（来源：劳动报） 转自：劳动报 近年来，随着越来越多人愿意为情绪价值和真实体验付费，"跟着演出去旅行"逐渐成为年轻人的时髦风尚。伴随"悦见锦江·脱口秀漫旅"陆续开展，"酒店 +脱口秀"这一创新体验在客群中的吸引力、影响力亦持续走高，收获诸多好评。 提升用户黏性与复购率 如今各行业都愈发重视会员精细化经营与体验升级，通过打造差异化权益、深化情感连接来提升用户黏性与复购率。以"悦见锦江·脱口秀漫旅"为重要组成 部分的"锦江荟带你看LIVE"，正是酒店业极具代表性的IP。 今年"锦江荟带你看LIVE"通过热门演唱会、时髦音乐剧以及世界级赛事观演门票等超值会员福利，主动激发大众一次次"为了热爱的奔赴"。其中，"悦见锦 江·脱口秀漫旅"是锦江酒店（中国区）继去年成功打造"锦江SPACE+会员体验互动空间VIP包厢"后，对会员权益提升的又一次深度拓展。 LIVE体验之外，今年6月，锦江荟还创新推出"新店套餐积分兑"活动——例如，北海涠洲岛丽芮酒店的新店套餐中，不仅有高级园景房、东南亚美食家庭套 餐、海鲜加工优惠券，还包含码头接驳、涠洲岛火山地质公园门票2张及旅拍等，限时秒杀仅需16800积分，相当于市场价3折。以及，即将 ...

Core Insights - The article highlights the shift in consumer preferences towards social and experiential accommodations, with the "hotel+" trend emerging as a new wave in the industry [5][6]. Financial Performance - In Q3 2025, the total revenue of 51 listed cultural tourism companies in A-shares reached approximately 839.93 billion yuan, with a net profit of about 226 billion yuan, while Ctrip alone generated a revenue of 183.38 billion yuan and a net profit of 198.9 billion yuan, capturing 21% of the industry's revenue and 88% of its profits [5][6]. Industry Dynamics - The Chinese hotel industry is experiencing a structural reshuffle characterized by "total growth and structural differentiation," driven by market concentration among leading hotel groups and changing consumer preferences [6][8]. - As of December 31, 2024, the total number of accommodation facilities in China reached 570,000, with a total room capacity of 19.278 million, marking historical highs for both metrics [8]. Leading Hotel Groups - Jinjiang Group, as the largest hotel brand in China, has expanded its portfolio to 43 brands through acquisitions, with a high-end hotel room share of 69.79% and over 14,000 hotels globally [9]. - Huazhu has expanded its brand matrix to over 30 brands, with a total of 12,702 operating hotels and a significant contribution from its franchise business, which accounts for approximately 64.1% of its operating profit [11]. - Shoulv Home has 29 brands and over 7,500 hotels globally, with a franchise business share increasing from 89% in 2024 to 92.5% in Q3 2025, indicating a strong shift towards a light asset model [14][16]. Market Trends - The mid-range hotel segment is becoming a key driver of industry growth, with the chain rate for mid-range hotels increasing from 21.42% in 2018 to 55.33% in 2024 [18][22]. - The demand for high-end and mid-range hotels is rising, with the chain rate for high-end hotels slightly increasing to 55.33% [20]. Consumer Behavior - There is a notable shift in consumer preferences from traditional accommodation to lifestyle experiences, with younger generations favoring unique hotel designs and experiences over conventional services [26]. - The search interest for experiential stays, such as cultural and family-oriented activities, has surged, with a 50% increase in searches for cultural experience trips during the Dragon Boat Festival [27]. Challenges in the Industry - Despite growth in the number of hotels and rooms, the industry faces challenges such as homogenization and a disconnect between scale expansion and value creation [30]. - The reliance on traditional revenue streams and high customer acquisition costs through online travel agencies (OTAs) are significant issues, with many hotels still heavily dependent on room and dining revenues [31][33]. - The industry is experiencing a talent shortage, particularly in lower-tier cities, leading to inconsistent service quality across different hotel types [33].

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600258 首旅酒店 | | 1631.63万 | 7.39% | -2026.24万 | -9.18% | 394.61万 | 1.79% | | 301073 君亭酒店 | | 301.47万 | 1.92% | 388.23万 | 2.47% | -689.70万 | -4.39% | | 600754 锦江酒店 | | 110.38万 | 0.65% | 56.96万 | 0.34% | -167.34万 | -0.99% | | 000428 华天酒店 | | -188.46万 | -2.38% | -450.87万 | -5.68% | 639.33万 | 8.06% | | 601007 金陵饭店 | | -208.22万 | -2.32% | 102.07万 | 1.14% | 106.15万 | 1.18% | | 002186 | 全聚德 | - ...

证券之星消息，12月24日酒店餐饮板块较上一交易日下跌0.05%，锦江酒店领跌。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。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) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 2.03 | 5.18% | 6.47万 | 1313.49万 | | 000428 | 华天酒店 | 3.42 | 1.48% | 32.25万 | 1.09亿 | | 600258 | 首旅酒店 | 16.58 | 1.47% | - 19.99万 | 3.29 乙 | | 000721 | 西安饮食 | 9.22 | 0.11% | 22.51万 | 2.06亿 | | 301073 | 君享酒店 | 27.00 | -0.48% | 7.34万 | 2666T | | 601007 | 金陵饭店 | 7.87 | -0.88% | 16.89万 | 1.32亿 | | 605108 | 同庆楼 | 1 ...

公示期：2025年12月23日至2026年1月1日 联系邮箱：jyzjz@samr.gov.cn 转自：市场监管总局网站 ...

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].