Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The tourism market is experiencing significant growth ahead of the upcoming Mid-Autumn Festival and National Day, with a forecasted increase in travel bookings by double digits compared to last year [1][21] - High-quality hotel bookings are expected to continue their upward trend during the holiday period, with a year-on-year increase of over 20% [2] - The expansion of visa-free policies is boosting both inbound and outbound tourism, with a notable 75% increase in booking volumes for inbound travelers from Russia [2][23] Summary by Sections 1. Market Overview - The upcoming "double holiday" is expected to generate an 8-day vacation period, with potential for a 12-day extended holiday through leave arrangements [1] - Domestic travel demand is strong, with a more than 115% increase in bookings for domestic charter tours and over 200% for nearby travel products compared to last year [1] 2. Investment Recommendations - Focus on five investment themes: 1. Continuous upgrades in AI technology, benefiting companies like Core Technology and Focus Technology [3] 2. Increased consumer willingness to pay for emotional value, with high-growth potential in new retail sectors, benefiting brands like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand stimulation, with companies like Haidilao and Jinjiang Hotels expected to benefit [3] 4. Broad prospects for consumer brands going overseas, with support for domestic brands expanding internationally [3] 5. Revitalization of traditional business formats as offline traffic returns, benefiting supermarkets and retail chains [3] 3. Industry Dynamics - The consumer service index outperformed the CSI 300 index by 3.97 percentage points, indicating a positive trend in the consumer services sector [12] - The tourism sector is characterized by short-distance frequent travel and high-quality long-distance travel, with significant growth in bookings for both [21][22] 4. Macro & Industry Data - In August, the total retail sales reached 3.97 trillion yuan, with a year-on-year growth of 3.4% [29] - Online retail sales of physical goods increased by 6.4% year-on-year from January to August, indicating a shift towards e-commerce [30]

Core Insights - The "Wai Li" project is positioned as an international commercial and entertainment complex in Beijing's urban sub-center, leveraging the advantage of three intersecting metro lines to enhance accessibility and attract visitors [2][4][9] - The project aims to integrate various functions such as shopping, entertainment, and accommodation, creating a new urban lifestyle and promoting high-quality urban development through a TOD (Transit-Oriented Development) model [1][2][9] Group 1: Project Overview - "Wai Li" will cover a total construction area of approximately 500,000 square meters and is a key project developed by three state-owned enterprises [2] - The complex will feature three main components: "Wai Li Wangfujing WellTown," "Wai Li Tingyun Town," and "Wai Li Nuo Lan Hotel," catering to diverse consumer needs [2][5] - The project is set to open by the end of 2025, having already completed construction acceptance [2] Group 2: Features and Offerings - "Wai Li Wangfujing WellTown" has achieved over 90% brand leasing progress, combining international shopping with cultural and artistic exhibitions [3] - "Wai Li Tingyun Town" will include a vibrant commercial street and themed courtyards, offering a mix of dining, shopping, and entertainment experiences [4] - "Wai Li Nuo Lan Hotel" will feature 329 rooms with a design inspired by the Hanging Gardens of Babylon, providing a luxurious and artistic vacation experience [5] Group 3: Transportation Infrastructure - The North Universal Studios Transportation Hub will serve as a new urban micro-center, integrating transportation with hotel and commercial functions, covering an area of 84,600 square meters [7] - The Tongma Road Transportation Hub will be a significant gateway in the cultural tourism area, with a total construction area of 176,200 square meters, facilitating seamless transfers among various transportation modes [8] - These transportation hubs are designed to enhance connectivity and support the overall development of the cultural tourism district [6][9] Group 4: Strategic Importance - The integration of transportation, commercial, and cultural tourism elements is expected to create a closed-loop consumer experience, enhancing the attractiveness of the cultural tourism area [9] - The year 2025 is highlighted as a transformative period for the cultural tourism district, with multiple projects set to launch, contributing to the area's growth as a world-class tourism destination [9]

证券代码：600258 证券简称：首旅酒店 编号：临2025-041 北京首旅酒店（集团）股份有限公司 2025年第三次临时股东会决议公告 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年9月19日 (二)股东会召开的地点：北京市朝阳区雅宝路10号凯威大厦三层301会议室 (三)出席会议的普通股股东及其持有股份情况： ■ 注：公司总股本为1,116, 603, 126股，全部为普通股A股。出席本次股东会股东全部为A股股东。 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 公司董事长李云女士主持本次股东会。公司9名董事、3名监事和2名高级管理人员及公司的法律顾问北 京市中伦文德律师事务所律师出席了会议。本次股东会的召开合法、有效，符合《公司法》、《公司章 程》等有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事11人，出席9人，董事梁建章、董事孙坚因其他重要事项未在北京没有出席 ...

中伦文德律师事务所 ZHONGLUN W&D LAW FIRM 北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层 28/F, Tower 2, China Central Place, No. 79, Jianguo Road Chaoyang District, Beijing, 100025, P.R.China 总机: 86-10- 8567 3688 传真:86-10-6440 2915 北京市中伦文德律师事务所 关于北京首旅酒店(集团)股份有限公司 2025年第三次临时股东会的 法 律 意 见 书 致:北京首旅酒店(集团)股份有限公司 北京市中伦文德律师事务所（以下称"本所"）接受北京首旅酒店（集团）股份 有限公司（以下称"公司"）的委托，指派本所律师出席了公司 2025 年第三次临时股 东会(以下称"本次股东会"),对公司本次股东会的召集和召开程序、出席本次股东 会人员的资格和召集人资格、表决程序和表决结果的合法性、有效性,依据《中华人 民共和国公司法》(以下称"《公司法》")《中华人民共和国证券法》(以下称"《证券 法》")《上市公司股东会规则》(以下称"《股东会规则》"《上海证券交 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2025-041 北京首旅酒店（集团）股份有限公司 2025年第三次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 19 日 (二)股东会召开的地点：北京市朝阳区雅宝路 10 号凯威大厦三层 301 会议室 (三)出席会议的普通股股东及其持有股份情况： 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 467,320,214 | 99.6261 | 1,575,997 | 0.3359 | 177,688 | 0.0380 | | 1、出席会议的股东和代理人人数 | 436 | | --- | - ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [4] Core Insights - The core value of AI in hotels lies in systematic cost reduction and efficiency enhancement, focusing on optimizing cost structures and resource allocation rather than just self-service at the front desk. AI can lower labor and energy costs through demand forecasting, dynamic pricing, and automated scheduling, while continuously releasing efficiency dividends in supply chain, equipment maintenance, and inventory management. Policy support and technological maturity will drive small and medium-sized hotels to follow suit, enhancing overall industry operational efficiency [3][7]. Summary by Sections Industry Overview - The global hotel AI market is expected to grow at a compound annual growth rate (CAGR) of approximately 15% from 2020 to 2027, driven by the dual demand for customer experience upgrades and cost optimization. Applications such as smart front desks, self-check-in, dynamic pricing, and voice interaction meet guests' preferences for "contactless and personalized" services while significantly reducing labor and energy costs [7]. Key Players and Innovations - Leading hotel groups are achieving cost reduction and efficiency gains, with revenue management and smart rooms as breakthrough areas. For instance, Huazhu's "new front desk model" reduces check-in time to as fast as 10 seconds, while Shoulv's "AI digital store manager" provides traffic forecasting and dynamic pricing for nearly 7,000 hotels, enhancing RevPAR and operational efficiency. Atour leverages its ACARD membership system and "smart experience rooms" for facial recognition check-in [7]. Future Development - The future penetration of AI in the hotel industry will accelerate, focusing on three key areas: building intelligent middle platforms to integrate PMS, RMS, and CRM systems for cross-system data collaboration; naturalizing interactions through virtual customer service and digital humans for a more immersive experience; and expanding applications to security, cleaning, marketing, and refined member operations. With ongoing policy support, technological advancements, and capital investment, AI is expected to become the "infrastructure" for hotels to enhance operational efficiency and competitiveness, driving long-term benefits in cost structure optimization and service quality improvement [7].

Group 1 - The hotel and catering sector increased by 2.4% on September 18, with Huazhen Hotel leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Major stocks in the hotel and catering sector showed varied performance, with Huazhen Hotel rising by 6.19% to a closing price of 4.12 [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 249 million yuan, while retail investors saw a net outflow of 258 million yuan [1] - Huazhen Hotel had a main fund net inflow of 77.08 million yuan, accounting for 12.78% of its total [2] - The overall trend showed that while main funds were entering the sector, retail investors were withdrawing, indicating a divergence in investment behavior [2]

Group 1 - The Ministry of Commerce plans to introduce a series of policy documents aimed at high-quality development in the accommodation industry and the integration of railways and tourism, forming a policy "combination punch" [1] - The Ministry will focus on six areas: policy implementation, scenario development, activity promotion, platform enhancement, environmental improvement, and mechanism establishment to boost high-quality service consumption [1] Group 2 - The hotel industry has significant potential for intelligent upgrades, with decreasing hardware prices and large-scale procurement leading to optimized average usage costs [1] - Common uses of hotel robots include delivery and cleaning, primarily focusing on cross-floor delivery and nighttime demand, resulting in more efficient service and improved customer satisfaction [1] Group 3 - Companies like Shoulv Hotel have fully implemented smart scenarios such as self-service front desks, delivery robots, smart rooms, and AI customer service, enabling one-click guest service access [1] - Furi Electronics' subsidiary, Shenzhen Zhongnuo Communications, offers JDM/OEM services for hotel and industrial robots, with a small number of hotel service robots already shipped [1]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].

2025年9月，建国璞隐·上海陆家嘴中心店茶香与墨韵交织，首旅如家酒店集团在此隆重举办"2025璞隐新国潮文化节"开幕式暨非遗游园会。这场 以"遇见非遗之美"为主题的年度文化盛事，不仅汇聚珐琅、古琴、紫砂等十二大非遗项目，更吸引近百位非遗传承人、国潮达人及主流媒体共襄盛 举。 通过"非遗+酒店"的场景创新与"东方写意美学"的品牌表达，璞隐酒店正成为首旅如家酒店集团链接文化与旅居的核心载体，而同步发布的"首旅如 家非遗扶持计划"，将推动传统文化活化与中高端住宿体验深度融合，为酒店业新一轮变革注入文化动能。 首旅酒店集团总经理，如家酒店集团董事长、CEO孙坚在接受第一财经采访时表示："在'文化强国'战略的指引下，首旅如家将以酒店为媒介、以亿 万会员为桥梁，构建'非遗+酒店'可持续生态，推动非遗从静态保护转向动态传承。让非遗不再只是博物馆中的展品，而是每个人都可体验、可消 费、可带走的旅途记忆。" 行业观点认为，中高端酒店已经成为酒店行业增长核心引擎。据弗若斯特沙利文数据，2019至2024年中高端酒店房量年复合增速为21.1%，领先行 业整体。2025年上半年，首旅酒店（600258.SH）中高端酒店收入占酒店收 ...