全国发热指数走弱，过峰城市餐饮修复加快

行业专题研究报告 证券研究报告 消费行业研究 2023年1月1日 买入（首次评级） 国金证券研究所 分析师：廖馨瑶（执业S1130522060005）分析师：许孟婕（执业S1130522080003）联系人：叶思嘉 liaoxinyao＠gjzq.com.cn xumengjie＠gjzq.com.cn yesijia＠gjzq.com.cn 联系人：俞敏浩yuminhao＠gjzq.com.cn 全国发热指数走弱，过峰城市餐饮修复加快 䫏餴鹤鳓 #$ƒ&'()(*+,-c/ƒ&012”45'(6789:;<1=>3@A-BC45'(DEFG<1=>1=AHIJ1=K-LM45'(FG<1=>==AHIJ=N.PK:QRSƒ&TUVW45'(DE,XY-[\ ]^_ƒTUVWJ`abEcdef:c/ghij-kl012”mE45'(noLpJqrstuvwxy$z[|]M~`ÄÅÇÉGB~`: Ö$Üá)Dqâä~ÜáYã-ÜåçéèêëYp:í;<1=.1ì(j)â~Üáîï-1ñóòâqrvBC$xô$öõ$úù$ûü|1†q~°¢£§•E+¶ßYp®©:ä~Üáîï-c/™´¢¨éèß=@1ìÆQØ)1K$±1=.==êº53PK¥Yp1†µ.0-#”qrBC$LM$öõtwªYpffi≥-É槕<1ìÆQØJ †PKø†)Kø)ìK-±==A$=†A$=†AYp1Pø11ø1Nµ.0¿¡¬¢ƒ»J;«$»…Éæª=1A$==A ÀLÃ-ÉæYp<=@1ìÆQØJì1K$)PK:Üåçîï-/Õ¢¨éèß=@1ìÆQØP.1K-Œwªêë-œCwLp` —: ;$“”)‘Hqr“”£’÷Ïÿ•-c/ŸÕ⁄¤Yã:;<1=.=)c/‹›fiß=.3K5noLmfl‡ì.Pµ.0¥-c/·›‚±„ÆQا•E‰=ìK$noLmY=µ.0-Âv#øÖø;”ÅÄFqrÉ槕<„ÆQØ3=Kø=ñKø=PK-ŒêªLmfl’Ê-œmflŸÕYã:1¡'(‘HÁËÈÍÎÏ-BC$ÌÓÔ$PÒ$Úę|Bîqrâm“”£’w§•ÙfiLtı¶ˆ#˜¯˘®©:#”qrLM$xô$öõ1¡'(C‘H-‹›fiwªY 굥ꤗ䲿爙 ˙˚-Âvxô“”£’ŸÕ¸˝˛ˇ: ƒ&ÿ•67R—[!w"#Ò$¿”F¢£§•¿&$¬'ø()*+"Å,Ø¿-./0123eJ¤E4R— 5,ØJ67¿(*89:;<=Õ&>?@67: !"#$ #$c/stqrƒ&45'(HIC‘3 Ö$Üá)Dqâä~ÜáYã-ÜåçéèêëYp3 Ö$“”)‘Hqr“”£’÷Ïÿ•-c/ŸÕ⁄¤YãN 67ABP &'#$ C+1) c/ƒ&VWTU45'(Y.......................................................... 3 C+=) c/stqr1245'(HIDEFG.................................................. 3 C+3) H/SIrmE12'(ÉJC589KL1=‡=3M1=‡3@¥.................................. 3 C+†) qr~°¢¨§•E5K=@1ìQØ¥..................................................... † C+)) c/™´¢¨é觕E5K=@1ì-Nl<=@==ø1=ø=ì¥................................... † C+N) BC¢¨éèOP§•EYp5K=@1ìQNl<=@==ø1=ø=ì¥............................... † C+P) LM¢¨é觕EYp5K=@1ì-Nl<=@==ø1=ø=ì¥................................... ) C+ñ) öõ¢¨éèOP§•EYp5K=@1ìQNl<=@==ø1=ø=†¥............................... ) C+ì) ;«¢¨é觕EYp5K=@1ì-Nl<=@==ø1=ø=ì¥................................... ) C+1@) »…¢¨éèOP§•EYp5K=@1ìQNl<=@==ø1=ø=†¥.............................. ) C+11) /Õ¢¨é觕E5K=@1ì-Nl<=@==ø1=ø=ì¥...................................... ) C+1=) BC/Õ¢¨éèOP§•E5K=@1ìQNl<=@==ø1=ø=ì¥.............................. ) C+13) R+ST“”UV‹›fi5Nl<=@==ø1=ø=)¥........................................... N C+1†) R+ST“”£’§•Lp5Nl<=@==ø1=ø=)¥......................................... N C+1)) BC“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. N C+1N) ÌÓÔ“”£’§•WX5Nl<=@==ø1=ø=)¥........................................... N C+1P) Úę“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. N C+1ñ) PÒ“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. N C+1ì) LM1¡'(í1=.=3 ÀY......................................................... P C+=@) LM“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. P C+=1) xô1¡'(í1=.== ÀY......................................................... P C+==) xô“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. P C+=3) öõ1¡'(í1=.=3 ÀY......................................................... P C+=†) öõ“”£’§•WX5Nl<=@==ø1=ø=)¥............................................. P ♧ծⰌ㕂⚺銳㙹䋑氋䞔䵂程䭷侨䂽⧩䊺鵂 (*+,-c/ƒ&012”45'(6789:;<1=>3@A-BC45'(DEFG<1=>1=AHIJ1=K-LM45'(FG<1=>==AHIJ=N.PK:QRSƒ&TUVW45'(DE,XY-[\]^_ƒTUVW J`abEcdef: c/ghij-kl012”mE45'(noLpJqrstuvwxy$z[|]M~`ÄÅÇÉGB~`: C+1)c/ƒ&VWTU45'(Y C+=)c/stqr1245'(HIDEFG -./01234-5678019:;<=-./01234-5678019:;<= C+3)H/SIrmE12'(ÉJC589KL1=‡=3M1=‡3@¥ -./W@AB8019:;<=CD/EFGHIJKL2MKNO8PQRSTJKUVWXL2MK ✳ծⴀ遤㢴㙹劥䒗㖑ⴀ遤㔐军ⴀⰆ㞯菔棴⡛⡙㔐⼮ â~Üá)í~°¢¨(*j-òâqrvBC$xô$öõ$úù$ûü|1†q§•E+¶ßYp®©-ÂvBC§•<=@1ìÆQØ3†K-LM$Yô$Z¬$y[|†qŒwª\][FG®©: C+†)qr~°¢¨§•E5K=@1ìQØ¥ 上海 北京 广州 深圳 成都 南京 武汉 西安 苏州 郑州 重庆 长沙 合肥 石家庄 昆明 厦门 南宁 东莞 2022-12-29 28% 34% 41% 46% 99% 30% 54% 47% 34% 35% 58% #N/A #N/A #N/A #N/A #N/A #N/A #N/A 2022-12-28 26% 31% 38% 40% 96% 27% 51% 42% 32% 32% 56% 77% 58% 54% 62% 90% 50% 26% 2022-12-27 26% 29% 35% 38% 91% 24% 48% 37% 33% 29% 53% 73% 55% 50% 58% 114% 46% 26% 2022-12-26 27% 26% 33% 39% 86% 23% 45% 33% 35% 26% 50% 69% 52% 46% 54% 145% 42% 27% 2022-12-25 28% 24% 31% 43% 79% 22% 41% 29% 38% 23% 46% 67% #N/A #N/A #N/A #N/A #N/A #N/A 2022-12-24 29% 23% 29% 46% 76% 23% 38% 28% 41% 21% 44% 66% 50% 39% 47% 212% 40% 30% 2022-12-23 31% 22% 28% 50% 72% 25% 36% 27% 45% 19% 41% 68% 53% 36% 44% 229% 42% 33% 2022-12-22 37% 19% 27% 58% 67% 30% 32% 28% 53% 18% 37% 74% 60% 33% 42% 251% 48% 37% 2022-12-21 43% 18% 28% 68% 63% 36% 29% 32% 61% 18% 35% 81% 70% 30% 40% 271% 55% 40% 2022-12-20 49% 16% 30% 75% 63% 42% 26% 38% 67% 19% 33% 88% 81% 27% 39% 298% 63% 43% 2022-12-19 56% 15% 33% 82% 65% 49% 25% 45% 75% 21% 32% 98% 93% 25% 40% 327% 72% 46% 2022-12-18 63% 14% 36% 87% 70% 55% 25% 53% 82% 23% 32% 108% 106% 23% 42% 338% 78% 48% 2022-12-17 66% 14% 38% 92% 74% 59% 26% 58% 87% 25% 33% 116% 114% 22% 46% 346% 84% 52% 2022-12-16 69% 15% 41% 97% 79% 62% 28% 64% 90% 28% 34% 125% 122% 22% 50% 356% 90% 55% 2022-12-15 74% 17% 45% 100% 90% 65% 32% 71% 93% 31% 36% 133% 131% 22% 55% 363% 92% 57% 2022-12-14 76% 19% 48% 102% 98% 66% 37% 75% 94% 34% 38% 136% 135% 23% 60% 364% 90% 58% 2022-12-13 78% 21% 49% 104% 105% 65% 41% 78% 95% 36% 39% 136% 133% 24% 64% 359% 86% 58% 202