CITIC Securities: In November, the revenue of the catering industry remained relatively stable. We suggest focusing on growth companies with obvious cost-performance positioning and high certainty of development prospects, as well as leading companies in high-dividend stocks with stable and progressive operations.

Guosen Securities research report stated that in November, the year-on-year growth rates of revenue in social dining and revenue in limited license dining establishments were +3.2% and +1.2% respectively, a decrease from October's figures of +3.8% and +3.7%. According to Jiucan data, the momentum of store expansion for most brands continues, with improvement in store efficiency compared to the previous month. Subdivided competition tracks have developed momentum, with Chinese fast food and Western fast food performing better. It is recommended to focus on growth companies with clear cost-effective positioning and high certainty of development prospects, as well as leading enterprises with stable operations and high stock dividends.