Market Overview - The hotel and catering sector experienced a decline of 1.62% on September 17, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Jinjiang Hotels closed at 24.26, with a slight increase of 0.33% and a trading volume of 234,600 shares, totaling a transaction value of 568 million yuan [1] - ST Yunwang closed at 1.92, down 0.52%, with a trading volume of 213,700 shares and a transaction value of 41.11 million yuan [1] - Shoulv Hotels closed at 15.04, down 1.64%, with a trading volume of 191,400 shares and a transaction value of 290 million yuan [1] - Tongqinglou closed at 20.35, down 2.40%, with a trading volume of 151,900 shares and a transaction value of 106 million yuan [1] - Jinling Hotel closed at 8.00, down 2.44%, with a trading volume of 211,600 shares and a transaction value of 171 million yuan [1] - Quanjude closed at 12.36, down 2.83%, with a trading volume of 146,000 shares and a transaction value of 182 million yuan [1] - Xi'an Catering closed at 10.32, down 3.01%, with a trading volume of 482,600 shares and a transaction value of 502 million yuan [1] - Huatian Hotel closed at 3.88, down 3.48%, with a trading volume of 624,300 shares and a transaction value of 245 million yuan [1] - Junlin Hotel closed at 25.36, down 5.30%, with a trading volume of 160,400 shares and a transaction value of 414 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 211 million yuan from main funds, while retail investors contributed a net inflow of 151 million yuan [1] - The detailed capital flow for individual stocks indicates that Jinjiang Hotels had a net inflow of 2.526 million yuan from main funds, while it faced a net outflow of 800,140 yuan from retail investors [2] - ST Yunwang experienced a net outflow of 2.608 million yuan from main funds, with a net inflow of 971,300 yuan from retail investors [2] - Tongqinglou had a net outflow of 4.278 million yuan from main funds, but a net inflow of 607,620 yuan from retail investors [2] - Jinling Hotel faced a significant net outflow of 20.608 million yuan from main funds, with a small net inflow of 218,210 yuan from retail investors [2] - Quanjude had a net outflow of 22.918 million yuan from main funds, while retail investors contributed a net inflow of 2.914 million yuan [2] - Shoulv Hotels saw a net outflow of 34.115 million yuan from main funds, with a net inflow of 1.640 million yuan from retail investors [2] - Xi'an Catering had a net outflow of 45.444 million yuan from main funds, but a net inflow of 4.596 million yuan from retail investors [2] - Junting Hotel experienced a net outflow of 69.421 million yuan from main funds, while retail investors contributed a net inflow of 4.838 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].

北京商报讯（记者 关子辰 葛婷婷）9月16日，"2025年北京中秋国庆彩灯游园会"将于9月23日在世界公 园启幕。本次彩灯游园会将持续展出至2026年3月下旬，横跨中秋、国庆、元旦、春节及元宵等多个节 庆周期。 据介绍，本次北京中秋国庆彩灯游园会以"京彩世界奇妙夜"为主题，依托世界公园微缩景观的独特优 势，以非遗彩灯技艺为载体，融合全球文化元素，结合"一线五环"游览动线规划狂欢之夜、浪漫欧洲、 活力美洲、激情非洲、神秘亚洲、多彩大洋洲、"一带一路"七大主题区，打造180个创意光影点，创新 设计3处光影空间。其中，展示灯组70组，悬挂彩灯挂饰6万余盏。除新颖的彩灯外，世界公园还专门配 备特色演艺及非遗打铁花。 作为首旅集团"中国服务"的重要实践范本，本次灯会坚持"以文塑旅、以旅彰文"融合发展理念，以国际 水平、本土特色和物超所值为标准，通过文化、产品、服务全方位高品质供给打造独具特色的"京"彩体 验。 ...

Market Overview - The hotel and catering sector increased by 0.62% on September 16, with Huazhong Hotel leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Huazhong Hotel (000428) closed at 4.02, up 4.42% with a trading volume of 812,400 shares and a turnover of 324 million yuan [1] - Xian Catering (000721) closed at 10.64, up 2.70% with a trading volume of 510,500 shares and a turnover of 532 million yuan [1] - ST Yunwang (002306) closed at 1.93, up 2.12% with a trading volume of 314,100 shares and a turnover of 60.41 million yuan [1] - Junting Hotel (301073) closed at 26.78, up 1.02% with a trading volume of 124,900 shares and a turnover of 335 million yuan [1] - Jinling Hotel (601007) closed at 8.20, up 0.74% with a trading volume of 202,500 shares and a turnover of 166 million yuan [1] - Shoulv Hotel (600258) closed at 15.29, up 0.20% with a trading volume of 237,100 shares and a turnover of 362 million yuan [1] - Quanjude (002186) closed at 12.72, down 0.08% with a trading volume of 154,700 shares and a turnover of 1.967 million yuan [1] - Jinjiang Hotel (600754) closed at 24.18, down 0.08% with a trading volume of 233,000 shares and a turnover of 562 million yuan [1] - Tongqinglou (605108) closed at 20.85, down 0.29% with a trading volume of 50,500 shares and a turnover of 10.5 million yuan [1] Capital Flow Analysis - The hotel and catering sector experienced a net outflow of 55.69 million yuan from institutional investors, while retail investors saw a net inflow of 53.57 million yuan [1] - The detailed capital flow for individual stocks indicates varying levels of institutional and retail investor activity [2] - Xian Catering had a net inflow of 19.72 million yuan from institutional investors, while retail investors had a net outflow of 9.43 million yuan [2] - ST Yunwang saw a net inflow of 6.99 million yuan from institutional investors, with retail investors also experiencing a net outflow [2] - Jinjiang Hotel had a net outflow of 3.82 million yuan from institutional investors, but retail investors had a net inflow of 7.56 million yuan [2] - Overall, the capital flow indicates a mixed sentiment among different types of investors within the hotel and catering sector [2]

Market Overview - The hotel and catering sector increased by 1.7% on September 15, with Jinjiang Hotels leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Jinjiang Hotels (600754) closed at 24.20, up 4.18% with a trading volume of 320,400 shares and a transaction value of 766 million [1] - Quanjude (002186) closed at 12.73, up 1.68% with a trading volume of 178,400 shares and a transaction value of 226 million [1] - Huazhong Hotel (000428) closed at 3.85, up 1.58% with a trading volume of 324,500 shares and a transaction value of 123 million [1] - Other notable performances include Jining Hotel (601007) up 0.87%, and Xian Catering (000721) up 0.78% [1] Capital Flow - The hotel and catering sector saw a net inflow of 64.27 million from institutional investors, while retail investors experienced a net outflow of 97.65 million [1] - Jinjiang Hotels had a significant net inflow of 93.03 million from institutional investors, representing 12.14% of its total trading volume [2] - Quanjude and Huazhong Hotel also saw net inflows from institutional and speculative investors, although retail investors withdrew funds [2]

Group 1 - The Beijing Service theme exhibition at the 2025 China International Service Trade Fair showcases the successful cases of Shoulu Group during the Asian Winter Games, emphasizing the quality of "Beijing Service" [2][3] - Shoulu Group presents over 20 brands from 11 subsidiaries, highlighting various products and services including traditional brands, fine dining, creative cultural products, accommodation, and business travel [2][5] - The exhibition features an interactive experience area with unique offerings from various brands, enhancing audience engagement and showcasing the integration of culture and tourism [5] Group 2 - The 11th pavilion serves as a vibrant experiential area for cultural and tourism services, allowing visitors to gain a more intuitive understanding of the development of cultural tourism integration [3][5] - Each brand booth in the cultural tourism exhibition area is equipped with a "2025 Shoulu Wonderful Life Festival - Online Life Festival" sticker, enabling consumers to enjoy on-site services and online discounts [5]

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

Market Overview - The hotel and catering sector experienced a decline of 1.41% on September 12, with Junting Hotel leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - ST Yunwang (002306) closed at 1.92, with an increase of 1.05% and a trading volume of 158,100 shares, totaling 13.02 million yuan [1] - Quanjude (002186) closed at 12.55, down 0.24%, with a trading volume of 86,000 shares, totaling 109 million yuan [1] - Jinjiang Hotel (600754) closed at 23.30, down 0.72%, with a trading volume of 70,800 shares, totaling 166 million yuan [1] - Huatian Hotel (000428) closed at 3.78, down 0.79%, with a trading volume of 191,500 shares, totaling 72.68 million yuan [1] - Xianyin Food (000721) closed at 10.33, down 1.15%, with a trading volume of 258,000 shares, totaling 268 million yuan [1] - Jinling Hotel (601007) closed at 8.08, down 1.22%, with a trading volume of 130,400 shares, totaling 10.6 million yuan [1] - Shoulv Hotel (600258) closed at 15.26, down 1.48%, with a trading volume of 90,900 shares, totaling 140 million yuan [1] - Tongqinglou (605108) closed at 20.80, down 2.30%, with a trading volume of 33,700 shares, totaling 7.08 million yuan [1] - Junting Hotel (301073) closed at 26.69, down 2.41%, with a trading volume of 81,900 shares, totaling 220 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 126 million yuan from main funds, while retail investors contributed a net inflow of 141 million yuan [1] - The following stocks experienced significant capital flow changes: - Huatian Hotel: Main funds net inflow of 1.49 million yuan, retail net inflow of 5.79 million yuan [2] - ST Yunwang: Main funds net outflow of 589,300 yuan, retail net outflow of 69,400 yuan [2] - Jinling Hotel: Main funds net outflow of 6.63 million yuan, retail net inflow of 9.41 million yuan [2] - Quanjude: Main funds net outflow of 7.99 million yuan, retail net inflow of 12.60 million yuan [2] - Jinjiang Hotel: Main funds net outflow of 25.17 million yuan, retail net inflow of 32.34 million yuan [2] - Junting Hotel: Main funds net outflow of 51.94 million yuan, retail net inflow of 30.58 million yuan [2]

北京首旅酒店（集团）股份有限公司 2025 年第三次临时股东会 会议文件 2025 年 9 月 19 日 1 目录： | 议案一：《关于提请股东会审议撤销公司监事会并废止<监事会议事规则>的 | | --- | | 议案》 …………………………………………………………………3 | | 议案二：《关于修订<董事会议事规则>的议案》…………………………………4 | | 议案三：《关于修订<股东会议事规则>的议案》…………………………………7 | | 议案四：《关于修订<公司章程>的议案》…………………………………………14 | 2 北京首旅酒店(集团)股份有限公司 2025 年第三次临时股东会 议案一：《关于提请股东会审议撤销公司监事会并废止<监事会议事 规则>的议案》 根据 2024 年 7 月 1 日起实施的《中华人民共和国公司法》、《上市公司章程 指引》（2025 年修订）等相关法律法规的规定及中国证券监督管理委员会于 2024 年 12 月 27 日发布的《关于新配套制度规则实施相关过渡期安排》，结合首旅酒 店的实际情况及需求，公司不再设置监事会，监事会的职权由董事会审计委员会 行使，公司《监事会议事规则 ...

Market Overview - The hotel and catering sector increased by 1.08% on September 10, with Junting Hotel leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Junting Hotel (301073) closed at 27.60, up 4.47% with a trading volume of 202,200 shares and a transaction value of 546 million [1] - Jinling Hotel (601007) closed at 8.31, up 3.36% with a trading volume of 286,900 shares and a transaction value of 236 million [1] - Huatian Hotel (000428) closed at 3.87, up 2.38% with a trading volume of 404,300 shares and a transaction value of 156 million [1] - Other notable performances include Xian Catering (000721) up 1.90% and Quanjude (002186) up 1.36% [1] Capital Flow - The hotel and catering sector saw a net inflow of 89.7 million from institutional investors, while retail investors experienced a net outflow of 117 million [1] - Junting Hotel attracted a net inflow of 36.9 million from institutional investors, while retail investors had a net outflow of 32.1 million [2] - Jinjiang Hotel (600754) and Quanjude (002186) also saw positive net inflows from institutional investors, indicating strong interest in these stocks [2]