（来源：TradingView） 昨夜今晨，近几天命途多舛的软件板块和加密货币再度迎来新一轮的下挫。疲软的美国就业数据也令过去几天的"板块轮动"戛然而止，抛售范围扩大到整个 市场。 截至收盘，标普500指数跌1.23%，报6798.4点；纳斯达克综合指数跌1.59%，报22540.59点，也是自去年4月以来最严重的三日抛售；道琼斯工业平均指数跌 1.2%，报48908.72点。比特币盘中跌破6.4万美元，近半年缩水近一半；现货白银也出现了单日下跌近20%的状况。 前几个交易日，美股的下跌局限在AI和软件相关的板块，周四抛售范围进一步扩大。标普500成分股中有318只个股下跌，部分原因在于最新劳动力市场数 据疲软。其中美国12月职位空缺意外下降至2020年以来的最低水平。挑战者裁员人数创下自2009年衰退最严重时期以来的1月最高纪录。 安联首席经济顾问Mohamed El-Erian表示："值得注意的是，这些裁员发生在GDP仍以约 4%速度增长的情况下，加速了就业与经济增长的脱钩——如果这一 现象持续下去，将产生深远的经济、政治和社会影响。" 周四收盘后，标普500指数又一次踩在100日均线上。令市场感到焦心的 ...

2012年6月，滇西北，高黎贡山下。彼时，刚刚告别头部酒店集团的耶律胤，在一次旅行中，与群山环抱中的亚朵村不期而遇。没有网络尘嚣，只有围坐 烤茶的村民、土坡上奔跑的孩童和山巅静默的石月亮。这份与效率世界全然不同的"静"，深深击中了他。一个决定悄然落定：要把这份安宁，妥帖地带给 城市里奔忙的旅人。"亚朵"，这个意外收获的名字，从此承载了这份初心。这份初心，成了亚朵穿越浪潮的底气，更埋下战略升级的种子。多年后，这份 初心迎来战略级回响——2026年2月5日，亚朵集团正式发布新三年战略"中国体验，品牌领航"，在这场关乎未来的布局中，以"回到亚朵村"为灵感的亚朵 4.0产品线，正式成为独立品牌「亚朵见野」。 这绝非寻常的产品迭代或商业扩张，而是战略落地的关键落子：新三年战略的核心，是从"规模引领"转向"品牌引领"，构建多品牌生态矩阵，从"酒店管 理公司"升级为"生活方式品牌"。而「亚朵见野」品牌正式发布，正是这场战略跃迁的首个标志性动作，是一场蓄势多年的"初心赋形"——品牌在壮大之 后，以更成熟的姿态奔赴初心之约，更成为战略落地的先锋样本。 在现实里，为"初心"建造可抵达的桥 伟大的品牌战略，都始于一份纯粹初心，亚朵 ...

伴随春节假期的临近，各地出行预订已进入高峰期，酒店住宿作为春节出行的核心环节之一，价格波 动、多平台价差等问题一直是消费者顾虑的焦点。每年这个时候，不少消费者为了省钱，反复切换APP 比价，迟迟不敢预订，饱受酒店价格频繁变动的困扰。 对此，亚朵集团近日正式升级推出"降价退、买贵赔"会员专项保障机制，通过亚朵APP、微信或支付宝 小程序预订房间时，保障亚朵会员能够放心下单，不再焦虑比价，不再担心"踩坑"，安心享受"官方渠 道预订更低价"。精准解决消费者"怕降价、怕买贵"痛点的同时，亚朵也以实际行动促进建立更加公平 的市场价格体系，重塑消费者对住宿行业的信任。 此外，消费者完成预订后，若发现亚朵官方渠道的房费价，高于携程、美团、同程、飞猪、去哪儿等 OTA平台的同房型价格，也可在离店后7日内提出赔付申请，经核实确认后，可获得差价3倍价值的亚朵 消费积分赔付。首次注册亚朵的新会员，则可以享受首晚8折预订优惠，另外可以叠加使用最高30元优 惠券。 "我们希望亚朵这次升级推出的价格保障机制，能让酒店预订回归到最初简简单单的预订，大家不必再 多平台反复比价，也不用再为价格而焦虑烦恼，在假期出行中真正获得安心且温暖的住宿体 ...

此外，消费者完成预订后，若发现亚朵官方渠道的房费价，高于携程、美团、同程等OTA平台的同房型价格，也可在离店后7日内提出赔付申请，经核实 确认后，可获得差价3倍价值的消费积分赔付。对于此次推出的降价退等会员保障机制，相关负责人表示，春节是广大消费者出行的黄金时段，此举希望 能让消费者的住宿预订少一些顾虑，多一些安心。 封面新闻记者 付文超 伴随春节假期的临近，各地出行预订已进入高峰期，酒店住宿作为春节出行的核心环节之一，价格波动、多平台价差等问题一直是消费者顾虑的焦点。每 年这个时候，不少消费者为了省钱，反复切换APP比价，迟迟不敢预订，饱受酒店价格频繁变动的困扰。针对这一行业痛点，近年来头部酒店品牌纷纷加 码消费保障相关布局，力求为消费者打造更安心的预订体验。 记者2月4日获悉，亚朵集团正式推出"降价退、买贵赔"会员专项保障机制，通过亚朵APP、微信或支付宝小程序预订房间时，保障会员不再焦虑比价，不 再担心"踩坑"，以实际行动促进建立更加公平的市场价格体系，重塑消费者对住宿行业的信任。 据了解，此次平台升级的"降价退、买贵赔"会员保障，适用于全国范围内亚朵旗下所有的酒店品牌。 具体来说，降价退指的是，会员在 ...

Atour Lifestyle Holdings Limited (NASDAQ:ATAT) ranks among the best high growth Chinese stocks to buy. CLSA began coverage of Atour Lifestyle Holdings Limited (NASDAQ:ATAT) on January 2 with an Outperform rating and a $49 price target, citing Atour’s distinctive features and services as key elements in its popularity as a premium hotel alternative in the hospitality sector. CLSA stated that Atour’s asset-light strategy and supply chain capabilities enable its net profit to be less volatile during periods ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

Group 1 - The travel trend during the Spring Festival is significantly increasing, with hotel bookings during the holiday period rising by 71% year-on-year [1] - Major hotel groups have shown robust pre-sale data for the Spring Festival, with average daily room rates (ADR) for Atour and Huazhu increasing by 46% and 32% respectively on a week-on-week basis [1] - The longer holiday period this year (9 days compared to 8 days last year) is expected to drive higher hotel demand, with anticipated government support measures for the industry [1] Group 2 - The hotel sector is currently at a historical cycle bottom, with leading companies shifting their strategy from prioritizing occupancy rates (OCC) to optimizing revenue per available room (RevPAR) [1] - Huazhu has already seen a positive turn in ADR in Q3, indicating a strengthening of pricing power among leading hotel chains [1] - Jin Jiang Hotels is identified as the largest hotel chain in China, while ShouLai Hotels is focusing on the development of standard management and mid-to-high-end hotels, with the proportion of mid-to-high-end hotel rooms increasing to 42.5% by Q3 2025 [1]

好未来涨17.94%，诺亚财富涨4.10%，亿咖通科技涨4.57%，蔚来涨3.81%，亚朵集团涨3.60%。 本文源自：金融界AI电报 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Hotel Sector - **Context**: The industry is transitioning into a more normalized phase after post-pandemic volatility, with supply growth slowing due to structural reasons [1][4] Core Insights - **Supply Growth**: - Supply growth has decelerated from double-digit expansion in 1H25 to approximately 7-8% year-over-year in 2H25, and further to 5-6% in 4Q25. This trend is expected to continue into 2026 [4] - Factors contributing to this slowdown include softer RevPAR performance and the end of the post-pandemic rebound, leading to more cautious investment decisions [4] - **RevPAR Outlook**: - Both H World and Atour expect RevPAR to improve year-over-year in 2026, but with differing levels of optimism. H World is more positive about a return to growth, while Atour remains cautious due to macro uncertainties, particularly in business travel [4] - **Regulatory Environment**: - Regulatory scrutiny on Trip.com is expected to have limited direct impact on large hotel groups like H World and Atour, as Trip.com accounts for a small percentage of their traffic. However, it may improve industry transparency and pricing norms [5] Company-Specific Insights - **H World and Atour**: - Both companies are expected to outgrow the industry with sustainable hotel expansion and projected EPS CAGRs of 19% and 27% from 2025 to 2027, respectively [1] - H World and Atour are trading at P/E ratios of 20x and 17x for 2026E, respectively, following strong performance in 2025 [1] - **Atour's Retail Business**: - Atour's retail segment is viewed as a core engine for long-term revenue growth, targeting a five-year CAGR of over 15%, which is expected to outpace hotel revenue growth. The current retail revenue constitutes about 40% of total revenue [5] - The total market for Atour's retail products is approximately RMB 300 billion, with significant room for growth as online penetration and brand awareness increase [5] Additional Considerations - **Market Performance**: - In 2025, H World and Atour's stock prices increased by 42% and 47%, respectively, compared to a 28% increase in MSCI China [1] - **Investment Recommendation**: - The recommendation is to accumulate Atour shares, given its growth potential and current valuation compared to H World [5]

Summary of Conference Call Notes Industry Overview - The lodging industry in China is experiencing a shift towards quality growth, with consumers prioritizing "value-for-quality" as spending power has not fully recovered [3][11] - Domestic travel showed resilience in 2025, with a 18% year-over-year (YoY) growth in domestic travel, although per capita spending decreased by 6% YoY [3][18] - The lodging industry is still under pressure, with overall RevPAR (Revenue per Available Room) remaining sluggish due to oversupply and slow business travel recovery [3][29] Company-Specific Insights H World (HTHT US / 1179 HK) - **Recommendation**: Outperform with a target price of USD 59 / HKD 46, benefiting from an asset-light business transformation aimed at expanding margins [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 4% YoY in 2026, with EBITDA margins projected to increase from 29% in 2024 to 35% in 2026 [4][11] - Net income forecasted to rise from RMB 3,048 million in 2024 to RMB 5,433 million in 2026 [4] - **Market Position**: H World is focusing on midscale and upper midscale segments, with 53% of its portfolio in these categories as of Q3 2025 [34] - **Direct Booking Strategy**: Direct bookings have reached 80%, reducing reliance on online travel agencies (OTAs) [3][37] Atour (ATAT US) - **Recommendation**: Outperform with a target price of USD 48 [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 3% YoY in 2026, with EBITDA margins projected to stabilize around 24% [4] - Revenue growth forecasted to increase from RMB 9,783.9 million in 2025 to RMB 14,107.7 million in 2027 [9] - **Market Position**: Atour is well-positioned in the midscale segment, with a focus on quality hotels and a strategic goal of operating 2,000 quality hotels [34] Jinjiang (600754 CH) - **Recommendation**: Underperform with a target price of RMB 20 [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 3% YoY in 2026, but lower operating efficiency compared to peers [4][11] - Revenue forecasted to increase from RMB 13,464.9 million in 2025 to RMB 15,039.7 million in 2027 [10] - **Market Position**: Jinjiang is focusing on the midscale segment, which accounts for 62% of its total network, but faces challenges with older properties needing renovation [34] Key Trends and Insights - **Consumer Behavior**: There is a notable shift towards quality accommodations at reasonable prices, with consumers prioritizing value over luxury [34] - **Direct Booking Growth**: Major hotel groups are enhancing their membership systems and direct booking channels, leading to improved customer loyalty [3][37] - **Market Dynamics**: The hotel industry is experiencing a consolidation phase, with leading brands gaining market share despite overall sluggish RevPAR recovery [3][29] Risks and Challenges - Potential risks include slower-than-expected RevPAR growth, prolonged recovery in business travel, and market competition leading to potential market-share loss [13][47] - Jinjiang faces specific challenges related to its operating efficiency and the need for a turnaround in its overseas business [11][13] Conclusion The lodging industry in China is navigating a complex landscape characterized by a focus on quality growth and changing consumer preferences. Leading companies like H World and Atour are well-positioned to capitalize on these trends, while Jinjiang faces challenges that may hinder its performance relative to peers.