Main Points - The report highlights three main investment themes: market recovery and supply-demand balance favoring leading companies, the role of AI in enhancing efficiency and generating secondary revenue, and the complexity of tourism investment driven by resource endowment and product refinement [5][6][17]. Group 1: Market Recovery and Supply-Demand Balance - The hotel market is expected to see a slight recovery, with average daily rates (ADR) showing positive trends [18][25]. - Luxury, mid-range, and economy hotels are experiencing a rebound after supply adjustments, with an increase in chain hotel ratios and mid-range hotel market share [7][26]. - The construction of the Hainan Free Trade Port is anticipated to significantly reduce import costs for businesses, enhancing the attractiveness of the region for tourism and hospitality investments [7]. Group 2: AI Applications in Recruitment - AI applications in recruitment are not solely focused on cost reduction but are increasingly aimed at generating additional revenue through enhanced efficiency [5][45]. - AI technologies are transforming recruitment processes, including job description generation, resume screening, and video interview analysis, leading to improved matching and efficiency [46][50]. - The recruitment service market is expanding rapidly, with high growth potential in the mid-to-high-end online recruitment sector [50]. Group 3: Tourism Investment Dynamics - The tourism investment landscape is complex, requiring a combination of resource endowment and product refinement to navigate economic cycles successfully [6][17]. - The luxury cruise market is gaining traction among older demographics, with high-quality experiences driving demand despite higher pricing [8]. - Policy changes promoting school holidays and flexible work arrangements are expected to boost service consumption, particularly in the tourism sector [8][11]. Group 4: Consumer Trends and Market Potential - The service consumption market is showing structural vitality, with service retail sales growing by 5.3% year-on-year, outpacing goods consumption [11]. - The "new silver-haired" demographic is emerging as a significant consumer group, with a growing focus on travel and leisure spending [68]. - The domestic tourism market is recovering steadily, with a projected 56.2 billion domestic trips in 2024, reflecting a 14.8% year-on-year increase [62].

Group 1 - China International Trade announced the election of Zhao Ruquan as the chairman of the ninth board of directors, replacing Huang Guoxiang [1] - The decision was made during the first extraordinary general meeting of shareholders held on November 7, 2025 [1] Group 2 - Shoulu Hotel reported that its major shareholder, Ctrip Shanghai, reduced its stake by 25.206 million shares, representing 2.26% of the total share capital [2] - Following this transaction, Ctrip Shanghai's ownership decreased from 12.26% to 10.00% [2] Group 3 - China State Construction Engineering's Shanghai Lingang Tuojing Technology project has officially completed and commenced operations, covering a total construction area of 90,700 square meters [3] - The project is expected to play a crucial role in the semiconductor industry chain in the Shanghai Lingang New Area [3] Group 4 - Sam's Club opened its Yangzhou store, marking the 10th store in Jiangsu and the 60th nationwide [3] - The store has partnered with nearly 90 quality enterprises in Jiangsu to offer over 400 high-quality products across various categories [3] Group 5 - Jilin Province plans to issue 100 million yuan in ice and snow consumption vouchers to stimulate tourism and related activities [3] - The goal for the current snow season is to attract over 180 million ice and snow tourists, with total spending exceeding 330 billion yuan [3] Group 6 - Sunac Commercial will fully undertake the招商运营管理 of Zhengding Zhenyue Tiandi commercial sector, which spans approximately 100,000 square meters [4] - About 35% of the brand merchants will debut as first stores in the Beijing-Tianjin-Hebei region [4] Group 7 - Liaoning Province aims for a 15% year-on-year increase in tourist numbers during the 2025-2026 ice and snow season [5] - The province plans to enhance its ice and snow culture and integrate high-quality resources to boost the ice and snow economy [5]

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [10] Core Insights - In the first three quarters of 2025, the overall revenue of the social services industry increased by 1.8% year-on-year, with positive growth in all sub-sectors except for duty-free and hotel sectors [2][19] - The overall net profit excluding non-recurring items decreased by 6.51% year-on-year, with significant variations across sectors; hotels and human resources sectors showed increases of 13.51% and 5.41% respectively, while sectors like tourism, education, dining, duty-free, and outbound tourism experienced declines [2][19] - The third quarter showed a marginal improvement with a revenue increase of 3.64% year-on-year and a net profit decrease of 4.28% [2][19] Summary by Relevant Sections Revenue Overview - The overall revenue growth for the social services industry was 1.8% year-on-year in the first three quarters of 2025, with a notable increase of 3.64% in the third quarter [19] - Sub-sectors such as outbound tourism, human resources, education, and scenic spots saw revenue growth rates of 10.53%, 9.57%, 4.41%, and 1.41% respectively, while dining and duty-free sectors faced declines [20][22] Profitability Analysis - The overall net profit excluding non-recurring items for the industry decreased by 6.51% year-on-year, with hotels and human resources sectors showing positive growth [23][24] - The hotel sector benefited from effective cost control, while other sectors like scenic spots, education, dining, and duty-free faced significant profit declines [23][24] Cash Flow Insights - The cash flow situation showed signs of improvement, with human resources, dining, and scenic spots experiencing increases in net cash flow [34] - The overall cash flow performance remained weak, with several sectors showing declines in cash flow relative to revenue [34] Sector-Specific Opportunities - In the education sector, high-quality institutions are expected to see stable growth, particularly with the integration of AI technologies [7][41] - The human resources sector is experiencing structural recovery, supported by employment policies and AI technology [7][41] - The hotel sector is witnessing a recovery in RevPAR, with leading hotel groups resuming rapid expansion [7][41] - The duty-free sector is seeing a narrowing of sales declines, with expectations for new policies to stimulate growth [8][41] - The dining sector is currently facing challenges due to regulatory impacts, but some companies are managing to maintain stable growth [7][41] - The scenic spots sector is benefiting from increased domestic tourism, particularly among rural residents [7][41]

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： ●投资种类:中国银行人民币结构性存款，保本浮动收益型。 ●投资金额：人民币15,000万元。 ●已履行的审议程序: 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8亿元适时进行现金管理，上述额度在决议有效期内可循环滚动使用，单笔理财期限 最长不超过一年。闲置募集资金用于购买安全性高、流动性好且能够满足保本要求、期限最长不超过 12 个月的保本型产品（包括但不限于结构性存款、大额存单、银行理财产品等）。决议有效期自董事 会审议通过之日起 12 个月以内有效。具体内容详见公司于2024年12月21日在上海证券交易所网站 （www.sse.com.cn）披露的《使用闲置募集资金进行现金管理的公告》（公告编号：临2024-052）。 ●特别风 ...

证券代码：600258 证券简称：首旅酒店 编号：临2025-044 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 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： ●投资种类:中国银行人民币结构性存款，保本浮动收益型。 （一）投资目的 公司在确保不改变募集资金用途、不影响募集资金项目建设和使用计划的前提下，拟使用暂时闲置募集 资金进行现金管理，提高募集资金使用效率，适当获得稳定收益，从而进一步实现股东利益最大化。 （二）投资金额 本次进行现金管理购买的银行理财产品资金全部为暂时闲置的募集资金人民币1.5亿元。 （三）资金来源 1、资金来源：部分闲置募集资金。 2、募集资金基本情况 ●投资金额：人民币15,000万元。 ●已履行的审议程序: 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 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2025-044 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 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： ●投资种类:中国银行人民币结构性存款，保本浮动收益型。 ●投资金额：人民币 15,000 万元。 ●已履行的审议程序: 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 亿元适时进行现金管理，上述额度在决议有效期内可循环滚动使 用，单笔理财期限最长不超过一年。闲置募集资金用于购买安全性高、流动性好 且能够满足保本要求、期限最长不超过 12 个月的保本型产品（包括但不限于结 构性存款、大额存单、银行理财产品等）。决议有效期自董事会审议通过之日起 12 ...

Market Overview - The hotel and catering sector increased by 0.36% on November 13, with Huatian Hotel leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Huatian Hotel (000428) closed at 3.55, up 2.90% with a trading volume of 262,600 shares and a turnover of 91.76 million yuan [1] - Junting Hotel (301073) closed at 23.82, up 1.23% with a trading volume of 52,600 shares and a turnover of 125 million yuan [1] - Jinling Hotel (601007) closed at 7.83, up 1.16% with a trading volume of 92,500 shares and a turnover of 71.85 million yuan [1] - Tongqinglou (605108) closed at 20.24, up 1.05% with a trading volume of 29,500 shares and a turnover of 59.32 million yuan [1] - Shoulv Hotel (600258) closed at 16.08, up 0.31% with a trading volume of 295,300 shares and a turnover of 472 million yuan [1] - Quanjude (002186) closed at 12.54, up 0.08% with a trading volume of 125,900 shares and a turnover of 157 million yuan [1] - Jinjiang Hotel (600754) closed at 26.29, up 0.04% with a trading volume of 198,000 shares and a turnover of 517 million yuan [1] - Xianyin Food (000721) closed at 9.16, down 0.22% with a trading volume of 239,400 shares and a turnover of 21.8 million yuan [1] - ST Yunwang (002306) closed at 2.15, down 3.15% with a trading volume of 587,000 shares and a turnover of 126 million yuan [1] Capital Flow Analysis - The hotel and catering sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 188 million yuan [1] - The detailed capital flow for individual stocks shows that Huatian Hotel had a net inflow of 10.37 million yuan from institutional investors, while it faced a net outflow from retail investors of 7.87 million yuan [2] - Quanjude experienced a significant net outflow of 20.51 million yuan from institutional investors, but a net inflow of 34.91 million yuan from retail investors [2] - Jinjiang Hotel had a net outflow of 43.72 million yuan from institutional investors, with a net inflow of 52.48 million yuan from retail investors [2]

Core Insights - The hotel and catering sector experienced a decline of 0.49% on November 12, with Quan Juding leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - The hotel and catering sector's individual stock performance showed varied results, with Quan Juding down 2.64% to 12.53, and Jinling Hotel down 0.90% to 7.74 [1] - The trading volume for Jinjiang Hotels was 374,800 shares, with a closing price of 26.28, reflecting a slight increase of 0.04% [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 229 million yuan from institutional investors and 111 million yuan from retail investors, while retail investors had a net inflow of 340 million yuan [1] - Specific stocks like Quan Juding and Huatian Hotels experienced significant net outflows from institutional and speculative funds, indicating a shift in investor sentiment [2]

Summary of Conference Call Notes Industry Overview - The conference call focuses on the **hotel**, **airline**, and **duty-free** industries, highlighting their performance and future outlook post-National Day in 2025 [1][3][11]. Key Points and Arguments Hotel Industry - **Strong Performance Post-National Day**: The hotel sector showed robust performance after the National Day, driven by a recovery in business travel rather than solely relying on consumer wealth effects [1][3]. - **Positive Growth Indicators**: Five-star hotel Average Daily Rate (ADR) has stabilized, with occupancy rates improving, leading to a positive growth in September for the first time [1][5]. - **Institutional Holdings**: The hotel sector's institutional holding ratio is at a 15-year low, which, combined with improving data and valuation advantages, has led to a rebound in hotel stocks [1][6]. - **Investment Opportunities**: Companies like Jin Jiang and Shou Tour have low PE ratios for 2026, indicating potential investment value [1][6][8]. - **Expansion and New Products**: Shou Tour is expanding its standard stores and launching new products to enhance acceptance among franchisees and consumers [8]. - **Growth of Budget and Mid-range Hotels**: Jin Jiang and Huazhu are showing signs of improvement, with Jin Jiang's RevPAR showing a positive trend in October [5][9]. Airline Industry - **Recovery in Passenger Volume**: Overall passenger volume increased by 5.2% year-on-year from January to September 2025, with international routes showing a significant recovery [4][15]. - **High Load Factors**: The airline sector maintains high load factors, with expectations for continued improvement in ticket prices [13][15]. - **Airline Recommendations**: China Eastern Airlines is highlighted as a strong investment opportunity due to its rapid recovery and performance exceeding pre-pandemic levels [4][19]. - **Cost Pressures Eased**: Low oil prices and favorable exchange rates have alleviated cost pressures for airlines, contributing to improved profitability [18][21]. - **Future Pricing Trends**: Ticket prices are expected to improve in the fourth quarter, although a potential decline may occur post-Spring Festival due to weaker business demand [16][21]. Duty-Free Industry - **Sales Growth**: The duty-free sector has shown consistent sales growth, with Hainan's offshore duty-free sales achieving positive growth for the first time in 18 months [11][12]. - **Policy Optimizations**: Recent policy changes in Hainan are expected to gradually release demand, positively impacting revenue and profit recovery for the end of the year and into 2026 [12]. Additional Important Insights - **Market Sentiment**: There is a growing market interest in the travel-related sectors, with data indicating sustained performance beyond holiday effects [3]. - **Investment Focus**: The hotel and duty-free sectors are identified as new consumption hotspots driven by fundamental improvements, with upcoming meetings in December and March expected to provide further insights into consumer demand [22]. - **Airport Performance**: Airports like Shanghai and Baiyun are benefiting from increased air traffic, with significant year-on-year growth in passenger numbers [20][21]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the hotel, airline, and duty-free industries.

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In Q3 2025, the company achieved operating revenue of 2.121 billion yuan, a year-on-year decline of 1.6%, and a net profit attributable to shareholders of 358 million yuan, a year-on-year decline of 2.21% [2][6] - Looking ahead, with the steady recovery of the economy and the gradual increase in investment willingness from franchisees, the hotel industry is expected to experience stable growth [2][6] - In the short term, the company plans to open 1,500 new hotels in 2025, accelerating the pace of store openings and continuously enhancing hotel product strength [2][6] - In the long term, there is significant room for expansion of mid-to-high-end hotels in lower-tier markets, supported by a high inventory of reserve stores, and ongoing upgrades of products like Home NEO are expected to further enhance brand image [2][6] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 5.782 billion yuan, a year-on-year decline of 1.81%, and a net profit attributable to shareholders of 755 million yuan, a year-on-year increase of 4.36% [6] - In Q3 2025, the overall RevPAR (Revenue per Available Room) decreased by 2.8%, with the economic hotel segment showing a positive growth of 1.4% [12][13] - The gross profit margin improved by 1.7 percentage points year-on-year to 44.79%, while the net profit margin slightly increased by 0.04 percentage points to 16.95% [12][13] Store Expansion and Structure Optimization - In Q3 2025, the company opened 387 new stores, resulting in a net increase of 233 stores, bringing the total number of stores to 7,501 [12][13] - The proportion of mid-to-high-end hotels increased by 0.3 percentage points to 29.6%, and the room count proportion rose by 0.4 percentage points to 42.5% [12][13] - The company has a reserve of 1,672 stores, with 71% being standard management hotels, laying a solid foundation for future expansion and structural optimization [12][13]