男子住酒店被女朋友发现，女朋友报男子电话姓名问出入住时间，"酒店未核实身份就泄露个人隐私， 事后我追问，全季说他们没责任，责任都推给前台员工。"赵先生说。 2月5日，华商报大风新闻记者联系到华住会，工作人员称，不是本人不能查他人入住信息，不允许酒店 泄露顾客隐私及信息。当晚，涉事酒店联系赵先生赔偿3422元。 图源：华 住会 男子投诉—— 要赔也是员工赔，员工现在不认了。"赵先生说，他住全季酒店是冲着品牌，"全季一句进行员工培训 了，就能摆脱关系？" 全季酒店—— 培训过了，员工个人责任，确实透露了入住时间 住酒店被女朋友发现，全季"坐实"入住时间 32岁的赵先生是河北省石家庄人，1月11日凌晨4时许，"我在全季石家庄天山大街天山海世界酒店办理 入住，凌晨5点多朋友来找我，但朋友没有登记。早上7点多，我退房离开酒店。工作上的应酬，就没有 告诉我女朋友。"赵先生说，1月27日晚，和女朋友吃饭看电影期间，"她在我手机上看到有酒店浏览信 息，问我是不是住酒店了，我说是推送的广告点开了。" 赵先生说，1月28日凌晨分开回家，"白天女朋友联系我，让我好好想想1月11日凌晨5点到7点人在哪， 在干啥，到底住没住酒店？我就 ...

www.ccxi.com.cn 2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 10 | | 结论 | 13 | 联络人 中诚信国际 行业展望 旅游行业 中国旅游行业展望，2026 年 2 月 2025 年以来，国内旅游市场保持向好发展态势，跨境游复苏情 况良好。旅游行业新业态、新场景不断涌现，在旺盛的多元化旅 游需求下，2026 年行业整体发展仍有支撑，旅游企业的盈利能 力及偿债指标表现预计将保持稳定，但旅游企业内部预计将出 现分化，能够提供突出"质价比"体验的企业将赢得增长主动， 而仍依赖传统粗放模式的主体则将面临更大压力。 中国旅游行业的展望维持稳定，中诚信国际认为，未来 12~18 个月该 行业总体信用质量不会发生重大变化。 摘要 2025 年以来国内旅游市场保持向好发展态势，国内旅游总人次和国 内旅游总收入保持两位数增长；跨境游受益于政策因素复苏情况良 好。行业政策从文旅消费券、培育新业态、加强旅游监管等方面给予 行业支持，旅游消费市场新业态、新场景不断涌现。在旺盛的多元化 旅游需求下，预计 2 ...

每经AI快讯，华住集团-S(01179.HK)逆市涨超3%，截至发稿，涨3.22%，报39.74港元，成交额2207.72 万港元。 （文章来源：每日经济新闻） ...

华住集团-S(01179)逆市涨超3%，截至发稿，涨3.22%，报39.74港元，成交额2207.72万港元。 消息面上，里昂研究报告指出，随着春节假期临近，消费者出行意愿增强，预计华住将延续每间可售房 收入的正增长趋势。该行估算，公司约68%的成本为固定成本，意味着具备较高的经营杠杆，预期相比 汉庭酒店，更多的桔子酒店开业将有助于平均每日房价的结构性提升，从而带来高于行业的每间可售房 收入增长。基于此，里昂将2026年的每间可售房收入增长预测从1.1%上调至2.8%，并预计净增开业酒 店数达1,700家。 该行引述调查指，今年春节期间计划消费逾5,000元人民币的消费者减少，而更多消费者将选择自驾 游。这可能意味着假期出行频次增加，但以短途旅行为主，中档及经济型酒店成首选。其中，华住旗下 的桔子酒店和汉庭酒店在受访者的偏好中分别排名第一和第三。该行认为，通过加速拓展定位中高端的 桔子酒店，华住正持续优化其品牌组合与定价能力，每间可售房收入增长有望持续跑赢市场。因此，该 行将其2026年该指标的增长预测进一步上调至按年增长1.8%。 ...

该行引述调查指，今年春节期间计划消费逾5,000元人民币的消费者减少，而更多消费者将选择自驾 游。这可能意味着假期出行频次增加，但以短途旅行为主，中档及经济型酒店成首选。其中，华住旗下 的桔子酒店和汉庭酒店在受访者的偏好中分别排名第一和第三。该行认为，通过加速拓展定位中高端的 桔子酒店，华住正持续优化其品牌组合与定价能力，每间可售房收入增长有望持续跑赢市场。因此，该 行将其2026年该指标的增长预测进一步上调至按年增长1.8%。 智通财经APP获悉，华住集团-S(01179)逆市涨超3%，截至发稿，涨3.22%，报39.74港元，成交额 2207.72万港元。 消息面上，里昂研究报告指出，随着春节假期临近，消费者出行意愿增强，预计华住将延续每间可售房 收入的正增长趋势。该行估算，公司约68%的成本为固定成本，意味着具备较高的经营杠杆，预期相比 汉庭酒店，更多的桔子酒店开业将有助于平均每日房价的结构性提升，从而带来高于行业的每间可售房 收入增长。基于此，里昂将2026年的每间可售房收入增长预测从1.1%上调至2.8%，并预计净增开业酒 店数达1,700家。 ...

第三个就是可能站在管管理公司的角度，它是一个轻资产化管理的模式。主要是因为这个 市场，来看的话，对于决定管理公司来说，他们这个要获得规模的扩张，主要还是以轻资 产化的这种方式去快速获得这个规模的提升。第四个就这个行业的格局，相对比较好一点 因为主要是行业来看，它的整个产品的这个变革是比较小的。因为产品，主要还是围绕着 住宿的这个需求。那主要还是这个，包括这个行业的这个需求单来看，就是它其上除了商 务可能是相对高频，休闲度假其实是个偏低频的。 彭心瑶 兴业证券分析师: 各位线上的投资者，大家晚上好。这边是新政瑞兹和商社分析师彭心瑶。那很感谢大家今 晚在这个时间能接入我们的会议。今年可以说是整个我国 REITs 发展里程碑式的一个一年。 商业不动产的一个发布，为整个行业的资产方，包括投研方都带来了很大的一个变化。那 这一次发布的一个资产类别，除了咱们的老朋友，包括说奥莱、购物中心、写字楼等等， 也出现了酒店这一种新的业态。那刚好借这一次的一个机会。也是很荣幸邀请到了我们研 究院这边酒店行业的一个资深分析师，熊超总熊超老师给我们分享整个酒店行业的研究框 架和发展的一个情况。 那同时也从他本身研究酒店十余年的一个视角 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Group 1 - The travel trend during the Spring Festival is significantly increasing, with hotel bookings during the holiday period rising by 71% year-on-year [1] - Major hotel groups have shown robust pre-sale data for the Spring Festival, with average daily room rates (ADR) for Atour and Huazhu increasing by 46% and 32% respectively on a week-on-week basis [1] - The longer holiday period this year (9 days compared to 8 days last year) is expected to drive higher hotel demand, with anticipated government support measures for the industry [1] Group 2 - The hotel sector is currently at a historical cycle bottom, with leading companies shifting their strategy from prioritizing occupancy rates (OCC) to optimizing revenue per available room (RevPAR) [1] - Huazhu has already seen a positive turn in ADR in Q3, indicating a strengthening of pricing power among leading hotel chains [1] - Jin Jiang Hotels is identified as the largest hotel chain in China, while ShouLai Hotels is focusing on the development of standard management and mid-to-high-end hotels, with the proportion of mid-to-high-end hotel rooms increasing to 42.5% by Q3 2025 [1]

Core Viewpoint - The article discusses how Huazhu has leveraged high commission rates to enhance its performance, positioning itself as a leading player in the hotel industry despite challenges faced by its franchisees [4][7][36]. Group 1: Commission Structure and Revenue - Huazhu's overall commission rate is estimated to reach 12%, significantly higher than Ctrip's hotel booking commission rate of approximately 8%-10% [4][26]. - In 2025, Huazhu's total revenue is projected to be 800 billion, with franchisees contributing 703 billion, and Huazhu earning 87 billion from franchisees, resulting in a commission rate of 12.38% [25][26]. - Huazhu has managed to collect service fees from Ctrip, amounting to 1.12 billion and 1.46 billion in 2023 and 2024, respectively, effectively recouping nearly half of its commission expenses [11][12]. Group 2: Franchisee Challenges - Many franchisees report difficulties due to a lack of distance protection, leading to multiple franchises opening within close proximity, which has resulted in declining single-store revenue [7][43]. - Franchisees are increasingly dissatisfied, with reports of high turnover among store managers and complaints about operational inefficiencies [41][46]. - The average occupancy rate and daily room price for Huazhu's franchisees have declined, with single-store revenue dropping from 637 million to 630 million [43][44]. Group 3: Membership and User Base - Huazhu has built a robust membership system, with over 300 million members as of Q3 2025, contributing significantly to its order volume [15][16]. - The central reservation system accounted for 65.1% of Huazhu's room nights, indicating a lower reliance on OTA platforms compared to competitors [16][17]. Group 4: Expansion and Market Strategy - Huazhu has aggressively expanded its franchise model, increasing the number of franchise hotels from 5,746 to 10,380 between 2020 and 2024 [30][31]. - The company has focused on upgrading older hotels, with the proportion of outdated stores dropping from 29% to 4%, while newer versions have increased from 34% to 71% [32][35]. - Despite the rapid expansion, the competitive landscape has intensified, leading to franchisee concerns about profitability and market saturation [38][46].