旅游餐饮板块17日盘中发力走高，截至发稿，曲江文旅涨停，三峡旅游涨约7%，首旅酒店涨约5%，长 白山、大连圣亚等涨超3%。 消息面上，进入冰雪季，冰雪旅游逐步升温。美团旅行发布的数据显示，2025年10月中旬以来，"室外 滑雪场"搜索量同比上涨近900%。深圳、北京、上海、哈尔滨、张家口、武汉、广州、杭州、沈阳、成 都为冰雪游Top10客源地城市，一线城市游客冰雪季出行热度领跑全国。同时，美团"滑雪场附近美 食""滑雪场附近酒店"搜索量同比上涨两成多。 中银证券指出，冬季通常为文旅淡季，但其中冰雪旅游概念热度逐步升温，北方多地作为冬季冰雪旅游 目的地也较受关注。建议关注后续业绩增长确定性强的出行链及产业相关公司。 ...

Market Overview - The A-share market experienced a collective decline on December 16, with the Shanghai Composite Index falling to 3820.85 points, down 1.22%, the Shenzhen Component Index down 1.88%, and the ChiNext Index down 2.35% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan, a decrease of 606 billion yuan compared to the previous trading day [4] Sector Performance - The smart driving sector saw significant gains, with multiple stocks in the automotive sector rising sharply. Notable stocks included Wanji Technology, which recorded a 20% increase, and several others achieving the daily limit of 10% [15][16] - Consumer sectors, including restaurant tourism and commercial retail, continued to rise, with several stocks hitting the daily limit. For instance, Yonghui Supermarket and Baida Group both recorded a 10% increase [9][10] - Conversely, the large technology sector experienced a downturn, while precious metals, communication equipment, and chemical sectors led the declines [4][5] Notable Stocks - In the smart driving sector, several companies such as North Car Blue Valley and Changan Automobile saw increases of over 5% [18][19] - The hospitality sector also showed strength, with Junting Hotel rising nearly 7% and other hotel stocks following suit [11][12] Regulatory News - On December 15, the Ministry of Industry and Information Technology announced the approval of the first batch of L3-level autonomous driving vehicles for trial operations in designated areas of Beijing and Chongqing [20]

本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 此外在沙特阿拉伯，万豪国际集团签署麦加Courtyard by Marriott酒店管理协议，实现在沙特阿拉伯运营及筹建酒 店总数突破100家的里程碑。该酒店拥有1100间客房，由SEDCO Capital旗下基金投资开发，计划于2030年开业。 目前万豪在沙特13个品牌旗下共品牌合作44家酒店、超1.1万间客房，其中万怡品牌已有6家酒店。万豪国际集团 持续通过轻资产扩张模式，支持沙特实现年接待1亿游客的宏伟目标。 02 亚太（中国）市场发展动态 在新加坡，本月高端酒店市场迎来新的酒店项目进驻，2家老牌酒店换牌为国际连锁品牌。一是伟合控股首次涉足 酒店投资领域，携手基金管理公司Aravest，以1亿6000万元收购已在今年10月底停业的新加坡美丽华酒店，计划 将1968年开业的美丽华酒店将改造成希尔顿逸林酒店。二是星狮酒店集团旗下的新加坡洲际酒店宣布将换牌为万 豪国际集团旗下的豪华精选。 在东南亚地区，希尔顿集团在本月宣布计划在东南亚扩展其奢华及生活方式酒店品牌，通过在六个国家签署17家 新酒店项目，将会新增近4,000间客房。此次扩张 ...

证券之星消息，12月15日酒店餐饮板块较上一交易日上涨0.36%，首旅酒店领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。酒店餐饮板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日酒店餐饮板块主力资金净流出4101.27万元，游资资金净流出2624.94万元，散 户资金净流入6726.21万元。酒店餐饮板块个股资金流向见下表： ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

元旦预订热潮持续攀升, 跨年仪式感驱动消费 [Table_Industry] 社会服务业 商社行业周报（2025.12.08-2025.12.14） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 元旦是春节前最后一个法定假期，公众的出行和休闲需求集中释放。 投资要点： [Table_Report] 相关报告 社会服务业《元旦假期临近，出行消费升温》 2025.12.08 社会服务业《冰雪经济升温，夸克 AI 眼镜正式 发布》2025.11.30 社会服务业《酒店免税数据持续改善，双十一总 额增 14.2%》2025.11.18 社会服务业《降幅收窄供给分化，龙头变革预期 改善》2025.11.11 社会服务业《最长春节利好长线游，离岛免税新 政初显成 ...

罗永浩在社交媒体上"炮轰"凯悦逸扉酒店引发关注。 事件起因是有博主发文反馈，以每天 1300 多元的房费入住上海徐汇滨江逸扉酒店，却因 为酒店的空调、噪音等问题导致无法入睡，并且该问题长期存在，酒店迟迟未予解决。 罗永浩转发并质疑称，"每天收一千多块钱祸害不明真相的客人入住一个没法睡觉的房 间"。 针对此事，该酒店工作人员向《 BUG 》栏目回应称，目前高层已经介入，事情还在处理当 中，不便告知进展。 在该酒店评论区，也有不少消费者反馈噪音、卫生等问题。据悉，逸扉酒店是凯悦集团与首 旅如家集团合资创立的酒店品牌，宣称定位中高端商旅市场。此次舆论风波，也暴露出其长 期存在的管理和服务问题。 值得注意的是，凯悦集团中国区副总裁兼逸扉酒店集团首席执行官孙武曾表示，逸扉酒店所 有员工心里都要牢记 " 消费者导向 " 。他还鼓励员工以对朋友的热情自然面对客人，不必 像传统服务行业一样把客人奉为上帝。在逸扉，员工甚至可以打耳钉、纹身，希望营造一种 自由自在，随性自然的氛围感。 文 | 《BUG》栏目 张俊 如今来 看，他强调的 " 消费者导向 " 被打脸了。 罗永浩炮轰：凯悦逸扉，祸害消费者！ 近日，博主 @ 烧饼炒面鸡 ...

文|《BUG》栏目 张俊 罗永浩在社交媒体上"炮轰"凯悦逸扉酒店引发关注。 事件起因是有博主发文反馈，以每天1300多元的房费入住上海徐汇滨江逸扉酒店，却因为酒店的空调、 噪音等问题导致无法入睡，并且该问题长期存在，酒店迟迟未予解决。 罗永浩转发并质疑称，"每天收一千多块钱祸害不明真相的客人入住一个没法睡觉的房间"。 针对此事，该酒店工作人员向《BUG》栏目回应称，目前高层已经介入，事情还在处理当中，不便告 知进展。 在该酒店评论区，也有不少消费者反馈噪音、卫生等问题。据悉，逸扉酒店是凯悦集团与首旅如家集团 合资创立的酒店品牌，宣称定位中高端商旅市场。此次舆论风波，也暴露出其长期存在的管理和服务问 题。 值得注意的是，凯悦集团中国区副总裁兼逸扉酒店集团首席执行官孙武曾表示，逸扉酒店所有员工心里 都要牢记"消费者导向"。他还鼓励员工以对朋友的热情自然面对客人，不必像传统服务行业一样把客人 奉为上帝。在逸扉，员工甚至可以打耳钉、纹身，希望营造一种自由自在，随性自然的氛围感。 如今来看，他强调的"消费者导向"被打脸了。 罗永浩炮轰：凯悦逸扉，祸害消费者！ 近日，博主@烧饼炒面鸡蛋汤 在微博上发文称，通过某平台预订入 ...