经济观察网达美乐中国(达势股份)宣布2025年全年门店总数达1315家，净新增307家门店，覆盖城市扩 大至60个；2026年1月1日单日新开62家门店。同期，会员规模达3560万人，过去12个月内新增1540万名 顾客，并获多项行业奖项。 机构观点 TD Cowen将达美乐比萨评级从"买入"下调至"持有"，目标价设为460美元，反映对短期趋势的审慎看 法。 业绩经营情况 达美乐中国在2025年上半年实现经调整净利润9142万元，同比增长超5倍；但同店销售额增速承压， 2025年上半年降至-1%。公司通过下沉市场扩张和本土化产品创新(如每月推出2-3款新品)平衡增长。 以上内容基于公开资料整理，不构成投资建议。 ...

邓洁 东吴证券食品饮料分析师: 好的，各位投资者朋友们，大家晚上好。我是东吴食品饮料的分析师邓婕那欢迎大家在晚 间收听我们的餐饮专题深度汇报。今天的话，主要的汇报的主题是达势股份。那品牌端大 家可能也比较熟悉，就是达美乐披萨。首先的话，可能在最开始和大家先汇报一下，我们 做这个系列的电话会议的一个初衷，就是我们去复盘历年的一个表现，其实在 Q1 大多数 的餐饮企业，比较典型的比如说像海底捞呀、颐海国际，特别是 2024~2025 年是非常明 显的，股价表现是比较有亮点。 包括从 2026 年 Q1 的角 度去看，无论我们是从市场的一个赚钱效应，包括这个企业的年 会的之后效应以及客情的之后都是发生在 26 的 Q1，春节错位我们觉得是会利好 Q1 的整 体这个季报的表现，包括多数的餐饮企业还有一个高分红的预期那在这种多因素的共振之 下，我们觉得反映在无论是客单呀，还是同店，还是翻台。等等指标上面，高频数据都是 在向好的一个态势当中。那包括第二个层面，我们从行业环境去看，整体来讲也是趋于改 善的。2025 年大家也都大家比较了解，就整个餐饮行业是受到包括消费下行、包括政策 压制等等影响之下，贝塔属性是偏负的。 那 ...

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

Group 1 - Restaurant stocks showed significant gains in early trading, with Yum China (09987) rising by 7.75% to HKD 422.80 [1] - Dazhong (01405) increased by 3.42%, reaching HKD 66.45 [1] - Haidilao (06862) saw a rise of 3.36%, trading at HKD 16.93 [1] - Jiumaojiu (09922) experienced a smaller increase of 0.94%, priced at HKD 2.16 [1]

每经AI快讯，港股餐饮股涨幅居前，截至发稿，百胜中国(09987.HK)涨6.93%，报419.6港元；达势股份 (01405.HK)涨3.74%，报66.65港元；海底捞(06862.HK)涨3.66%，报16.98港元；九毛九(09922.HK)涨 1.4%，报2.17港元。 ...

消息面上，2025年下半年以来，餐饮行业经营态势持续回暖，国家统计局数据显示，2025年10-12月社 零餐饮收入同比分别增长3.8%、3.2%、2.2%，增速显著高于整体社零水平。此外，2026年1月餐饮行业 需求呈现边际回暖态势。 中信证券发布研报称，当前餐饮行业正处于"基本面边际改善—政策持续发力—价格机制修复—估值提 升可期"多重因素共振阶段，行业经营、政策、价格、估值四重维度均释放积极信号，正向着更为积极 的复苏方向发展，具备供应链、品牌力和经营管理优势的龙头企业将率先实现修复，行业中期发展展望 向好。 餐饮股涨幅居前，截至发稿，百胜中国(09987)涨6.93%，报419.6港元；达势股份(01405)涨3.74%，报 66.65港元；海底捞(06862)涨3.66%，报16.98港元；九毛九(09922)涨1.4%，报2.17港元。 ...

消息面上，2025年下半年以来，餐饮行业经营态势持续回暖，国家统计局数据显示，2025年10-12月社 零餐饮收入同比分别增长3.8%、3.2%、2.2%，增速显著高于整体社零水平。此外，2026年1月餐饮行业 需求呈现边际回暖态势。 中信证券发布研报称，当前餐饮行业正处于"基本面边际改善—政策持续发力—价格机制修复—估值提 升可期"多重因素共振阶段，行业经营、政策、价格、估值四重维度均释放积极信号，正向着更为积极 的复苏方向发展，具备供应链、品牌力和经营管理优势的龙头企业将率先实现修复，行业中期发展展望 向好。 智通财经APP获悉，餐饮股涨幅居前，截至发稿，百胜中国(09987)涨6.93%，报419.6港元；达势股份 (01405)涨3.74%，报66.65港元；海底捞(06862)涨3.66%，报16.98港元；九毛九(09922)涨1.4%，报2.17港 元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 达势股份有限公司 | | | | | | 呈交日期: | 2026年2月4日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01405 | 說明 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 500,000,000 USD 1 USD 500,000,000 增加 / 減少 (-) 0 USD 0 本月底結存 500,000,000 USD 1 USD 500,000,000 本月底法定/註冊股本總額： USD 500,000,000 FF301 II. 已發行股份及/ ...

| 笔克远东(00752) | 2.900 | 2.960 | 1.37% | | --- | --- | --- | --- | | 东吴水泥(00695) | 9.580 | 9.990 | 1.32% | | 天虹国际集团(02678) | 5.720 | 5.720 | 1.24% | | 渣打集团(02888) | 204.200 | 204.400 | 1.19% | | 明梁控股(08152) | 0.088 | 0.088 | 1.15% | | 电能实业(00006) | 61.750 | 62.100 | 1.14% | | 太古股份公司Ａ(00019) | 77.550 | 77.600 | 1.11% | | 湾区发展(00737) | 1.900 | 1.920 | 1.05% | | 春城热力(01853) | 2.000 | 2.000 | 1.01% | | 硬蛋创新(00400) | 4.050 | 4.100 | 0.99% | | 健康１６０(02656) | 87.050 | 88.400 | 0.91% | | Ａ南方人民币(03122) | 189.800 | 18 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].