金吾财讯 | 中信证券表示，11月社零餐饮收入及限额以上单位餐饮收入分别同比+3.2%/+1.2%，较10月的+3.8%/+3.7%有所下降。2025年1-11月，社零餐饮收入/限额以上单位餐饮收入同比增长3.3%/2.3%，稳中有进，但整体来看，行业仍然面临供给强于需求的境况，预计将呈现持续复苏态势。12月初至今，餐食公司股价整体走势较优，该机构判断一方面由于公司自身经营策略成效持续显现，一方面也由于宏观消费政策预期升温。展望2026年，该机构认为部分质价比优势突出、具备较强品牌势能的成长性企业或将保持较好发展节奏，成熟的龙头企业有望展现较强的经营韧性。建议关注两条投资主线：1）拓店动能强、发展前景确定性较高的细分赛道成长企业；2）整体经营稳中有进的高股息龙头企业。
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