| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605108 | 同庆楼 | 1.09亿 | 23.93% | -5318.43万 | -11.71% | -5548.74万 | -12.22% | | 000721 西安饮食 | | 3527.18万 | 7.31% | 521.13万 | 1.08% | -4048.31万 | -8.39% | | 002306 *ST云网 | | 415.61万 | 6.55% | -159.25万 | -2.51% | -256.36万 | -4.04% | | 301073 君亭酒店 | | 0.00 | -- | 0.00 | 1 - | 0.00 | | | 000428 华天酒店 | | -48.74万 | -0.63% | -97.23万 | -1.25% | 145.97万 | 1.88% | | 002186 | 全聚德 | -248.05万 | -2.48% ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

从资金流向上来看，当日酒店餐饮板块主力资金净流出2381.9万元，游资资金净流出670.24万元，散户资 金净流入3052.14万元。酒店餐饮板块个股资金流向见下表： 证券之星消息，12月1日酒店餐饮板块较上一交易日上涨1.83%，同庆楼领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。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) | | --- | --- | --- | --- | --- | --- | | 605108 | 同庆楼 | 19.89 | 4.96% | 9.98万 | 2.01亿 | | 600754 | 锦江酒店 | 25.98 | 2.32% | 13.45万 | 3.47 Z | | 600258 | 首旅酒店 | 15.62 | 2.23% | 16.26万 | 2.52亿 | | 002306 | *ST云网 | 1.98 | 1.02% | 25.44万 | 5026.67万 | | 000721 | 西安饮食 | 9.30 | 0.87% | 43.61万 ...

证券之星消息，11月28日酒店餐饮板块较上一交易日上涨0.22%，金陵饭店领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。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) | | --- | --- | --- | --- | --- | --- | | 601007 | 金陵饭店 | 7.79 | 2.10% | 11.73万 | 1 9019.70万 | | 000428 | 华天酒店 | 3.50 | 1.74% | 20.18万 | 6962.77万 | | 002186 | 全聚德 | 12.11 | 1.51% | 9.27万 | 1.11亿 | | 605108 | 同庆楼 | 18.95 | 0.58% | 1.64万 | 3097.07万 | | 600754 | 锦江酒店 | 25.39 | 0.47% | 9.81万 | 2.48亿 | | 002306 | *ST云网 | 1.96 | 0.00% | 22.04万 | 4310.87万 | | 600258 | 首旅酒店 ...

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

Core Viewpoint - Jin Jiang Hotels experienced a decline in stock price, with a current trading price of 25.42 CNY per share, reflecting a year-to-date decrease of 4.00% and a recent five-day drop of 2.94% [1] Financial Performance - For the period from January to September 2025, Jin Jiang Hotels reported a revenue of 10.241 billion CNY, representing a year-on-year decrease of 5.09%. The net profit attributable to shareholders was 746 million CNY, down 32.52% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 6.356 billion CNY, with 1.132 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 82,800, up by 1.67%. The average circulating shares per person decreased by 2.87% to 14,286 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 66.3329 million shares, a decrease of 15.7034 million shares from the previous period [3] Market Activity - The stock's trading volume reached 265 million CNY with a turnover rate of 1.14%. The net outflow of main funds was 9.6992 million CNY, with significant selling pressure observed [1] - The company operates primarily in limited-service hotel operations and management, with 68.22% of revenue generated from domestic operations, while 28.32% comes from overseas [1]

证券之星消息，11月25日酒店餐饮板块较上一交易日上涨0.72%，君亭酒店领涨。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。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) | | --- | --- | --- | --- | --- | --- | | 301073 | 君喜酒店 | 28.10 | 8.29% | 16.59万 | 4.59 Z | | 002186 | 全聚德 | 11.82 | 0.94% | 7.19万 | 8473.32万 | | 002306 | *ST云网 | 2.01 | 0.50% | 28.32万 | 5743.86万 | | 600754 | 锦江酒店 | 25.94 | 0.39% | 8.82万 | 2.28亿 | | 000721 | 西安饮食 | 8.80 | 0.34% | 13.25万 | 1.16亿 | | 601007 | 金陵饭店 | 7.66 | 0.26% | 6.54万 | 5012.76万 | | 605108 | 同庆楼 | ...

在社会责任方面，《财经新康养》注意到，锦江酒店在2025年半年报中表示，境内有限服务酒店板块形 成"轻改造、重体验"适老化路径，围绕贴心服务、安心守护、健康餐饮三大维度，在住前、住中、住后 全流程，重塑适老化产品服务标准，落地适老化产品服务标准，开启规模化试点推广。 此外，在视障友好建设方面，锦江酒店表示，境内有限服务酒店板块在华南区开启"视障友好"服务试 点，合作专业视障设计团队，基于住客入住全流程，在保障安全、快速响应、尊重尊严与隐私的基本要 求下，发布《"视障友好"服务标准（试行版）》，并经实地调研及视障客群痛点剖析，研发上线"视障 友好"贴纸产品。此外，境内有限服务酒店板块发布《导盲犬接待提示》，重申不可拒绝导盲犬入住要 求。 近日，锦江酒店在互动平台向投资者表示，2025年三季度，公司加速推进度假酒店细分市场布局，在云 南、海南、四川等地发布4条适老化度假产品，并深化庭冉云居、非繁云居等品牌建设。通过精准匹配 银发经济与亲子游需求，提升品牌差异化竞争力。2025年1至9月，锦江酒店实现营收102.41亿元，同比 下降5.09%；实现归母净利润7.46亿元，同比下降32.52%。 锦江酒店阐述，202 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][26]. Core Insights - The social services sector is expected to benefit from continuous government policies aimed at expanding domestic demand, leading to a potential valuation recovery during the reporting period [4][26]. - The report highlights the performance of key stocks within the sector, with notable gains from Yum China (9.53%), Kede Education (9.20%), and Jinjiang Hotels (8.99%) [14][17]. - The anticipated increase in the number of college graduates in 2026, projected to reach 12.7 million, is expected to drive demand in the education sector [19]. Summary by Sections Market Review - The consumer services sector experienced a decline of 2.03% during the reporting period but outperformed the broader market by 2.78 percentage points [13][14]. - The report period was from November 10, 2025, to November 23, 2025, with the CSI 300 index declining by 4.81% [13][14]. Industry and Company Dynamics - Sanya launched its sixth round of duty-free consumption vouchers, which will run until December 31, 2025, targeting both travelers and local residents [18]. - JD Retail has established a new prepared food division, indicating a strategic upgrade in its operations [21]. - NetEase Youdao reported a 51.1% year-on-year increase in online marketing service revenue, becoming its largest revenue source for the first time [22]. Stock Holdings Analysis - Key stocks in the Hong Kong market saw changes in holdings, with Tianli International Holdings and Gu Ming receiving increases in shareholding [25]. Investment Recommendations - The report suggests a focus on stocks such as China Duty Free Group, Huazhu Group, and Trip.com Group, among others, for potential investment [4][26]. - Mid-term recommendations include companies like Meituan, Misyue Group, and Ctrip Group, indicating a diversified investment strategy [4][26]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) estimates for several companies, with China Duty Free Group projected to have an EPS of 1.91 CNY in 2025 and 2.28 CNY in 2026 [5].

证券之星消息，11月24日酒店餐饮板块较上一交易日上涨3.37%，君亭酒店领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。酒店餐饮板块个股涨跌见下表： | 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 | 2922.32万 | 6.56% | -463.68万 | -1.04% | -2458.64万 | -5.52% | | 600754 | 锦江酒店 | 2632.43万 | 5.09% | 507.75万 | 0.98% | -3140.18万 | -6.07% | | 600258 | 首旅酒店 | 1221.10万 | 4.41% | -790.32万 | -2.86% | - - | -1.56% | | 002186 | 全聚德 | 863.41万 | 7.17% | -528.63万 | -4.39% | -334. ...