"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 ...

包括上海、苏州、厦门、福州、广州、深圳、东莞、杭州、北京、青岛等。 郑天骋认为，台胞证"随到随办"口岸扩容，除了利好新增口岸所在城市外，最大受益者将是上海、苏 州、厦门、福州、广州、深圳、东莞和杭州等南方城市。这些都是台资企业分布较多的城市，上海还是 11月5日，国务院台湾事务办公室在北京举行例行新闻发布会 新华社图 台湾同胞初次来大陆爱去的"新手村"。其次是北京、青岛等北方城市，它们凭借丰富的文旅资源吸引台 湾同胞。 发言人表示，根据政策，如果台湾同胞没有提前办理台胞证，想来一次"说走就走的旅行"，只要带上自 己的台湾地区出入境证件和身份证，就可以从世界各地乘坐飞机、轮船直抵大陆，在入境口岸提交办证 申请，30分钟内即可拿到一张一次入出境有效台胞证。 "凭借这张证件，就可以在大陆游玩3个月。如果觉得3个月还不够，可以顺便在大陆任意县级以上出入 境管理部门申办一张5年有效期的卡式台胞证。"发言人说，台湾同胞也可通过台湾当地旅行社代办卡式 台胞证，持证台湾同胞可在证件有效期内随时来往大陆。对于从未来过大陆的"首来族"，不仅办证免 费，还有上千个景区可以免门票游览。 综合开发研究院（中国·深圳）企业与市场研究中心 ...

Market Overview - US stock index futures showed mixed movements with Dow futures up by 0.04%, S&P 500 futures down by 0.14%, and Nasdaq futures down by 0.24% [1] - European indices also displayed varied performance, with Germany's DAX down by 0.37%, UK's FTSE 100 up by 0.04%, and France's CAC 40 down by 0.05% [2][3] - WTI crude oil prices fell by 0.31% to $60.37 per barrel, while Brent crude oil decreased by 0.20% to $64.31 per barrel [3][4] Economic Data and Events - The upcoming ADP employment data is expected to show an increase of 28,000 jobs in October, a significant reversal from the previous month's loss of 32,000 jobs [5] - The US government shutdown is set to break the record for the longest duration, impacting economic data releases and potentially leading to increased pressure on lawmakers to reach a compromise [5] Company Earnings and Forecasts - AMD reported a 36% year-over-year revenue increase to $9.25 billion, exceeding market expectations, but the outlook for Q4 revenue of $9.3 to $9.9 billion was met with some disappointment [8][9] - Super Micro Computer's Q1 revenue fell to $5.02 billion, below analyst expectations, marking the sixth consecutive quarter of underperformance [9] - Pinterest's Q3 revenue was $1.05 billion, meeting expectations, but the Q4 guidance fell short of analyst predictions, leading to a pre-market drop of over 18% [10] - Toyota's Q2 operating profit declined by 27% year-over-year, but the company raised its full-year profit and sales guidance despite the drop [11] - Novo Nordisk's Q3 sales increased by 11% year-over-year, with a strong performance in diabetes and weight loss medications, and the company updated its sales growth forecast for 2025 [12] - Rivian's Q3 revenue reached $1.56 billion, a 78% increase year-over-year, with a positive gross margin reported for the second consecutive quarter [13] - Arista Networks achieved Q3 revenue of $2.31 billion, a 27% increase, and provided a positive outlook for Q4 revenue [14] - Astera Labs reported a 104% year-over-year revenue increase in Q3, but the Q4 earnings guidance was below market expectations [15] - Tempus AI's Q3 revenue grew by 84.7% year-over-year, but net losses widened, leading to a pre-market decline [16] - McDonald's Q3 same-store sales grew by 3.6%, exceeding expectations, although adjusted EPS fell short of forecasts [17] Upcoming Earnings Announcements - Notable earnings announcements expected include Qualcomm, Arm, Robinhood, and DoorDash [17][18]

Core Viewpoint - The article emphasizes that in October, various demand indicators such as exports and real estate may decline due to base effects and policy adjustments, while focusing on the recovery of consumption below the limit. The "14th Five-Year Plan" is expected to provide ongoing growth momentum through increased investment in public welfare and basic livelihood projects [2][3]. Group 1: Economic Indicators - In September, consumption related to holidays performed poorly due to the overlap of the Mid-Autumn Festival and National Day, but October is expected to see a rebound in growth driven by these holidays [2]. - The average growth rate of consumption below the limit (excluding catering) is projected to improve from 2.7% in 2023 to 3.55% in 2024, and further to 4.24% in the first three quarters of 2025. The year-on-year growth rate for September was 3.77%, with an expected rise to around 5% in October [2][3]. - In 2019, the growth rate of consumption below the limit (excluding catering) was 10.6%, indicating significant room for recovery. In 2024, 52.2% of social retail sales will come from this category, making its recovery crucial for overall retail performance [2][3]. Group 2: Price Trends - CPI is expected to show a narrowing year-on-year decline, with a forecast of around -0.1% for October. PPI is projected to decline slightly to around -2.4% year-on-year [5][14]. - Food prices are expected to decrease, with pork prices down 8.1% and egg prices down 7.5%. Conversely, vegetable prices are expected to rise by 3.4% due to seasonal factors [14][15]. Group 3: Production and Trade - Industrial production growth is anticipated to slow to around 5.5% in October, influenced by seasonal effects and weakening high-frequency indicators [16]. - Export growth is expected to decline to around 3.5% year-on-year in October due to high base effects from the previous year, while imports are projected to grow by 1% [18][19]. Group 4: Investment and Real Estate - Fixed asset investment growth is expected to decline to around -0.8% for the first ten months of the year, with real estate investment down 14.5% [20]. - Real estate sales area growth is projected to be around -15% in October, with significant declines noted in major cities [21]. Group 5: Retail Sales - Social retail sales growth is expected to be around 3.0% in October, with consumption below the limit projected to grow by 5% [22]. - The automotive sector is expected to see a decline in retail growth, while catering and consumption below the limit are anticipated to recover due to holiday effects [22]. Group 6: Financial Indicators - New social financing is expected to reach 1.1 trillion, a decrease of 200 billion from the previous year, with a stock growth rate of around 8.6% [23]. - M2 is projected to remain stable at around 8.4% year-on-year, while new M1 is expected to be around 6% [23][24].

麦当劳公告，第三季度营收70.78亿美元，同比增长3%；净利润22.78亿美元，同比增长1%。 （文章来源：第一财经） ...

Core Insights - McDonald's reported Q3 2025 revenue of $7.08 billion, slightly below market expectations of $7.095 billion, but up from $6.87 billion in the same period last year [1] - Global same-store sales increased by 3.6%, surpassing market estimates of 3.55% [1] - Net profit reached $2.28 billion, with earnings per share (EPS) of $3.18; adjusted EPS was $3.22, below the forecast of $3.32 [1] Financial Performance - Revenue: $7.08 billion, compared to $6.87 billion year-over-year [1] - Net Profit: $2.28 billion [1] - Earnings Per Share: $3.18 (adjusted EPS $3.22) [1] Market Reaction - Following the earnings report, McDonald's shares fell over 1% in pre-market trading [1]

Core Insights - Yum China is accelerating its expansion in the highly competitive restaurant market, with Q3 total revenue reaching $3.2 billion, a 4% year-on-year increase, and operating profit growing 8% to $400 million [1] - Despite the revenue growth, net profit declined by 5% year-on-year due to an $800,000 negative impact from an investment in Meituan [1] Store Expansion - The rapid revenue growth is primarily driven by an aggressive expansion strategy, with a net addition of 536 stores in Q3, bringing the total to 17,514 stores in China [1] - KFC added 402 new stores, marking a historical high for Q3, while the expansion of K Coffee exceeded previous guidance, reaching 1,800 stores by the end of Q3 [1] - The K Coffee model operates alongside KFC in a store-in-store format, significantly reducing site selection challenges and initial capital investment [1] Membership and Brand Growth - A significant portion of active members have yet to try K Coffee and KPRO, indicating substantial growth potential within the existing membership base [2] - Pizza Hut also saw record net additions of 158 stores in Q3, with the WOW store model expanding to 250 locations, entering 40 new cities [2] - Yum China anticipates double-digit year-on-year growth for Pizza Hut's store count [2] Pricing Strategy - The fast-food market is currently driven by value, with KFC's OK meal and Pizza Hut's entry-level pizzas achieving double-digit sales growth [3] - Yum China has implemented a differentiated pricing strategy, maintaining stable prices for KFC while strategically lowering prices for Pizza Hut to adapt to market changes [3] Operational Efficiency - Despite a long-standing market skepticism regarding its "price for volume" strategy, Yum China has seen same-store transaction volume grow for 11 consecutive quarters, with same-store sales returning to growth in Q2 [4] - The company is focusing on product innovation to enhance quality and efficiency without significantly increasing supply chain costs, utilizing existing ingredients for new product combinations [5] Profit Margins - In Q3, KFC and Pizza Hut achieved restaurant profit margins of 18.5% and 13.4%, respectively, with year-on-year increases of 20 and 60 basis points [7] - The rapid growth of the delivery business is impacting operational efficiency structurally [7] Delivery Sales Growth - Delivery sales increased by 32% year-on-year, with its share of total restaurant revenue rising from 40% to 51% [8] - Despite increased promotional activities on delivery platforms, the company maintains a balanced strategy of growth and profitability, expecting subsidy levels to normalize in the long term [8]

天眼查App显示，近日，成都市金牛区慕茗来饮品店（个体工商户）成立，法定代表人为向治豪，注册 资本5万人民币，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：食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；玩具销售；日用木制品 销售；日用玻璃制品销售；日用品销售；外卖递送服务；工艺美术品及收藏品零售（象牙及其制品除 外）；餐饮管理；美发饰品销售；化妆品零售；日用口罩（非医用）销售；日用化学产品销售；家用电 器销售；文具用品零售；礼品花卉销售；体育用品及器材零售。（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）。 ...

天眼查App显示，近日，成都市龙泉驿区永无岛甜品店（个体工商户）成立，法定代表人为刘亚茜，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）；食品销售；食品互 联网销售；道路货物运输（不含危险货物）；生鲜乳道路运输。（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；食品添加剂销售；食品用塑料包装容器工具制品销售；农副食品加工专用设备销售；农副产品销 售；新鲜水果零售；保健食品（预包装）销售；食品销售（仅销售预包装食品）；食品互联网销售（仅 销售预包装食品）；互联网销售（除销售需要许可的商品）。（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）。 ...

Core Viewpoint - Zhanjiang City is launching a "Winter Tour Zhanjiang Enjoy Exciting" consumption season from November to the first quarter of next year, aiming to stimulate consumer spending and enhance the shopping experience for both locals and tourists [1][3]. Group 1: Consumption Policies and Measures - Zhanjiang has implemented measures to optimize the consumption environment, resulting in a retail sales total of 118.475 billion yuan, a year-on-year increase of 3.3%, which is 0.5 percentage points higher than the provincial average [3]. - The new consumption subsidy program includes a wide range of products such as automobiles, home appliances, local specialty products, electronic products, and sports goods, with a focus on accessibility and low thresholds for consumers [6][9]. - The new subsidy program is distinct from the 2025 old-for-new consumption subsidy, with different time frames and funding sources, and the two cannot be combined [6][9]. Group 2: Event Highlights and Themes - The consumption season will feature four main themes: "Warm Winter Fun Tour Zhanjiang," "Trendy Youth Vitality Zhanjiang," "Delicious Food Zhanjiang," and "Affordable Shopping Zhanjiang," leveraging the upcoming opening of the Guangzhan High-speed Railway and the 15th National Games [12]. - Three major events will take place during the consumption season: a sports-themed event in November-December, a winter study tour in January-February, and a unique coastal Spring Festival experience in February-March [12]. Group 3: Financial Support and Consumer Experience - Financial institutions are encouraged to provide credit support for service consumption sectors, with preferential interest rates for eligible consumers [14]. - Market regulation departments will enhance consumer protection measures, ensuring quality and integrity in business practices while facilitating consumer complaints [16]. - Various promotional activities, including dining vouchers and themed shopping events, will be launched to stimulate consumer interest and spending [17][18].