证券之星消息，11月19日酒店餐饮板块较上一交易日上涨0.05%，*ST云网领涨。当日上证指数报收于 3946.74，上涨0.18%。深证成指报收于13080.09，下跌0.0%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 2.29 | 1.33% | 76.48万 | 1.80亿 | | 601007 | 金陵饭店 | 7.86 | 0.90% | 14.99万 | 1.17亿 | | 000721 | 西安饮食 | 9.05 | 0.67% | 18.01万 | 1.62亿 | | 600258 | 首旅酒店 | 15.92 | 0.32% | - 16.48万 | 2.61亿 | | 600754 | 锦江酒店 | 26.19 | 0.27% | 11.05万 | 2.89亿 | | 002186 | 全聚德 | 12.22 | 0.16% | 20.23万 | 2.52亿 | | 605108 | 同庆楼 | 19.78 ...

Investment Rating - The report maintains an "Outperform" rating for the majority of the covered companies in the consumer services and retail sectors [5][9]. Core Insights - The report highlights significant improvements in hotel and duty-free data, recommending stocks such as ShouLai Hotel, JinJiang Hotel, China Duty Free, and Huazhu [4]. - It emphasizes low valuation and high dividend yields, recommending stocks like Action Education, Sumida, and Chongqing Department Store [4]. - The report notes the impact of tax reforms on gold companies, recommending stocks such as Laopu Gold and Caibai [4]. - AI advancements are noted to exceed expectations, with recommendations for stocks like Kangnait Optical, Fenbi, and Tianli International Holdings [4]. Industry Updates - Consumer Services: JD's external delivery service is set to operate independently, while Meituan has launched a campaign to honor Ele.me with a name change and coupon distribution [4]. Meituan's flash purchase platform reported record high transaction volumes and user spending during the Double 11 shopping festival, with nearly 400 product categories seeing over 100% year-on-year growth [4]. - Retail: The 2025 Kuaishou Double 11 shopping festival concluded with a GMV increase of over 77% for major brands, while Hema Fresh opened its first store in Huzhou [4]. The total e-commerce sales during Double 11 reached approximately 1.695 trillion yuan, a 14.2% increase year-on-year [4]. - Company Announcements: Zhiou Technology approved a cash dividend distribution plan, while Anker Innovation plans to issue H shares for global expansion [4]. Financial Projections - The report provides profit forecasts for key companies in the consumer services and retail sectors, indicating expected growth in net profits for various companies over the next few years [5][9]. - For example, Zhou Dafu is projected to achieve a net profit of 80.64 billion yuan in 2025, while Action Education is expected to reach 3.04 billion yuan [5]. Dividend and ROE Analysis - The report includes a detailed analysis of dividend yields, payout ratios, and return on equity (ROE) for key companies, highlighting that Chongqing Department Store has a dividend yield of 12.2% and a payout ratio of 45.4% [9]. - Other notable companies include Haidilao with a 0% dividend yield and a high ROE of 47.4%, and Laopu Gold with a dividend yield of 1.9% and a payout ratio of 46.1% [9].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4] Core Insights - The report highlights significant improvements in hotel and duty-free data, with a recommendation for stocks such as Shoulv Hotel, Jinjiang Hotel, China Duty Free, and Huazhu [5] - The report emphasizes the shift in major platforms during the Double Eleven shopping festival, focusing on instant retail and AI to enhance consumer experience [2] - The overall e-commerce sales during Double Eleven reached approximately 1,695 billion yuan, marking a year-on-year increase of 14.2% [5] Summary by Relevant Sections Hotel and Duty-Free Sector - The hotel and duty-free sectors have shown substantial improvement, with recommended stocks including Shoulv Hotel, Jinjiang Hotel, China Duty Free, and Huazhu [5] - The report notes that Jinjiang Hotel's stock rose by 13.13% and China Duty Free by 11.76% in the last week [5] Retail Sector - The report indicates that the retail sector is experiencing a transformation, with platforms like Meituan and Taobao enhancing their offerings [5] - Meituan's flash purchase platform reported record high transaction volumes and user spending, with nearly 400 product categories seeing over 100% year-on-year growth [5] E-commerce Performance - The total e-commerce sales during the Double Eleven period reached approximately 1,695 billion yuan, reflecting a 14.2% increase compared to the previous year [5] - The report highlights that comprehensive e-commerce sales totaled 1,619 billion yuan, up 12.3% year-on-year [5] Stock Recommendations - The report recommends stocks with low valuations and high dividends, including Action Education, Sumida, and Chongqing Department Store [5] - It also suggests stocks benefiting from AI advancements, such as Kangnait Optical and Tianli International Holdings [5]

商贸零售行业跟踪周报 2025 年双十一数据复盘：综合电商平台稳 健增长，即时零售表现亮眼 增持（维持） [Table_Tag] [周观点（注：文中 Table_Summary]"本周"指的 11 月 10 日至 11 月 16 日） 本周行情回顾 2025 年 11 月 18 日 证券分析师 吴劲草 证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025-11-04 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年双十一时间继续延长，全网 GMV 稳健增长。根据星图数据， 2025 年双十一全网电商销售总额约为 16,950 亿元，同 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 2.26 | 1.35% | 46.48万 | 1.05亿 | | 600754 | 锦江酒店 | 26.12 | 0.35% | 14.53万 | 3.80亿 | | 600258 | 首旅酒店 | 15.87 | 0.19% | 16.71万 | 2.66亿 | | 601007 | 金陵饭店 | 7.79 | -0.38% | 8.94万 | 6945.84万 | | 000428 | 华天酒店 | 3.53 | -0.56% | 19.10万 | 6708.38万 | | 002186 | 全聚德 | 12.20 | -0.73% | 9.37万 | 1.15亿 | | 605108 | 同庆楼 | 19.97 | -1.53% | 2.07万 | 4134.98万 | | 000721 | 西安饮食 | 66.8 | -1.53% | 15.27万 | 1.37亿 | | 301073 | 君喜酒店 | ...

证 券 研 究 报 告 社服行业 2025 年三季报综述 出行需求旺盛驱动行业收入增速边际改善 行业研究 消费者服务 2025 年 11 月 17 日 推荐（维持） 华创证券研究所 证券分析师：饶临风 邮箱：raolinfeng@hcyjs.com 执业编号：S0360525080002 证券分析师：曹锦瑜 邮箱：caojinyu@hcyjs.com 执业编号：S0360525100001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 55 | 0.01 | | 总市值(亿元) | 5,615.65 | 0.46 | | 流通市值(亿元) | 5,156.15 | 0.53 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.3% | 17.8% | 7.2% | | 相对表现 | 10.4% | -0.4% | -8.7% | 《消费者服务行业周报（20251110-20251114）：关 注消费复苏及产业升级驱动的结构性机会》 2025-11-16 《消费者服务行业 ...

从资金流向上来看，当日酒店餐饮板块主力资金净流出2527.52万元，游资资金净流出1491.27万元，散户 资金净流入4018.79万元。酒店餐饮板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301073 君亭酒店 | | > 802.88万 | 3.96% | -540.49万 | -2.66% | -262.39万 | -1.29% | | 000428 华天酒店 | | 501.98万 | 6.53% | -562.31万 | -7.32% | > 60.33万 | 0.79% | | 002306 *ST云网 | | 439.90万 | 4.79% | -217.20万 | -2.36% | -222.70万 | -2.42% | | 000721 西安饮食 | | 387.39万 | 3.20% | -243.30万 | -2.01% | -144.08万 | -1.19% | ...

□本报记者 王宇露 上周市场震荡调整，中证新华社民族品牌工程指数报2019.62点。锦江酒店（600754）、以岭药业 （002603）、中国中免（601888）等成分股上周逆市上涨；下半年以来，中际旭创（300308）、阳光电 源（300274）、亿纬锂能（300014）等成分股涨幅居前。展望后市，机构认为，国内内生动能正在修 复，上市公司有望进入业绩释放期，A股仍处于上涨轨道，年末可进一步关注消费、红利板块等。 多只成分股逆市上涨 上周市场震荡调整，上证指数下跌0.18%，深证成指下跌1.40%，创业板指下跌3.01%，沪深300指数下 跌1.08%，品牌工程指数下跌0.11%，报2019.62点。 上周品牌工程指数多只成分股逆市上涨。具体来说，锦江酒店上涨13.13%，排在涨幅榜首位；以岭药 业上涨12.45%，居次席；中国中免上涨11.76%；信立泰（002294）和泸州老窖（000568）分别上涨 6.11%和6.05%；石头科技、爱美客（300896）、安琪酵母（600298）、步长制药（603858）、通策医 疗（600763）、山西汾酒（600809）涨逾5%；光明乳业（600597）、同仁堂 ...

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]

Core Viewpoint - The recent surge in the consumer sector, driven by positive economic signals such as the October CPI turning positive, has led to a significant increase in stock prices for companies like Jinjiang Hotels, although underlying operational challenges remain [3][4]. Economic Signals - October CPI showed a year-on-year increase of 0.2%, marking a return to growth, which has boosted market confidence in the consumer sector [3]. - The consumer index rose by 3.38% on November 10, the highest single-day increase in six months, reflecting a collective strength in sectors like food and beverage, liquor, duty-free shops, and tourism [3][4]. Company Performance - Jinjiang Hotels reported a 5.09% decline in revenue for the first three quarters, totaling 10.241 billion yuan, and a 32.52% drop in net profit to 746 million yuan [4][5]. - However, the company's net profit excluding non-recurring items increased by 31.43% to 840 million yuan, indicating a marginal improvement in operational quality [5][6]. Business Structure and Challenges - The company experienced a 4.54% decrease in hotel revenue in Q3, with domestic operations showing a 2.2% increase, while international operations faced an 18.4% decline due to high comparative figures from the previous year [5][6]. - The average revenue per available room (RevPAR) for domestic limited-service hotels slightly decreased by 1.99%, while international RevPAR fell by 10.48% [6]. Cost Management and Efficiency - Jinjiang Hotels has implemented structural changes to enhance operational efficiency, resulting in a 22.22% reduction in management expenses, with the management expense ratio decreasing to 14.89% [6][7]. - The company is focusing on a light-asset expansion strategy, increasing the proportion of franchise and management contracts to enhance business resilience [6][7]. Expansion and Market Dynamics - In Q3, Jinjiang Hotels added 212 new hotels, all of which were limited-service hotels, indicating a shift in focus towards this segment [7]. - The company faces significant competition in the limited-service hotel market, with a high exit rate of 37% for new openings, reflecting the intense competitive landscape [7]. Goodwill and Acquisition Risks - Jinjiang Hotels has a substantial goodwill of 11.79 billion yuan, accounting for nearly 75% of its net assets, raising concerns about potential impairment risks due to ongoing losses in its overseas operations [9][10]. - The company has acknowledged the challenges of managing goodwill, particularly in light of past acquisitions and the current market environment [10][12]. Industry Trends - The hotel industry is transitioning from rapid expansion to a focus on refined operations and brand development, necessitating a reassessment of past acquisition outcomes [12][13]. - Effective integration of acquired assets and risk management in mergers and acquisitions is becoming increasingly critical for the industry [14].