Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

2026 年 2 月 24 日 行业研究 春节假期旅游需求旺盛，呈量价齐升、结构优化特点 ——春节假期旅游市场点评 要点 春节假期旅游市场延续高景气度，呈现 "量价齐升、结构优化"特征：2026 年春节假期，全社会跨区域人员流动量有望创新高，民航、铁路、水运等交通方 式客流均实现同比增长，其中水运受游轮观光、海南封关等因素拉动表现尤为亮 眼。酒店市场量价双增，从酒店交易规模来看，飞猪平台春节假期酒店间夜量同 比增长 75%，且高星级酒店人均预订间夜量接近 3 晚，呈现一定的消费升级趋 势，部分热门旅游城市酒店价格涨幅显著；受"先团圆、后度假"的分段式出行 影响，一定程度上推动春运机票价格同比上涨，热门航线供需格局较紧张。 国内游传统与小众目的地热度均上升，AI 推动消费场景串联：1）2026 年春节 国内游市场持续火爆，飞猪平台国内游订单量创历史新高，人均预订金额同比提 升约 10%。2）游客既追求传统旅游目的地的经典体验，亦青睐小众目的地的特 色玩法，国内游呈体验多元化趋势。传统景区方面，祥源文旅旗下核心景区表现 亮眼，春节假期前四天累计接待游客 26.45 万人，同比增长 20%，其中湖南张 家界黄龙洞、 ...

Group 1 - The "Shoulv Travel · Xiangyue Shiguang" food truck market officially launched at the foot of the Mutianyu Great Wall on February 17, coinciding with the Lunar New Year [1] - The event features traditional delicacies from well-known brands like Donglaishun and Quanjude, blending traditional craftsmanship with modern flavors, attracting both locals and tourists [3] - The food truck market will run until March 3, covering the entire Spring Festival holiday, and aims to provide an immersive cultural tourism experience by integrating food, culture, and local customs [5] Group 2 - The initiative emphasizes the integration of agriculture, culture, and tourism, focusing on three core areas: Great Wall culture, suburban folk customs, and the craftsmanship of time-honored brands [5] - The company plans to continue leveraging its resource integration and innovative model to create more culturally rich and market-viable tourism projects that resonate with the public [5]

Group 1 - The event "2026 Spring Festival Carnival" in Taihu Park, Tongzhou District, Beijing, features an immersive theater experience and interactive games to attract visitors and create a festive atmosphere [1] - The park has been transformed into a "boundaryless theater," allowing visitors to engage in various activities and win "silver tickets" that serve as emotional connections among participants [1] - The event highlights community involvement by distributing free tickets to local families, encouraging them to participate in the activities [1] Group 2 - The event showcases traditional cultural elements, such as the non-material cultural heritage fish lanterns, which captivated both residents and tourists [2] - Local delicacies, like the soft and fragrant "Rong Tofu," were introduced by community leaders to enhance the festive experience and promote local cuisine [2] - The immersive performance design aligns with the development goals of Taihu Performing Arts Town, which aims to create a high-quality cultural experience and attract more visitors to the area [2]

Core Viewpoint - Pacific Securities report indicates that Shoulu Hotel is investing in new hotel construction to promote asset expansion, focusing on the mid-to-high-end hotel sector and core urban clusters, reflecting the company's strategic implementation of optimizing development models [1] Group 1: Investment Strategy - The company is advancing its asset expansion through two announcements that utilize "newly built sedimentary assets" and "leasing for rapid implementation" models [1] - This strategy covers the Yangtze River Delta and Beijing-Tianjin-Hebei economic zones, demonstrating the company's commitment to seizing industry recovery opportunities and accelerating brand upgrades [1] Group 2: Regional Layout - Both projects are located in high-potential core areas, accurately capturing regional development dividends [1] - The projects create a north-south layout that aligns with the domestic hotel industry's trend of focusing on core regions, laying a solid foundation for the company's long-term performance growth [1] Group 3: Development Model - The dual model of "new construction + leasing" complements each other, balancing long-term asset accumulation with short-term benefit realization [1] - After two years of pressure, the hotel sector is showing signs of a RevPAR turning point, with expectations for operating data to achieve year-on-year growth by 2026 and profitability to improve [1]

Investment Rating - The report maintains a "Buy" rating for Shoulu Hotel (600258) with a target price based on the last closing price of 16.90 [1][10]. Core Insights - Shoulu Hotel is investing in new hotel constructions to expand its assets, focusing on mid-to-high-end hotel segments in key urban areas, which reflects a strategic move to optimize its development model and capitalize on industry recovery opportunities [4][6]. - The company is adopting a dual approach of "new construction and leasing" to balance long-term asset accumulation with short-term profit realization, which aligns with the trend of combining light and heavy asset models in the hotel industry [8][9]. Summary by Sections Investment Projects - Shoulu Hotel's subsidiary, Home Inn (China), plans to invest 280.51 million yuan in a new hotel in Suzhou, with an expected internal rate of return (IRR) of about 4% and a construction period of 14 months [3][4]. - The company also intends to lease a property in Beijing for 322.75 million yuan, with an expected IRR of approximately 12% and a construction period of 9-10 months [3][4]. Strategic Positioning - The projects are strategically located in high-potential areas, covering the Yangtze River Delta and Beijing-Tianjin-Hebei economic zones, which are crucial for long-term performance growth [5][6]. - The Suzhou project is positioned in a provincial high-tech zone, benefiting from strong business and leisure demand, while the Beijing project is near major cultural and tourism attractions, enhancing its market presence [5][6]. Brand and Market Strategy - Both projects focus on mid-to-high-end brands, with a multi-brand strategy to cater to different customer segments, thereby avoiding internal brand competition and enhancing overall market competitiveness [7][8]. - The company aims to optimize its product structure and reduce reliance on low-end economy hotels, aligning with the trend of consumer upgrading in the hotel industry [7][8]. Financial Projections - Revenue and profit forecasts indicate a positive outlook, with expected net profits of 8.44 billion, 9.49 billion, and 10.87 billion yuan for 2025-2027, reflecting growth rates of 4.65%, 12.51%, and 14.47% respectively [10][12]. - The projected earnings per share (EPS) for 2025-2027 are 0.76, 0.85, and 0.97 yuan, with corresponding price-to-earnings (PE) ratios of 22X, 20X, and 17X [10][12].

Core Viewpoint - The company is strategically expanding its presence in the mid-to-high-end hotel sector by investing in two key projects in high-potential regions, aiming to optimize its development model and capitalize on industry recovery opportunities [2][3]. Project Summaries - The company plans to invest 280.51 million yuan in a new hotel property in Suzhou, with a construction period of 14 months and an expected internal rate of return (IRR) of approximately 4% [1]. - A lease agreement for a property in Beijing's Tongzhou District is set for 10 years, with a total investment of approximately 43.6 million yuan, including renovation costs, and an expected IRR of about 12% [1]. Regional Focus - Both projects are strategically located in core economic zones: the Suzhou project in the Yangtze River Delta and the Beijing project in the Beijing-Tianjin-Hebei region, aligning with the trend of focusing on core areas in the domestic hotel industry [2]. - The Suzhou project is positioned in a provincial high-tech zone, benefiting from strong business and leisure demand due to its proximity to major cities and established enterprises [2]. - The Beijing project is near the Universal Studios cultural tourism core area, which is expected to generate significant visitor traffic, enhancing the hotel's market presence [3]. Product Structure - Both projects focus on mid-to-high-end brands, aiming to upgrade the company's offerings and reduce reliance on low-end hotels [4]. - The Suzhou project will feature the "Jian Guo Pu Yin" and "Home Inn Select" brands, while the Beijing project will introduce three core brands: "Jian Guo Bo Cui," "Jian Guo Pu Yin," and "Jian Guo Fei Man" [4]. - The company emphasizes a differentiated strategy to avoid internal brand competition, targeting various customer segments within the mid-to-high-end market [4]. Development Model - The company employs a dual model of "new construction + leasing," balancing long-term asset accumulation with short-term profit realization [5]. - The Suzhou project, being a new build, focuses on long-term asset value, while the Beijing project, through leasing, allows for quicker operational deployment and immediate revenue generation [5]. Revenue Expectations - The expected IRR for the Suzhou project is around 4%, reflecting the long-term nature of new hotel developments, while the Beijing project is projected to have an IRR of approximately 12%, benefiting from its strategic location and operational model [6]. - This differentiation in expected returns aligns with the company's strategy to balance long-term stability with short-term profitability [6].

北京首旅酒店（集团）股份有限公司 2026 年第一次临时股东会 会议文件 2026 年 3 月 5 日 1 北京首旅酒店(集团)股份有限公司 2026 年第一次临时股东会 议案：《关于间接全资控股子公司租赁湾里·汀云小镇 1-5#酒店 项目暨关联交易的议案》 关联交易简要内容 关联交易标的名称：湾里汀云小镇 1-5#酒店项目 关联交易事项 北京首旅酒店（集团）股份有限公司（以下简称"首旅酒店"或者"公司"） 间接全资控股子公司如家酒店连锁(中国)有限公司（以下简称"如家（中国）"） 与本公司控股股东北京首都旅游集团有限责任公司（以下简称"首旅集团"）及 关联企业共同参股投资的北京环汇置业有限公司（以下简称"环汇置业"）签署 了《商业房屋租赁合同》，租赁期 10 年，其中租赁期租金含税总金额为 29,859.071684 万元；物业费含税总金额为 2,415.469927 万元，两项合计含税 总金额为 32,274.541611 万元。另，租赁保证金 506.74572 万元。根据多品牌集 群方案及其工程以及配套设施设备的建设规划，后续拟投资 10,818.6 万元用于 装修和运营，打造建国铂萃、建国璞隐、建国 ...

公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600258 证券简称：首旅酒店 公告编号：临2026-005 北京首旅酒店（集团）股份有限公司 关于间接全资控股子公司投资 新建酒店物业（含装修及配套工程）项目的 ● 投资标的名称： 北京首旅酒店（集团）股份有限公司（以下简称"首旅酒店"或"公司"） 间接全资控股子公司如家酒店连锁（中国）有限公司（以下简称"如家（中国）"）；新建酒店物业（含 装修及配套工程）项目（以下简称"项目"）。 ● 投资金额：总投资估算 28,051万元（最终投资总额以工程竣工结 算为准），资金来源为如家（中国）自有资金。 ● 交易实施尚需履行的审批及其他相关程序 公司于2026年2月11日召开第九届董事会第十四次会议，审议通过了《关于公司间接全资控股子公司投 资新建酒店物业（含装修及配套工程）项目的议案》。本事项在董事会审议权限范围内，无须提交公司 股东会审议。 ● 本次项目投资事项不涉及关联交易，不构成重大资产重组。 ● 风险提示：项目后期建设、运营及所处外部环境变化 ...

Group 1 - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in H3C and for other projects [1] - Dawi Technology's Zhangbei data center project will not involve computing power leasing and is expected to have minimal revenue contribution in 2025 [2] - Kaixin Network's subsidiary signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [3] Group 2 - Newray plans to acquire a 70% stake in PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position [4] - Shangwei New Materials' embodied intelligent robot business is still in the product development stage and has not yet generated revenue [5] - Lanshi Heavy Industry's deputy general manager is under investigation for suspected violations, but the company's operations remain unaffected [6] Group 3 - Tianji Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but its operations are normal [8] - Top Group expects a net profit decline of 3% to 13% in 2025, despite revenue growth of 8.08% to 14.10% [9] - Shoulu Hotel's subsidiary plans to invest 281 million yuan in a new hotel property project, expected to enhance its business scale and profitability [10] Group 4 - Pingzhi Information plans to raise no more than 1 billion yuan for the construction of a domestic intelligent computing center [11] - Dongfang Guoxin's Inner Mongolia intelligent computing center project has been partially completed, contributing a small revenue share [12] - Zhongwei Semiconductor intends to allocate 1 billion yuan of surplus fundraising for a new investment project [13] Group 5 - Guolin Technology plans to issue up to 16.5 million shares, which will increase its total share capital to 201 million shares [14] - Dabeinong reported a 22.71% year-on-year increase in pig sales in January [15] - Qiu Tai Technology sold 41.48 million mobile camera modules in January, a 19.5% year-on-year increase [19]