前段时间，因为出差，在网上找酒店。 无意间，竟然发现在四川宜宾，一个叫"高县"的地方，竟然有家希尔顿酒店，地址是庆符镇振兴路299号。 要知道高县常住人口只有37万出头，GDP不过216亿。 希尔顿竟然开到了这里？ 其实，不只是希尔顿，县城已经成为酒店巨头们争抢的新地盘。 不过，到县城开酒店，真是门好生意吗？ 县城酒店，正在成为打工人新宠 在过去几年里，随着淄博烧烤、贵州村超、天水麻辣烫的爆火，去县城度假，也开始成为了一种旅游新风尚。 据《全国县城旅游发展研究报告2024》显示，在2023年，全国共1866个县城接待游客总人次达508.27万次，同比增长35.18%。 | | | 2024中国县域旅游发展潜力百强县市 | | | --- | --- | --- | --- | | 1. 山东曲阜市 | 26. 四川康定市 | 51. 四川通江县 | 76. 湖南宜章县 | | 2. 湖南永顺县 | 27. 安徽绩溪县 | 52. 广西合浦县 | 77. 贵州清镇市 | | 3. 山东沂水县 | 28. 江西武宁县 | 53. 陕西凤县 | 78. 湖南桃源县 | | 4. 贵州镇远县 | 29. 浙江余姚市 ...

证券之星消息，11月20日酒店餐饮板块较上一交易日下跌2.68%，*ST云网领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。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) | | --- | --- | --- | --- | --- | --- | | 000428 | 华天酒店 | 3.44 | -1.15% | 16.00万 | 5504.11万 | | 301073 | 君喜酒店 | 23.66 | -1.38% | 4.17万 | 9853.86万 | | 605108 | 同庆楼 | 19.40 | -1.92% | 2.10万 | 4085.27万 | | 600258 | 首旅酒店 | 15.50 | -2.64% | 11.74万 | 1.84亿 | | 600754 | 锦江酒店 | 25.45 | -2.83% | 10.97万 | 2.83亿 | | 000721 | 西安饮食 | 8.79 | -2.87% | 17.89万 | 1.58亿 | | 601007 | ...

近期，雅诗阁中国与锦江酒店（中国区）旗下品牌——格诗庭酒店及服务公寓（QUEST）上海杨浦滨 江旗舰项目正式签约。 本次签约的格诗庭旗舰项目位于杨浦东外滩核心商务区，距陆家嘴金融区仅4公里，项目所在物业原为 上海内环内"十四五"重点规划核心位置总部办公项目，将"华丽变身"为高品质的酒店及服务公寓品牌。 关于"格诗庭"，这是锦江酒店（中国区）与雅诗阁中国携手带进国内的澳洲头部旅居品牌，以"中高端 酒店+高品质服务式公寓"的复合产品模式，提供适配不同旅居场景的长短住房型系列及不同频次与丰 富度的服务套餐。具体产品特色和亮点可查询《长短住"通吃"，锦江酒店携手雅诗阁在华开辟中高端酒 店新赛道》一文。 不久前，雅诗阁为中国市场"定制"的服务式公寓品牌"雅院"在江苏连推两子项目，苏州雅院澄阳和无锡 雅院锡山先后开张，其中无锡项目由无锡市锡州产城控股投资，雅诗阁负责运营管理，这也标志着雅院 首次进入无锡市场。 有公开资料指出，雅诗阁在2022 年推出了适应本土的雅院服务公寓，品牌国内首店则在2023年7月份正 式在深圳亮相。雅院在雅诗阁官网以"融合设计与机能，从实用角度出发"为核心定位，面向家庭住客提 供舒适便捷的服务公 ...

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]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

| 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 | ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry [3]. Core Insights - The consumer services industry is experiencing a marginal improvement in revenue growth driven by strong travel demand [2]. - For the first three quarters of 2025, the social services industry achieved a revenue of 178.43 billion yuan, a year-on-year increase of 1.2%, and a net profit of 10.09 billion yuan, a year-on-year decrease of 14.4% [11]. - The overall gross profit margin for the industry is 23.8%, down by 2.0 percentage points year-on-year [11]. Summary by Sections Overall Industry Situation - In the first three quarters of 2025, the social services industry saw stable revenue growth but a decline in profit margins, with revenue reaching 178.43 billion yuan and net profit at 10.09 billion yuan [11]. - The comprehensive gross profit margin was 23.8%, with a net profit margin of 5.7%, reflecting a year-on-year decrease of 1.0 percentage points [11]. Sub-Industry Analysis - **Hotels**: The hotel sector showed a sequential improvement in operations, with RevPAR for Jinjiang and Shouqi recovering to 101.1% and 94.3% of 2019 levels, respectively [31]. - **Tourism and Scenic Areas**: There is significant performance differentiation among tourism companies, with some showing positive net profit growth while others face declines [40]. - **Dining**: The dining sector's performance is mixed, with some leading companies demonstrating resilience through innovation and brand strength [27]. - **Duty-Free**: The duty-free sector is showing signs of stabilization, with a narrowing revenue decline and positive growth in Hainan's duty-free sales [27]. - **Human Resources Services**: The human resources sector continues to thrive, driven by flexible employment needs and digital transformation [27]. - **Exhibitions**: The exhibition industry is under short-term pressure but is benefiting from a recovery in domestic demand and international exchanges [27].

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% | ...