<p>** 標準普爾 500 餐飲子指數 (.SPLRCREST) 年初至今下跌 1.3%，而更廣泛的標準普爾 500 指數上漲 17.3%</p>
<p>** 年輕消費者和中等收入家庭的消費疲軟影響了如墨式燒烤和地中海餐廳連鎖 Cava Group 等連鎖店，股價年初至今分別下跌約 40% 和 50%</p>
<p>** 對價值餐的持續需求幫助麥當勞今年恢復了銷售，股價上漲 6%，而達美樂披薩的股價小幅上漲</p>
<p>** 漢堡王的價值餐和 Tim Hortons 的持續強勁表現幫助美國上市的餐飲品牌國際公司股價年初至今上漲近 6%</p>
<p>** 百勝餐飲的股價上漲 13.5%，標誌着其連續第三年上漲，塔可鐘的強勁表現幫助抵消了其在美國的肯德基和必勝客的疲軟</p>
<p>** 百勝還表示正在考慮出售必勝客</p>
<p>** 這是温迪、傑克盒子和 Shake Shack 的轉折年，因為它們面臨着高度競爭的餐飲行業</p>
<p>** JACK 和 WEN 的股價預計將損失近一半，而 SHAK 下跌近 37%</p>
<p>** 在 Brian Niccol 的領導下，星巴克的股價今年下跌約 6%，儘管銷售有所改善，但高咖啡價格影響了利潤率</p>
<p>** SBUX 和 QSR 今年在中國找到了當地合作伙伴，以幫助恢復市場銷售</p>
<p>** 根據 RBC 資本市場分析師 Logan Reich 的説法，消費者支出環境的分化、牛肉等商品的高成本以及高折扣是預計在 2026 年將繼續存在的一些趨勢</p>
<p>** 投資者還在密切關注減肥藥對消費者快餐和外出就餐需求的影響</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>截至上次收盤的股價，年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>麥當勞</td>
<td>MCD.N</td>
<td>6.3%</td>
<td>-2.3%</td>
<td>12.5%</td>
</tr>
<tr>
<td>百勝餐飲</td>
<td>YUM.N</td>
<td>13.4%</td>
<td>2.7%</td>
<td>2%</td>
</tr>
<tr>
<td>餐飲品牌</td>
<td>QSR.N</td>
<td>5.5%</td>
<td>-16.6%</td>
<td>20.8%</td>
</tr>
<tr>
<td>達美樂披薩</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>墨式燒烤</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

百勝餐飲

墨式燒烤

麥當勞

<p>美國餐飲連鎖企業正面臨消費者支出疲軟的問題，尤其是在年輕和中等收入家庭中，這導致像墨式燒烤和 Cava 這樣的公司的股票大幅下跌。相比之下，麥當勞和百勝餐飲由於對價值餐的需求而股價上漲。分析師預測，由於高商品成本和受減肥藥物影響的消費者口味變化，未來仍將面臨持續挑戰。標準普爾 500 餐飲子指數年初至今下跌 1.3%，而更廣泛的標準普爾 500 指數則上漲了 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>** 標準普爾 500 餐飲子指數 (.SPLRCREST) 年初至今下跌 1.3%，而更廣泛的標準普爾 500 指數上漲 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>** 年輕消費者和中等收入家庭的消費疲軟影響了如墨式燒烤和地中海餐廳連鎖 Cava Group 等連鎖店，股價年初至今分別下跌約 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>** 對價值餐的持續需求幫助麥當勞今年恢復了銷售，股價上漲 6%，而達美樂披薩的股價小幅上漲</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>** 漢堡王的價值餐和 Tim Hortons 的持續強勁表現幫助美國上市的餐飲品牌國際公司股價年初至今上漲近 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>** 百勝餐飲的股價上漲 13.5%，標誌着其連續第三年上漲，塔可鐘的強勁表現幫助抵消了其在美國的肯德基和必勝客的疲軟</p>
</div><p>** Yum also said it was mulling a sale of Pizza Hut</p>
<div class="lb-trans"><p>** 百勝還表示正在考慮出售必勝客</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>** 這是温迪、傑克盒子和 Shake Shack 的轉折年，因為它們面臨着高度競爭的餐飲行業</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 的股價預計將損失近一半，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 的領導下，星巴克的股價今年下跌約 6%，儘管銷售有所改善，但高咖啡價格影響了利潤率</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 今年在中國找到了當地合作伙伴，以幫助恢復市場銷售</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>** 根據 RBC 資本市場分析師 Logan Reich 的説法，消費者支出環境的分化、牛肉等商品的高成本以及高折扣是預計在 2026 年將繼續存在的一些趨勢</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>** 投資者還在密切關注減肥藥對消費者快餐和外出就餐需求的影響</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>截至上次收盤的股價，年初至今</td>
<td>2024</td>
<td>2023</td>
</tr>
<tr>
<td>麥當勞</td>
<td>MCD.N</td>
<td>6.3%</td>
<td>-2.3%</td>
<td>12.5%</td>
</tr>
<tr>
<td>百勝餐飲</td>
<td>YUM.N</td>
<td>13.4%</td>
<td>2.7%</td>
<td>2%</td>
</tr>
<tr>
<td>餐飲品牌</td>
<td>QSR.N</td>
<td>5.5%</td>
<td>-16.6%</td>
<td>20.8%</td>
</tr>
<tr>
<td>達美樂披薩</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>墨式燒烤</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>

美國餐飲連鎖店未能擺脱消費者的低迷情緒和利潤壓力