汇丰：美国餐饮行业_防御策略势在必行

US Restaurants Equities Defensive playbook warranted United States Escalating pressures, tempered outlook. On mounting macro headwinds, geopolitical uncertainty, and shifting consumer behaviors, we take a more measured view of the US restaurant sector outlook, lowering 2025-26e adjusted net earnings c4%, underpinned by: (1) Demand: US same-store sales (SSS) lower (average 2025-26e c90bp y-o-y) as affordability weighs on core lower-income consumers1 , but mitigated by premium trade- down from value-seeking h ...