证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2025-062 上海锦江国际酒店股份有限公司 关于为全资子公司海路投资提供担保的公告 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。 重要内容提示： 被担保人名称：本公司全资子公司 Sailing Investment Co, S.à r.l. （卢森堡海路投资有限公司，以下简称"海路投资"） 本次担保金额：6,200 万欧元，截至本公告日，公司为海路投资担保的余 额为 86,585.04 万欧元。 特别风险提示：海路投资存在资产负债率超过 70%的情形，请投资者注意 投资风险。 一、担保情况概述 于 2025 年 12 月 5 日，上海锦江国际酒店股份有限公司（以下简称"锦江酒 店"、"本公司"或"公司"）与中国银行股份有限公司上海市分行（以下简称 "中国银行"）就海路投资申请 6,200 万欧元流动资金借款合同签署《保证合同》。 上述担保事项已经公司第十届董事会第三十八次会议、2024年年度股东会审 议通过。股东会批准并授权公司经营管理层在不超 ...

锦江酒店公告称，2025年12月5日，公司与中国银行就全资子公司海路投资申请6200万欧元流动资金借 款签署《保证合同》，担保期限三年。截至公告日，公司为海路投资担保余额为86,585.04万欧元，公司 及下属全资子公司对外担保总额为102.24亿元，占最近一期经审计归母净资产的66.36%，无逾期担保。 海路投资资产负债率超70%，公司提示投资风险。该担保事项已获董事会和股东会批准。 ...

Group 1 - The core viewpoint indicates that Huazhu Group and Atour have significantly outperformed Jinjiang Hotels and ShouLai Hotels this year, with respective increases of 41% and 59% compared to Jinjiang's 2% decline and ShouLai's 7% increase [1] - Morgan Stanley recommends investors to "overweight" Huazhu Group and Atour over a 12-month period due to their stronger brands and products, which provide clearer long-term growth prospects, while their valuations are comparable to or even cheaper than Jinjiang and ShouLai [1] - The self-discipline within the hotel industry has exceeded expectations, benefiting Huazhu and Atour, as indicated by Morgan Stanley's consumer forum insights [1] Group 2 - Morgan Stanley's tracking data shows that the expansion rate of Huazhu and Atour has been significantly faster than that of Jinjiang and ShouLai, highlighting a trend of industry consolidation that favors Huazhu and Atour [1] - In the past month, there has been a notable divergence in the performance of Chinese hotel stocks, with Huazhu Group and Jinjiang Hotels performing well, while Atour and ShouLai Hotels lagged behind the industry [2] - The report suggests that the stock price movements are not entirely supported by fundamentals, as Huazhu Group's average revenue per available room (RevPAR) for Q4 shows upward risk, indicating potential short-term price increases [2]

Core Viewpoint - The hotel and catering sector experienced a rise of 1.65% on December 2, with Tongqinglou leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.42% and 0.68% respectively [1] Group 1: Market Performance - The hotel and catering sector's notable gain was primarily driven by Tongqinglou, which closed at 21.88 with a significant increase of 10.01% [1] - Other notable performers included ST Yunwang with a rise of 2.53%, and Jinjiang Hotel with an increase of 1.62% [1] - The overall trading volume for the hotel and catering sector was substantial, with Tongqinglou achieving a transaction volume of 211,800 shares and a turnover of 454 million yuan [1] Group 2: Capital Flow - The hotel and catering sector saw a net inflow of 127 million yuan from institutional investors, while retail investors experienced a net outflow of 38.81 million yuan [1] - Tongqinglou attracted the most significant institutional net inflow of 109 million yuan, accounting for 23.93% of its total trading [2] - In contrast, Jinjiang Hotel and Kylin Hotel faced net outflows from institutional investors of 983.95 thousand yuan and 441.26 thousand yuan respectively [2]

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

从资金流向上来看，当日酒店餐饮板块主力资金净流出2381.9万元，游资资金净流出670.24万元，散户资 金净流入3052.14万元。酒店餐饮板块个股资金流向见下表： 证券之星消息，12月1日酒店餐饮板块较上一交易日上涨1.83%，同庆楼领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。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) | | --- | --- | --- | --- | --- | --- | | 605108 | 同庆楼 | 19.89 | 4.96% | 9.98万 | 2.01亿 | | 600754 | 锦江酒店 | 25.98 | 2.32% | 13.45万 | 3.47 Z | | 600258 | 首旅酒店 | 15.62 | 2.23% | 16.26万 | 2.52亿 | | 002306 | *ST云网 | 1.98 | 1.02% | 25.44万 | 5026.67万 | | 000721 | 西安饮食 | 9.30 | 0.87% | 43.61万 ...

Core Viewpoint - The hotel and catering sector experienced a slight increase of 0.22% on November 28, with Jinling Hotel leading the gains. The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Market Performance - Jinling Hotel (601007) closed at 7.79, with a rise of 2.10% and a trading volume of 117,300 shares, amounting to a transaction value of 190.2 million yuan [1]. - Huaten Hotel (000428) closed at 3.50, up 1.74%, with a trading volume of 201,800 shares and a transaction value of 69.6 million yuan [1]. - Quanjude (002186) closed at 12.11, increasing by 1.51%, with a trading volume of 92,700 shares and a transaction value of 111 million yuan [1]. - Tongqinglou (605108) closed at 18.95, up 0.58%, with a trading volume of 16,400 shares and a transaction value of 30.9 million yuan [1]. - Jinjiang Hotel (600754) closed at 25.39, increasing by 0.47%, with a trading volume of 98,100 shares and a transaction value of 248 million yuan [1]. - ST Yunwang (002306) closed at 1.96, unchanged, with a trading volume of 220,400 shares and a transaction value of 43.1 million yuan [1]. - Shoulu Hotel (600258) closed at 15.28, down 0.46%, with a trading volume of 84,300 shares and a transaction value of 129 million yuan [1]. - Xi'an Catering (000721) closed at 9.22, down 1.91%, with a trading volume of 617,600 shares and a transaction value of 565 million yuan [1]. Capital Flow - The hotel and catering sector saw a net outflow of 6.61 million yuan from institutional investors, while retail investors contributed a net inflow of 4.53 million yuan [1]. - Quanjude (002186) had a net inflow of 19.1 million yuan from institutional investors, while it experienced a net outflow of 15.5 million yuan from speculative funds [2]. - Jinling Hotel (601007) saw a net inflow of 11.3 million yuan from institutional investors, with a net outflow of 3.88 million yuan from speculative funds [2]. - Huaten Hotel (000428) had a net inflow of 11.3 million yuan from institutional investors, with a net outflow of 7.21 million yuan from speculative funds [2]. - Shoulu Hotel (600258) experienced a slight net outflow of 29,400 yuan from institutional investors, but a net inflow of 5.79 million yuan from speculative funds [2]. - Xi'an Catering (000721) faced a significant net outflow of 29.1 million yuan from institutional investors, while speculative funds contributed a net inflow of 14.2 million yuan [2].

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

Core Viewpoint - Jin Jiang Hotels experienced a decline in stock price, with a current trading price of 25.42 CNY per share, reflecting a year-to-date decrease of 4.00% and a recent five-day drop of 2.94% [1] Financial Performance - For the period from January to September 2025, Jin Jiang Hotels reported a revenue of 10.241 billion CNY, representing a year-on-year decrease of 5.09%. The net profit attributable to shareholders was 746 million CNY, down 32.52% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 6.356 billion CNY, with 1.132 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 82,800, up by 1.67%. The average circulating shares per person decreased by 2.87% to 14,286 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 66.3329 million shares, a decrease of 15.7034 million shares from the previous period [3] Market Activity - The stock's trading volume reached 265 million CNY with a turnover rate of 1.14%. The net outflow of main funds was 9.6992 million CNY, with significant selling pressure observed [1] - The company operates primarily in limited-service hotel operations and management, with 68.22% of revenue generated from domestic operations, while 28.32% comes from overseas [1]

Core Insights - The hotel and catering sector experienced a 0.72% increase on November 25, with Junting Hotel leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Sector Performance - Junting Hotel (301073) saw a closing price of 28.10, with an increase of 8.29% and a trading volume of 165,900 shares, amounting to a transaction value of 459 million yuan [1] - Quanjude (002186) closed at 11.82, up 0.94%, with a trading volume of 71,900 shares and a transaction value of 84.73 million yuan [1] - ST Yunwang (002306) closed at 2.01, up 0.50%, with a trading volume of 283,200 shares and a transaction value of 57.44 million yuan [1] - Jinjiang Hotel (600754) closed at 25.94, up 0.39%, with a trading volume of 88,200 shares and a transaction value of 228 million yuan [1] - Xianyin Food (000721) closed at 8.80, up 0.34%, with a trading volume of 132,500 shares and a transaction value of 116 million yuan [1] - Jining Hotel (601007) closed at 7.66, up 0.26%, with a trading volume of 65,400 shares and a transaction value of 50.13 million yuan [1] - Tongqinglou (605108) closed at 19.00, down 0.05%, with a trading volume of 13,900 shares and a transaction value of 26.54 million yuan [1] - Shoulv Hotel (600258) closed at 15.62, down 0.26%, with a trading volume of 135,000 shares and a transaction value of 211 million yuan [1] - Huatian Hotel (000428) closed at 3.43, down 0.29%, with a trading volume of 164,100 shares and a transaction value of 56.34 million yuan [1] Capital Flow - The hotel and catering sector saw a net inflow of 24.35 million yuan from institutional investors, while retail investors contributed a net inflow of 15.97 million yuan [1] - However, there was a net outflow of 40.32 million yuan from speculative funds [1] Individual Stock Capital Flow - Junting Hotel had a net inflow of 21.01 million yuan from institutional investors, while it experienced a net outflow of 39.10 million yuan from speculative funds [2] - Quanjude had a net inflow of 7.53 million yuan from institutional investors, with a net outflow of 10.93 million yuan from speculative funds [2] - Tongqinglou had a net inflow of 1.68 million yuan from institutional investors, with a net outflow of 0.72 million yuan from speculative funds [2] - Jinjiang Hotel had a net inflow of 1.44 million yuan from institutional investors, with a net outflow of 3.61 million yuan from speculative funds [2] - Shoulv Hotel had a net outflow of 5.14 million yuan from institutional investors, but a net inflow of 12.64 million yuan from speculative funds [2]