马烨雯表示："我们在审查案件的过程中发现，涉案人员中，从区域经理到店长，再到门店员工， 都有通过自己抢购消费券，再到从二手平台购买消费券的方式，在自己的门店凑够相应的消费金额后虚 假下单的行为。这使得这些消费券并没有真正进入消费交易的领域，只是为了套现，原本应该促进消费 的这些款项最终流入个人口袋里。" 根据正常的消费券使用流程，消费者在店内用餐后结账，用POS机扫描其付款码即可自动抵扣。而 虚假核销，则是先虚构一笔"客户用餐订单"，再由店长、主管或前台通知后厨不出餐，直接使用消费券 结账，也就是说，餐饮店在不承担运营成本的前提下"空手套白狼"拿到了政府补贴。消费券被使用次 日，涉案财务人员从公司账户中转出这笔钱，再由店长分发给使用消费券的员工，通过这一操作方式， 除去自行垫付的消费款项，每人每单可获利125元至150元不等。 9月，上海市静安区人民法院以诈骗罪判处被告人许某等有期徒刑三年至二年不等，适用缓刑，并 处罚金；在法院审理期间，4名被告人均已全额退赔赃款。上海市静安区人民检察院第一检察部检察官 马烨雯进一步解释，本案中，被告人的行为完全符合诈骗罪的构成要件，侵犯的是国家财产所有权。 央广网北京11月 ...

Group 1: Market Overview - The market experienced a rebound with all three major indices closing in the green, with the Shanghai Composite Index up 0.23%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.87 trillion yuan, a decrease of 45.3 billion yuan compared to the previous trading day [1] Group 2: Medical Device Sector - CITIC Securities believes that the medical device sector is at a turning point, with both valuation and performance undergoing recovery [2] - The upcoming flu season in Q4 presents opportunities in respiratory testing-related businesses, and online sales trends for home medical devices during "Double 11" should be monitored [2] - There are expected performance and valuation recovery opportunities for companies projected to improve by 2026, with several leading firms in the medical device sector anticipated to experience accelerated growth [2] - Long-term investment opportunities in the medical device industry stem from innovation, international expansion, and mergers and acquisitions, with a focus on innovative device sectors and technologies such as brain-computer interfaces and surgical robots [2] Group 3: Renewable Energy Sector - Guojin Securities confirms that the bottoming out of the renewable energy sector is evident, with a recovery in the photovoltaic and energy storage sectors, and a 9.7 GW increase in new installations in September [3] - The hydrogen energy sector is also showing signs of recovery, with Bloom achieving profitability in Q3 and significant cost reductions in SOFC [3] - The electricity grid sector is benefiting from government initiatives to enhance energy channels and accelerate smart grid construction, with a reported revenue of 93.6 billion yuan and a net profit of 8.2 billion yuan in Q3, reflecting year-on-year growth of 10% and 15% respectively [3] Group 4: Catering and Tourism Sector - CICC anticipates a stabilization in the social service industry in 2025 after experiencing price pressures and declines in same-store sales in 2024, with signs of bottoming out [4] - The focus for 2026 should be on the recovery of domestic demand and policy expansion, particularly for comprehensive leading companies with strong growth potential [4] - In the catering sector, attention should be paid to high-quality brands that are expected to achieve stable performance growth despite competitive pressures [4] - The hotel industry is expected to see a rebalancing of supply and demand, with a potential turning point for RevPAR contingent on the recovery of business demand [4]

天眼查App显示，近日，任丘市忍冬饮品店（个体工商户）成立，法定代表人为梁冠恕，注册资本1万 人民币，经营范围为许可项目：餐饮服务（不产生油烟、异味、废气）（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：食品 互联网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）；外卖递送服务（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）。 ...

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the social services industry is expected to stabilize and bottom out in 2025 after experiencing price pressures and same-store sales declines in 2024, with a gradual easing of price wars and a potential recovery in same-store sales [1] Industry Summary - The social services industry is projected to see a recovery in 2026, driven by domestic demand recovery and policy expansion, with a focus on companies with strong internal growth capabilities and high-growth segment leaders [1] - The restaurant sector, particularly beverages, will face challenges in 2026 due to high base effects and competitive landscape disruptions, but leading brands are expected to achieve stable performance and gradually replace smaller chains [1] - The fast food segment shows resilience, while the full-service restaurant brands will experience ongoing differentiation in same-store sales [1] - The hotel industry is anticipated to rebalance supply and demand, with a slowdown in supply growth expected despite positive growth, as RevPAR (Revenue Per Available Room) continues to decline for two years [1] - The recovery of business demand is crucial for RevPAR to turn positive, with high-quality leading brands likely to expand market share even during industry downturns [1] - The labor service sector exhibits strong cyclical attributes, with a long-term trend of increasing flexible employment penetration [1] - Duty-free sales are at a low point, with attention on the marginal changes brought by the Hainan closure and the expansion of local channels [1] - The tourism sector faces price pressures and cost inputs that may weaken performance stability, with a focus on the development of scenic projects and improvements in transportation as potential catalysts [1]

点击小程序查看报告原文 Abstract 摘要 2025年社服行业在经历了24年普遍的价格压力和同店下滑后，呈现出一定的企稳和筑底迹象（价格战趋缓、同店企稳转正或降幅收窄）。展望 2026，我们建议静待内需复苏和政策扩容带来量价拐点，优先看好具备自身增长动能的强内功综合性龙头和高成长性细分龙头，其次建议关注 顺周期属性较强、有望迎来拐点、潜在弹性较大的行业及公司。 服务连锁正当其时，分化中寻找穿越周期的胜者。 在服务消费占比提升、支撑连锁业态发展的基础设施日渐完备的背景下，未来看好更多优 质品牌涌现和壮大，而且外卖平台竞争、社保新规、预制菜话题关注等外部因素亦能从中长期优化供给竞争格局、利好优质头部企业，餐饮和 酒店是相对最容易孕育大公司的赛道。面对品牌之间分化和潮流生命周期困局的挑战，有望胜出和穿越周期的企业往往满足：1）切中了消费 者的质价比或情绪价值诉求；2）具备产品、运营、品牌、组织迭代的综合实力；3）能够捕获持续成长的驱动力（如产品店型模式创新、向下 向上扩容、出海与全球化、新业态等）。 静待餐饮文旅政策扩容带来需求回暖和量价拐点，继续看好强内功综合性龙头和高成长性细分龙头。餐饮 中饮品26年需关注 ...

天眼查App显示，近日，开发区茜上茶颜饮品店（个体工商户）成立，法定代表人为张燕燕，注册资本 1万人民币，经营范围为一般项目：外卖递送服务；食品销售（仅销售预包装食品）；日用百货销售； 日用品销售；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）许可 项目：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）。 ...

10月31日至11月2日，第八届世界川菜大会在四川乐山市举办。大会的126个特色展位，让川味小吃、非 遗美食、中华名吃等近600种美味齐聚。 作为中国八大菜系之一，川菜在坚守中传承文化根脉、在发展中融合时代之美。世界川菜烹饪技能大赛 现场，乐山厨师李元智正制作传统小吃钵钵鸡。他说："雅安花椒麻味醇正，成都牧马山的二荆条辣椒 香气足，搭配炼出的红油，一闻就酥香扑鼻。" "因美食赴一座城"已成为文旅消费新潮流。据乐山市商务局统计，2024年乐山餐饮收入超110亿元，接 待游客突破1亿人次。 百年川菜的绵长滋味，解码出美食带动文旅的共性逻辑——当传统滋味化身文化向导，市井烟火成为旅 行目的地，美食的故事，便写下充满产业活力与文化魅力的新篇。 （据新华社电） 《 人民日报 》（ 2025年11月06日 07 版） (责编：岳弘彬、牛镛) ...

Core Insights - Yum China reported a 4% year-over-year increase in system sales for Q3 FY2025, driven by a 4% net new store contribution and a 1% same-store sales growth [1] - Total revenue increased by 4% to $3.2 billion, with operating profit rising by 8% to $400 million, resulting in an operating margin of 12.5% [1] - The company added 536 net new stores in Q3, bringing the total to 17,514 stores by the end of September [1] Financial Performance - System sales for KFC grew by 5% year-over-year, with same-store sales up by 2% and same-store transaction volume increasing by 3% [2] - KFC's operating profit margin was 18.5%, a 20 basis point increase, attributed to operational efficiencies and favorable raw material prices [2] - Pizza Hut's system sales increased by 4%, with same-store sales up by 1% and same-store transaction volume rising by 17% [2] Digital and Delivery Growth - Delivery sales for Yum China grew by 32%, accounting for approximately 51% of restaurant revenue [1] - Digital order revenue reached $2.8 billion, representing 95% of restaurant revenue [1] - KFC and Pizza Hut's combined membership reached approximately 575 million, a 13% year-over-year increase, with membership sales accounting for 57% of system sales [1] Store Expansion - KFC achieved a record net new store addition of 402 in Q3, with a total of 12,640 stores by the end of September [2] - Pizza Hut also set a record with 158 net new stores in Q3, totaling 4,022 stores [2] - The company is focusing on expanding its WOW stores, which have reached 250 locations, targeting lower-tier cities [3] Strategic Initiatives - The CEO highlighted the historical pace of store openings for KFC and accelerated expansion for Pizza Hut, emphasizing a flexible store model and franchise strategy [4] - The company is enhancing efficiency through resource sharing and integration across stores and regions [4] - New product offerings, such as KFC's whole chicken and Pizza Hut's pizza burger, are showing strong sales growth [3]

美国消费者债务违约情况正在恶化。 周三，美国纽约联储发布的《家庭债务和信贷季度报告》显示，第三季度家庭总债务增加了1970亿美 元，达到18.59万亿美元。 7月至9月期间，逾期30天以上的债务占比达4.5%，为2020年第一季度以来的最高水平。其中，学生贷 款逾期率攀升至14.4%，创历史新高。 违约率的攀升反映出美国家庭尤其是年轻群体面临的财务压力，严重违约的情况在20岁和30岁年龄段消 费者中最为突出。 这一趋势印证了高利率、疲弱就业市场和持续通胀对美国家庭的影响。星巴克、塔吉特和亚马逊等大型 企业近期相继宣布裁员，密歇根大学和世界大型企业联合会的消费者信心指标近几个月也转为下滑。 25-35岁人群"捂紧钱包" 华尔街见闻此前提及，高盛消费品专家Scott Feiler发文称，市场对消费者健康状况的讨论正在发生转 变。 房贷市场保持韧性 报告中也出现了一些积极信号。 作为消费者债务最大组成部分的房屋抵押贷款，其逾期比例仍保持在较低水平。 纽约联储经济研究顾问Donghoon Lee在新闻稿中表示： 家庭债务余额以温和速度增长，违约率正在企稳。相对较低的房贷违约率反映了住房市场的 韧性，这得益于充足的房屋 ...

证券时报记者吴瞬 2025年以来，香港IPO市场持续高歌猛进，而在近期港股IPO规模已达到2164.74亿港元。这是自2021年 的高峰后，时隔4年香港IPO再次突破2000亿港元。同时，2025年后续2个月仍有大量公司等待上市，香 港IPO正不断逼近2019年至2021年间所创下的3000亿港元巅峰。 本轮香港IPO热潮超出了绝大多数业内人士的预期。多位接受证券时报记者采访的人士认为，香港IPO 的热潮在未来仍将持续。 2025年以来的港股IPO市场一扫颓势，不仅IPO总额重登全球榜首，且热闹非凡：宁德时代、恒瑞医药 等大型IPO一个接一个，小而美的科技类、生物类IPO接连不断，蜜雪集团、沪上阿姨等新消费公司批 量上市。 在大型IPO方面，加上11月5日在港上市的赛力斯，今年以来港股市场一共出现了8家百亿港元级的 IPO。其中，宁德时代募资更是达到410亿港元，也是截至目前今年全球最大的IPO。 打新市场同样火爆，今年港股IPO在打新方面接连诞生了港股史上的"冻资王"和"超购王"。其中，蜜雪 集团认购金额达到1.77万亿港元，超过2021年快手上市前1.26万亿港元的认购规模，创下港股市场新股 认购的新纪录 ...