格隆汇11月10日｜A股市场酒店股走强，其中，锦江酒店涨停，首旅酒店涨近8%，君亭酒店涨近7%， 华天酒店涨超3%。 ...

（文章来源：证券时报网） 数据宝统计，截至11:24，锦江酒店成交额10.02亿元，创2024年12月11日以来新高。最新股价上涨 9.99%，换手率4.51%。上一交易日该股全天成交额为1.39亿元。（数据宝） ...

消息面上，国家统计局11月9日发布的10月份通胀数据释放积极信号。随着扩内需等政策措施持续显 效，叠加国庆、中秋长假带动，居民消费价格指数(CPI)环比上涨0.2%，同比上涨0.2%(由降转涨)，扣 除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大。 格隆汇11月10日｜A股市场消费股走强，其中，以零售、免税、休闲服务、航空机场、旅游、食品、乳 业等方向为主。个股中，中国中免、国光连锁、东百集团、盈新发展（维权）、锦江酒店、华侨城A、 三元股份、惠发食品（维权）、巴比食品等涨停。 另外，财政部发布2025年上半年中国财政政策执行情况报告。下一步，财政部将继续实施好提振消费专 项行动，对重点领域的个人消费贷款和相关行业经营主体贷款给予财政贴息，激发养老、托育等服务消 费潜力。 MACD金叉信号形成，这些股涨势不错！ ...

标的指数成分股中，中国中免、华侨城A、锦江酒店获10CM涨停，首旅酒店、君亭酒店双双涨逾7%。 旅游ETF（159766）紧密跟踪中证旅游主题指数，覆盖景区、航空机场、免税、酒店餐饮等细分领域。 在冰雪游、境外游、免签政策以及春节假期等多重催化下，热度显著提升。经过前期市场调整，旅游板 块估值已回归到相对合理水平，安全边际有所提升。 消息面上，国家统计局公布，10月CPI环比上涨0.2%，同比上涨0.2%；扣除食品和能源价格的核心CPI 同比上涨1.2%，涨幅连续第6个月扩大。 （文章来源：每日经济新闻） 另外，海南自由贸易港将在今年12月18日正式启动全岛"封关"，届时海南岛内进口零关税商品比率将大 幅提升，范围也将进一步扩大。 11月10日早盘，A股旅游及酒店板块走强，旅游ETF（159766）盘中一度上涨5.33%，截至当前的最新 涨幅为5.19%，位居全市场ETF之首。 有机构指出，随着元旦假期临近、春节假期延长，叠加冰雪旅游热度提升、免税免签政策陆续出台等， 旅游板块近期热度显著提升。 ...

□本报记者 王宇露 短期关注市场情绪波动 展望后市，星石投资表示，市场对今年经济表现预期相对稳定。考虑到临近年末部分资金有保收益需 求，市场整体或维持震荡，基本面因素对股市结构的影响可能会减弱，情绪波动可能是短期更需要关注 的因素。 从中长期角度看，星石投资认为，当前市场风险溢价处于历史中位水平，权益类资产估值仍在合理区间 内，企业业绩底部基本已经得到确认，随着政策发力带动国内经济企稳，业绩驱动会逐步增强，市场有 望由估值驱动转为基本面驱动，上行空间将进一步打开。 淡水泉投资认为，当前A股与港股估值虽有所回升，但并未出现系统性泡沫，资本市场会受到阶段性扰 动，不过出现系统性风险的可能性很小。后续板块效应可能减弱，但个股效应将增强。可重点聚焦那些 具备结构性增长潜力的领域，主要围绕两条主线展开布局：一是新兴成长领域，包括AI科技创新和能 源基建、半导体、消费新趋势等；二是周期领域，关注"反内卷"政策带来的结构性机会以及一些积极开 拓海外市场的龙头公司。 上周市场震荡上行，上证指数上涨1.08%，深证成指上涨0.19%，创业板指上涨0.65%，沪深300指数上 涨0.82%，品牌工程指数下跌0.40%，报2021 ...

证券研究报告 | 季报点评 gszqdatemark 2025 11 07 年 月 日 锦江酒店（600754.SH） 直营 RP 同比转正，低基数下利润增长显著 概况：25Q1-3，营收 102.41 亿元/同比-5.09%，归母净利 7.46 亿元/同比 -32.52%，扣非归母净利 8.40 亿元/同比+31.43%。其中，25Q3，营收 37.15 亿元/同比-4.71%，归母净利 3.75 亿元/同比+45.45%，扣非归母 净利 4.31 亿元/同比+72.18%。 如期展店，Q3 境内酒店业务营收已正增。25Q3，1）展店：新开酒店 343 家（完成全年计划的 26.4%，Q1-3 合计完成 78.2%），开业退出酒店 131 家，净增酒店 212 家。截止 25Q3，已开/已签约酒店 14008/17948 家， 酒店客房数各 135.7/169.7 万间。2）营收：总营收 37.1 亿元/同比-4.7%。 分业务来看，①酒店业务方面，营收 36.6 亿元/同比-4.5%。其中，全服 务型/有限服务型酒店营收分别为 0.6/36.0 亿元，同比+5.8%/-4.7%；境 内/境外酒店营收分别为 ...

10月31日，其于深圳正式宣布，国民品牌7天酒店将进军东南亚市场。这是继今年8月底，锦江酒店（中国区）在马来西亚吉隆坡宣布锦江都城、麗枫、锦江 之星、暻阁、云居出海后，旗下又一民族品牌加入出海序列。 锦江酒店（中国区）CEO王伟与7天酒店品牌出海首批投资方——马来西亚Nexa Hospitality有限公司董事黄联业会面 据悉，此次7天酒店出海，将完全由锦江酒店（中国区）于当地派驻团队自主负责开发、筹建及运营，标志其在东南亚属地深耕上迈出坚实一步。 锦江酒店（中国区）CEO王伟、高级副总裁张中皓、海外业务负责人何一君，及7天酒店投资方——马来西亚Nexa Hospitality有限公司董事黄联业、董事欧 阳海宁、执行董事吴国铭等出席了出海启动会。双方于现场达成了10个项目的意向签约。 7天酒店出海启动会现场达成10个项目加盟意向合作。从右至左分别为：锦江酒店（中国区）CEO王伟，锦江酒店（中国区）高级副总裁张中皓，Nexa Hospitality有限公司执行董事吴国铭，Nexa Hospitality有限公司董事黄联业 首批签约的10个7天酒店项目，主要分布在马来西亚吉隆坡、霹雳州、槟城、雪兰莪等重点城市及热 ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The consumer services industry index rose by 2.17% from October 24, 2025, to November 6, 2025, outperforming the CSI 300 index by approximately 0.28 percentage points during the same period [8][31]. - The report highlights the positive impact of the 2026 holiday arrangements, particularly the nine-day Spring Festival holiday, which is expected to stimulate domestic travel demand [31]. - Recent government policies, including the "14th Five-Year Plan" recommendations and improvements to duty-free shop policies, are anticipated to further support the recovery of inbound and domestic tourism [31][21][25]. Summary by Sections Market Review - The consumer services index continued its upward trend, outperforming the CSI 300 index [8]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 3.44% [9]. - A total of 33 listed companies in the industry reported positive returns, with the top five performers being Fangzhitech, *ST Zhanggu, Caesar Travel, China Duty Free, and Chuangye Heima [12]. Industry News - The "14th Five-Year Plan" emphasizes expanding inbound consumption and implementing paid staggered vacations [23]. - The 2026 holiday schedule includes a nine-day Spring Festival break, leading to a threefold increase in flight searches on travel platforms [21]. - The Ministry of Finance announced improvements to duty-free shop policies effective November 1, 2025, aimed at boosting consumption [25]. Company Announcements - China Duty Free reported a revenue of 39.862 billion yuan for the first three quarters of 2025, a year-on-year decline of 7.34% [28]. - Long White Mountain announced a stock issuance to optimize its capital structure, raising approximately 236 million yuan [26]. - ST Zhangjiajie was accepted for reorganization by the court, leading to a temporary suspension of its stock [27]. Weekly Perspective - The report suggests focusing on companies such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand and supportive policies [31][32].

Group 1 - The hotel and catering sector increased by 0.97% on November 7, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - Key stocks in the hotel and catering sector showed varied performance, with Quan Jud closing at 12.83, up 6.03% [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 84.22 million yuan, while retail investors saw a net outflow of 86.10 million yuan [1] - Quan Jud had a main fund net inflow of 48.15 million yuan, accounting for 9.57% of the total [2] - Xi'an Catering reported a main fund net inflow of 29.77 million yuan, representing 8.63% of the total [2]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27.2 CNY per share [2][8]. Core Insights - The company has shown operational improvements and progress in cost reduction and efficiency enhancement [2][8]. - For Q3 2025, the company reported total revenue of 3.715 billion CNY, a year-over-year decrease of 4.71%, and a net profit attributable to shareholders of 375 million CNY, a year-over-year increase of 45.45% [8]. - The hotel business generated a consolidated revenue of 3.66 billion CNY in Q3 2025, down 4.54% year-over-year, with limited-service hotels contributing 3.6 billion CNY, a decrease of 4.7% [8]. - The company continues to upgrade its store structure, focusing on the development of mid-to-high-end hotels, with a net increase of 212 new hotels in Q3 2025 [8]. - Cost reduction and efficiency improvements have been significant, with a notable decrease in expense ratios in Q3 2025 [8]. Financial Summary - Total revenue projections for 2025-2027 are 135.7 billion CNY, 145.6 billion CNY, and 152.0 billion CNY, respectively, with net profit attributable to shareholders expected to be 9.1 billion CNY, 11.6 billion CNY, and 12.9 billion CNY [8][9]. - The company’s earnings per share (EPS) is projected to be 0.85 CNY for 2025, increasing to 1.21 CNY by 2027 [9]. - The company’s total assets are expected to grow from 46.11 billion CNY in 2024 to 53.66 billion CNY by 2027 [9].