Market Overview - The hotel and catering sector experienced a decline of 1.22% on November 14, with Quanjude leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Key stocks in the hotel and catering sector showed varied performance, with Junting Hotel increasing by 1.18% to a closing price of 24.10, while Quanjude fell by 2.39% to 112.24 [1] - The trading volume and turnover for Junting Hotel were 87,100 shares and 212 million yuan, respectively [1] Capital Flow - The hotel and catering sector saw a net outflow of 33.47 million yuan from institutional investors and 24.86 million yuan from retail investors, while retail investors had a net inflow of 58.33 million yuan [1] - Specific stock capital flows indicated that Quanjude had a significant net outflow of 16.11 million yuan from institutional investors, while retail investors contributed a net inflow of 30.62 million yuan [2]

Core Viewpoint - The company currently does not offer products related to century eggs, focusing instead on its core product, salted duck eggs, which are made using traditional methods and high-quality ingredients [1] Group 1 - The company has confirmed that it has not launched any products related to century eggs [1] - The core product of the company is salted duck eggs, made from fresh, high-quality duck eggs [1] - The production method involves traditional techniques, using a mixture of yellow clay and plant ash for curing, resulting in a savory and rich flavor [1]

Core Viewpoint - Quanjude (002186) has not yet launched any products related to century eggs, with its core duck egg products primarily being salted duck eggs [1] Company Summary - Quanjude currently focuses on salted duck eggs as its main product in the duck egg category [1]

Core Viewpoint - Quanjude Food Company has not yet launched any products related to century eggs, focusing primarily on salted duck eggs as their core duck egg products [1] Company Summary - Quanjude (002186.SZ) responded to an investor inquiry on November 14, indicating that they currently do not offer century egg products [1] - The company's main duck egg product line consists of salted duck eggs [1]

Market Overview - The hotel and catering sector increased by 0.36% on November 13, with Huatian Hotel leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Huatian Hotel (000428) closed at 3.55, up 2.90% with a trading volume of 262,600 shares and a turnover of 91.76 million yuan [1] - Junting Hotel (301073) closed at 23.82, up 1.23% with a trading volume of 52,600 shares and a turnover of 125 million yuan [1] - Jinling Hotel (601007) closed at 7.83, up 1.16% with a trading volume of 92,500 shares and a turnover of 71.85 million yuan [1] - Tongqinglou (605108) closed at 20.24, up 1.05% with a trading volume of 29,500 shares and a turnover of 59.32 million yuan [1] - Shoulv Hotel (600258) closed at 16.08, up 0.31% with a trading volume of 295,300 shares and a turnover of 472 million yuan [1] - Quanjude (002186) closed at 12.54, up 0.08% with a trading volume of 125,900 shares and a turnover of 157 million yuan [1] - Jinjiang Hotel (600754) closed at 26.29, up 0.04% with a trading volume of 198,000 shares and a turnover of 517 million yuan [1] - Xianyin Food (000721) closed at 9.16, down 0.22% with a trading volume of 239,400 shares and a turnover of 21.8 million yuan [1] - ST Yunwang (002306) closed at 2.15, down 3.15% with a trading volume of 587,000 shares and a turnover of 126 million yuan [1] Capital Flow Analysis - The hotel and catering sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 188 million yuan [1] - The detailed capital flow for individual stocks shows that Huatian Hotel had a net inflow of 10.37 million yuan from institutional investors, while it faced a net outflow from retail investors of 7.87 million yuan [2] - Quanjude experienced a significant net outflow of 20.51 million yuan from institutional investors, but a net inflow of 34.91 million yuan from retail investors [2] - Jinjiang Hotel had a net outflow of 43.72 million yuan from institutional investors, with a net inflow of 52.48 million yuan from retail investors [2]

Core Insights - The hotel and catering sector experienced a decline of 0.49% on November 12, with Quan Juding leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - The hotel and catering sector's individual stock performance showed varied results, with Quan Juding down 2.64% to 12.53, and Jinling Hotel down 0.90% to 7.74 [1] - The trading volume for Jinjiang Hotels was 374,800 shares, with a closing price of 26.28, reflecting a slight increase of 0.04% [1] Capital Flow Analysis - The hotel and catering sector saw a net outflow of 229 million yuan from institutional investors and 111 million yuan from retail investors, while retail investors had a net inflow of 340 million yuan [1] - Specific stocks like Quan Juding and Huatian Hotels experienced significant net outflows from institutional and speculative funds, indicating a shift in investor sentiment [2]

Core Viewpoint - The stock price of Quanjude has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 8.71%, indicating mixed market sentiment towards the company [1][2]. Group 1: Stock Performance - As of November 12, Quanjude's stock price is reported at 12.61 yuan per share, with a market capitalization of 3.87 billion yuan [1]. - The stock has increased by 7.41% over the last five trading days, 11.20% over the last 20 days, and 9.27% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Quanjude achieved a revenue of 958 million yuan, representing a year-on-year decrease of 11.62% [2]. - The net profit attributable to shareholders for the same period was 26.17 million yuan, down 62.85% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Quanjude increased to 37,000, up by 18.19% from the previous period [2]. - The average number of circulating shares per shareholder is 8,281, which is a decrease of 15.39% compared to the previous period [2]. - Quanjude has distributed a total of 830 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is the Fortune China Tourism Theme ETF, holding 1.4641 million shares, an increase of 50.24% from the previous period [3].

Core Insights - The hotel and catering sector experienced a rise of 1.55% on November 11, with Jinjiang Hotels leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - Jinjiang Hotels (600754) closed at 26.27, up 4.20% with a trading volume of 613,000 shares and a transaction value of 1.59 billion [1] - Junting Hotels (301073) closed at 23.81, up 2.06% with a trading volume of 115,900 shares and a transaction value of 275 million [1] - ST Yunwang (002306) closed at 2.22, up 1.83% with a trading volume of 918,200 shares and a transaction value of 204 million [1] - Tongqinglou (605108) closed at 20.03, up 0.91% with a trading volume of 44,800 shares and a transaction value of 89.29 million [1] - JINLING Hotel (601007) closed at 7.81, up 0.64% with a trading volume of 102,200 shares and a transaction value of 79.42 million [1] - Huatian Hotel (000428) closed at 3.50, up 0.57% with a trading volume of 190,200 shares and a transaction value of 66.29 million [1] - Xianyinshi (000721) closed at 9.40, up 0.32% with a trading volume of 386,900 shares and a transaction value of 361 million [1] - Quanjude (002186) closed at 12.87, down 0.16% with a trading volume of 234,800 shares and a transaction value of 301 million [1] - Shoulu Hotel (600258) closed at 16.03, down 0.74% with a trading volume of 545,800 shares and a transaction value of 876 million [1] Capital Flow - The hotel and catering sector saw a net outflow of 279 million from institutional investors, while retail investors had a net inflow of 309 million [1] - The detailed capital flow for individual stocks indicates significant outflows for several companies, including: - Tongqinglou: -4.59% from institutional investors, -4.75% from retail investors [2] - Junting Hotels: -2.42% from institutional investors, -4.72% from retail investors [2] - ST Yunwang: -12.61% from institutional investors, with a net inflow of 7.65% from retail investors [2] - Jinjiang Hotels: -6.36% from institutional investors, with a net outflow of 3.58% from retail investors [2]

Core Viewpoint - The hotel and catering sector experienced a significant increase of 7.5% on November 10, with Shoulv Hotel leading the gains, reflecting positive market sentiment in this industry [1] Market Performance - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - Key stocks in the hotel and catering sector showed notable price increases, with Shoulv Hotel rising by 10.01% to a closing price of 16.15, and Jinjiang Hotel increasing by 9.99% to 25.21 [1] Stock Performance Summary - Shoulv Hotel: Closing price 16.15, increase 10.01%, volume 717,500 shares, turnover 1.137 billion [1] - Jinjiang Hotel: Closing price 25.21, increase 9.99%, volume 527,300 shares, turnover 1.302 billion [1] - Junxiang Hotel: Closing price 23.33, increase 8.11%, volume 169,100 shares, turnover 387 million [1] - Other notable stocks include Xian Yinshi, Huatian Hotel, and Tongqinglou, with varying increases and trading volumes [1] Capital Flow Analysis - The hotel and catering sector saw a net inflow of 272 million in main funds, while retail and speculative funds experienced net outflows of 147 million and 125 million, respectively [1] - Jinjiang Hotel attracted the highest main fund inflow of 181 million, while Shoulv Hotel had a net inflow of 50 million [2] - Xian Yinshi and Junxiang Hotel also showed positive main fund inflows, while other stocks like Jining Hotel and Quanjude faced net outflows [2]

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [4][26][29]. Core Insights - The implementation of the new duty-free shopping policy in Hainan has led to a remarkable 35% year-on-year increase in shopping amounts during its first week, with total shopping reaching 506 million CNY [2][18]. - The consumer services sector outperformed the market, with a 4.04% increase during the reporting period, surpassing the Shanghai and Shenzhen 300 Index by 3.65 percentage points [1][13][14]. - The report highlights various initiatives aimed at enhancing consumer spending, including the "Urban Commercial Quality Improvement Action Plan" issued by multiple government departments to stimulate urban commercial vitality [2][19]. Summary by Sections Market Performance - The consumer services sector saw a notable increase of 4.04% from October 27 to November 7, 2025, ranking fifth among all industry indices [1][13][14]. - Key stocks that performed well include Caesar Travel (up 18.39%), China Duty Free (up 12.01%), and Quanjude (up 11.86%) [1][14][15]. Industry and Company Developments - The new duty-free policy in Hainan has expanded the range of duty-free goods to 47 categories, significantly boosting consumer spending [2][18]. - The Ministry of Commerce and other departments have launched a plan to enhance urban commercial structures, aiming to create a more efficient and consumer-friendly shopping environment [2][19]. - Notable corporate actions include Starbucks selling 60% of its Chinese business for 4 billion USD, and Dazhong Dianping committing 30 billion CNY to upgrade its information infrastructure over the next five years [2][22][21]. Stock Holdings Analysis - The report notes changes in stock holdings among key companies, with Haidilao and Tianli International Holdings seeing increases in shareholding percentages [3][25]. Investment Recommendations - The report suggests a focus on companies such as Atour, Huazhu Group, China Duty Free, and Ctrip, among others, for potential investment opportunities [4][26].