春节假期酒店专家交流 20260223 摘要 2026 年春节期间，酒店业受益于天气、假期延长及旅游过年趋势，家 庭游、银发族和情侣成为主要客群，国内游替代部分出境游，入境游显 著增加，锦江酒店受益于低基数和收益管理优化，RPA 同比提升 31 个 点，其中价格贡献 21 个点。 展望全年，锦江酒店若能保持稳定，专注于业务提升和产品升级，业绩 增速有望维持良好水平，过去两年动荡使其基数较低，规模和选址具备 议价能力，全年业绩增速预期乐观。 2026 年酒店市场供给侧放缓，预计小幅增长 1-2 个百分点，但连锁化 率将提升，连锁酒店增速高于行业平均水平，单体酒店数据不佳，连锁 品牌强化下沉市场渗透率。 2026 年商务客源需求预计稳定增长 3-5 个百分点，尽管部分公司管控 高消费酒店，但整体出差预算和频次未大幅下降，部分公司甚至提高报 销标准。 旅游业前景持续向好，人们更多将资金投入旅游消费，游客更倾向于选 择连锁酒店，展会和文娱活动对酒店业需求有积极影响，入境游显著增 加，2026 年预计达 1 亿人次。 Q&A 截至 2026 年 2 月 21 日，同店销售同比提升约 15%，老店受新竞争对 手影响，价格 ...

2026 年 2 月 24 日 行业研究 春节假期旅游需求旺盛，呈量价齐升、结构优化特点 ——春节假期旅游市场点评 要点 春节假期旅游市场延续高景气度，呈现 "量价齐升、结构优化"特征：2026 年春节假期，全社会跨区域人员流动量有望创新高，民航、铁路、水运等交通方 式客流均实现同比增长，其中水运受游轮观光、海南封关等因素拉动表现尤为亮 眼。酒店市场量价双增，从酒店交易规模来看，飞猪平台春节假期酒店间夜量同 比增长 75%，且高星级酒店人均预订间夜量接近 3 晚，呈现一定的消费升级趋 势，部分热门旅游城市酒店价格涨幅显著；受"先团圆、后度假"的分段式出行 影响，一定程度上推动春运机票价格同比上涨，热门航线供需格局较紧张。 国内游传统与小众目的地热度均上升，AI 推动消费场景串联：1）2026 年春节 国内游市场持续火爆，飞猪平台国内游订单量创历史新高，人均预订金额同比提 升约 10%。2）游客既追求传统旅游目的地的经典体验，亦青睐小众目的地的特 色玩法，国内游呈体验多元化趋势。传统景区方面，祥源文旅旗下核心景区表现 亮眼，春节假期前四天累计接待游客 26.45 万人，同比增长 20%，其中湖南张 家界黄龙洞、 ...

作者 | 江江 统筹 | 黄嘉翔 视觉 | 思乐 如果你是一名酒店加盟商，你一定希望打造一间让旅人安眠、复购率高的酒店。 然而，当你开始着手筹建时，酒店供应链上的种种琐碎而致命"坑"， 足以让你那份精打细算的开店蓝 图，转眼化为泡影。 毕竟，作为产业链枢纽与成本核心，供应链约占总投资30%-40%，它的重要性已超越传统后勤支持功 能，上升为决定品牌竞争力与投资回报率的关键生产性基础设施。 但请想象另一种可能：如果有这样一个平台，它率先打破行规，承诺"不赚差价、全透明"，将成本表摊 在阳光下任你审视；用数字工具将复杂的筹建流程，变得像组装乐高一样清晰可控；甚至为你兜底，规 避潜在损失。 这听起来是否会让你安心不少？ 事实上，这并非想象。 作为背靠酒店规模全球第二大、亚洲第一的锦江国际集团的全球采购平台，锦江GPP在2026年2月9日发 布了《2025年度战略与成果全景报告》，让我们看到了一种革新性的实践。 这份报告揭示的，不仅是锦江GPP用实实在在的"减法哲学"与"共赢算法"，成为了行业标杆的"供应链解 决方案提供商"，更确切地说，是一份献给所有实干家的避坑指南与省钱宝典。 解决酒店投资之痛 锦江酒店旗下 西安 ...

Group 1 - Alibaba's Qianwen and Fliggy have partnered with over 40 global travel brands to provide exclusive subsidies and value-added benefits for AI users [1] - Initial partners include major airlines such as China Eastern Airlines, China Southern Airlines, and Emirates, as well as hotel brands like Wanda Hotels and Shanghai Disneyland [1] - The AI collaboration aims to enhance the travel experience by enabling users to easily identify their needs and match them with travel services through natural language interactions [1][2] Group 2 - The integration of AI is expected to transform consumer behavior in the travel industry, with 2026 being highlighted as a pivotal year for AI-driven consumption [3] - Airlines are encouraged to leverage platforms like Qianwen and Fliggy to optimize supply-side offerings and capture AI-driven traffic opportunities [3] - The rapid development of AI is anticipated to significantly impact the entire cultural and tourism industry, potentially serving as a critical turning point for hotel and travel enterprises [3]

Investment Rating - The report maintains a "Positive" investment rating for the hotel industry [15] Core Insights - The cyclical nature of the hotel industry is primarily due to the lag in supply-side adjustments, and a low chain rate tends to exacerbate industry volatility. The current cycle of the hotel industry in China is still unfolding, with the industry expected to enter a recovery phase [5][10] - The demand in the hotel industry can be divided into business travel and leisure travel, with key indicators such as domestic tourist numbers and per capita tourism spending reflecting market scale and consumption intensity. The PMI index serves as a critical forward-looking indicator for business travel demand [9][26] - The report emphasizes the importance of precise positioning of leading companies when industry data shows reversal signals, as this is key to capturing cyclical opportunities and realizing returns [5][11] Summary by Sections Supply and Demand Dynamics - The hotel industry's demand can be split into business travel and leisure travel, with business travel being influenced by the PMI index, which reflects macroeconomic conditions and corporate activity levels. Leisure travel demand is measured by domestic tourist numbers and per capita spending, both of which show an upward trend [9][26] - Supply-side indicators include the total number of hotels, the structure of different hotel grades, and the chain rate, with forward-looking indicators such as fixed asset investment in the accommodation and catering sectors indicating trends in supply adjustments [9][33] Industry Cycles and Current Stage - The cyclical nature of the hotel industry is characterized by supply-side adjustments lagging behind demand changes, leading to periods of oversupply or undersupply. The report identifies the current phase as a recovery period, with expectations of a gradual improvement in demand and supply dynamics [10][52] - Historical analysis shows that the hotel industry in China has experienced cycles of approximately 5-7 years, with the current cycle still in progress and expected to transition into a recovery phase [10][52] Investment Strategy - The report outlines a core investment strategy focused on left-side positioning within the cyclical context of the hotel industry. Key indicators for investment timing include occupancy rates (OCC), average daily rates (ADR), and revenue per available room (RevPAR), with buy signals occurring when these indicators show signs of improvement [73][75] - The correlation between PMI and RevPAR is highlighted, indicating that hotel groups with strong operational control can effectively capture trends and shorten lag periods, thus enhancing investment opportunities [11][66] Differentiation Among Hotel Companies - The report notes significant differences among listed hotel companies in terms of development stages and structural characteristics, with some companies in mature operational phases while others are still expanding or optimizing their structures. This differentiation leads to varied growth trajectories and profitability characteristics across the industry [13][116]

Core Viewpoint - The hotel prices in Shantou have surged significantly during the Spring Festival, with some prices increasing four to six times compared to regular rates, leading to public outcry and discussions about market regulation [1][4][5]. Price Surge Details - The price of a "Deep Sleep Deluxe King Room" at the Atour Hotel reached 4200 yuan for one night during the Spring Festival, up from a regular price of over 900 yuan, marking a fourfold increase [1]. - Other budget hotel chains like Hanting, 7 Days, Jinjiang Inn, and Home Inn also saw their prices exceed 1000 yuan, with some prices increasing to 3-6 times their usual rates [1][4]. - For instance, Hanting's basic room price rose from 264 yuan to 1384 yuan, a fivefold increase, while Jinjiang Inn's price jumped from under 200 yuan to 1044 yuan [1]. Market Dynamics - The surge in hotel prices is attributed to a significant increase in demand due to returning travelers and limited accommodation capacity, with Shantou's hotel room supply around 25,000 and potential daily visitors exceeding 100,000 during the holiday [4][5]. - The local government has indicated that hotel pricing is subject to market regulation, but excessive price increases can be reported by consumers [1][5]. Regulatory Response - Local authorities have issued reminders to hotel operators to adhere to fair pricing practices and avoid price gouging, with specific guidelines against misleading discounts and arbitrary price increases [6][7]. - A meeting was held by the Shantou Cultural, Radio, Television, Tourism, and Sports Bureau to promote price stability and service quality among hotels and accommodations [7].

Core Insights - The hotel and travel market is experiencing significant growth this Spring Festival, with hotel bookings notably surpassing last year's levels, particularly during the peak travel days from the first to the fourth day of the Lunar New Year [1][3] Group 1: Collaboration and Promotions - Jinjiang Huizhi, in collaboration with Coca-Cola, launched a series of promotional activities themed "Enjoy the New Year Together," offering bundled deals on hotels, travel, food, and loyalty points [1][3] - The online platform allows users to participate in various activities, such as lottery draws for free room vouchers and purchasing discounted hotel coupons ranging from 98 to 388 yuan [3][6] - Offline, over 1,500 Jinjiang hotels are hosting themed events, providing guests with exclusive Coca-Cola gifts and opportunities to win custom merchandise [3][11] Group 2: Target Audience and Market Strategy - The core consumer group for Coca-Cola consists of young individuals aged 18-35, particularly the Gen Z demographic, who are also becoming a significant force in the travel and hospitality market [5] - Jinjiang Huizhi's partnership with Coca-Cola aims to integrate trendy lifestyle elements into travel services, revitalizing traditional New Year celebrations through interactive experiences [5][15] Group 3: Price Assurance and Consumer Experience - To address the common issue of price discrepancies across booking platforms, Jinjiang Huizhi introduced the "Price Difference Catcher Plan," offering double points for users who find lower prices on third-party platforms [6][8] - This initiative encourages users to share their experiences on social media, enhancing consumer confidence in booking through Jinjiang Huizhi [6][8] Group 4: Local Cultural Experiences - Jinjiang hotels are focusing on local cultural immersion by offering regional breakfast options and unique New Year gifts, enhancing the overall guest experience during the holiday [9][11] - Various hotels are organizing traditional cultural activities, such as making year paintings and local delicacies, to create memorable experiences for guests [11][13] Group 5: Comprehensive Travel Solutions - Jinjiang hotels are collaborating with Didi Chuxing to provide a one-stop travel experience, offering accommodation discounts and exclusive ride-hailing vouchers in regions like Guangdong and Hainan [11][15] - The hotels are also catering to families with tailored experiences, such as DIY activities and traditional meals, to meet the needs of guests traveling during the Spring Festival [13][15]

Core Viewpoint - The article highlights the integration of traditional Chinese New Year customs with modern consumer experiences, emphasizing the role of Jinjiang Inn in enhancing festive celebrations through unique offerings and activities [1]. Group 1: New Year Consumption Trends - The upcoming Spring Festival is marked by a rise in consumer enthusiasm, driven by new technologies and retail formats [1]. - Jinjiang Inn aims to address the fading traditional festive atmosphere by merging traditional customs with modern consumption concepts [1]. Group 2: Hotel Offerings and Experiences - Jinjiang Inn's Shanghai Yangtze River Radisson Hotel has launched a "Happy Shanghai" New Year package, featuring luxurious accommodations, diverse breakfast options, and a family-style dining experience [2]. - The hotel will host various interactive activities such as lion dances, calligraphy, and spring roll making to enhance the festive spirit [2]. - The Zhujiajiao Jinjiang Hotel will offer traditional handcraft experiences during the New Year period, allowing guests to engage in cultural activities like making small blessings from reed leaves [6]. Group 3: Family and Cultural Engagement - In Wuhan, the hotel will provide a family-friendly package that includes cultural experiences and activities designed to foster family bonding during the New Year [7]. - The Suzhou International Conference Hotel will offer a "New Year Family Package" with luxury accommodations and various traditional craft experiences, allowing families to create personalized New Year memorabilia [8]. Group 4: Brand Philosophy and Future Plans - Jinjiang Inn, as a leading brand in the accommodation sector, emphasizes a "warm and quality" philosophy, aiming to blend tradition with innovation in its New Year activities [12]. - The company plans to continue hosting engaging and heartfelt events to ensure travelers can enjoy a safe and joyful experience during festive seasons [12].

Core Viewpoint - The hotel industry is witnessing a significant shift as mid-range and luxury hotel brands are increasingly targeting county-level markets, driven by changing consumer preferences and the saturation of urban hotel markets [2][4][12]. Group 1: Market Dynamics - Many five-star hotel regulars have not stayed in such hotels for a long time, while brands like Huazhu and Atour are rapidly expanding in county towns [1][2]. - In 2025, Meituan data shows that bookings for high-star hotels in county areas increased by 18% year-on-year, with some counties experiencing a "one room hard to find" situation [2][12]. - The hotel market in county towns is evolving, with mid-range and luxury brands like Huazhu and Liyuan rapidly increasing their presence, previously dominated by budget hotels [4][8]. Group 2: Strategic Shifts - Huazhu Group's CEO has stated the goal of having "Huazhu in every county," indicating a strategic focus on the county market due to declining consumer willingness to pay for high-end experiences [7][12]. - The average occupancy rate for new mid-range hotels in county towns can reach 90%, with significant demand from both tourists and local events [5][8]. - The hotel industry is entering a phase of stock competition, with many hotels in first- and second-tier cities facing high vacancy rates and intense price competition [12][13]. Group 3: Consumer Trends - Young consumers are increasingly willing to spend on experiences, favoring hotels that offer comfort and unique cultural elements over traditional luxury [18][23]. - The rise of county tourism is evident, with a 31% increase in young tourists (ages 18-25) choosing county destinations during the 2025 National Day holiday [18][19]. - The demand for unique hotel experiences is growing, with young travelers seeking accommodations that provide social and immersive experiences rather than just a place to sleep [21][23]. Group 4: Challenges and Opportunities - Concerns exist regarding potential oversupply and homogenization in the county hotel market, with some areas seeing multiple hotels of the same brand within close proximity [24][25]. - The investment recovery period for hotels in county towns is shorter, averaging 3.8 years, making them attractive for rapid expansion [15][17]. - The county hotel market presents significant growth opportunities due to low chain hotel penetration and a growing consumer base [13][14]. Group 5: Future Outlook - The competition in county hotels is expected to shift from mere expansion to a focus on quality and local integration, with successful brands likely to be those that innovate and adapt to local needs [26][28]. - The presence of mid-range hotels in county towns is not just about providing more accommodation options but also about enhancing consumer perceptions and local economies [28][29].

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]