2026 年政府工作报告再次重申了内需重要性，并对服务消费有较多重点增量表述， 将推动服务产业链加速发展。 投资要点： 重申内需重要性，服务产业迎加速发展 [Table_Industry] 旅游业 《2026 年政府工作报告》批零社服相关内容解读 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： [Table_Report] 相关报告 旅游业《千问加码外卖补贴，行业价格战趋缓》 2026.02.09 旅游业《消费政策利好，文旅行业迎来消费回 暖》2026.01.08 旅游业《降幅收窄供给分化，龙头变革预期改 善》2025.11.11 旅游业《优化假期安排，服务消费供给提质》 2025.09.19 旅游业《景气环比改善，享多重红利》2025.09.04 股 票 ...

出行链每月观察：酒店行业更新 20260304 摘要 2026 年 Q1 头部酒店 RevPAR 转正确定性高，预计华住、锦江同比提 升 4%-5%，主因 2025 年基数较低及商务客源活跃度提升。 行业供给增速边际放缓，高线城市物业趋于饱和，增量向三线及以下下 沉市场转移，单体酒店出清为连锁品牌腾挪空间。 华住 2026 年计划开店 1,600-1,800 家，锦江目标 1,200 家，但受 Q1 签约节奏偏慢影响，预计实际完成度可能不及预期。 亚朵战略重心由规模转向体验，2026 年签约目标 500 家，重点通过轻 居 3.3 版本补足中长期 5,000 家店的结构性缺口。 亚朵轻居 3.3 版优化模型：单房造价约 13.5 万，运营成本降至 105 元 内，2025 年 OCC 达 81%优于主品牌，投资回报期约 4.2-5.5 年。 亚朵零售业务 2026 年目标 50 亿 GMV，依托"深睡"体系跨品类扩张， 零售营收占比已达 30%，构成差异化竞争壁垒。 首旅酒店扩张乏力，受限于产品迭代慢及组织狼性不足，2026 年 1,000 家开店目标达成存在较大不确定性。 Q&A 2026 年 1–2 月累 ...

上海锦江国际酒店股份有限公司 对外担保管理制度 （一）遵守《中华人民共和国公司法》《中华人民共和国民法典》和其他相 关法律、法规的规定，并按照《中华人民共和国证券法》和《上海证券交易所 股票上市规则》的有关规定披露信息； （二）对外担保由公司统一管理，未经公司董事会或股东会批准，子公司 不得对外提供担保，不得相互提供担保； （三）应当采取反担保等必要措施尽可能降低担保带来的风险。 第一章 总 则 第一条 为进一步保护上海锦江国际酒店股份有限公司（以下简称"公 司"或"上市公司"）投资者的合法权益，规范公司的对外担保行为，有效控制 公司对外担保风险，确保公司资产安全，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上海证券交易所股票上市规则》《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《中华人民共和国企业国有资 产法》和其他相关法律、法规、规范性文件及上海锦江国际酒店股份有限公司 章程（以下简称"《公司章程》"）等有关规定，结合公司实际，特制定本制度。 第二条 本制度适用于公司及各全资子公司、控股子公司（以下统称 "子公司"）。 第三条 本制度所称的对外担保（以下简称"担保"） ...

证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2026-006 上海锦江国际酒店股份有限公司 第十一届董事会第九次会议决议公告 上海锦江国际酒店股份有限公司（以下简称"公司"）于 2026 年 2 月 27 日 以电话、电子邮件和书面形式发出会议通知，2026 年 3 月 3 日以通讯方式召开第 十一届董事会第九次会议，会议应参加表决董事 9 名，实际参加表决董事 9 名。 会议审议并通过了如下决议： 一、关于制定公司《商业道德准则》的议案 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。 为进一步保护公司投资者的合法权益，规范公司的对外担保行为，有效控制 公司对外担保风险，确保公司资产安全，根据《公司法》《证券法》《上海证券 交易所股票上市规则》《上市公司监管指引第 8 号——上市公司资金往来、对外 担保的监管要求》《中华人民共和国企业国有资产法》和其他相关法律、法规、 规范性文件及公司章程等有关规定，结合公司实际，董事会同意制定公司《对外 担保管理制度》。 制定的《对外担保管理制度》详见上海证 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 03 月 02 日 [Table_Title] 地方落实带薪休假及春秋假，泡泡玛特预热 新 IP [Table_Title2] 社服零售行业周报 [Table_Summary] ► 安徽省落实错峰带薪休假及中小学生春秋假，看好 服务型消费高景气 2 月 24 日，安徽省政府新闻办举办发布会，发布《关于巩固 拓展经济稳中向好势头若干政策举措》，重点提到落实带薪错 峰休假和中小学春秋假；开展消费新业态新模式新场景试 点；优化以旧换新政策，精准实施消费券等惠民措施等。 2025 年以来，中央多次出台文件鼓励探索中小学春秋假以及 职工带薪休假制度。据美好滁州公众号报道，目前已有包括 浙江省、江苏省、四川省、湖北恩施州、广东佛山、陕西汉 中等地试点探索实施春秋假。我们认为旅游出行是提升内需 的重要抓手，春秋假以及职工带薪休假将有效提升淡季旅行 消费，看好以景区、酒店、OTA、餐饮等为代表的服务型消费 赛道景气度上行。 ► 泡泡玛特造星提速，预热新 IP KeyA 2 月 27 日，泡泡玛特预热全新 IP"KeyA"，官方将其设定为 一个始终在"自我生成 ...

联合研究丨组合推荐 [Table_Title] 大消费行业 2026 年 3 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2026 年 3 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 11 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [44][46]. Core Insights - The 2026 Spring Festival saw record-high travel and consumption data, with inter-regional mobility reaching 2.808 billion people, a year-on-year increase of 8.2%. Daily income in consumption-related industries grew by 13.7% compared to the previous year [4][36]. - The tourism sector experienced unprecedented interest, with an average of 1.977 million people entering and exiting the country daily during the Spring Festival, marking a 10.1% increase year-on-year. Macau's daily inbound visitor count reached 173,000, surpassing pre-pandemic levels [4][37]. - Hotel occupancy rates and revenue indicators showed steady recovery, with Huazhu Group reporting a 20% increase in total guests and a peak occupancy rate of 91% during the holiday [4][39]. - The restaurant sector demonstrated growth, with daily sales for monitored retail and restaurant enterprises increasing by 5.7% year-on-year. Notably, Haidilao served over 14 million customers during the holiday period [4][36]. Industry Performance - The consumer services sector's weekly performance was a gain of 1.68%, outperforming the CSI 300 index, which rose by 1.08%. The overall A-share market saw a gain of 2.73% [7][25]. - The hotel and restaurant sectors showed significant gains, with hotel stocks rising by 3.66% and restaurant stocks by 3.87% during the week [12][18]. - The report highlights the strong performance of specific companies, such as Luckin Coffee and Trip.com, which saw notable increases in their stock prices [4][31]. Important Announcements - Green Tea Group expects a profit of approximately 460 million to 508 million RMB for 2025, reflecting a year-on-year increase of 31.4% to 45.1% [31]. - Ctrip anticipates a revenue of 62.4 billion RMB for 2025, with a net profit of 33.3 billion RMB, representing a year-on-year increase of 17% and 95%, respectively [31]. - Excellent Education Group projects a revenue of 1.8 billion to 2.0 billion RMB for 2025, with a net profit of 260 million to 340 million RMB, indicating a growth of approximately 63.3% to 81.5% [31].

Investment Rating - The report maintains an "Overweight" rating for the gold jewelry and tourism sectors [4]. Core Insights - The report highlights the potential for revaluation in the gold jewelry sector due to international geopolitical instability and rising gold prices, indicating that the jewelry sector is generally undervalued. It recommends companies such as Cai Bai Co., Lao Pu Gold, Luk Fook Holdings, China Gold, Chao Hong Ji, and Chow Sang Sang [2][4]. - The tourism sector is expected to continue its recovery, with specific recommendations for hotels including Huazhu Group-S, Shoulv Hotel, and Jin Jiang Hotels, as well as scenic spots like Emei Mountain A, Jiuhua Tourism, Huangshan Tourism, and Sanxia Tourism [4]. - Individual stock opportunities are identified, recommending companies such as Zhu Mian Group, Jiangsu Guotai, Su Mei Da, Action Education, Guo Quan, Hai Di Lao, and Gu Ming [4]. - The report notes the impact of US-China tariff adjustments and suggests monitoring cross-border exports, recommending companies like Anker Innovations, Konnate Optics, Ugreen Technology, Saiwei Times, Huakai Yibai, and Zhiou Technology [4]. Summary by Sections Industry Overview - The report emphasizes the recovery in consumer spending and the overall positive outlook for the tourism sector, particularly in light of the longest Spring Festival holiday in history [2][4]. Market Performance - Last week, the retail trade sector saw a rise of 0.86%, while the consumer services sector experienced a decline of 4.02%, ranking 22nd and 29th respectively among 30 sectors [4]. Company Updates - Key updates include Cai Bai Co. announcing a share reduction plan and Anker Innovations reporting a significant bond reduction [4]. - The report also highlights the performance of various companies, with notable increases in stock prices for Jin Jiang Hotels (+6.24%), Shoulv Hotel (+5.69%), and Huazhu Group-S (+5.20%) [4]. Financial Projections - The report provides financial forecasts for key companies in the gold jewelry sector, indicating expected growth in net profits and PE ratios for companies like Chow Tai Fook and Lao Feng Xiang [5]. Dividend and ROE Analysis - The report includes a detailed analysis of dividend rates and return on equity (ROE) for various companies, indicating strong performance metrics for several key players in the industry [7].

Investment Rating - The report maintains an "Overweight" rating for the gold and jewelry sector as well as for the tourism and travel industry [4]. Core Insights - The report highlights that the international geopolitical situation is unstable, leading to an increase in gold prices and an overall undervaluation of the jewelry sector. It recommends companies such as Cai Bai Co., Lao Pu Gold, Luk Fook Holdings, China Gold, Chao Hong Ji, and Chow Sang Sang. Additionally, certain bulk trading companies are expected to benefit indirectly, with a focus on Su Mei Da [2][4]. - The tourism and travel sector is expected to continue its recovery, with recommendations for hotels including Huazhu Group-S, Shoulv Hotel, and Jin Jiang Hotels, as well as scenic spots like Emei Mountain A, Jiuhua Tourism, Huangshan Tourism, and Sanxia Tourism [4]. - Individual stock opportunities include recommendations for Zhu Mian Group, Jiangsu Guotai, Su Mei Da, Action Education, Guo Quan, Hai Di Lao, and Gu Ming [4]. - The report notes adjustments in US-China tariffs and suggests monitoring cross-border exports, recommending companies such as Anker Innovations, Konnate Optics, Ugreen Technology, Saiwei Times, Huakai Yibai, and Zhiou Technology [4]. Summary by Sections Industry Overview - The report indicates a significant increase in gold prices due to geopolitical instability, suggesting that the jewelry sector is undervalued [2][4]. - The tourism sector is projected to recover, with a focus on hotel and scenic area investments [4]. Company Recommendations - Recommended companies in the gold and jewelry sector include: - Cai Bai Co. (605599.SH) - Lao Pu Gold (6181.HK) - Luk Fook Holdings (0590.HK) - China Gold (600916.SH) - Chao Hong Ji (002345.SZ) - Chow Sang Sang (002867.SZ) [4][5]. - Recommended companies in the tourism sector include: - Huazhu Group-S (1179.HK) - Shoulv Hotel (600258.SH) - Jin Jiang Hotels (600754.SH) - Emei Mountain A (600238.SH) - Jiuhua Tourism (603199.SH) [4][5]. Market Performance - Last week, the retail sector saw a rise of 0.86%, while the consumer services sector experienced a decline of 4.02%, ranking 22nd and 29th respectively among 30 sectors [4].

重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） 2025E | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 锦江酒店 | 600754.SH | 28.28 | 0.85 | 1.09 | 1.21 | 33.14 | 25.97 | 23.34 | 1.98 | 推荐 | | 首旅酒店 | 600258.SH | 17.46 | 0.80 | 0.88 | 0.96 | 21.93 | 19.89 | 18.19 | 1.67 | 推荐 | | 古茗 | 01364.HK | 28.48 | 1.05 | 1.10 | 1.33 | 24.10 | 22.83 | 19.00 | 14.24 | 推荐 | | 中国中免 | 601888.SH | 80.58 | 1.97 | 2.42 | 2.83 ...