国金证券：餐饮行业步入复苏阶段供给侧调改驱动利润上行

智通财经2025-09-22

智通财经APP获悉，国金证券发布研报称，25H1餐饮行业收入端呈现“整体承压、内部分化”态势，2025年以来社零餐饮与限额以上餐饮同比增速波动，7月限额以上餐饮负增长；政策层面，上海“乐品上海”消费券、绍兴宴席分档补贴(最高5000元)等直接刺激需求，有效缓解企业经营压力。25H1同店表现分化显著，性价比品类韧性较强，高客单火锅品类承压明显，多数企业同店降幅收窄，基本面进入触底修复阶段。持续看好...

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href=http://www.zhitongcaijing.com/content/detail/1347815.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国金证券发布研报称，25H1餐饮行业收入端呈现“整体承压、内部分化”态势，2025年以来社零餐饮与限额以上餐饮同比增速波动，7月限额以上餐饮负增长；政策层面，上海“乐品上海”消费券、绍兴宴席分档补贴(最高5000元)等直接刺激需求，有效缓解企业经营压力。25H1同店表现分化显著，性价比品类韧性较强，高客单火锅品类承压明显，多数企业同店降幅收窄，基本面进入触底修复阶段。持续看好...</p>\n\n<a 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国金证券：餐饮行业步入复苏阶段 供给侧调改驱动利润上行

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国金证券：餐饮行业步入复苏阶段供给侧调改驱动利润上行