本次合作的两大主体均为行业领军者：一方是雅诗阁，作为全球服务式公寓领域的标杆企业，拥有成熟 的高端长住运营经验、遍布全球160余个城市的品牌网络及百万级国际商旅客群资源；另一方是锦江酒 店（中国区），作为国内酒店行业龙头企业，具备强大的本土供应链体系、快装工程技术、超20万家企 业客户资源及广泛的线下门店网络，深耕国内市场多年，对本土消费需求洞察精准。 本报讯 （记者李春莲）近日，全球服务式公寓领军者雅诗阁中国（以下简称"雅诗阁"），与深耕国内 市场多年的酒店行业龙头锦江酒店（600754）（中国区）正式携手，成立合资公司，打造复合旅宿产 品。双方整合各自核心资源与优势基因，以"共身共生"模式，开启一场优势基因的深度融合，尝试为市 场培养出稳健穿越周期的新物种。截至目前，首个落地样本——深圳南山憬黎项目已于10月正式开业， 且运营成效初显。 此次合作聚焦国内全域酒旅市场，尤其瞄准高线城市商业地产存量改造与旅居需求集中区域。其中，首 个实践项目选址深圳南山商圈，该区域商务客流密集、涉外需求突出，周边覆盖写字楼集群、国际学校 及深圳湾口岸等关键场景，为"长短租结合"模式的落地提供了优质市场基础。后续，双方将依托锦 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The report highlights investment opportunities in the travel industry chain, gold and jewelry, and AI+ sectors [2]. - The upcoming New Year holiday is expected to boost travel and consumption, with specific recommendations for various companies in the travel and hospitality sectors [3][4]. - The retail sector showed a 6.58% increase last week, with the consumer services sector up 4.40%, ranking first and second among 30 industries [3]. Industry Summary - **Travel and Hospitality**: - Recommendations include Ctrip Group and Tongcheng Travel for OTA, Huazhu Group-S, Jinjiang Hotels, and Shoulv Hotels for hotels, and Changbai Mountain for scenic spots [3][4]. - **Gold and Jewelry**: - Recommended stocks include Lao Pu Gold, Caibai Shares, Luk Fook Holdings, Chow Tai Fook, and Chao Hong Ji, with a focus on Emperor Jewelry [3][4]. - **Dividend Stocks**: - Recommended stocks include Sumida, Action Education, and Chongqing Department Store [3]. - **AI+ Sector**: - Recommended stocks include Conant Optical, Chalk, Tianli International Holdings, and Core International, with a focus on Kevin Education and Dou Shen Education [3]. - **Stock Price Movements**: - Notable stock price increases include Hongqi Chain (+22.79%), Jiajiayue (+15.76%), Yonghui Supermarket (+15.20%), and Tianhong Shares (+13.85%) [3]. - **Key Industry Updates**: - Hainan Free Trade Port officially launched its island-wide customs closure operation, achieving sales of over 250 million yuan on the first day, a year-on-year increase of 90% [3]. - McDonald's China announced a price increase of 0.5 to 1 yuan for some menu items [3]. - Luckin Coffee and Dazhong Capital are evaluating the acquisition of Blue Bottle Coffee from Nestlé to enhance brand image and enter the high-end coffee market [3]. - **Retail Sector Data**: - November retail sales data showed a year-on-year increase of 1.3%, with a slowdown attributed to the early "Double Eleven" promotions [3]. - New store openings include JD's discount supermarket in Beijing and Meituan's Xiaoxiang Supermarket, with significant first-day revenues reported [3].

Core Insights - The 2026 Spring Festival holiday will last for 9 days, leading to a significant increase in outbound travel compared to 2025, with hotel bookings for popular destinations more than doubling [3][5]. - Popular outbound destinations include Thailand, South Korea, and Malaysia, with a notable rise in long-distance travel to places like Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [3][5]. - The trend of segmented travel is emerging, with many travelers opting to return home before heading abroad, resulting in two peaks of outbound travel during the holiday [3]. Travel Trends - Popular low-cost destinations for outbound travel include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [4]. - Long-distance destinations such as Egypt, Spain, Australia, Turkey, and Portugal have seen hotel bookings increase by over 2 times, with Egypt leading at a 3.3 times increase [5]. - The age group of 23 to 40 years old constitutes over 55% of outbound travelers, with the 31 to 40 age group showing a 90% increase in travel intent [6]. Market Impact - The surge in travel demand has positively impacted tourism stocks, with companies like China Youth Travel (5.02% increase), Zhongxin Tourism (1.85% increase), and China Duty Free (8.25% increase) seeing significant stock price rises [8]. - The cruise industry is adapting to changes in travel patterns, with many routes originally planned for Japan being redirected to South Korea, reflecting a shift in consumer preferences [8].

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The macroeconomic environment is experiencing fluctuations, and increasing domestic demand to boost consumption has become a crucial driver for economic growth. Recent policies have significantly enhanced support for service consumption, including a notice from the Ministry of Commerce to strengthen financial collaboration and support for service consumption [29][19]. - The consumer services industry index experienced a slight decline of 0.52% from December 5 to December 18, 2025, underperforming the CSI 300 index by approximately 0.66 percentage points [7]. - The report highlights a divergence in the performance of sub-sectors within the consumer services industry, with the education sector showing strength while the tourism and leisure sector faced challenges due to risks associated with major stakeholders [8][11]. - The overall price-to-earnings (PE) ratio for the consumer services industry is approximately 37.57 times, remaining stable compared to the previous period but below the average valuation of 43.42 times since 2016 [14]. Summary by Sections Market Review - The consumer services industry index showed a slight decline, ranking sixteenth among all CITIC first-level industry indices [7]. - Sub-sector performance varied, with comprehensive services and tourism leisure declining by 3.42% and 2.86%, respectively, while the education sector increased by 4.22% [8]. - A total of 31 listed companies in the industry achieved positive returns, with the top five performers being China High-Tech, Zhonggong Education, Tianmu Lake, Qujiang Cultural Tourism, and Doushen Education, with increases ranging from 10.11% to 17.76% [11]. - The industry’s overall PE ratio is approximately 37.57 times, which is lower than the historical average [14]. Industry News - The Ministry of Commerce issued a notice to enhance support for service consumption, focusing on various sectors including hospitality, education, and tourism [19]. - Hunan Province is promoting strategic mergers and acquisitions in the cultural tourism sector to support quality enterprises [18]. Company Announcements - China Duty Free Group won bids for two duty-free segments at Shanghai Airport, marking a significant expansion in its operations [23]. - Xiangyuan Cultural Tourism's major shareholder faces judicial freezes on shares, which may impact the company's stability [24]. Weekly Outlook - The report suggests focusing on themes such as ice and snow tourism and duty-free shopping as potential catalysts for growth in the consumer services sector. Recommended stocks include Jinjiang Hotels, Changbai Mountain, Emei Mountain A, and China Duty Free [29][30][32].

Core Viewpoint - The service industry is showing signs of stabilization and bottoming out after experiencing price pressure and same-store sales decline in 2024, with expectations for recovery in 2026, particularly in sub-sectors like hotels and duty-free [2][17]. Group 1: Industry Trends - The service consumption ratio is increasing, supported by improved infrastructure for chain operations, leading to the emergence of more quality brands [4][21]. - The government has introduced multiple policies to promote service consumption, indicating a potential for stronger recovery in domestic demand [18][20]. - The hotel sector is expected to see a rebalancing of supply and demand in 2026, with RevPAR stabilizing due to a low base and slowing supply growth [4][31]. Group 2: Sub-sector Analysis - **Hotels**: The hotel industry faced pressure from weak business travel demand and continued supply expansion, but RevPAR showed signs of recovery in October 2025, driven by ADR increases [26][33]. - **Duty-Free**: Duty-free sales are stabilizing, with a focus on the potential of new policies to boost sales from departing travelers and local residents [45][49]. - **Dining**: The dining sector is experiencing a controlled competitive environment, with affordable brands performing relatively well amidst a recovering landscape [36][44]. Group 3: Investment Opportunities - Companies that can effectively meet consumer demands for value and emotional satisfaction, possess strong operational capabilities, and capture sustainable growth drivers are likely to succeed [4][29]. - The focus on high-quality brands and those with strong internal capabilities is expected to yield better performance in the coming years [4][21]. Group 4: Market Performance - In 2025, companies like Gu Ming and Mi Xue have shown significant stock performance, indicating a trend where companies with strong growth potential outperform their peers [7][12]. - The overall market for the service sector is expected to see a gradual recovery, with structural opportunities emerging in the hotel and duty-free segments [6][31].

锦江酒店（中国区）以系统性、前瞻性与规模化并重的ESG实践，树立了中国酒店行业可持续发展的新 标杆。 2025年，锦江酒店（中国区）以系统性、前瞻性与规模化并重的ESG实践，树立了中国酒店行业可持续 发展的新标杆。在国家"双碳"战略与全球可持续发展趋势的双重驱动下，锦江酒店（中国区）围绕锦江 酒店"共赴锦程"的ESG愿景，通过"制度—工具—场景—生态"四维驱动，不仅实现了环境、社会与治理 议题的深度融合，更将绿色运营转化为提升效率、优化体验、增强品牌价值的核心引擎。尤为突出的 是，其在能碳管理体系建设与绿色运营国际标准验证（HSB）方面的领先布局，彰显了行业引领者的责 任担当与专业能力。 作为世界旅游及旅行理事会（WTTC）《酒店可持续发展基准》（HSB）的联合发起方，锦江酒店深刻 理解标准化对行业绿色转型的关键作用。2025年，锦江酒店（中国区）高质量完成近5000家门店的HSB 验证，其中超150家门店达成最高12项基准要求，持续扩大中国绿色酒店矩阵。这一成果不仅体现其对 国际通行可持续标准的全面承接，更通过标准化流程推动旗下酒店在能源、水耗、废弃物、社会贡献等 关键维度实现系统性提升。 同时，锦江酒店积 ...

Core Viewpoint - The hotel and catering sector experienced a 2.7% increase on December 17, with Quan Juding leading the gains, while the overall market indices also showed positive performance [1] Market Performance - The Shanghai Composite Index closed at 3870.28, up 1.19% - The Shenzhen Component Index closed at 13224.51, up 2.4% [1] Individual Stock Performance - Quan Juding (002186) closed at 12.21, up 4.72% with a trading volume of 189,500 shares and a turnover of 227 million yuan - Huatian Hotel (000428) closed at 3.43, up 4.57% with a trading volume of 748,200 shares and a turnover of 257 million yuan - Shoulv Hotel (600258) closed at 16.63, up 4.26% with a trading volume of 371,300 shares and a turnover of 616 million yuan - Xian Yinshi (000721) closed at 10.19, up 4.19% with a trading volume of 740,400 shares and a turnover of 748 million yuan - Junxiang Hotel (301073) closed at 26.23, up 1.82% with a trading volume of 164,900 shares and a turnover of 43.7 million yuan - Jinjiang Hotel (600754) closed at 25.17, up 1.53% with a trading volume of 131,100 shares and a turnover of 330 million yuan - Jining Hotel (601007) closed at 7.91, up 1.41% with a trading volume of 252,800 shares and a turnover of 201 million yuan - ST Yunwang (002306) closed at 1.81, up 1.12% with a trading volume of 141,300 shares and a turnover of 25.1 million yuan - Tongqinglou (605108) closed at 4.20, up 0.31% with a trading volume of 107,000 shares and a turnover of 217 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net inflow of 87.03 million yuan from main funds, while retail funds experienced a net outflow of 25.98 million yuan [1] - Main fund inflows for key stocks included: - Xian Yinshi: 61.25 million yuan - Quan Juding: 22.24 million yuan - Shoulv Hotel: 21.06 million yuan - Huatian Hotel: 19.48 million yuan - Tongqinglou: 6.60 million yuan [2] - Notable outflows included: - Shoulv Hotel: 48.15 million yuan - Quan Juding: 29.26 million yuan - Huatian Hotel: 25.76 million yuan [2]

Market Overview - The A-share market experienced a collective decline on December 16, with the Shanghai Composite Index falling to 3820.85 points, down 1.22%, the Shenzhen Component Index down 1.88%, and the ChiNext Index down 2.35% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan, a decrease of 606 billion yuan compared to the previous trading day [4] Sector Performance - The smart driving sector saw significant gains, with multiple stocks in the automotive sector rising sharply. Notable stocks included Wanji Technology, which recorded a 20% increase, and several others achieving the daily limit of 10% [15][16] - Consumer sectors, including restaurant tourism and commercial retail, continued to rise, with several stocks hitting the daily limit. For instance, Yonghui Supermarket and Baida Group both recorded a 10% increase [9][10] - Conversely, the large technology sector experienced a downturn, while precious metals, communication equipment, and chemical sectors led the declines [4][5] Notable Stocks - In the smart driving sector, several companies such as North Car Blue Valley and Changan Automobile saw increases of over 5% [18][19] - The hospitality sector also showed strength, with Junting Hotel rising nearly 7% and other hotel stocks following suit [11][12] Regulatory News - On December 15, the Ministry of Industry and Information Technology announced the approval of the first batch of L3-level autonomous driving vehicles for trial operations in designated areas of Beijing and Chongqing [20]

在酒店业加速绿色转型的当下，ESG已不再是可选项，而是关乎长期竞争力的核心命题。2025年，锦江 酒店（中国区）主动融入全球可持续发展大局，结合运营实际，以更高标准推进多方面的可持续发展举 措，致力于打造更具韧性、更可持续的酒店产业生态，为全球酒店行业可持续发展贡献锦江智慧与力 量，日前在第一财经主办的中国企业社会责任典范评选中荣获"可持续责任典范"奖。 其获奖并非偶然，而是中国酒店业从"被动响应环保要求"迈向"主动构建可持续生态"的一个缩影。 2025年，锦江酒店（中国区）在坚实的基础体系搭建之上，围绕锦江酒店"共赴锦程"的ESG战略愿景， 实现了环境、社会及治理（ESG）工作的全面深化与规模化落地。 当ESG领域普遍面临着成本与收益的矛盾时，锦江酒店（中国区）坚持长期主义视角，通过"制度-工具- 场景-生态"四维驱动，将ESG深度融入运营肌理，以多维实践诠释可持续发展价值，不仅实现了环境效 益与经营效率的双赢，更在包容性服务、循环经济、生物多样性等前沿领域树立了可借鉴的行业范式。 将"绿色"植根运营DNA 2025年，锦江酒店（中国区）持续推进基础性绿色运营工作的同时，在2024年规模化推进"酒店可持续 ...