Hong Kong-listed catering stocks are leading the market's advance. At the time of writing, YUM CHINA (09987) rose 6.93% to HK$419.6, DPC DASH (01405) increased 3.74% to HK$66.65, HAIDILAO (06862) climbed 3.66% to HK$16.98, and JIUMAOJIU (09922) gained 1.4% to HK$2.17.

The sector's operating climate has shown consistent improvement since the second half of 2025. Data from the National Bureau of Statistics indicates that catering revenue within total retail sales grew by 3.8%, 3.2%, and 2.2% year-on-year in October, November, and December 2025, respectively, with growth rates significantly outpacing the broader retail sales figures.

Furthermore, catering demand demonstrated a marginal recovery trend in January 2026. CITIC Securities noted in a research report that the catering industry is currently experiencing a phase of multi-factor resonance, characterized by "marginal improvement in fundamentals—ongoing policy support—repair of pricing mechanisms—expectations for valuation expansion."

Positive signals are being released across four key dimensions: operations, policy, pricing, and valuation, indicating a shift towards a more robust recovery trajectory. Leading companies with strengths in supply chain management, brand power, and operational expertise are expected to be the first to demonstrate a rebound, with favorable medium-term development prospects for the sector.