本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 1月亚洲（中国）文旅综述 01 全球旅游业发展动态 1月，联合国旅游组织预测，在经历了过去三年的高速增长后，2026年全球旅游业增速将有所回落，总体预计维持 在3%—4%的区间，但总体增长的态势不会改变。相关专家指出，伴随着全球经济的发展，消费者信心指数持续 上升，将对旅游业带来积极影响。与此同时，米兰冬奥会、美加墨男足世界杯等重大体育赛事的举办，也将为 2026年的全球旅游市场发展注入新的动力。 美国方面，世界旅游及旅行理事会（WTTC）1月的报告显示，2025年美国国际游客消费额预计锐减125亿美元。 在WTTC与牛津经济研究院分析的184个国家中，美国是唯一一个去年国际游客消费额预测出现负增长的国家。国 际旅游行业媒体Skift网站报道，去年的一项调查显示，46%的受访游客因特朗普政府的相关政策降低了赴美意 愿。2025年，美国国际旅游收入预计略低于1690亿美元，较前一年减少约125亿美元。这一数据不仅远低于该国 2019年的峰值水平，与全球旅游业的增长速度相比更是相去甚远。旅游业的下滑带来的经济影响不止于旅游消费 本身，依赖国 ...

Core Viewpoint - Hunan Tourism Development Investment Group's 95% stake has been transferred to Hunan Sports Industry Group, indicating a downgrade in the management status of Hunan Tourism Group, which is now under the control of a sports entity rather than being directly managed by the provincial state-owned assets supervision and administration commission [1][2][5] Group 1: Company Structure Changes - Hunan Tourism Group was previously a directly regulated enterprise by the provincial state-owned assets commission, which provided advantages such as government support and operational autonomy [2] - The transfer of Hunan Tourism Group to Hunan Sports Industry Group means that all operational plans and development decisions will now be directed by the latter, which primarily focuses on sports media and venue operations [2][4] Group 2: Reasons for Downgrade - The downgrade of Hunan Tourism Group is attributed to three main reasons: 1. The group was established late (July 2022) and lacks significant tourism resources, as key attractions in Hunan are controlled by other entities [8][10] 2. Hunan Tourism Group lacks competitive core businesses, being a collection of various assets without a strong operational focus [8][10] 3. The group's ecological position has been supplanted by other local tourism groups, particularly Hunan Electric and Broadcast Media, which have successfully integrated tourism with media and cultural projects [12][15] Group 3: Competitive Landscape - Hunan Electric and Broadcast Media has emerged as a strong competitor in the tourism sector, leveraging its media influence and investment capabilities to dominate the market [12][15] - The ability of Hunan Electric and Broadcast Media to attract significant tourist numbers and manage successful projects highlights the challenges faced by Hunan Tourism Group in establishing its core competencies [13][15]

股票代码：000428 股票简称：华天酒店 上市地点：深圳证券交易所 华天酒店集团股份有限公司 收购报告书 注册地址： 长沙市开福区体育馆路 1 号全民健身大楼 6 楼 通讯地址： 长沙市开福区体育馆路 1 号全民健身大楼 6 楼 签署日期：二〇二六年一月 上市公司名称： 华天酒店集团股份有限公司 股票上市地点： 深圳证券交易所 股票简称： 华天酒店 股票代码： 000428 收购人名称： 湖南体育产业集团有限公司 收购人声明 本部分所述词语与简称与本报告书"第一节 释义"所述词语或简称具有相 同含义。 一、本报告书系收购人依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准 则第16号——上市公司收购报告书》及其他相关法律、法规及部门规章的有关规 定编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》及《公开发 行证券的公司信息披露内容与格式准则第16号——上市公司收购报告书》的规定， 本报告书已全面披露了收购人在华天酒店拥有权益的股份。 截至本报告书签署日，除本报告书披露的持股信息外，收购人没有通过任何 其他方式在华天酒店拥有权 ...

法律意见书 湖南启元律师事务所 关于 《华天酒店集团股份有限公司收购报告书》 之 法律意见书 ·湖南启元律师事务所· HUNANQIYUANLAWFIRM 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410005 电话：（0731）82953777 传真：（0731）82953779 网站：www.qiyuan.com 二〇二六年一月 | | | 法律意见书 释 义 在本法律意见书中，除非另有说明，下列简称具有如下意义： | 收购人、湖南体产集团 | 指 | 湖南体育产业集团有限公司 | | --- | --- | --- | | 湖南省政府 | 指 | 湖南省人民政府 | | 湖南省文资委 | 指 | 湖南省国有文化资产监督管理委员会 | | 湖南省国资委 | 指 | 湖南省人民政府国有资产监督管理委员会 | | 湖南省政府办公厅 | 指 | 湖南省人民政府办公厅 | | 中共湖南省委 | 指 | 中国共产党湖南省委员会 | | 湖南旅游集团 | 指 | 湖南旅游发展投资集团有限公司 | | 兴湘集团 | 指 | 湖南兴湘投资控股集团有限公司 | | 华天酒店、上市公司 | 指 | 华天 ...

法律意见书 湖南启元律师事务所 关于 湖南体育产业集团有限公司 免于发出要约事宜 之 法律意见书 ·湖南启元律师事务所· HUNANQIYUANLAWFIRM 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410005 电话：（0731）82953777 传真：（0731）82953779 网站：www.qiyuan.com 二〇二六年一月 | | | 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师乃依据有关法律、法规及中国证监会发布的相关文件的规定、本法 律意见书出具之日前已经发生或存在的事实发表法律意见； 2．本所律师根据《公司法》《证券法》《收购管理办法》《律师事务所从事证 券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》等规定，针 对本法律意见书出具之日前已经发生或存在的事实，严格履行了法定职责，遵循了 勤勉尽责和诚实信用原则，进行了充分的查验，保证本法律意见书所认定的事实真 实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏，并承担相应法律责任； 法律意见书 释 义 在本法律意见书中，除非另有说明，下列简称具有如下意义： ...

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]

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]

Investment Rating - The report maintains a "Buy" recommendation for the consumer services industry, particularly focusing on the upcoming Spring Festival consumption boost [1]. Core Insights - The report highlights that the Spring Festival consumption season is set to begin, with various local governments implementing consumption-boosting policies, which are expected to drive strong market performance [1][2]. - Three major highlights of the consumption promotion activities are identified: unprecedented subsidy levels directly reaching consumers, innovative consumption scenarios integrating various sectors, and the synergy between online and offline channels through digital empowerment [2][3]. Summary by Sections Industry Investment Rating - The consumer services industry is rated as "Recommended" with a focus on benefiting companies in dining, hotels, tourism, duty-free, and retail sectors due to the anticipated recovery in consumer enthusiasm [1][3]. Key Highlights of Consumption Promotion - Subsidies are at an all-time high, with local governments offering consumption vouchers and subsidies exceeding 100 million yuan in various provinces, which is expected to enhance consumer purchasing power [2]. - Innovative consumption scenarios are being developed, moving beyond traditional discounts to immersive experiences that combine culture, tourism, and sports, thereby revitalizing traditional service sectors [2]. - The integration of online and offline channels is becoming more pronounced, with e-commerce platforms actively participating in promotional activities, enhancing efficiency and broadening the consumption landscape [2]. Market Outlook - The report anticipates a robust recovery in the Spring Festival consumption market in 2026, with data potentially exceeding market expectations, laying a solid foundation for sustained consumer market recovery throughout the year [3].

股票代码：000428 股票简称：华天酒店 上市地点：深圳证券交易所 截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人没有 通过任何其他方式在华天酒店拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准，其履行亦不违反 收购人公司章程或内部规则中的任何条款，或与之相冲突。 四、本次收购涉及的相关事项已取得湖南省政府办公厅出具的股权无偿划 转批复文件。收购人通过国有股权无偿划转方式取得湖南旅游集团95%股权，从 而导致间接控制湖南旅游集团所持有的华天酒店32.48%的股份，符合《上市公司 收购管理办法》第六十三条规定的可以免于发出要约的情形。 华天酒店集团股份有限公司 收购报告书摘要 注册地址： 长沙市开福区体育馆路 1 号全民健身大楼 6 楼 通讯地址： 长沙市开福区体育馆路 1 号全民健身大楼 6 楼 签署日期：二〇二六年一月 上市公司名称： 华天酒店集团股份有限公司 股票上市地点： 深圳证券交易所 股票简称： 华天酒店 股票代码： 000428 收购人名称： 湖南体育产业集团有限公司 收购人声明 本部分所述词语与简称与本报告书摘要"第一节 释义"所述词语或简称具 有相同含义。 一、本 ...

Group 1 - The hotel and catering sector increased by 0.96% compared to the previous trading day, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the hotel and catering sector showed varied performance, with Quan Jud closing at 12.28, up 3.37%, and ST Yunwang closing at 2.11, down 2.31% [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 17.95 million yuan, while retail investors saw a net outflow of 17.99 million yuan [1] - Major stocks like Jin Jiang Hotel and Huatian Hotel experienced significant net inflows from main funds, with Jin Jiang Hotel seeing 14.91 million yuan [2] - ST Yunwang had the highest net outflow from main funds at 9.84 million yuan, indicating a negative sentiment towards this stock [2]