Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

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： 继续现金管理委托理财产品总金额：人民币 1 亿元； ●到期赎回委托理财产品名称、金额： 股票代码：600258 股票简称：首旅酒店 编号：临 2025-032 北京首旅酒店（集团）股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理进展的公告 招商银行股份有限公司上海分行结构性存款 1.5 亿元； ●履行的审议程序： 2024 年 12 月 20 日，公司召开第九届董事会第三次会议及第九届监事会第三 次会议，审议通过了《关于公司使用闲置募集资金进行现金管理的议案》。在不 影响募集资金投资项目建设进度和募集资金使用，并保证日常经营运作资金需求、 有效控制投资风险的前提下，公司使用闲置募集资金不超过人民币 8 亿元适时进 ●继续现金管理委托理财产品名称、金额： 中国银行挂钩型结构性存款【CSDVY202510044】 0.51 亿元； 中国银行挂钩型结构性存款【CSDVY202510045】 0.49 亿元；； ●委托理财期限：自董事会审议通过的 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]

Core Insights - The development of the consumer services industry is closely linked to policy support and understanding market dynamics, including total volume, weight, incremental changes, and stock [4][6][8] Group 1: Market Dynamics - The total volume of tourism and leisure has been increasing, as evidenced by rising visitor numbers during recent holidays [4] - The market structure has shifted, with smaller cities attracting tourists through unique experiences, altering the traditional focus on major cities [4][5] - The diversification of tourist demographics has led to a segmented market, requiring businesses to tailor their offerings to different consumer needs [5][6] Group 2: Strategic Adjustments - Companies must focus on enhancing quality and content in response to evolving consumer demands, rather than solely pursuing growth in scale [6][8] - The application of digital technology is becoming essential for understanding consumer preferences and providing personalized services [6][7] - Addressing the challenges of existing assets through urban renewal and operational optimization is crucial for maximizing the value of stock assets [7][8] Group 3: Future Development - The reconstruction of the four volumes (total, weight, incremental, and stock) is vital for sustainable growth in the consumer services sector [6][8] - Companies should engage in strategic adjustments at policy, commercial, and operational levels to remain competitive in a changing market [8]

Core Insights - The latest annual ranking of the "Top 205 Global Hotel Groups" has been published, reflecting the development trajectory of the global hotel industry based on data from the end of 2024 [2] Group 1: Rankings and Performance - Marriott International retains the top position with 1,667,331 rooms across 9,131 hotels, an increase from 1,560,687 rooms and 8,566 hotels in 2023 [3] - Jin Jiang International Holdings Co., Ltd. ranks second with 1,454,335 rooms and 14,377 hotels, up from 1,342,161 rooms and 13,250 hotels in the previous year [3] - Hilton ranks third with 1,268,206 rooms and 8,447 hotels, compared to 1,182,937 rooms and 7,530 hotels in 2023 [3] - H World Group moves up to fourth place with 1,088,218 rooms and 11,147 hotels, an increase from 912,444 rooms [3][4] - IHG Hotels & Resorts ranks fifth with 987,125 rooms and 6,629 hotels, up from 946,203 rooms [3] Group 2: Trends and Changes - The number of hotel groups on the list has decreased by over one-third from 2019 to 2024, indicating a trend of consolidation in the industry [6][10] - The top 50 list includes 21 Chinese companies, an increase from 19 the previous year, highlighting the growing influence of Chinese hotel groups [5] - The industry is entering a new phase characterized by stronger brands and increased concentration, with many rising companies demonstrating strong capital, technology, or brand capabilities [8] Group 3: Brand Performance - HanTing Hotel from H World Group tops the single brand ranking with 359,475 rooms, followed by Holiday Inn Express from IHG with 343,957 rooms [11][13] - Jin Jiang International Holdings has seven brands listed, the highest number among the groups, reflecting its extensive portfolio [13] - The ranking of brands shows a competitive landscape where mid-range and economy segments are undergoing significant restructuring [13]

智通财经记者 | 张瑶 智通财经编辑 | 汤威 1. 首旅酒店集团"精彩长安街•宝藏酒店奇遇记"启幕 7月8日，首旅酒店集团"精彩长安街·宝藏酒店奇遇记"在位于长安街心脏地带的北京饭店诺金启幕。这 场文化盛宴集结了首旅集团及首旅酒店集团旗下13个品牌、82家高端奢华酒店，通过线上线下联动，开 启为期两个月的"宝藏酒店"巡展与体验之旅。 活动现场，集团旗下宝藏酒店矩阵亮相，展现出历史底蕴与时代创新的双面魅力。建国饭店是中国首家 中外合资酒店，其砖瓦间镌刻着中国酒店业从萌芽到繁荣的发展轨迹；贵宾楼饭店与西苑饭店，分别珍 藏着历史文物，以及 2000余幅齐白石等名家真迹的"艺术长廊"；北京饭店诺金的百年作家酒吧，至今 回响着泰戈尔、萧伯纳的诗韵；香山饭店作为贝聿铭的国内首作，彰显大师对园林美学与自然哲思的融 合表达。即将于今年揭幕的诺岚品牌，将以充满未来感的先锋艺术语言，重新解构高端酒店的定义。 2. 钓鱼台美高梅重磅推出儿童计划MGMKids 钓鱼台美高梅酒店集团推出全新儿童IP——MGMKids小狮子俱乐部，该计划于7月在旗下全品牌酒店启 动系列活动。 4. 文华东方推出纪录片《梦中之境》，以电影艺术礼赞奢华待 ...

Core Viewpoint - The article highlights the transformation of hotels into cultural and historical spaces that reflect rich human values, moving beyond mere accommodation to become carriers of cultural heritage and social development [1][3]. Group 1: Hotel Cultural Significance - Hotels like Beijing Jianguo Hotel and Gui Bin Lou Hotel serve as historical witnesses to the evolution of the Chinese hotel industry, showcasing artifacts and artworks that embody cultural significance [1][3]. - The "Treasure Hotel" exhibition and experience journey initiated by Shoulv Group aims to explore and promote the cultural value of hotels, following the success of last year's "Exciting Chang'an Street" event [1][4]. Group 2: Event Details and Participation - The "Exciting Chang'an Street" event will expand from Beijing to 32 cities, aiming to create a cultural treasure route that embodies deep historical and contemporary significance [3]. - Various participation methods are offered to consumers, including "cycling treasure hunts" and exclusive member benefits such as accommodation discounts and cultural activities [4]. Group 3: Long'an Street Spirit - The "Chang'an Street Spirit" is emphasized as the core of the event, representing the convergence of Eastern and Western civilizations and showcasing contemporary China's open and confident demeanor [3]. - This spirit is deeply embedded in the history of hotels like Jianguo Hotel and Minzu Hotel, reflecting a legacy of cultural exchange and international collaboration [3].

Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

股票代码：600258 股票简称：首旅酒店 编号：临 2025-031 北京首旅酒店（集团）股份有限公司 关于首旅酒店所属企业新增募集资金专项账户并签订 募集资金专户存储三方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 10 月 18 日签发的证监许可 [2021]3299 号文《关于核准北京首旅酒店(集团)股份有限公司非公开发行股票的 批复》，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"）获准向特定投资者非公开发行人民币普通股 134,348,410 股，每股发行价 格 为 人 民 币 22.33 元 ， 股 款 以 人 民 币 缴 足 ， 募 集 资 金 总 额 为 人 民 币 2,999,999,995.30 元，扣除部分承销商的承销费用人民币 5,724,000.00 元(含增 值税)后，实际收到的募集资金为人民币 2,994,275,995.30 元。募集资金总额扣 除各项发行费用共计人民币 9,209,480 ...

股票代码：600258 股票简称：首旅酒店 编号：临 2025-030 北京首旅酒店（集团）股份有限公司 第九届董事会第十次会议决议公告 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 第九届董事会第十次会议于 2025 年 7 月 2 日（星期三）上午 9：30 以通讯方式 召开，本次会议的通知已于 6 月 25 日以邮件方式送达公司各位董事、监事和公 司高管人员。公司董事 11 名，全部出席会议。本次会议的召集、召开及表决程 序符合《公司法》、《公司章程》的有关规定，所做的决议合法有效。 本次会议仅审议一项议案，以赞成 11 票，占全体董事表决票数的 100%；回 避 0 票；反对 0 票的表决结果通过了《关于首旅酒店所属企业新增募集资金专项 账户并签订募集资金专户存储三方监管协议的议案》。 《关于首旅酒店所属企业新增募集资金专项账户并签订募集资金专户存储 三方监管协议的公告》详见公司临 2025-031 号公告。 特此公告。 北京首旅酒店（集团）股份有限公司董事会 2025 年 7 月 3 日 1 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 ...