营运方面，该行预期明年首季海底捞的翻桌率将有正面势头，料经营利润率压力将于今年下半年逐步纾 缓，并于明年进一步恢复，受惠于公司在今年完成店铺改造，该行指，海底捞仍然是其在中国餐饮板块 的首选，明年将更看好休闲餐饮企业而非快餐公司。 花旗发布研报称，刚闭幕的中央经济工作会议中，政府强调计划清理消费领域不合理限制措施，释放服 务消费潜力。该行预期政府将在2026年放宽部分反奢华消费措施，而休闲餐饮企业如海底捞(06862)， 较快餐企业更能受惠。该行对海底捞开启30天正面催化观察，现予目标价18.5港元及"买入"评级。 ...

营运方面，该行预期明年首季海底捞的翻桌率将有正面势头，料经营利润率压力将于今年下半年逐步纾 缓，并于明年进一步恢复，受惠于公司在今年完成店铺改造，该行指，海底捞仍然是其在中国餐饮板块 的首选，明年将更看好休闲餐饮企业而非快餐公司。 智通财经APP获悉，花旗发布研报称，刚闭幕的中央经济工作会议中，政府强调计划清理消费领域不合 理限制措施，释放服务消费潜力。该行预期政府将在2026年放宽部分反奢华消费措施，而休闲餐饮企业 如海底捞(06862)，较快餐企业更能受惠。该行对海底捞开启30天正面催化观察，现予目标价18.5港元 及"买入"评级。 ...

Core Viewpoint - The letter from Huang Ping, Chairman of Guangdong Youkai Technology Co., highlights the detrimental effects of vicious competition in the detergent industry, where low-quality products with less than 5% active ingredient content are capturing market share through low prices, putting quality products at a disadvantage [1] Group 1: Industry Challenges - The phenomenon of "involution" is causing irrational competition across various industries, leading to intensified price wars, shrinking profit margins, reduced innovation investment, and rising quality and safety risks [1][2] - Over 20 national and local industry associations have publicly called for a "counter-involution" approach, addressing issues in sectors such as steel, automotive, photovoltaic, catering, finance, and logistics [2] Group 2: Strategic Shifts - Companies like China Resources Beer have closed 40 factories and reduced over 5 million tons of redundant capacity, emphasizing a shift from "scale supremacy" to focusing on "good enterprises, good products, and good brands" [3] - The construction of a unified national market is essential for efficient market operation and removing barriers to fair competition, which is crucial for high-quality development [2] Group 3: Innovation Focus - Traditional manufacturing must break free from path dependence and scale bottlenecks by leveraging technology and innovation, as highlighted by companies like Weiqiao Chuangye Group, which collaborates with research institutions and utilizes AI for product development [4] - New Hope Group has innovated in the dairy industry by utilizing cold chain logistics and AI to ensure fresh products reach consumers quickly, demonstrating the importance of innovation in meeting consumer demands [4][5] Group 4: Brand Value - In a market with information asymmetry, low-quality products often mislead consumers, necessitating a focus on rebuilding trust in "quality for price" mechanisms to enhance user experience and brand value [6] - The shift in consumer preferences towards personalized and emotionally resonant experiences indicates that businesses must transition from merely providing functional value to creating meaningful connections with users [7] Group 5: Global Expansion - The construction of a unified national market should promote an open market that encourages companies to expand globally, alleviating domestic competition pressures and enhancing competitiveness in international markets [8] - Companies like Jack Technology and Miniso are successfully implementing global strategies that integrate local insights with global aesthetics, demonstrating the potential for Chinese brands to resonate with international consumers [8] Group 6: Future Outlook - The collective sentiment among industry leaders emphasizes that companies must focus on innovation, brand building, and global engagement to escape internal competition and drive China's economy towards high-quality development [9]

【"打通全国统一大市场堵点卡点"热点问题探析⑦】破局"内卷" 开拓蓝海 "低价低质的恶性竞争，正在卷死研发、卷垮品牌、卷乱市场预期。"这是广东优凯科技有限公司董事长 黄平致经济日报编辑部的信中发出的痛心疾呼。他揭开了洗涤剂行业无序竞争的乱象——活性物含量不 足5%的劣质产品凭借低价抢占市场，优质产品却陷入竞争劣势。 一封信，道出了当前不少行业的困局。从钢铁到光伏，从汽车到餐饮……由于陷入"内卷式"竞争泥潭， 价格战愈演愈烈，利润空间持续压缩，创新投入被迫削减，质量安全风险悄然上升。 如何跳出这场"泥坑里的混战"，破局"内卷式"竞争，以全国统一大市场建设推动企业、行业高质量发 展？这一话题近期也引起企业家的热议和关注。 反内卷： 从无序血拼到规则共建 "内卷式"竞争的本质，是市场机制失灵下的非理性竞争。企业无法通过差异化或技术优势取胜，便只能 陷入价格战，最终导致全行业"增产不增收"。 "产业周期就像一年有四季，是自然循环、可自我修复的临时性波动，熬一熬就能过去。但结构性问题 则更严峻，具有隐蔽的破坏性，本质上是零和博弈，表现为集体层面非理性繁荣之后的无序、失衡与冲 突。"协鑫集团董事长朱共山说。 让市场体系高 ...

国家统计局周一公布数据显示，11月社会消费品零售总额同比增长1.3%，增速较10月小幅回落1.6个百分点。1-11月，社会消费品零售总额同比增长4.0%。 往后看，王青表示，明年新能源汽车购置减免退坡，有可能刺激年底汽车销量增加，但短期内出台其他促消费政策的可能性已经不大，加之上年同期社零基 数抬高，预计12月社零同比增速会继续保持在低位。 经济学人智库高级经济学家徐天辰对智通财经表示，由于"国补"退坡，12月消费或难有明显增长。"十五五"把消费放到了比较重要的位置，2026年又是"十 五五"第一年，类似国补的刺激仍会继续，但更应当关注政府是否会深入推进促消费的长效机制。 财信金控首席经济学家伍超明对智通财经表示，后续消费恢复仍持续面临多重挑战，例如受高基数、乘数效用边际下降影响，以旧换新政策的拉动作用大概 率继续减弱。另外，内外需放缓将加大居民就业压力，导致"就业-收入-消费"不畅，制约消费能力改善空间；居民"多储蓄、少消费"行为模式短期难改，消 费意愿提升动力偏弱。 记者 辛圆 针对消费增速的继续回落，东方金诚首席宏观分析师王青对智通财经表示，去年同期受"双11"活动提前等影响，社零基数偏低，但在今年"双 ...

Core Insights - The HuRun Research Institute released the "2025 Hill's HuRun Global Restaurant Enterprise Value TOP 50," revealing the latest landscape of the global restaurant industry, with McDonald's leading the list at a value of 1.54 trillion RMB, which is nearly 30% of the total value of the list [1][2]. Group 1: Top Companies - McDonald's ranks first with a value of 15,400 million RMB, dominating the fast-food sector [2]. - Starbucks is second with a value of 6,450 million RMB, and it plans to sell 60% of its China operations to Boyu Capital to form a joint venture for managing 8,000 stores in China [2]. - Compass Group ranks third with a value of 4,100 million RMB, although it has exited the Chinese market by selling its operations to Sodexo [3]. Group 2: Regional Distribution - The list features 22 companies from Asia and North America each, 7 from Europe, and 1 from Oceania, with the United States having the most companies at 20 [3][4]. - China follows with 11 companies, including notable brands like Mixue and Yum China [4]. Group 3: Rise of Chinese Brands - Mixue leads Chinese brands with a value of 1,500 million RMB, while Yum China follows with 1,100 million RMB [5]. - The average age of Chinese companies on the list is only 16 years, significantly younger than the 52-year average of non-Chinese companies [5]. - Notably, three of the four companies established in the last decade are from China, reflecting the innovative and youthful trend in the Chinese restaurant sector [5]. Group 4: Global Expansion - Mixue has over 4,700 international stores across 12 countries, with a significant presence in Indonesia [5]. - Haidilao operates over 100 self-operated stores in 14 countries, showcasing its global footprint [5]. - Heytea has successfully entered eight overseas markets, with over 100 stores in 28 cities outside China [5]. Group 5: Store Count - Mixue has the highest number of stores globally, surpassing 53,000, followed by McDonald's with over 43,000 and Starbucks with 41,000 [6].

从上海南站出发，高铁1.5小时直达广德南站；从南京自驾，两小时左右就能闻到炖锅香；更别提走在路上随处可见的浙E车牌，毕竟从湖州开车到广德， 只要1小时。 从上海南站出发，高铁1.5小时直达广德南站；从南京自驾，两小时左右就能闻到炖锅香；更别提走在路上随处可见的浙E车牌，毕竟从湖州开车到广德， 只要1小时。 不远不近，刚好适配周末短途游，厌倦了精致bistro和预制菜的打工人，开始集体奔赴这个烟火气十足的皖南小城。 习惯周末出门好好款待自己的江浙沪打工人，往往把徒步、攀岩、city walk作为周末首选。但在过去的这两周里，大家不约而同地将周末游的导航目的地 切换成了"广德市"。 安徽宣城市广德市地处长三角的几何中心，是安徽唯一同时毗邻苏浙两省的县级市。以它为圆心，长三角地区的许多城市都在2小时交通圈内。 最近的广德，只能用"人山人海"来形容。（图/小红书截图） 奶茶、桃酥和炖锅组成了"广德三件套"。（图/小红书截图） 不知哪位网友首先将这三样食物搭起来 的 ， 它们 意外地与短途旅行十分适配。 下高铁第一件事，就是打车直奔迎春街吃炖锅。不管春夏秋冬，只要广德人上桌吃饭，炖锅都是必不可少的主角。 不远不近，刚好 ...

有机鲜醇，汤润 湾区！"媒体 +"有机汤王初赛 成功举办_南方 +_南方plus 金风送爽，佳味 飘香。12月13 日，在2025大湾 区农产品交易会 暨土特产精品博 览会举办之际， 2025首届湾区有 机餐厅有机汤王 大赛暨有机食材 产销对接会（初 赛）同期在广州 广交会场馆举 行，活动以"有 机鲜醇，汤润湾 区"为主题，创 新采用"赛事竞 技+资源对接"双 轨模式，汇聚有 机农业专家、餐 饮界精英、食材 供应商及媒体代 表，共同搭建有 机农业与餐饮行 业精准对接桥 梁，推动产销闭 环构建。 2025首届湾区有机餐厅有机汤王大赛暨有机食材产销对接会（初赛）同期在广州广交会场馆举行 广东省有机农业 协会魏明水会长 在致辞中表示， 随着有机消费热 潮兴起，健康饮 食已成为全民共 识。本次活动既 是餐饮大厨技艺 比拼的舞台，更 是有机食材产销 对接的重要平 主题分享环节干 货满满。华南农 业大学原校长骆 世明教授深度解 读《食品生产方 式的发展及其对 健康的影响》， 梳理了从传统农 耕到生态有机生 产的演变脉络； 广东康御智慧农 业有限公司陈进 辉博士分享了智 慧农业为有机农 产品提供的示范 性解决方案；广 东省 ...

Core Viewpoint - The core idea of the document is that finance should more directly and proactively support increased consumer spending, which has significant implications for the financial market, particularly the A-share market [1] Group 1: Financial Support for Consumption - The document outlines three main areas and eleven measures aimed at revitalizing consumer confidence, capacity, and scenarios [1] - The first main line emphasizes that financial support for commodity consumption is detailed and direct, focusing on making it easier for consumers to spend money [2] - Policies include more flexible consumer loan limits, extended terms, differentiated interest rates, and potential waivers on early repayment penalties for car loans [2] Group 2: Service Consumption - Service consumption is prioritized, addressing the need for consumers to spend on experiences rather than just goods [2] - Key sectors highlighted for support include dining, accommodation, cultural tourism, education, elderly care, childcare, sports and entertainment, and health services [3] Group 3: Financial Products and Services - The policy aims to make financial products more aligned with consumption scenarios, moving beyond just providing loans [4] - Specific initiatives include special loans for service consumption, refinancing for elderly care, and financing for intangible assets like intellectual property and technological achievements [4] Group 4: New Consumption Models - The document emphasizes the importance of new consumption models, including digital, green, and AI-driven consumption, as well as content and social e-commerce [5] - Financial institutions are encouraged to collaborate with platforms and merchants to reach more "long-tail users," indicating a shift towards sustainable growth supported by finance [5] Group 5: Economic and Market Implications - This initiative represents a shift where finance becomes a primary driver rather than a supporting role, with a focus on credit expansion rather than just subsidies [5] - The emphasis on stabilizing consumption is expected to improve corporate cash flows, restore profit expectations, stabilize bank asset quality, and lead to a more optimistic market outlook [5] Group 6: Market Sentiment - The measures aim to create conditions for a recovery in market risk appetite, with increased policy certainty for consumption-related sectors and growing opportunities in finance, technology, and services [6] - The document suggests that changes in consumer spending behavior can signal a turning point in the financial market [7]

11月份，社会消费品零售总额43898亿元，同比增长1.3%。其中，除汽车以外的消费品零售额39444亿 元，增长2.5%。1—11月份，社会消费品零售总额456067亿元，增长4.0%。其中，除汽车以外的消费品 零售额411637亿元，增长4.6%。 按经营单位所在地分，11月份，城镇消费品零售额37684亿元，同比增长1.0%；乡村消费品零售额6214 亿元，增长2.8%。1—11月份，城镇消费品零售额394544亿元，增长3.9%；乡村消费品零售额61523亿 元，增长4.4%。 按消费类型分，11月份，商品零售额37841亿元，同比增长1.0%；餐饮收入6057亿元，增长3.2%。1— 11月份，商品零售额403822亿元，增长4.1%；餐饮收入52245亿元，增长3.3%。 按零售业态分，1—11月份，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售 额同比分别增长6.0%、4.7%、0.7%、3.4%、0.1%。 1—11月份，全国网上零售额144582亿元，同比增长9.1%。其中，实物商品网上零售额118193亿元，增 长5.7%，占社会消费品零售总额的比重为25.9%；在实物商 ...