Group 1 - The A-share tourism and hotel sector is experiencing a significant rally, driven by a consumption recovery trend, with Sanxia Tourism hitting the daily limit and becoming a core engine of the sector [1] - Other companies such as Shaanxi Tourism and Juntin Hotel saw gains exceeding 8%, indicating strong performance, while Huangshan Tourism and Jinjiang Hotel also participated in the upward movement, showcasing a synchronized strengthening pattern [1] - The overall recovery of the industry is highlighted by increased market attention and investment in scenic tourism and chain hotel segments [1] Group 2 - The number of planned travelers for the 2026 Spring Festival is expected to surge by 300% year-on-year, leading to an explosion in tourism and hotel demand, which directly catalyzed the sector's rise [2] - The hotel industry's supply-demand dynamics are improving, with leading companies expected to see RevPAR growth and a recovery in profit expectations, as noted in a report by CITIC Securities [2] - The ongoing anti-monopoly investigations on OTA platforms are anticipated to enhance the chain rate in the hotel industry, benefiting leading chain hotels [2] Group 3 - The scenic tourism sector is a core beneficiary of the Spring Festival travel boom, with companies like Sanxia Tourism and Huangshan Tourism directly benefiting from increased demand [3] - The chain hotel sector is also benefiting from improved supply-demand conditions and rising chain rates, with companies like Juntin Hotel and Jinjiang Hotel experiencing simultaneous gains [3] - The tourism service sector, including companies like Shaanxi Tourism, is capitalizing on the recovery of the tourism market, with significant gains reflecting the growth in travel demand [3]

Group 1 - The hotel and catering sector increased by 2.09% compared to the previous trading day, with Junting Hotel leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - The closing prices and percentage changes for key stocks in the hotel and catering sector include: Junting Hotel at 32.19 (+5.37%), ST Yunwang at 2.21 (+5.24%), and Shoulv Hotel at 17.55 (+2.33%) [1] Group 2 - The net capital flow in the hotel and catering sector showed a net outflow of 27.59 million yuan from main funds and 26.93 million yuan from speculative funds, while retail investors had a net inflow of 54.51 million yuan [1] - Specific net inflows and outflows for key stocks include: Junting Hotel with a net inflow of 17.93 million yuan from main funds, while ST Yunwang had a net outflow of 6.95 million yuan from speculative funds [2] - The retail investor net inflow for Junting Hotel was -16.66 million yuan, while for ST Yunwang it was -5.04 million yuan, indicating varied investor sentiment across different stocks [2]

第三个就是可能站在管管理公司的角度，它是一个轻资产化管理的模式。主要是因为这个 市场，来看的话，对于决定管理公司来说，他们这个要获得规模的扩张，主要还是以轻资 产化的这种方式去快速获得这个规模的提升。第四个就这个行业的格局，相对比较好一点 因为主要是行业来看，它的整个产品的这个变革是比较小的。因为产品，主要还是围绕着 住宿的这个需求。那主要还是这个，包括这个行业的这个需求单来看，就是它其上除了商 务可能是相对高频，休闲度假其实是个偏低频的。 彭心瑶 兴业证券分析师: 各位线上的投资者，大家晚上好。这边是新政瑞兹和商社分析师彭心瑶。那很感谢大家今 晚在这个时间能接入我们的会议。今年可以说是整个我国 REITs 发展里程碑式的一个一年。 商业不动产的一个发布，为整个行业的资产方，包括投研方都带来了很大的一个变化。那 这一次发布的一个资产类别，除了咱们的老朋友，包括说奥莱、购物中心、写字楼等等， 也出现了酒店这一种新的业态。那刚好借这一次的一个机会。也是很荣幸邀请到了我们研 究院这边酒店行业的一个资深分析师，熊超总熊超老师给我们分享整个酒店行业的研究框 架和发展的一个情况。 那同时也从他本身研究酒店十余年的一个视角 ...

Group 1 - The hotel and catering sector increased by 1.1% on February 3, with Huazhong Hotel leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the hotel and catering sector showed varied performance, with Huazhong Hotel closing at 3.81, up 3.53%, and ST Yunwang down 0.94% to 2.10 [1] Group 2 - The net outflow of main funds in the hotel and catering sector was 50.198 million yuan, while retail investors saw a net inflow of 47.6257 million yuan [1] - Detailed fund flow data indicates that Huazhong Hotel had a main fund net inflow of 559,800 yuan, while Jinling Hotel experienced a net outflow of 1.5664 million yuan [2] - The overall trend shows that retail investors are more active in the sector, with significant net inflows in several stocks despite the main fund outflows [2]

2月2日，锦江酒店盘中下跌2.02%，截至11:02，报26.68元/股，成交1.61亿元，换手率0.65%，总市值 284.49亿元。 资金流向方面，主力资金净流入379.22万元，特大单买入207.21万元，占比1.29%，卖出155.45万元，占 比0.97%；大单买入2128.44万元，占比13.24%，卖出1800.97万元，占比11.21%。 锦江酒店今年以来股价涨5.58%，近5个交易日跌1.00%，近20日涨9.43%，近60日涨16.61%。 资料显示，上海锦江国际酒店股份有限公司位于上海市延安东路100号20楼,香港铜锣湾勿地臣街1号时 代广场2座31楼，成立日期1994年12月13日，上市日期1996年10月11日，公司主营业务涉及有限服务型 酒店营运及管理业务和食品及餐饮业务。主营业务收入构成为：中国大陆境内有限服务型酒店营运及管 理业务68.22%，中国大陆境外有限服务型酒店营运及管理业务28.32%，中国大陆境内全服务型酒店营 运及管理业务1.87%，食品及餐饮业务1.59%。 锦江酒店所属申万行业为：社会服务-酒店餐饮-酒店。所属概念板块包括：在线旅游、沪自贸区、高商 誉、旅游酒 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volumes during the Spring Festival [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to the upcoming holiday and improved vacation policies [4]. - The report suggests selecting short-term outperformers in the gold sector as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Summary by Relevant Sections Industry Overview - The report notes a significant increase in domestic flight ticket bookings, with over 7.16 million tickets reserved as of January 29, 2026, reflecting a year-on-year growth of approximately 16% [4]. - International flight bookings also show slight growth, with over 1.72 million tickets reserved [4]. Retail Sector Insights - The report cites a Bain & Company report indicating a 3% to 5% contraction in China's personal luxury goods market in 2025, although this represents a significant improvement compared to the previous year's decline [4]. Company Announcements - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. expects a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - Cuihua Jewelry forecasts a net profit of 21 million to 31 million RMB for 2025, a decrease of 85.69% to 90.31% compared to the previous year [4]. Key Stock Recommendations - The report recommends several stocks across various sectors, including: - Hotels: Huazhu Group, ShouLai Hotel, JinJiang Hotels [4]. - Duty-free: China Duty Free Group [4]. - Scenic spots: Emei Mountain A, Jiuhua Tourism, Huangshan Tourism [4]. - Gold sector: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold [4]. - AI and new consumption: Kangnait Optical, Huatu Shanding, Tianli International Holdings [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].