Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The social service sector's institutional holdings are at historical lows, with signs of stabilization in the hotel and employment sectors. The CPI's recovery in October reflects a warming consumer market. The report suggests focusing on "domestic demand cyclical + quality new consumption" [4][10]. - Recommended companies include Huazhu Group, Miniso, Guoquan, Green Tea Group, and Laopu Gold, which show continuous operational improvement and high valuation cost-effectiveness [4][10]. Summary by Sections 1. Market Tracking: Institutional Holdings at Historical Lows - The social service sector has underperformed the market by 9.78% year-to-date, with a year-to-date increase of 11.40% as of November 10, 2025. The sector ranks 19th among 31 primary industries [13]. - The fund holding ratio for the social service sector is 0.46%, down 0.64 percentage points from the previous quarter, indicating historical lows [17]. - October CPI data shows a year-on-year increase of 0.2%, signaling a recovery in consumer spending [22]. 2. Sub-industry Analysis: Industry Fundamentals Stabilizing - Employment: The hiring confidence index has improved, with values rising from 44.07 in August to 54.87 in October 2025 [29]. - Hotels: The RevPAR growth rate has shown improvement, with a year-on-year increase of 4.4% in the 44th week of 2025 [39]. - Duty-Free: The new duty-free policy in Hainan has led to a significant increase in shopping amounts, with a total of 5.06 billion yuan in sales during the first week of implementation [50]. - Dining: The pressure on customer spending appears to have eased, with service prices showing an upward trend [52]. 3. Investment Recommendations: Focus on Marginal Changes - The report emphasizes the importance of marginal changes and suggests actively investing in cyclical and new consumption leaders. Recommended companies include Huazhu Group, Miniso, Guoquan, Green Tea Group, and Laopu Gold, with a focus on those showing clear improvement trends [10][54].

Core Viewpoint - A new dessert shop named "Mijidi" has been established in Jingmen City, Zhanghe New District, with a registered capital of 100,000 RMB, indicating a growing interest in the food and beverage sector in the region [1] Company Summary - The legal representative of the newly established dessert shop is Du Minjie [1] - The business scope includes food sales and small catering services, which are subject to approval by relevant authorities [1] - The shop also offers delivery services as part of its general business activities [1]

Core Viewpoint - The meeting hosted by the National Development and Reform Commission (NDRC) focused on gathering opinions and suggestions for accelerating the development of the service industry in line with the "14th Five-Year Plan" [3][4]. Group 1: Service Industry Development - The service industry is a crucial component of the national economy, and its development level is a key indicator of a country's economic progress [4]. - There is significant potential for expansion and quality improvement in China's service sector, as highlighted by the recent policies from the 20th Central Committee [4]. - The meeting emphasized the need for enterprises to maintain confidence in development, explore potential business opportunities, and enhance the specialization and value chain of productive services [4]. Group 2: Government Support and Policy Recommendations - Participants suggested that the government should deepen institutional reforms, improve social security and tax support systems, and innovate regulatory methods to better support service industry development [3]. - The NDRC plans to incorporate the valuable suggestions from enterprises into the "14th Five-Year Plan" to create a better development environment for businesses [4]. - The NDRC aims to implement actions that enhance the capacity and quality of the service industry, promoting integration with advanced manufacturing and modern agriculture [4].

（原标题：中国PE再拿"大单"：CPE源峰将获汉堡王中国约83%股权） 该笔交易成为继麦当劳中国、星巴克中国后，又一笔中国PE"买进"全球餐饮连锁巨头中国业务的案 例。 据已披露信息，CPE源峰将向汉堡王中国注入3.5亿美元（约合25亿元人民币）的初始资金；双方计划 将汉堡王在中国市场的门店规模从目前的约1250家，拓展至2035年的4000家以上，并实现可持续的同店 增长。 21世纪经济报道记者 赵娜 上海报道 11月10日，中国资产管理机构CPE源峰宣布与汉堡王品牌达成战略合作。双方将成立合资企业"汉堡王 中国"，开启汉堡王在中国市场的下一阶段增长。 这样的交易结构意味着CPE源峰将对汉堡王的中国业务有较高话语权。也有了CPE源峰董事总经理毛卫 在新闻稿里的表态："我们致力于让更多中国消费者品尝到汉堡王独具特色的火烤汉堡。" 3.5亿美元大额初始注资背后，是一家立足中国、拥有全球视野，兼具成长型投资与控股投资经验的中 国资产管理机构。 本次交易的另一方是餐饮品牌国际集团（Restaurant Brands International，RBI）。作为全球最大的快餐 服务集团之一，RBI全年系统销售额超过45 ...

Core Viewpoint - The company, Xibei, is undergoing a dynamic adjustment of its store operations, closing several locations while planning to open new ones by the end of 2025, indicating a strategic response to market conditions and consumer feedback [1][3]. Group 1: Store Operations - Since October, Xibei has closed multiple stores across various cities, including Xi'an, Shantou, and Shenzhen, as part of its normal operational adjustments [1]. - As of November 11, Xibei's total number of stores has decreased to 354 from nearly 400 at the beginning of the year, with the highest concentrations in Beijing and Shanghai [3]. - Xibei plans to open 8 new stores in cities such as Shenzhen, Nanjing, and Beijing by December 31, 2025 [3]. Group 2: Consumer Response and Marketing Strategies - Following public criticism regarding its food preparation methods, Xibei has taken steps to improve transparency by allowing kitchen tours and has apologized for any concerns raised [3]. - To attract customers, Xibei has been issuing vouchers and reported that some locations experienced wait times of 15-30 minutes during lunch hours in late October, although recent reports indicate that many locations now have no wait times [5][9].

大汉控股集团、中控技术股份、陶然居饮食文化集团、软通动力信息技术、黑湖网络科技等企业负责人 参加座谈会。国家发展改革委秘书长袁达，规划司、综合司、民营局、产业司主要负责同志参会。 编辑 毛天宇 参会企业谈到，近年来我国服务业快速发展，市场规模持续壮大，新模式新业态不断涌现，为企业高质 量发展提供了广阔空间；未来服务业市场需求巨大，企业正在努力推进本领域服务专业化、精细化发 展，有信心更好服务各类生产活动、更好满足人民群众生活需求。建议国家在编制"十五五"规划《纲 要》时，进一步深化体制机制改革，完善社保、税收等政策支持体系，创新监管方式，强化服务业发展 要素保障，帮助企业实现更好发展。 郑栅洁主任表示，服务业是国民经济的重要组成部分，服务业发展水平是衡量一个国家经济发展程度的 重要标志。我国服务业具有巨大的扩容和提质空间，党的二十届四中全会对促进服务业优质高效发展作 出重要部署。面对复杂多变的市场形势，希望企业坚定发展信心，挖掘潜在商机，把握发展机遇，推进 生产性服务业向专业化和价值链高端延伸，促进生活性服务业高品质、多样性、便利化发展。对企业提 出的好的意见建议，将在"十五五"规划《纲要》编制工作予以吸收采 ...

来源：环球网 括涂驯、汕头、义与寺吧门店团店,习周于 正常调整范畴。 【环球网消费综合报道】11月11日消息，针对近期网络上关于"西贝闭店潮"的报道，西贝今日发布官方 声明称，部分门店闭店情况属于正常动态调整，年内还将新开8家门店。 西贝官方表示，在近期仍有新店正常开业，其中包括西贝哈尔滨哈西万达店和西贝济南西城龙湖店。而 年内计划开业的8家新门店也已确定，分别位于深圳、南京、长沙、北京、廊坊、西安等城市，具体为 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、西贝廊坊万达店以及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。 为应对风波，西贝宣布开启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"。 据了解，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。 西贝的一系列积极行动正逐步挽回顾客对西贝的信任。但多数业内专家也认为品牌信誉的修复仍需保 ...

Core Insights - The meeting focused on gathering opinions and suggestions from private enterprises regarding the development of the service industry during the "14th Five-Year Plan" period [1][2] - The service industry is recognized as a crucial component of the national economy, with significant potential for expansion and quality improvement [2] Group 1: Service Industry Development - The service industry in China has experienced rapid growth, with an expanding market size and the emergence of new models and formats, providing ample space for high-quality development [1] - There is a strong future demand for services, with enterprises aiming to enhance specialization and refinement in their service offerings to better meet production activities and public needs [1][2] - The government is encouraged to deepen institutional reforms and improve policy support systems, including social security and tax policies, to facilitate better development for enterprises [1] Group 2: Government Initiatives and Support - The Director of the National Development and Reform Commission emphasized the importance of the service industry as a measure of economic development and highlighted the need for enterprises to maintain confidence and seize opportunities [2] - The government plans to incorporate valuable suggestions from enterprises into the "14th Five-Year Plan" outline, aiming to create better conditions and environments for business development [2] - There will be a focus on integrating modern services with advanced manufacturing and modern agriculture to enhance quality, reduce costs, and promote efficient development in the service sector [2]

饮料市场步入收缩区间。 尼尔森IQ披露数据显示，在9月，饮料市场全渠道销售同比下滑9%，其中线下渠道销售同比下滑 10.4%。 巨头业绩也能证明这一点。 统一企业中国财报公告显示，三季度，该公司整体收入同比基本持平。其中，饮料业务三季度收入同比 下滑低个位数；同期，食品业务收入同比增长中低个位数，茄皇、老坛酸菜、满汉大餐等表现亮眼，五 元以上产品营收占比创新高；其他业务收入同比增长约100%。 在业绩会上，统一企业中国解释，饮料业务在三季度收入同比下滑低个位数，主要受到外卖平台价格战 及行业竞争等影响。具体来看，阿萨姆表现稳定，果汁品类压力较大，海之言等品类虽遇一定挑战但整 体表现可控，焕神、双萃等实现收入双位数增长。 事实上，不仅饮料，乳业市场也在遭受冲击。 在9月的伊利业绩会上，该公司就提到，现制茶饮对液态奶产品形成了替代。"从量的方面来看，整体液 态奶的需求量还是相对平稳的，面临压力的主要是包装类液态奶。包装类液态奶的下滑，则是由于一些 现制茶饮，或其他一些统计不到的液态奶产品的替代。"伊利称。 更要看到，此种局势已经影响上游生产。 据国家统计局数据，我国饮料产量三季度表现较上半年表现呈现明显走弱趋势。 ...

天眼查App显示，近日，于都县漠双面包店（个体工商户）成立，法定代表人为丁正，注册资本10万人 民币，经营范围为许可项目：餐饮服务，小餐饮、小食杂、食品小作坊经营，食品销售（依法须经批准 的项目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批 准文件或许可证件为准）一般项目：食品销售（仅销售预包装食品）（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）。 ...