2025 年 11 月 25 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 百胜中国（9987 HK/ YUMC US，买入，目标价：457.48港元/ 58.56 美元） — 2025 年投资者日点评 尽管宏观环境严峻，但我们认为百胜中国韧性十足。根据我们的测算，肯德 基与必胜客在25年前10个月的同店销售恢复率（对比2019年）高达88%， 远优于行业平均的 70%。我们认为超额表现主要归功于公司坚持提供「优质 美味且物超所值」的产品。就公司指引（26–28 财年目标）而言，我们认为 主要的超预期来自必胜客（特别在门店扩张与餐厅层面营运利润率），而肯 德基的数据则略低于预期（主要在餐厅层面营运利润率）。此外，百胜中国 提高股息以及承诺自 27 财年起将 100%自由现金流用于回馈股东，我们对此 计划感到满意。 展望未来，百胜中国不仅将持续强化性价比，更会聚焦核心（如明星产品）、 开发市场空白、吸纳新客群并捕捉不同场合的新需求。在此之上，通过执行 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.co ...

Group 1 - China and the US leaders discussed the importance of cooperation and the Taiwan issue, emphasizing that Taiwan's return to China is a crucial part of the post-war international order [10] - Japan plans to deploy offensive weapons on islands near Taiwan, which China views as a dangerous move that requires high vigilance [10] - China is launching a space exploration satellite program to investigate the origins of life in the universe, aiming for breakthroughs in various scientific fields [10][28] Group 2 - The US Federal Reserve officials, including Waller and Daly, expressed concerns about the labor market and supported a potential interest rate cut in December [11] - Trump signed an executive order to initiate the "Genesis Project" for artificial intelligence, aiming to transform scientific research and accelerate discoveries [11] Group 3 - OpenAI launched a free shopping search feature using its ChatGPT model, aiming to enhance user experience during the holiday shopping season [14] - Amazon plans to invest up to $50 billion to expand AI computing capacity for the US government, adding 1.3GW of capacity [14] Group 4 - The first domestic GPU company, Moore Threads, saw overwhelming demand for its IPO, with a subscription rate of 0.024% and an offline subscription multiple of nearly 1600 times [12] - Alibaba's AI assistant app, Qianwen, achieved over 10 million downloads in its first week, significantly boosting Alibaba's stock price [13] Group 5 - Morgan Stanley raised its target price for Baidu, citing a significant underestimation of its AI transformation speed and projecting a sixfold increase in Kunlun chip sales next year [19] - WeRide reported a 761% year-on-year increase in revenue from its autonomous taxi service, indicating a growing market for self-driving technology [19]