CITIC SEC released a research report stating that it maintains a "Buy" rating for YUM CHINA (09987). With a low base, the same-store performance in Q4 2024 is expected to continue improving. Under the background of a favorable policy shift and an increase in potential economic recovery expectations, the improvement in the company's operational expectations is likely to drive further valuation recovery. The report mentions that KFC China announced on December 24th the initiation of price adjustment measures, with an average increase of 2%, aiming to better adapt to market cost changes. Historically, KFC regularly assesses and cautiously adjusts its pricing structure based on operational cost changes, with the last price adjustment being in early 2023. This recent adjustment reflects the gradual stabilization of the mass dining sector after experiencing price competition over the past two years.