影响，订购的鸡蛋只有大约一半能够到货。从上周起，该店已缩小了鸡蛋销售区，并不得不将10个装的 盒装鸡蛋涨价约30日元（100日元约合4.7元人民币），以340日元 ...

天眼查App显示，近日，上海昌苗餐饮服务有限公司成立，法定代表人为黄辉华，注册资本5万人民 币，经营范围为许可项目：酒类经营；餐饮服务；食品销售。（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食用农产品零 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

囤券之外，"凑单"在这个"双十一"依然拥有一定的热度，因为各平台都推出了消费补贴券。比如天猫平台推出了满5000减500、满2000减200等活动；抖音平 台则推出满4000减400、满1500减180等活动。 （来源：蚌埠新闻网） 转自：蚌埠新闻网 又是一年"双十一"，购物浪潮席卷线上线下。然而，今年的消费者似乎变得更加精明和务实。"买东西别急着买单，先看看有没有可以用的券"已成为许多年 轻人的消费信条。从餐饮、美容到黄金、旅游，优惠券不再只是省钱的工具，更成为一种生活方式，甚至是一种心理慰藉。在这场消费盛宴中，有人囤 券"成瘾"，有人追逐黄金，还有本地商家借势破局。 囤券青年：省钱与满足感的双重博弈 "遇到优惠先抢到手，需要的时候马上就能用，不用还能退。"家住蚌山区的刘先生道出了许多本地年轻人的心声。在今年的"双十一"期间，他一次性购买了 二十多张团购券，其中不乏本地的餐饮券和生活服务券。 这种"囤券式消费"在本地年轻人中形成风潮。在蚌埠本地的社交群组里，经常能看到网友分享自己在"双十一"期间囤的各种本地商家优惠券。很多商家也在 这时顺势营销，实现引流。伟伟冰酒酿借助11.11元11杯的爆款热饮，实现11 ...

11月11日，针对近期"西贝闭店潮"相关报道及不实传闻，西贝今日发布官方声明回应近况标识：西贝近 期持续升级服务、调整菜品、优化价格，年内还将开店8家，部分门店闭店情况属于正常动态调整。 西贝官方表示，此次舆情期间，西贝正常开店2家，分别为：西贝哈尔滨哈西万达店、西贝济南西城龙 湖店。 今年,西贝门店同样保持动态调整,近期包 括深圳、汕头、义乌等地门店闭店，均属于 正常调整范畴。 对于闭店我们始终坚持三条原则: 年内即将开业的8家门店还包括：西贝深圳怀德万象汇店、西贝南京砂之船店、西贝深圳卓悦汇店、西 贝长沙梅溪新天地店、西贝长沙富兴精选店、西贝北京丰科万达店、西贝廊坊万达店、西贝西安大明宫 万达店。 西贝风波已过去2个月，据多家媒体报道西贝门店经营已恢复正常水平，多数门店周末出现排队现象， 带娃家庭仍然是西贝的主流消费客群。为应对风波，西贝创始人贾国龙主动闭麦，宣布开启13道菜品调 改、30余道产品降价幅度近20%。西贝的调整普遍受到了顾客的欢迎，部分网友表达"西贝终于听劝 了"。 同时，西贝自9月底开始连续放出优免政策，从无门槛消费即获100元代金券，到满50元送50元，西贝排 队景象一度冲上热搜。顾客到 ...

Investment Rating - The report does not explicitly provide an investment rating for the restaurant industry Core Insights - The restaurant industry is entering a phase of rational growth and high-quality competition, with the industry prosperity index showing fluctuations in the third quarter of 2025 [6][21][24] - National restaurant revenue growth has slowed, with a year-on-year increase of only 0.9% in September 2025 [7][8] - The number of registered restaurants has decreased, indicating intensified market competition and a more cautious attitude among entrepreneurs [21][22] Summary by Sections 1. Industry Overview - The restaurant industry's prosperity index increased initially but then declined, reflecting a transition to rational growth and high-quality competition [6][24] - National consumption growth is slow, with retail sales growth dropping from 3.7% to 3.0% from July to September 2025 [7] - Restaurant revenue growth showed volatility, with a year-on-year increase of only 0.9% in September 2025 [7][8] 2. Product Launches - In Q3 2025, coffee and tea brands launched numerous new products, with floral and glutinous rice elements being widely used [48][60] - Western fast food brands introduced 301 new products, with the majority being in the burger category [49][50] - The noodle category saw significant innovation, with 73 new products launched, emphasizing regional flavors [53][55] 3. Emerging Brands - Six standout brands were identified for their rapid expansion and innovative marketing strategies, including "朴大叔拌饭" and "野人先生" [75][76] - "朴大叔拌饭" surpassed 1,100 stores, while "野人先生" also crossed the 1,000-store mark, indicating strong market presence [78][81] - Brands like "茉莉奶白" and "流浪泡泡" have successfully integrated cultural elements into their marketing, enhancing brand visibility [90]

深圳商报·读创客户端记者 吴素红 李丹 通讯员 黄海贵 文/图 11月18日至30日，"畅享湾区宝安跨年消费季暨2025年福永新消费嘉年华"活动将启幕。 这场为期13天的消费盛宴，以创思中心焕新开业、怀德万象汇新场亮相为契机，聚焦新能源汽车、家 居、餐饮、娱乐等特色消费板块，结合消费抽奖、地图打卡、全域宣传等创新玩法，打造福永商业新名 片，为市民带来"有奖、有料、有趣、有爱"的消费体验。 作为宝安区乃至大湾区的产业重镇和交通枢纽，福永街道凭借其独特的区位优势、雄厚的产业基础和日 益完善的商业配套，正迅速成为湾区消费的新热土。这里不仅坐拥国际空港，能高效连通世界，更汇聚 了高端制造、科技创新与现代服务业的精华。本次嘉年华活动，正是福永街道立足湾区视野，推动消费 能级跃升，展现其"宜居、宜业、宜游"现代化城区魅力的重要举措。 本次活动由深圳市商务局支持，深圳市宝安区商务局指导，深圳市宝安区福永街道办事处、深圳市怀德 股份合作公司主办，深圳市零售商业行业协会、深圳市怀德商业管理有限公司承办。 双核驱动+全域联动，构筑多元消费场景矩阵 本次活动的核心分会场——由怀德股份倾力打造的怀德万象汇，作为福永的商业旗舰，将携众 ...

Core Insights - The company reported Q3 2025 operating performance with revenue of $3.206 billion, a year-on-year increase of 4%, and adjusted net profit of $282 million, a year-on-year decrease of 5% [1] - Same-store and restaurant profit margins continued to show strong performance, with rapid store openings; KFC's store opening speed reached a historical high by Q3 this year, and Pizza Hut surpassed 4,000 stores [1][2] - The company is steadily advancing shareholder returns and model iteration, enhancing core brand competitiveness [1][3] Financial Performance - Q3 2025 system sales increased by 4% year-on-year, driven by a 4% net new store contribution and same-store sales growth [1] - Same-store sales grew by 1%, with same-store transaction volume increasing by 4%, marking the 11th consecutive quarter of growth [1] - Core operating profit reached $399 million, up 8% year-on-year, with a core operating profit margin of 12.5%, an increase of 0.4 percentage points year-on-year [2] Restaurant Performance - Restaurant profit margin was 17.3%, up 0.3 percentage points year-on-year, primarily due to reduced costs in food, packaging, rent, and other operating expenses [2] - KFC's restaurant profit margin was 18.5%, up 0.2 percentage points, while Pizza Hut's was 13.4%, up 0.6 percentage points [2] - Delivery sales increased by 32% year-on-year, accounting for 51% of restaurant revenue, with digital order revenue making up 95% [2] Store Expansion - The company maintained a rapid store expansion pace, with a net addition of 536 stores in Q3 2025, a year-on-year increase of 22.4% [2] - KFC's store opening speed reached a historical high, and the company exceeded its original plan with over 1,800 K Coffee stores [2] - The KPRO brand, focusing on energy bowls and superfood smoothies, has opened over 100 locations in high-tier cities [2] Membership and Sales - The combined membership for KFC and Pizza Hut reached approximately 575 million, a year-on-year increase of 13% [2] - Membership sales accounted for 57% of the total system sales for KFC and Pizza Hut [2] Future Outlook - The company plans to add approximately 1,600 to 1,800 new stores in 2025, with franchise stores expected to account for 40%-50% of KFC's and 20%-30% of Pizza Hut's new stores [3] - Capital expenditure for the 2025 fiscal year is projected to be between $600 million and $700 million, with stable expectations for shareholder returns [3] - The company anticipates achieving net profits of $928 million, $1.002 billion, and $1.071 billion for the years 2025 to 2027, with current stock prices corresponding to PE ratios of 17X, 16X, and 15X respectively [3]