中经记者 李媛 北京报道 有业内人士指出，对于数量庞大的加盟商而言，从筹建期的家具、建材到运营期的客耗品、智能设备， 涉及上百品类、数千供应商，任何环节"卡壳"都可能压垮利润，更埋下了品牌信誉受损的隐患。 《中国经营报》记者注意到，针对这一长期存在的结构性难题，华住集团在成立20周年之际，首次 将"服务责任"写进平台流程，正式推出《"华住易购网站"平台＆供应商九大服务承诺》（以下简称"九 大承诺"），并于华住易购官网公布了各项承诺的具体适用条件和细则，内容包括：供应商承诺"正品销 售、按时送达（延期赔）、优价保证（贵即赔）、降价退差（降即退）、7天无理由退货、30天包换、 先行赔付、发票无忧"和华住保证"公开透明"。 "九大承诺"是系统性设计，背后是一整套质量标准、履约机制和价格模型的支撑，确保整个链条在质 量、价格与服务之间实现动态平衡。 九大承诺：目标不只"贵即赔"，而是让赔付不再发生 酒店供应链的复杂性，远超一般认知。一个标准酒店项目往往涉及上百个品类和上千个组件，涵盖家 具、电器、布草、建材、客控系统等多个环节。任何一个环节出错，不仅影响开业进度，更可能带来长 期运营成本的上升。 尽管不少连锁酒店集团 ...

经营分化，龙头领跑 社会服务 投资评级:看好(维持) 最近 12 月市场表现 -2% 9% 21% 32% 43% 54% 社会服务 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 证券研究报告 行业投资策略报告 / 2025.09.12 核心观点 | 表 1：重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值 | 收盘价 | | EPS（元） | | | PE | | 投资评级 | | | | （亿元） | （09.11） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 00780 | 同程旅行 | 531.21 | 22.68 | 0.84 | 1.02 | 1.30 | 26.91 | 22.24 | ...

另外，今年的国庆节与中秋节"双节合璧"，10月1日至8日连休8天，创下史上最长黄金周纪录。随着"十 一"黄金周的临近，旅游出行预订正逐渐进入高峰期。 9月9日，众信旅游集团"十一"黄金周出游趋势报告发布显示，2025年国庆与中秋"双节合一"形成8天假 期，叠加"拼假"政策延伸出12天超长假期，2025年"十一"黄金周旅游市场迎来持续性增长。截至9月8 日，"十一"期间出游人数较去年激增130%，GMV(商品交易总额)增幅超120%，其中部分热门目的地线 路提前3个月售罄，国内游与出境游呈现"双向繁荣"。 在途牛平台上，国庆假期相关预订也迎来明显升温。截至目前的数据显示，较多用户选择在9月底"抢 跑"提前开启国庆游，尤其是出境游用户更热衷"抢跑"。国庆境内游方面，北京、上海、重庆、三亚、 成都、厦门、南京、广州、大连、威海等是截至目前途牛用户预订的热门。出境短线方向，日本、马尔 代夫、印度尼西亚等目的地国庆团期的自由行产品预订热度更为火爆。 从机票预订看，航旅纵横大数据显示，截至9月8日，今年中秋国庆假期国内航线机票预订量超326万 张，日均机票预订量较去年同期增长约26%;出入境航线机票预订量已超116万张， ...

大摩指出，中国领先的消费电子产品，以及泡泡玛特等品牌在全球的崛起，将吸引游客来到中国，激发 购物需求。同时，中国产品的售价具有国际竞争力。此外，政策支持有望推动免税和退税购物，优化购 物体验。中国境内的零售商、购物中心和免税运营商将最为受益。 旅游相关港股： OTA旅游平台：携程集团-S(09961)、同程旅行(00780) 苏商银行特约研究员付一夫在接受记者采访时表示："今年'十一'黄金周旅游消费市场将呈现以下明显 特征：一是人们制定出行计划的时间早于往年，并倾向于选择国内长线游产品；二是多元消费新格局逐 步形成，深度体验游、主题定制游、文化探索游等产品涌现，满足消费者多样化需求。" 智通财经APP获悉，联合国世界旅游组织9日发布的最新《世界旅游业晴雨表》显示，2025年上半年全 球国际游客到访量同比增长5%。这家联合国机构提供的统计数据显示，今年上半年全球共有约6.9亿人 次出境旅行，比去年同期增加约3300万人次。亚太地区整体增长11%。西班牙的国际游客到访量增幅位 居前列。该报告还修订了2024年国际游客到访量数据，确认略高于2019年的水平，显示国际旅游业去年 已复苏。 该机构预计，尽管经济和地缘政 ...

摩根士丹利发布研报称，预计未来10年中国的入境旅游零售市场规模将增长超过3倍，从2024年的140亿 美元增长到2034年的600亿美元，占中国整体旅游零售市场的比例将从10%提升至25%，全球知名品牌 数量增加、不断优化的购物体验是关键驱动因素。 大摩指出，中国领先的消费电子产品，以及泡泡玛特等品牌在全球的崛起，将吸引游客来到中国，激发 购物需求。同时，中国产品的售价具有国际竞争力。此外，政策支持有望推动免税和退税购物，优化购 物体验。中国境内的零售商、购物中心和免税运营商将最为受益。 今年国庆节与中秋节连休，将形成8天的"超长黄金周"。 近日，记者从多个线上旅游平台、线下旅行社门店了解到，"十一"假期出游预订量正节节攀升，热门旅 游路线预订火爆，部分产品已提前售罄。 苏商银行特约研究员付一夫在接受记者采访时表示："今年'十一'黄金周旅游消费市场将呈现以下明显 特征：一是人们制定出行计划的时间早于往年，并倾向于选择国内长线游产品；二是多元消费新格局逐 步形成，深度体验游、主题定制游、文化探索游等产品涌现，满足消费者多样化需求。" 联合国世界旅游组织9日发布的最新《世界旅游业晴雨表》显示，2025年上半年全球 ...

Core Insights - The travel industry is experiencing significant profit differentiation, with leading companies like Ctrip and Huazhu showing strong performance, while traditional players like Overseas Chinese Town are struggling [2][3]. Industry Overview - Among 38 listed travel companies, 29 reported profits, while 9 incurred losses, indicating a strong overall profitability in the sector [3]. - Ctrip leads the industry with a revenue of 28.714 billion yuan, a year-on-year increase of 16.21%, and a net profit of 9.194 billion yuan, up 11.94% [4][6]. Company Performance - China Duty Free Group follows Ctrip with a revenue of 28.151 billion yuan, down 9.96%, and a net profit of 2.599 billion yuan, down 20.81%, affected by market fluctuations [6]. - Huazhu Group reported a revenue of 11.821 billion yuan, a 3.46% increase, and a net profit of 2.438 billion yuan, a significant rise of 41.25% [6]. - Tibet Tourism and Guilin Tourism turned profitable with net profit increases of 181.22% and 141.94%, respectively, due to increased visitor numbers and recovery of past debts [7]. Sector Analysis - The OTA segment shows strong growth, with Ctrip, Tongcheng Travel, and Tuniu all achieving double-digit revenue growth, highlighting market recovery [10]. - Scenic area companies face challenges due to increased competition and reliance on ticket sales, which may not meet evolving consumer demands [11]. - Hotel companies like Huazhu continue to thrive, while others like Jinjiang Hotels and Huatian Hotels face declines due to market conditions [17][18]. Conclusion - The travel industry is at a crossroads, with leading companies leveraging supply chain management and digital transformation to maintain competitive advantages, while struggling firms must innovate and optimize operations to survive [18].

Group 1: Consumer Market Overview - The overall vitality of the consumer market is improving, with a 5% year-on-year increase in retail sales of consumer goods in the first half of the year, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that consumer spending is a key driver of economic growth [1][2] - The core CPI has shown a continuous upward trend, indicating a recovery in domestic demand [1][2] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [4][11] - Companies like Pop Mart have seen substantial revenue growth from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of the year, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% increase year-on-year [7][5] - Other companies in the emotional consumption space, such as MINISO, are also adapting their strategies to capture this market, with their sub-brand TOP TOY achieving 740 million yuan in revenue, a 73% increase [8] Group 3: Traditional Consumption Decline - Traditional consumption categories, particularly in the liquor and high-end tea sectors, are experiencing declines, with many companies reporting negative growth in revenue and profit [10][12] - The white liquor industry saw a 5% decrease in revenue and a 7.5% drop in net profit in the second quarter of 2025, with only a few companies maintaining positive growth [10] - The high-end tea market is also struggling, with companies like Tianfu Tea reporting a 17.1% decline in revenue [10] Group 4: Impact of Economic Conditions on Consumer Behavior - Economic uncertainties have led to a cautious consumer sentiment, with many individuals opting for cost-effective options and prioritizing emotional value in their purchases [12][13] - The trend of "old consumption" is fading, as younger consumers focus on personal satisfaction rather than social status, leading to a shift in spending patterns [9][11] - The overall consumer sentiment is reflected in the decline of high-end dining and entertainment, with many consumers opting for more affordable alternatives [17][18] Group 5: Investment and Housing Market Dynamics - The real estate market is facing challenges, with a 11.2% decline in real estate development investment in the first half of 2025, and a 3.5% drop in new housing sales [25][26] - Consumer confidence in real estate has diminished, leading to a decrease in housing purchases and a shift towards investments in stocks and gold [27][29] - The stock market has seen increased activity, with A-shares and Hong Kong stocks experiencing good liquidity, indicating a shift in investment preferences among consumers [27][29]

Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

Core Viewpoint - The article highlights the significant role of Huazhu Hotels in providing quality accommodation along the challenging G318 Sichuan-Tibet Highway, enhancing the travel experience for tourists in high-altitude regions [1][3][5]. Group 1: Company Initiatives - Huazhu has established over 300 hotels along the G318 route, ensuring comprehensive coverage for travelers from Chengdu to Tibet [3][7]. - The launch of the "Huazhu Club Hotel Sample Room RV" marks a unique initiative to engage members in a journey along the G318, celebrating the company's 20th anniversary [3][7]. - Huazhu's "Price Guarantee" program offers members assurance against price fluctuations, enhancing customer confidence in booking accommodations [16]. Group 2: Market Demand and Challenges - The G318 route is increasingly popular, with a reported 3.1272 million visitors during the 2024 National Day holiday, reflecting a 13.85% year-on-year increase [5]. - Tourists face significant challenges such as altitude sickness and inadequate accommodation options, making reliable hotels essential for a comfortable experience [8][11]. - The article emphasizes the need for improved infrastructure and services along the G318 to attract more visitors and enhance their travel experience [19][20]. Group 3: Customer Experience - Huazhu hotels provide essential amenities such as oxygen supply systems and 24-hour hot water, addressing the specific needs of travelers in high-altitude areas [11][15]. - The availability of clean and comfortable accommodations, along with nutritious breakfast options, significantly improves the overall travel experience for visitors [13][15]. - The company’s commitment to maintaining consistent service standards across its hotels ensures that travelers can expect a reliable experience regardless of location [15].

报告由中诚信认证研究发布，首次对港交所760家市值超50亿港元上市公司的多元包容（D&I）表现展开全面量化评估，评估框架融合ISO 30415:2021国际标 准与港交所ESG指引，涵盖多元化、公平性、包容性、人员发展四大支柱及34项细分指标，旨在揭示企业D&I真实管理水平。 从整体表现看，香港上市公司D&I呈现"初步发展，分化明显"格局。760家公司平均得分48.52分（满分100），中位数47.11分，得分呈正偏态分布。28%公 司得分低于40分，51%在40-60分区间，仅7%超70分。且公司规模与D&I表现有正相关性，恒生指数成分股等大型企业平均得分更高，但部分中小企业在员 工发展等领域表现突出。 领先企业集中于金融业，如汇丰控股（85.3分）、友邦保险（83.7分）等，它们治理完善（高独立董事占比）、国际化程度高且重视人力资本投入，信息披 露详尽透明。不过市场也存在共性问题，"性别薪酬比率"等实质性公平指标缺失，残疾员工比例等多元数据披露率低，多数公司有董事会多元化政策却无具 体量化目标，数据透明度不足成主要障碍。 四大支柱表现各有优劣。多元化上，董事会女性占比17.5%有进步但未达30%"关键少数 ...