Core Insights - The hotel and catering sector experienced a 0.72% increase on October 15, with *ST Yunwang leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - The following stocks in the hotel and catering sector showed notable performance: - *ST Yunwang: Closed at 1.83, up 5.17% with a trading volume of 226,800 shares and a turnover of 41.35 million yuan [1] - Junxi Hotel: Closed at 21.98, up 3.29% with a trading volume of 65,500 shares [1] - Quanjude: Closed at 11.34, up 0.98% with a trading volume of 61,900 shares [1] - Jinling Hotel: Closed at 7.30, up 0.97% with a trading volume of 60,500 shares [1] - Huatian Hotel: Closed at 3.21, up 0.94% with a trading volume of 205,200 shares [1] Capital Flow - The hotel and catering sector saw a net inflow of 25.76 million yuan from main funds, while retail investors experienced a net outflow of 43.40 million yuan [1] - The following details highlight the capital flow for specific stocks: - Jinjiang Hotel: Main funds net inflow of 23.57 million yuan, retail net outflow of 22.92 million yuan [2] - *ST Yunwang: Main funds net inflow of 11.37 million yuan, retail net outflow of 5.13 million yuan [2] - Junting Hotel: Main funds net inflow of 0.35 million yuan, retail net outflow of 0.98 million yuan [2]

Market Overview - The hotel and catering sector experienced a decline of 0.76% on October 13, with *ST Yunwang leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - Quanjude (002186) closed at 11.24, up 0.36% with a trading volume of 62,700 shares and a transaction value of 69.69 million yuan [1] - Shoulv Hotel (600258) closed at 14.34, down 0.21% with a trading volume of 104,000 shares and a transaction value of 149 million yuan [1] - Huatian Hotel (000428) closed at 3.17, down 0.31% with a trading volume of 218,600 shares and a transaction value of 68.49 million yuan [1] - Xianyin Food (000721) closed at 8.62, down 0.46% with a trading volume of 157,700 shares and a transaction value of 13.5 million yuan [1] - Jinling Hotel (601007) closed at 7.19, down 0.69% with a trading volume of 70,700 shares and a transaction value of 50.49 million yuan [1] - Junxi Hotel (301073) closed at 21.11, down 0.80% with a trading volume of 44,100 shares and a transaction value of 92.38 million yuan [1] - Tongqinglou (605108) closed at 19.18, down 1.24% with a trading volume of 21,000 shares and a transaction value of 40.12 million yuan [1] - Jinjiang Hotel (600754) closed at 22.26, down 1.29% with a trading volume of 99,500 shares and a transaction value of 221 million yuan [1] - *ST Yunwang (002306) closed at 1.76, down 2.22% with a trading volume of 329,400 shares and a transaction value of 57.38 million yuan [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 34.30 million yuan from institutional investors, while retail investors had a net inflow of 38.06 million yuan [1] - The detailed capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies [2] - For instance, Huatian Hotel had a net inflow of 4.73% from retail investors despite a net outflow from institutional and speculative investors [2]

值得注意的是，北京作为首都和重要旅游目的地，在这个黄金周期间表现尤为突出。据不完全统计，北 京市核心区域酒店入住率持续保持在90%以上，其中前门、王府井、什刹海等热门商圈酒店更是一房难 求。10月9日，华信东方（北京）国际旅行社运营负责人李伯轩对《华夏时报》记者表示："今年国庆期 间，北京热门区域酒店的入住率达到100%，平均房价较去年同期上涨15%，特别是能够观赏中秋明月 的景观房，提前两周就已预订一空。" 本报记者 张蓓 见习记者 陈炳衡 北京报道 2025年国庆中秋叠加的8天"超级黄金周"正式收官，酒店行业迎来期盼已久的业绩爆发。华住集团与锦 江酒店（中国区）最新数据显示，两大巨头假期合计接待人次突破2350万，其中华住接待1055万人次， 同比增长36%；锦江接待超1300万人次，同比增长30%。这份成绩单不仅展现了国内旅游市场的强劲复 苏，更折射出文旅消费的新趋势。 10月11日，北京伯豪瑞廷酒店总经理芦键对《华夏时报》记者表示，"对五星级酒店来说，十月黄金周 一直是传统旺季，一直是酒店行业全年的突出盈利点，黄金周期间，伯豪瑞廷酒店平均入住率达到 75%，这表明在多方努力下，市场逐步趋于稳定，对此感 ...

从扎堆热门景区到探索冷门宝藏地，这个国庆中秋假期，越来越多年轻人选择"反向旅游"，在另辟蹊径 中乐享一方天地。锦江酒店（中国区）在广元、荆州、南充、泸州、锦州等三线以下城市整个假期几乎 每天迎来客流入住高峰，其当地酒店平均入住率在91.7%以上，表现抢眼。"鸡排哥"的爆火为景德镇人 气锦上添花，锦江酒店（中国区）当地20余家在营酒店于10月2日至5日期间连续满房。 高速堵成"移动停车场"，不仅老牌景点被挤爆，就连那些曾经的小众秘境亦上演"人从众"模式……刚刚 结束的国庆中秋双节叠加的8天"超级黄金周"，文旅市场迸发出前所未有的热度与活力，直接带动酒店 消费增长。9月30日-10月7日，国内头部酒店企业锦江酒店（中国区）旗下酒店平均入住率同比增长， 累计接待人次超1300万，较去年同期提升超30%。从其全国超万家在营酒店整体入住率数据增幅来看， 10月2日-4日为此次黄金周出游入住高峰时段，10月2日其在全国128座城市实现全城满房。 在一系列特色体验活动和高品质服务加持下，今年国庆假期期间，锦江酒店（中国区）旗下覆盖经济 型、中端、中高端、高端各层级的主力品牌酒店入住率较去年同期均有不同程度提升。其中，由锦 ...

Investment Rating - The industry is rated as "Overweight" [30] Core Views - The report highlights that during the National Day and Mid-Autumn Festival, domestic travel reached a record high with 888 million trips and total spending of 809 billion yuan, indicating strong consumer demand [20][30] - The report notes a significant increase in hotel occupancy rates and a booming entertainment market, with attendance at sports events, music festivals, and concerts showing substantial growth [30] - The trend towards experiential travel is emphasized, suggesting that domestic travel destinations may need to adapt to meet changing consumer preferences [30] - The report anticipates more policy support for service consumption, particularly in tourism, as part of the government's focus on enhancing service sectors [30] Summary by Sections Market Review - The CITIC Consumer Services Index fell by 3.34% from September 26 to October 9, underperforming the CSI 300 Index by approximately 5.87 percentage points [8] - All sub-sectors within consumer services experienced declines, with the largest drops in tourism and hotel sectors [9] - A total of 4 companies in the industry reported positive returns, while 48 companies reported negative returns, with notable declines in companies like Caesar Travel and Kevin Education [12] Industry News - The report mentions that during the 8-day holiday, domestic travel spending reached a new high, with significant increases in long-distance and self-driving trips [20] - Jinjiang Hotels reported a 4% increase in average occupancy rates, with over 13 million guests served during the holiday period [21] - The entertainment market saw a surge, with over 3,100 performance projects and nearly 15,000 shows held, reflecting a 39.5% increase in audience attendance [24] Company Announcements - The report includes updates on various companies, such as Nanjing Tourism Group's restructuring and Kevin Education's investment in a joint venture focused on AI in education [25][29] Weekly Outlook - The report suggests focusing on companies like Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, which are expected to benefit from the recovery in leisure travel [30][32]

证券代码:600754/900934 证券简称:锦江酒店/锦江B股 公告编号:2025-055 上海锦江国际酒店股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并继续进行现金管理的进展公告 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： ● 现金管理受托方：上海浦东发展银行股份有限公司闸北支行（以下简称"浦发银行闸北支行"） ● 现金管理金额：人民币10,000.00万元 在确保不影响公司募集资金使用和保证募集资金安全的前提下，公司合理使 用闲置的募集资金进行现 金管理，可有效降低募集资金闲置成本，提升募集资金 的保值增值能力，以更好地实现公司现金的保 值增值，保障公司股东的利益。 （二）现金管理金额 本次进行现金管理的资金总额为10,000万元。 公司现金管理的资金来源为2021年非公开发行股票部分闲置募集资金。 ● 现金管理产品名称：定期存款 ● 现金管理期限：三个月 ● 现金管理履行的审议程序：上海锦江国际酒店股份有限公司（以下简称"锦江酒店"、"公司"或"本公 司"）于2025年6月30日召开 ...

证券代码:600754/900934 证券简称:锦江酒店/锦江B股 公告编号:2025-055 上海锦江国际酒店股份有限公司 关于使用部分闲置募集资金进行现金管理到期 赎回并继续进行现金管理的进展公告 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： 现金管理受托方：上海浦东发展银行股份有限公司闸北支行（以下简称 "浦发银行闸北支行"） 现金管理履行的审议程序：上海锦江国际酒店股份有限公司（以下简称 "锦江酒店"、"公司"或"本公司"）于 2025 年 6 月 30 日召开公司第十一届 董事会第二次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议 案》，同意公司自董事会审议通过之日起 12 个月内使用不超过 190,000.00 万元 暂时闲置募集资金进行现金管理，在前述额度和期限内，资金可循环滚动使用， 单个产品的持有期限不超过 12 个月。具体内容详见公司于 2025 年 7 月 1 日在上 海证券交易所网站(www.sse.com.cn)披露的《上海锦江国际酒店股份有限公司关 于使用部分闲置募集资 ...

Group 1: Overall Market Performance - During the 2025 National Day and Mid-Autumn Festival holiday, Fliggy reported a 48% increase in GMV compared to last year, with service users growing by 30%, leading the tourism market [1] - Hotel stays during the holiday period saw a significant increase, with Fliggy reporting a 78% rise in hotel night stays compared to the previous year [1] - Huazhu Group's hotels received over 10.55 million guests during the holiday, a 36% increase from the same period last year, with foreign guests increasing by 75% [2] Group 2: Specific Company Performance - Fliggy's domestic flight and global hotel bookings reached historical peaks, with record single-day highs in both metrics [1] - Jinjiang Hotels reported a 4% increase in average occupancy rate, with over 13 million guests served, marking a more than 30% increase year-on-year [1] - Huazhu Group's overall hotel occupancy rate exceeded 80% during the holiday, peaking at over 98% on October 3, with more than 8,100 locations fully booked [2]

Summary of the Hotel Industry and Travel Insights Industry Overview - The hotel industry performed well during the 2025 National Day holiday, but a decline of approximately 3-4% is expected in Q4 due to an oversupply of hotels in recent years, leading to a short-term supply-demand imbalance. There may be opportunities for supply-demand restructuring next year [1][5][9]. Key Performance Metrics - During the 2025 National Day holiday, Huazhu Group's RevPAR (Revenue per Available Room) reached 105.1%, an increase of 5 percentage points year-on-year. The average room rate was 393 RMB, up 4% year-on-year, with an occupancy rate of 88.2%, up 1.1 percentage points [2]. - Jinjiang Group reported an ADR (Average Daily Rate) of 366 RMB, a 4.5% increase year-on-year, with an occupancy rate of 85.5%, up 4 percentage points. RevPAR was 312 RMB, an increase of 8.6 percentage points year-on-year [2]. Consumer Behavior and Preferences - Consumers are increasingly prioritizing customer experience, safety, and hygiene, leading to a preference for chain brands over individual inns. During the 2025 National Day holiday, chain hotels performed well, while homestays saw poor occupancy [3][11]. - Huazhu's OTA (Online Travel Agency) orders accounted for 40% of bookings, while member orders made up about 50% during the holiday, indicating effective control over OTA order ratios by leading hotel chains [3][16]. Pricing Dynamics - The significant price increases by Huazhu and Jinjiang are related to budget planning based on last year's revenue performance, with ADR rising over 4%, indicating strong demand. However, consumer sensitivity to high prices may limit future price increases [7][8]. - Despite the rapid increase in hotel supply, prices are not expected to drop significantly due to budget pressures on operators. New hotels are primarily concentrated in lower-tier markets, gradually moving towards mid-range and high-end products, allowing for pricing power during peak holiday periods [9][10]. Market Trends and Future Outlook - The hotel industry is expected to face challenges in Q4 due to an oversupply, but the exit of smaller hotels may create opportunities for RevPAR improvement next year [5]. - The 2025 National Day holiday's extension to 8 days did not significantly boost hotel demand, as most travelers preferred shorter trips [13][14]. - The government has shown limited intervention in hotel pricing, allowing market forces to dictate prices, although some cities had previously implemented price control measures [10]. Conclusion - The hotel industry is navigating a complex landscape of supply-demand dynamics, consumer preferences, and pricing strategies. While current performance metrics are strong, future challenges related to oversupply and consumer price sensitivity will require careful monitoring and strategic adjustments by industry players [1][5][9].

Summary of Hotel Industry Conference Call Industry Overview - The hotel industry experienced a strong performance during the National Day holiday in 2025, with chain hotel Average Daily Rate (ADR) increasing due to high consumer trust in chain brands, stable pricing strategies, and a preference for family travel [2][3][6] - Mid-range hotels like Atour and Hilton Garden Inn performed exceptionally well, while the economy segment saw HanTing leading [2][7] - The peak booking period was from October 1 to 4, 2025, extending one day compared to the previous year [2][8] - The industry is expected to see a positive RevPAR year-on-year only by the second half of 2026 due to multiple factors including a slowdown in new contracts and strong demand [2][9] Key Performance Metrics - During the National Day period, Huazhu Group reported an ADR of 393 RMB, an occupancy rate (OCC) of 88.2%, and a RevPAR of 346.6 RMB, reflecting a year-on-year increase of 4%, 1.1 percentage points, and 5.1% respectively [3] - Jinjiang Group's ADR was 366 RMB, with an OCC of 85.5% and a RevPAR of 312 RMB, showing increases of 4.5%, 4 percentage points, and 8.6% respectively [3] - The overall performance was strong despite a decline compared to the May Day holiday due to the longer duration of the National Day holiday [3] Regional Performance - Key cities such as Beijing, Shanghai, Chengdu, Nanjing, Hangzhou, Suzhou, Chongqing, and Tianjin showed strong hotel performance, while Shenzhen and Guangzhou's RevPAR was weaker due to typhoon impacts [5] - The North China region, including Beijing-Tianjin-Hebei and Shanxi, saw RevPAR increases of 100% to 120% [5] - Southwest and Northwest regions benefited from rich tourism resources and relatively low hotel supply, enhancing their pricing power [5] Future Outlook - The hotel supply side is expected to decrease in the second half of 2026, with many poorly performing hotels facing closure or rebranding [10][11] - The industry is experiencing a cleansing phenomenon, particularly affecting single hotels, with about 80% of the affected being independent hotels [13] - Major hotel groups like Huazhu and Jinjiang continue to expand despite overall supply slowing down, focusing on increasing market share [16] Investment and Financial Metrics - Full Season hotels have the best investment return rate, with a payback period of approximately 4 to 4.5 years, translating to a return rate of 23-24% [15] - HanTing leads in the economy segment with a payback period of about 5 years in high-tier cities and slightly shorter in lower-tier cities [15] - The investment landscape is shifting, with a growing proportion of younger investors and those with government connections entering the market [24][25] Booking Trends - The proportion of bookings through Central Reservation Systems (CRS) is increasing, with Huazhu at approximately 65% and Atour at around 60% [4][19] - The trend is moving towards enhancing member contribution rates, aiming for a 70% self-owned channel and 30% OTA channel [4][19] Key Challenges - The hotel industry faces challenges such as increased competition, saturation in key markets, and the need for strategic rebranding to attract customers [17][18] - The overall demand for business travelers has increased in absolute terms but decreased as a percentage of total guests due to the growing number of hotels [12] Conclusion - The hotel industry is poised for a complex recovery, with strong performance indicators during peak seasons but facing challenges in supply and market saturation. The focus on strategic expansion and rebranding will be crucial for navigating the evolving landscape.