| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002186 | 全聚德 | 12.28 | 3.37% | 11.24万 | 1.36 Z | | 601007 | 金陵饭店 | 8.22 | 2.11% | 11.96万 | 9722.68万 | | 000428 | 华天酒店 | 3.55 | 2.01% | 23.22万 | 8179.43万 | | 000721 | 西安饮食 | 9.37 | 1.30% | 1 22.99万 | 2.14亿 | | 301073 | 君亭酒店 | 30.92 | 1.28% | 5.93万 | 1.83亿 | | 605108 | 同庆楼 | 19.66 | 1.08% | 3.47万 | 6776.12万 | | 600754 | 锦江酒店 | 26.79 | 0.94% | 7.89万 | 2.10亿 | | 600258 | 首旅酒店 | 16.94 | 0.24% | 16.06万 | 2.71亿 | | 002306 | *ST云网 | 2 ...

证券之星消息，1月28日酒店餐饮板块较上一交易日下跌0.64%，*ST云网领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。酒店餐饮板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600754 | 锦江酒店 | = 104.40万 | 0.67% | -136.44万 | -0.88% | 32.04万 | 0.21% | | 605108 | 同庆楼 | -15.08万 | -0.26% | -714.18万 | -12.32% | 729.27万 | 12.58% | | 600258 | 首旅酒店 | -30.31万 | -0.13% | -3673.74万 | -16.22% | 3704.05万 | 16.35% | | 000428 华天酒店 | | -128.32万 | -2.53% | -71.55万 | -1.41% | ...

证券之星消息，1月27日酒店餐饮板块较上一交易日下跌1.53%，君亭酒店领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。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 | 2.26 | 0.44% | 26.68万 | 5931.05万 | | 601007 | 金陵饭店 | 8.14 | -0.85% | 11.23万 | 9156.24万 | | 605108 | 同庆楼 | 19.62 | -1.06% | 3.28万 | 6440.29万 | | 000428 | 华天酒店 | 3.49 | -1.41% | 17.54万 | 6091.39万 | | 600754 | 锦江酒店 | 26.56 | -1.45% | 8.10万 | 2.15亿 | | 000721 | 西安饮食 | 9.19 | -1.50% | 17.93万 | 1.64亿 | | 600258 | 首 ...

证券研究报告 | 2026年01月26日 酒店行业深度专题 优于大市 新周期开启，头部玩家重塑成长价值 国内酒店龙头市值从百亿级发展至今呈现非线性增长特征，周期拐点预期与 资本整合是跃升的核心驱动力，长期看规模与效益。复盘酒店估值遵循"周 期为锚、成长性为助推器、中线看规模与效益"三维体系：宏观供需错配决 定估值拐点（如2016-2018 年周期上行阶段估值提升至40-50x，而2024-2025 年供给回补周期下行阶段估值回落至 15-20x），中观结构升级与模式升级放 大波动（如华住在 2016-2018 年中端升级期的估值放大），公司自身经营周 期提供个股阿尔法展现出逆势估值提升（如亚朵在 2024 年行业下行期凭借 零售业务超预期推动估值从 15x 修复至 23x）；长期视角对比海外成熟龙头 各项指标，龙头规模成长、单房经营效率、股东回报构成稳态估值差异关键。 当前周期底部行业分化加大，供需再平衡阶段龙头 RevPAR 有望触底回升。 （一）供给侧：行业稳定现金流特征使得总供给受其他物业切入增量边际扰 动，但开店与投资回报需求平衡下行业有望进入新常态增长阶段，以龙头为 例储备店较高位呈现回落；此前国内 ...

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

从资金流向上来看，当日酒店餐饮板块主力资金净流出895.69万元，游资资金净流出5532.07万元，散户 资金净流入6427.76万元。酒店餐饮板块个股资金流向见下表： 证券之星消息，1月22日酒店餐饮板块较上一交易日上涨0.74%，*ST云网领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。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 | 2.26 | 5.12% | 19.43万 | 4381.50万 | | 301073 | 君亭酒店 | 31.05 | 3.02% | 6.02万 | 1.86亿 | | 000428 | 华天酒店 | 3.60 | 1.98% | 29.03万 | 1.04亿 | | 601007 | 金陵饭店 | 8.13 | 1.12% | 12.40万 | 1.00亿 | | 000721 | 西安饮食 | 9.49 | 1.06% | 19.05万 ...

国投证券持续督导小组选派具有证券、法律、财务专业知识和工作经验的业 1 国投证券股份有限公司 关于君亭酒店集团股份有限公司 持续督导期 2025 年度培训情况报告 深圳证券交易所： 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为君亭 酒店集团股份有限公司（以下简称"君亭酒店"、"公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务（2025 年修订）》等法规和规则的相关规定， 结合君亭酒店的实际情况，认真履行保荐机构应尽的职责，已完成 2025 年度对 君亭酒店控股股东和实际控制人、董事、高级管理人员、中层以上管理人员等相 关人员的持续督导培训工作，特向贵所报送培训工作报告。 一、本次培训的基本情况 实施本次培训前，保荐机构制作了持续督导培训课件并发送给君亭酒店控股 股东和实际控制人、董事、高级管理人员等相关人员进行学习，并对上述相关人 员进行了现场培训。本次 ...

Core Viewpoint - The hotel and catering sector experienced a slight increase of 0.01% on January 20, with Shoulu Hotel leading the gains, while the overall market indices showed a decline [1]. Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01% - The Shenzhen Component Index closed at 14155.63, down 0.97% [1]. Individual Stock Performance - Shoulu Hotel (600258) closed at 17.96, up 2.51% with a trading volume of 184,500 shares and a turnover of 327 million yuan - ST Yunwang (002306) closed at 2.15, up 0.94% with a trading volume of 175,400 shares and a turnover of 37.7 million yuan - Huatian Hotel (000428) closed at 3.62, up 0.56% with a trading volume of 511,200 shares and a turnover of 181 million yuan - Jinling Hotel (601007) closed at 8.08, down 0.25% with a trading volume of 124,300 shares and a turnover of 100 million yuan - Jinjiang Hotel (600754) closed at 27.44, down 0.36% with a trading volume of 114,100 shares and a turnover of 312 million yuan - Tongqinglou (605108) closed at 20.16, down 0.64% with a trading volume of 42,300 shares and a turnover of 85.4 million yuan - Xianyinshi (000721) closed at 9.61, down 2.04% with a trading volume of 329,200 shares and a turnover of 319 million yuan - Quanjude (002186) closed at 12.24, down 2.93% with a trading volume of 146,100 shares and a turnover of 181 million yuan - Junxi Hotel (301073) closed at 30.80, down 2.99% with a trading volume of 65,600 shares and a turnover of 204 million yuan [1]. Capital Flow Analysis - The hotel and catering sector saw a net outflow of 33.95 million yuan from main funds, while retail investors contributed a net inflow of 31.30 million yuan - The main funds showed a significant outflow from Jinling Hotel (1,482.85 million yuan) and Xianyinshi (2,194.96 million yuan) [1][2]. - Shoulu Hotel had a net inflow of 23.62 million yuan from main funds, while Huatian Hotel saw a net inflow of 14.05 million yuan [2].

Core Viewpoint - Junting Hotel's stock price has shown a significant increase this year, but recent trading data indicates a slight decline in share price and net outflow of funds, suggesting potential volatility in investor sentiment [1][2]. Group 1: Stock Performance - On January 20, Junting Hotel's stock price fell by 2.02%, trading at 31.11 yuan per share with a total market capitalization of 6.049 billion yuan [1]. - Year-to-date, the stock price has increased by 19.38%, with a 0.91% rise over the last five trading days, a 13.96% increase over the last 20 days, and a 45.99% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Junting Hotel reported a revenue of 506 million yuan, reflecting a year-on-year growth of 0.58%, while the net profit attributable to shareholders decreased by 45.92% to 9.9033 million yuan [2]. - Since its A-share listing, Junting Hotel has distributed a total of 139 million yuan in dividends, with 98.8459 million yuan distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Junting Hotel was 17,700, a decrease of 5.33% from the previous period, while the average number of circulating shares per person increased by 5.40% to 10,034 shares [2]. - Among the top ten circulating shareholders, the Fortune CSI Tourism Theme ETF increased its holdings by 519,000 shares, while the Huaxia CSI Tourism Theme ETF entered the list as a new shareholder with 353,800 shares [3].

Group 1 - The travel market is experiencing a surge in demand as the Spring Festival approaches, with student flight bookings increasing over 20% year-on-year since January [1] - Cross-border travel demand has exploded, with outbound travel service bookings rising nearly 40% and inbound travel flight bookings increasing over four times in the last two weeks [1] - High-end hotel bookings for the Spring Festival have surged nearly 70% year-on-year, indicating a growing demand for quality travel experiences [1] Group 2 - The government has emphasized expanding domestic demand and boosting service consumption, which is expected to benefit the travel sector, particularly OTA, hotels, and scenic spots [2] - The tourism sector is currently valued at historical lows, and the extended Spring Festival combined with visa-free policies is likely to lead to a dual recovery in performance and valuation [2] Group 3 - Junting Hotel is focusing on a light-asset strategy and expanding its brand influence through partnerships, while the opening of hotel REITs presents new opportunities for optimizing its asset structure [3] - China Duty Free Group, a leader in the duty-free market, is expanding its city duty-free store operations and implementing an integrated "airport + city store" model to enhance customer conversion rates [3]