特海国际 Super Hi International Holding (9658 HK) 点评报告：翻台率有所提升，多品牌计划稳步推进 Review Report: Table Turnover Rate Improves, and Diversified Brands Plan Advances Steadily 研究报告 Research Report 27 Nov 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 点评：外卖业务高速增长，多品牌计划稳步推进。3Q25 收入结构 上，①餐厅经营收入 2.0 亿美元，同比增长 ...

近日，湖北省襄阳市正式推出十大美食街区，涵盖历史传统与时尚潮流多元业态，集中展现了当地丰富独特的饮食文化与城市魅力。此次发布 旨在系统梳理并推广襄阳美食地标，进一步激发文旅消费潜力，服务城市高质量发展。 襄城区襄水街（虎头山夜市） 当夜幕降临，襄城区襄水街的烧烤摊主会施展"香气魔法"，这里是很多襄阳本地人夜晚觅食的地方，充满了烟火气，典型的城市大排档风格， 热闹、随意、价格亲民，成为文艺青年的"真香"现场。 襄城区六〇三文创园 襄城区六〇三文创园是文艺青年聚集地，由老工厂改造而成的文创园区充满了工业风和艺术气息，安静、文艺、小资，这里不全是美食，更适 合拍照、逛书店、看展，然后找一家有格调的餐厅或咖啡馆小坐。 樊城区风华路夜市 襄城区襄阳古城（北街、管家巷） 在襄城区襄阳古城，你可能上一秒还在拍汉服美照发朋友圈，下一秒就被红糖饼的香气勾走了魂——别挣扎了，减肥？明天再说！襄阳牛肉 面、红糖饼等各种小吃应有尽有。 襄城区闸口美食街区有小龙虾的N种美味做法，是夏季必打卡的美食圣地。来这里，必尝油焖大虾、蒜蓉龙虾、清蒸大虾，在这里，你的双手 会不受控制地剥虾，直到堆成小山才肯罢休。 樊城区东风路美食街区是樊城区的老 ...

餐馆里人头攒动。 远景路的御口福餐厅迎来了一波点单高峰。"今天很多食客一进门就直接询问有没有羊腩煲，点单率飙 升。"餐厅负责人表示，这种现象与小幅降温和小雪节气的关联度极高，"小雪吃羊"的氛围在广州餐饮 市场愈发浓厚。 为了应对这波消费需求，餐饮企业早有准备。御口福餐厅方面称，厨房多备了60%的羊腩和相关食 材，"备料消耗速度超出预期，我们完全能满足这波消费需求。" 耀华集团推出的葱油白贝鲜虾焖锁骨鱼、胡椒花胶煲猪肚等暖胃焖煲菜品，成了食客们的热门选 择。"入冬之后，顺德大盘鱼、焖煲类菜品销量环比增长三成。"耀华集团相关负责人马先生透露，"我 们增加了牛腩牛杂煲、焖鱼、支竹等秋冬食品的准备量，像大闸蟹焖鸡、焖鹅这类菜肴，入冬后点餐量 明显增加。" "全运热"积累高人气 微凉天气带旺火锅、煲类餐厅 十五运会闭幕后的第一个周末，恰逢小雪节气，双重因素叠加催生了广州餐饮市场的消费小高潮。赛事 带来的消费动能仍在持续释放，与节气饮食需求形成完美共振，对广州餐饮消费形成拉动效应，广州餐 饮市场迎来一波"暖消费"。11月22日，记者走访市场见到，城中各大餐馆食肆人头攒动，热腾腾的火 锅、滋补的养生餐品成为周末餐桌上的"主 ...

行 华福证券 行 业 定 期 报 告 海南离岛免税政策方面，本周财政部等国家部委研究制定并出台 《公告》，为激发海南消费市场潜能注入新动力、拓展新空间，核心 包括品类拓展等利好政策，关注四季度海南封关主线下中国中免等海 南免税运营商。旅游标的方面，2025 年前三季度，国内居民出游人次 49.98 亿，比上年同期增加 7.61 亿，同比增长 18.0%，旅游出行 beta 不断向好，建议关注四季度冰雪游旺季公司长白山、大连圣亚，以及 拥有收并购预期的头部公司祥源文旅、西域旅游等。 黄金珠宝：税收新政落地，长期有望推动行业合规发展。 黄金税收新政发布后，针对黄金首饰产品，从上海金交所采购标 准黄金的增值税进项税抵扣额从 13%下降至 6%，企业税负成本增加， 预计成本压力将传导至终端，导致首饰产品价格提升。我们估计价格 变动短期将影响终端克重产品销售，长期看民众对高金价逐步接受后 终端消费有望回补，且水贝等渠道销售有望向合规金店转移。建议关 注一口价产品占比高的老铺黄金，公司产品价格相对稳定，金价持续 上行受益；其他建议关注潮宏基、菜百股份。 餐饮：关注具备成长动能的细分赛道龙头。 餐饮板块分化延续，看好具备成 ...

今天分享的是：2025冬季消费趋势洞察报告-DT商业观察 报告共计：30页 2025冬季消费趋势洞察总结 随着全国降温与冰雪季来临，2025年冬季消费呈现出多元化、体验化的鲜明特征，冰雪旅游、室内休闲、冬日美食三大板块成为核心热点，消费者愈发 注重温暖体验、社交互动与情绪价值，推动相关消费场景持续升级。 冰雪旅游成为冬季出行核心选择，热度全面攀升。全国滑雪人次同比增长12.9%，人均滑雪次数创下新高，亲子家庭占滑雪场GMV比重达54%，00后等 新生世代增速迅猛。"南人北上"成为新趋势，武汉、上海、重庆等南方城市游客成为滑雪新势力，女性参与度也显著高于男性。冰雪旅游不再局限于滑 雪运动，"一站式滑雪+吃住玩"模式带动周边消费，冰雪酒店搜索量同比增长172%，客栈民宿订单量增长97%，东三省酒店民宿订单量提升63%。同 时，"家门口的雪乡"崛起，南北各地冰雪主题乐园、景区蓬勃发展，直播推荐成为重要引流渠道，订单量同比增长120%。 "精致猫冬"趋势凸显，室内休闲场景持续火热。消费者从"宅家"转向"出门宅"，休闲娱乐搜索量同比增长63%，成交GMV更是激增393%，游戏厅、电影 院、洗浴中心成为热门选择。洗浴中心 ...

2025 年轻人 o ITN ● UTF ● ● . 2 . . . . l ● 打冠 又到一年冬天，随着天气转冷， 有多少年轻人下班回家最大的心愿就是 「赶紧吃口热乎的! 」 没有什么比一顿火锅更能抚慰身心了， 理所当然，火锅就成了冬日居家必备仪式。 同样是热气腾腾的锅子， 吃火锅,你首选 ... ... ? 在家吃 | 去饭馆吃 在家吃 42.3% 去饭馆吃 57.7% 是什么让火锅区别于普通的涮菜麻辣烫, 让年轻人不惜麻烦, 也要准备一场热气腾腾的火锅局? 答案，或许就藏在「火锅搭子」里。 「火锅搭子」，可以是一起吃饭的人, 中三八月十六年站近日港北 ツリハルルムと以以凶川J 蘸料、配菜、酒饮、零食, 可以是居家火锅局时播放的 电影、综艺、音乐， 它们让火锅超越了「一顿饭」的范畴, 成为一种高幸福感、强仪式感的代名词。 为了探索年轻人心中必不可少的「火锅搭子」 , 「后浪研究所」发布了「火锅搭子小调查」， 回收问卷542份， 并结合美团闪购官方数据得出这份报告。 年轻人是如何组合不同的「火锅搭子」 , 为自己定制一份专属冬日幸福的? 请看他们的「火锅行为大赏」 — 居家火锅成风潮, 年轻人邀请「火锅搭子 ...

Core Viewpoint - The "warm economy" in Xi'an is thriving as temperatures drop, influencing various sectors from food to home appliances and experiential consumption [1][5][10] Group 1: Food and Beverage Sector - Traditional hot foods and new-style hot drinks are gaining popularity, with significant increases in customer traffic at local eateries [3][5] - Data from Meituan shows that the search volume for "hot pot" and "shabu-shabu" in Xi'an has surged by 438.6% and 322.4% respectively compared to the same period last year [5] - Sales of hot pot-related dishes have increased by 360.99%, while shabu-shabu dishes have seen a rise of 423.82% year-on-year [5] Group 2: Home Appliances - Energy-efficient heating appliances, such as electric heaters and smart electric blankets, are becoming popular, supported by government subsidies [7][9] - The sales of home warming products, including plush bedding and hand warmers, have seen a notable increase in recent weeks [7] Group 3: Experiential Consumption - The demand for wellness experiences, such as hot spring hotels, has risen, with a 32% increase in searches for these accommodations in Xi'an [10] - The trend indicates a shift from basic heating needs to emotional and experiential satisfaction, reflecting a broader consumer preference for comfort and social experiences [10][12] - The growth in experiential consumption is expected to be sustained as consumers continue to seek emotional comfort and spiritual fulfillment [12] Group 4: Policy Support - The Xi'an Municipal Bureau of Commerce has implemented a subsidy program for green appliances, enhancing consumer enthusiasm for energy-efficient products [9] - This policy allows consumers to receive discounts of up to 15% or a maximum of 2000 yuan on eligible purchases, stimulating the market for energy-saving home appliances [9]

在活动现场，来自俄罗斯的诺娃告诉记者，她随丈夫来到沈阳后，第一顿饭便爱上了这里的火锅，"人均几十块能吃到丰富的菜品，平价又优质，很难让人 拒绝。" 沈阳一家提供餐饮培训服务的公司负责人表示："优质火锅品牌扎根沈阳，与和平区优质的营商环境和餐饮生态相互成就，为区域增添了一张热气腾腾的餐 饮消费名片。" 本报记者 陶阳 文 赵敬东 摄 （来源：辽宁日报） 转自：辽宁日报 11月14日，沈阳市和平区太原街万达广场门前锅气升腾，沈阳一家餐饮连锁品牌企业举办"最大规模的中国火锅品鉴"挑战活动，打造餐饮消费新名片。 近年来，沈阳市和平区聚焦餐饮业全产业链发展，强化"文旅+"的拉动力、聚合力和提升力，不断培育餐饮消费热点、创新餐饮消费场景，为餐饮行业发展 营造良好市场氛围。 ...

Core Insights - The event "Largest Scale Chinese Hot Pot Tasting Challenge" was organized by local company Xiong Miao Lai with support from the Shenyang government, enhancing the dining consumption landscape in Heping District [1][3] - The hot pot industry is a traditional strength of Heping District, which has focused on developing the entire dining industry chain and creating innovative consumption scenarios [1] Company Highlights - Xiong Miao Lai, a brand that has grown in Shenyang, celebrated its 10th anniversary during the event and has opened over 400 stores nationwide [3] - The founder, Wu Hongtao, attributed the company's growth to the favorable business environment in Shenyang, which has allowed steady expansion from its first store [3] Industry Development - The event serves as a model for promoting a favorable business environment, strengthening industry chains, and encouraging new consumption patterns in the region [3]

Core Viewpoint - The foreign dining industry in China is undergoing significant changes, with many foreign brands either rebranding or being acquired by local companies due to shifts in consumer preferences and market dynamics [1][5]. Consumer Perspective - In the past, foreign dining brands were seen as high-end and desirable, with long queues and a strong market presence. However, the current landscape has changed, with local brands offering better value, taste, and service that resonate more with Chinese consumers [3][4]. - The variety of local dining options has increased, leading to a decline in the novelty and appeal of foreign dining brands. Consumers now prefer local flavors and experiences, such as traditional breakfast items and spicy hot pot, over standardized foreign offerings [3][4]. Operational Challenges - Many foreign dining brands have struggled with localization, sticking to their global models without adapting to local tastes and preferences. This has resulted in menu stagnation and high operational costs due to reliance on imported ingredients [4]. - Rising costs in rent and labor, combined with rigid management structures, have hindered the ability of foreign brands to respond quickly to market changes, allowing local competitors to capture market share [4]. Market Dynamics - The shift from "incremental competition" to "stock competition" in the Chinese consumer market means that success now depends on understanding consumer needs and managing costs effectively. Brands that fail to adapt are likely to be acquired by local companies that better understand the market [5]. - The survival of foreign brands in China hinges on their ability to localize their offerings or leverage their core strengths, such as quality ingredients and unique dining experiences [4][5].