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 ...

11月5日下午 佛山市"悦购佛山 乐游暖冬" 消费季新闻发布会 在市新闻发布厅举行 会上介绍消费季的有关情况 图/佛山新闻网 吴昔芳 从2025年11月至2026年3月，佛山将在全市开展"悦购佛山 乐游暖冬"消费季活动，旨在持续聚人气、活市场、促消费。本次活动整合市、区资源，政银企 协同，精心策划、同步推出 "四大主题、五大品牌、六大优惠"超600场次活动，全力打造一场"全民参与、全域联动、全季精彩"的消费盛会，活动内容丰 富、形式多样、精彩纷呈。 "四大主题活动"聚人气 一是"跟着全运游佛山"。 推出"跟着赛事去旅行""全运+精品赛事""跟着冠军去打卡"三大类子活动，通过体育盛事带动全民狂欢。 二是"迎峰会游佛山"。 推出"发现精彩佛山"入境游、"聚惠佛山"入境购、"越夜越精彩"夜经济三大类子活动，打造"湾区周末，佛山有约"微度假品牌，联动顺德欢乐海岸PLUS、 佛山创意产业园、岭南天地等国家级夜间文旅消费集聚区，推动湾区活力全球绽放。 三是"寒假游学到佛山"。 推出"红色足迹"革命文化游、"岭南文脉"传统文化游、"科创佛山"科技工业游三大类研学活动，重点推介"世界美食之都顺德美食之旅""龙游记·南海非遗 ...

麦当劳(MCD.US)涨3.2%，报308.78美元。消息面上，麦当劳第三季度营收同比增长3%至70.8亿美元， 略低于市场预期的71亿美元；调整后净利润为23.1亿美元，基本持平于去年同期。全球同店销售增长 3.6%，略高于预期的3.55%增幅。其中，美国市场同店销售增长2.4%，超预期，主要得益于顾客单次消 费金额的提升。(格隆汇) ...

Investment Rating - The report maintains an "Outperform" rating for Yum China Holdings [2][13] Core Insights - The company's 3Q25 performance met expectations, with revenue of USD 3.206 billion, a year-on-year increase of 4%, and adjusted net profit of USD 282 million, a year-on-year decrease of 5% [3][12] - Same-store sales continued to show positive growth, with overall sales increasing by 4%, and KFC and Pizza Hut sales growing by 5% and 4% respectively [3][4] - The company plans to expand its store network significantly, with a target of adding 1,600 to 1,800 new stores in 2025, supported by franchise strategies [4][5] Financial Performance Summary - For the first three quarters of 2025, total revenue reached USD 8.974 billion, a 3% increase year-on-year, while adjusted net profit was USD 789 million, down 1% [3][12] - The company reported a gross profit margin of 68.2% for 2025, with expectations of gradual improvement in the coming years [7][13] - The forecast for revenue from 2025 to 2027 is USD 11.63 billion, USD 12.16 billion, and USD 12.76 billion respectively, with year-on-year growth rates of 2.9%, 4.6%, and 4.9% [7][13] Store Expansion and Franchise Strategy - As of 3Q25, Yum China had a total of 17,514 restaurants, with a net increase of 536 stores in the third quarter alone [4] - The company aims for franchise stores to account for 40%-50% of new KFC stores and 20%-30% of new Pizza Hut stores [4][5] - The restaurant profit margin improved to 17.3%, driven by reductions in food and packaging costs, as well as lower rental and operational expenses [4][7] New Business Developments - The membership base for KFC and Pizza Hut reached approximately 575 million, with member sales accounting for 57% of total sales [5] - Digital orders contributed USD 2.8 billion, representing 95% of restaurant revenue [5] - The new coffee brand, KFC Coffee, has exceeded expectations with over 1,800 locations and significant sales growth [5] Shareholder Returns - In 3Q25, the company returned USD 410 million to shareholders, with USD 330 million in stock buybacks and USD 90 million in cash dividends [5] - The company is on track to meet its goal of returning USD 1.5 billion to shareholders by the end of 2025 [5][7]

Core Insights - The consumer sector is lagging behind the overall stock market performance, with significant declines in major consumer companies' stock prices, highlighting the challenges faced by American households [1][2][3] Group 1: Consumer Sector Performance - Major consumer companies like Lululemon Athletica, Chipotle, and Deckers Outdoor have seen stock declines exceeding 45% this year [1] - Essential consumer goods companies such as Kraft Heinz, Hormel Foods, and Target have also experienced stock declines of at least 27% [1] - Excluding Amazon and Tesla from the S&P 500 consumer discretionary index shows that the index has remained flat in 2025, indicating the struggles of non-essential consumer companies [1] Group 2: Economic Challenges - The poor performance of consumer stocks reflects multiple pressures on American households, including layoffs, high tariffs on goods, and elevated mortgage rates affecting the real estate market [2] - Upcoming earnings reports from companies like McDonald's, DoorDash, and Wynn Resorts are anticipated to provide insights into the consumer sector's current dynamics [2] Group 3: Market Dynamics - The ongoing AI investment trend is overshadowing the difficulties faced by consumer stocks, with the S&P 500 index nearing historical highs and a 15% increase this year [3] - The market is exhibiting a "barbell" structure, where a few AI-related companies perform well while most stocks are dragged down by labor market concerns and household spending pressures [3][4] - Only 5% of stocks in the S&P 500 consumer staples sector have outperformed the market in the past six months, marking one of the lowest ratios in 50 years [4] Group 4: Employment and Layoffs - The focus has shifted from official labor market data to corporate layoff announcements due to the U.S. government shutdown, with significant layoffs announced by companies like UPS and Amazon [5][6] - Some analysts suggest that the current wave of layoffs could be beneficial for the stock market, potentially leading to a "no-employment boom" scenario that may prompt the Federal Reserve to adopt a more accommodative policy [6]

Core Insights - McDonald's reported Q3 2025 revenue of $7.078 billion, a 3% year-over-year increase, but below analyst expectations of $7.095 billion [1][2] - Operating income reached $3.357 billion, up 5% year-over-year, while net income was $2.278 billion, a 1% increase [1][2] - Adjusted diluted earnings per share were $3.22, falling short of the expected $3.32 [1] Revenue and Earnings Performance - Q3 2025 revenues were $7.078 billion compared to $6.873 billion in Q3 2024, reflecting a 3% increase [2] - Year-to-date revenues for the nine months ended September 30, 2025, were $19.876 billion, a 2% increase from $19.532 billion in 2024 [2] - Operating income for Q3 2025 was $3.357 billion, up from $3.188 billion in Q3 2024, marking a 5% increase [2] - Net income for Q3 2025 was $2.278 billion, slightly up from $2.255 billion in Q3 2024 [2] Same-Store Sales Growth - Global same-store sales increased by 3.6%, slightly exceeding analyst expectations of 3.55%, marking the second consecutive quarter of growth [2] - In the U.S., same-store sales grew by 2.4%, outperforming the expected 1.9%, attributed to an increase in customer spending per visit [2] - Strong performance was noted in international markets, particularly in Germany, Australia, and Japan [2] Strategic Initiatives - McDonald's has been actively launching promotional activities and value meals to reshape its brand image as an "affordable dining choice" [5] - Recent promotions included price reductions on select meals and a "$1 for one, buy one get one" offer on items like sausage biscuits and double cheeseburgers [5] - The CEO stated that the company is achieving sustainable growth in a challenging environment, indicating resilience compared to fast-casual dining chains [5]

"乐尝东莞"着力激活住宿餐饮消费，联合美团、抖音、饿了么、云闪付等平台开展秋冬美食促消费并发 放餐饮消费券，举办"食在东莞"乐购嘉年华、腊味大会、盆菜节等活动，结合"赛事+ 活动+ 消费"场景 为持票观众提供住宿立减、餐饮满减及免费茶饮等专属优惠。 "乐游东莞"围绕十五运会、迎APEC峰会、"请到广东过大年"三大主题推出10+N项文旅促消费活动，持 续打造"湾区周末IN东莞"品牌，发布"跟着十五运游东莞"精品路线，开设"赛事+观光"游览专线，推动 景区推出"赛事+景区"套餐产品，实现凭票享优惠。 南方财经记者程浩 东莞报道 11月5日，东莞正式启动以 "乐购东莞 潮起来！"为主题的跨年消费季活动，并召开新闻发布会。据悉， 该活动将从2025年11月持续至2026年3月，覆盖岁末年初消费旺季，围绕零售、餐饮、文旅、农业、文 化、体育六大领域推出"乐购""乐尝""乐游""乐耕""乐赏""乐竞"六大主题活动，预计带动超千家企业与 平台参与，通过"赛事引流—活动体验—消费转化"闭环模式，为大湾区经济注入新动能。 当前，消费是经济增长的重要引擎之一。本次"乐购东莞"跨年消费季将通过全链条活动设计，六大主题 活动构建起全 ...