<p>** 标准普尔 500 餐饮子指数 (.SPLRCREST) 年初至今下跌 1.3%，而更广泛的标准普尔 500 指数上涨 17.3%</p>
<p>** 年轻消费者和中等收入家庭的消费疲软影响了如墨式烧烤和地中海餐厅连锁 Cava Group 等连锁店，股价年初至今分别下跌约 40% 和 50%</p>
<p>** 对价值餐的持续需求帮助麦当劳今年恢复了销售，股价上涨 6%，而达美乐披萨的股价小幅上涨</p>
<p>** 汉堡王的价值餐和 Tim Hortons 的持续强劲表现帮助美国上市的餐饮品牌国际公司股价年初至今上涨近 6%</p>
<p>** 百胜餐饮的股价上涨 13.5%，标志着其连续第三年上涨，塔可钟的强劲表现帮助抵消了其在美国的肯德基和必胜客的疲软</p>
<p>** 百胜还表示正在考虑出售必胜客</p>
<p>** 这是温迪、杰克盒子和 Shake Shack 的转折年，因为它们面临着高度竞争的餐饮行业</p>
<p>** JACK 和 WEN 的股价预计将损失近一半，而 SHAK 下跌近 37%</p>
<p>** 在 Brian Niccol 的领导下，星巴克的股价今年下跌约 6%，尽管销售有所改善，但高咖啡价格影响了利润率</p>
<p>** SBUX 和 QSR 今年在中国找到了当地合作伙伴，以帮助恢复市场销售</p>
<p>** 根据 RBC 资本市场分析师 Logan Reich 的说法，消费者支出环境的分化、牛肉等商品的高成本以及高折扣是预计在 2026 年将继续存在的一些趋势</p>
<p>** 投资者还在密切关注减肥药对消费者快餐和外出就餐需求的影响</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>截至上次收盘的股价，年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>麦当劳</td>
<td>MCD.N</td>
<td>6.3%</td>
<td>-2.3%</td>
<td>12.5%</td>
</tr>
<tr>
<td>百胜餐饮</td>
<td>YUM.N</td>
<td>13.4%</td>
<td>2.7%</td>
<td>2%</td>
</tr>
<tr>
<td>餐饮品牌</td>
<td>QSR.N</td>
<td>5.5%</td>
<td>-16.6%</td>
<td>20.8%</td>
</tr>
<tr>
<td>达美乐披萨</td>
<td>DPZ.O</td>
<td>0.5%</td>
<td>1.8%</td>
<td>19%</td>
</tr>
<tr>
<td>温迪</td>
<td>WEN.O</td>
<td>-49.2%</td>
<td>-16.3%</td>
<td>-13.9%</td>
</tr>
<tr>
<td>墨式烧烤</td>
<td>CMG.N</td>
<td>-38.6%</td>
<td>31.8%</td>
<td>64.8%</td>
</tr>
<tr>
<td>Shake Shack</td>
<td>SHAK.N</td>
<td>-38.4%</td>
<td>75.1%</td>
<td>78.5%</td>
</tr>
<tr>
<td>Cava Group</td>
<td>CAVA.N</td>
<td>-54.5%</td>
<td>162.5%</td>
<td>-</td>
</tr>
<tr>
<td>星巴克</td>
<td>SBUX.O</td>
<td>-6.6%</td>
<td>-5%</td>
<td>-3.2%</td>
</tr>
</tbody>
</table>

CAVA

百胜餐饮

墨式烧烤

麦当劳

<p>美国餐饮连锁企业正面临消费者支出疲软的问题，尤其是在年轻和中等收入家庭中，这导致像墨式烧烤和 Cava 这样的公司的股票大幅下跌。相比之下，麦当劳和百胜餐饮由于对价值餐的需求而股价上涨。分析师预测，由于高商品成本和受减肥药物影响的消费者口味变化，未来仍将面临持续挑战。标准普尔 500 餐饮子指数年初至今下跌 1.3%，而更广泛的标准普尔 500 指数则上涨了 17.3%</p>

<p>** S&amp;P 500 Restaurants sub index (.SPLRCREST) down 1.3% YTD vs a 17.3% rise for the broader S&amp;P 500 index</p>
<div class="lb-trans"><p>** 标准普尔 500 餐饮子指数 (.SPLRCREST) 年初至今下跌 1.3%，而更广泛的标准普尔 500 指数上涨 17.3%</p>
</div><p>** Weak spending by younger customers and middle-income households hurt chains such as Chipotle Mexican Grill  and Mediterranean restaurant chain Cava Group , with shares falling ~40% and ~50% YTD, respectively</p>
<div class="lb-trans"><p>** 年轻消费者和中等收入家庭的消费疲软影响了如墨式烧烤和地中海餐厅连锁 Cava Group 等连锁店，股价年初至今分别下跌约 40% 和 50%</p>
</div><p>** Still demand for value meals helped McDonald's  revive sales this year, sending its shares up 6%, while Domino's Pizza  shares rose marginally</p>
<div class="lb-trans"><p>** 对价值餐的持续需求帮助麦当劳今年恢复了销售，股价上涨 6%，而达美乐披萨的股价小幅上涨</p>
</div><p>** Value meals at Burger King and continued strength at Tim Hortons helped U.S.-listed shares of Restaurant Brands International  rise nearly 6% YTD</p>
<div class="lb-trans"><p>** 汉堡王的价值餐和 Tim Hortons 的持续强劲表现帮助美国上市的餐饮品牌国际公司股价年初至今上涨近 6%</p>
</div><p>** Yum Brands shares  rose 13.5%, marking its third year of rise, as Taco Bell strength helps offset weakness in its KFC and Pizza Hut chains in the U.S.</p>
<div class="lb-trans"><p>** 百胜餐饮的股价上涨 13.5%，标志着其连续第三年上涨，塔可钟的强劲表现帮助抵消了其在美国的肯德基和必胜客的疲软</p>
</div><p>** Yum also said it was mulling a sale of Pizza Hut</p>
<div class="lb-trans"><p>** 百胜还表示正在考虑出售必胜客</p>
</div><p>** It was also a turnaround year for Wendy's , Jack in the Box  and Shake Shack  as they contended with a highly competitive restaurant industry</p>
<div class="lb-trans"><p>** 这是温迪、杰克盒子和 Shake Shack 的转折年，因为它们面临着高度竞争的餐饮行业</p>
</div><p>** JACK and WEN on track to lose nearly half their value, while SHAK down nearly 37%</p>
<div class="lb-trans"><p>** JACK 和 WEN 的股价预计将损失近一半，而 SHAK 下跌近 37%</p>
</div><p>** A year into its turnaround under Brian Niccol, Starbucks'  shares down ~6% this year, with high coffee prices hurting margins, even as sales improved</p>
<div class="lb-trans"><p>** 在 Brian Niccol 的领导下，星巴克的股价今年下跌约 6%，尽管销售有所改善，但高咖啡价格影响了利润率</p>
</div><p>** SBUX and QSR both found local partners for their businesses in China this year to help revive sales in the market</p>
<div class="lb-trans"><p>** SBUX 和 QSR 今年在中国找到了当地合作伙伴，以帮助恢复市场销售</p>
</div><p>** A bifurcated consumer spending environment, high costs of commodities such as beef, and high discounting, were some trends expected to continue in 2026, according to RBC Capital Markets analyst Logan Reich</p>
<div class="lb-trans"><p>** 根据 RBC 资本市场分析师 Logan Reich 的说法，消费者支出环境的分化、牛肉等商品的高成本以及高折扣是预计在 2026 年将继续存在的一些趋势</p>
</div><p>** Investors are also closely watching the impact of weight loss drugs on consumer appetite for fast food and dining out</p>
<div class="lb-trans"><p>** 投资者还在密切关注减肥药对消费者快餐和外出就餐需求的影响</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Company</td>
<td>RIC</td>
<td>Shares as of last close, YTD</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>McDonald</td>
<td>MCD.N</td>
<td>6.3%</td>
<td>-2.3%</td>
<td>12.5%</td>
</tr>
<tr>
<td>Yum Brands</td>
<td>YUM.N</td>
<td>13.4%</td>
<td>2.7%</td>
<td>2%</td>
</tr>
<tr>
<td>Restaurant Brands</td>
<td>QSR.N</td>
<td>5.5%</td>
<td>-16.6%</td>
<td>20.8%</td>
</tr>
<tr>
<td>Domino's Pizza</td>
<td>DPZ.O</td>
<td>0.5%</td>
<td>1.8%</td>
<td>19%</td>
</tr>
<tr>
<td>Wendy</td>
<td>WEN.O</td>
<td>-49.2%</td>
<td>-16.3%</td>
<td>-13.9%</td>
</tr>
<tr>
<td>Chipotle Mexican Grill</td>
<td>CMG.N</td>
<td>-38.6%</td>
<td>31.8%</td>
<td>64.8%</td>
</tr>
<tr>
<td>Shake Shack</td>
<td>SHAK.N</td>
<td>-38.4%</td>
<td>75.1%</td>
<td>78.5%</td>
</tr>
<tr>
<td>Cava Group</td>
<td>CAVA.N</td>
<td>-54.5%</td>
<td>162.5%</td>
<td>-</td>
</tr>
<tr>
<td>Starbucks</td>
<td>SBUX.O</td>
<td>-6.6%</td>
<td>-5%</td>
<td>-3.2%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>RIC</td>
<td>截至上次收盘的股价，年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>麦当劳</td>
<td>MCD.N</td>
<td>6.3%</td>
<td>-2.3%</td>
<td>12.5%</td>
</tr>
<tr>
<td>百胜餐饮</td>
<td>YUM.N</td>
<td>13.4%</td>
<td>2.7%</td>
<td>2%</td>
</tr>
<tr>
<td>餐饮品牌</td>
<td>QSR.N</td>
<td>5.5%</td>
<td>-16.6%</td>
<td>20.8%</td>
</tr>
<tr>
<td>达美乐披萨</td>
<td>DPZ.O</td>
<td>0.5%</td>
<td>1.8%</td>
<td>19%</td>
</tr>
<tr>
<td>温迪</td>
<td>WEN.O</td>
<td>-49.2%</td>
<td>-16.3%</td>
<td>-13.9%</td>
</tr>
<tr>
<td>墨式烧烤</td>
<td>CMG.N</td>
<td>-38.6%</td>
<td>31.8%</td>
<td>64.8%</td>
</tr>
<tr>
<td>Shake Shack</td>
<td>SHAK.N</td>
<td>-38.4%</td>
<td>75.1%</td>
<td>78.5%</td>
</tr>
<tr>
<td>Cava Group</td>
<td>CAVA.N</td>
<td>-54.5%</td>
<td>162.5%</td>
<td>-</td>
</tr>
<tr>
<td>星巴克</td>
<td>SBUX.O</td>
<td>-6.6%</td>
<td>-5%</td>
<td>-3.2%</td>
</tr>
</tbody>
</table>
</div>

美国餐饮连锁店未能摆脱消费者的低迷情绪和利润压力