本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 此外在沙特阿拉伯，万豪国际集团签署麦加Courtyard by Marriott酒店管理协议，实现在沙特阿拉伯运营及筹建酒 店总数突破100家的里程碑。该酒店拥有1100间客房，由SEDCO Capital旗下基金投资开发，计划于2030年开业。 目前万豪在沙特13个品牌旗下共品牌合作44家酒店、超1.1万间客房，其中万怡品牌已有6家酒店。万豪国际集团 持续通过轻资产扩张模式，支持沙特实现年接待1亿游客的宏伟目标。 02 亚太（中国）市场发展动态 在新加坡，本月高端酒店市场迎来新的酒店项目进驻，2家老牌酒店换牌为国际连锁品牌。一是伟合控股首次涉足 酒店投资领域，携手基金管理公司Aravest，以1亿6000万元收购已在今年10月底停业的新加坡美丽华酒店，计划 将1968年开业的美丽华酒店将改造成希尔顿逸林酒店。二是星狮酒店集团旗下的新加坡洲际酒店宣布将换牌为万 豪国际集团旗下的豪华精选。 在东南亚地区，希尔顿集团在本月宣布计划在东南亚扩展其奢华及生活方式酒店品牌，通过在六个国家签署17家 新酒店项目，将会新增近4,000间客房。此次扩张 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for momentum i ...

早在2004年，南方都市报就发起了"责任中国"专题研究，聚焦企业社会责任的多维表现，致敬企业社会 责任创新案例。20多年来，我们见证了ESG理念在中国从萌芽到蓬勃发展的历程，见证了ESG成为衡量 企业可持续、高质量发展的重要评判标准。将ESG与可持续发展理念融入公司发展战略与经营管理活动 中，持续加强生态环境保护、履行社会责任、健全公司治理，这不仅仅是上市公司的应尽义务，也应成 为所有市场化企业提升公司治理能力、竞争能力、创新能力的参照。 为了进一步推动经济向绿、向善发展，促进企业ESG创新实践，南方都市报"可持续创新实验室"课题组 广泛征集企业在ESG领域的优秀实践案例，聚焦环境、社会、治理领域等12个议题，梳理出《2025 ESG可持续创新趋势洞察报告》，以期给相关行业和企业提供更多有价值的借鉴及观察。 南都"可持续创新实验室"课题组联合上海财经大学富国ESG研究院、妙盈科技组织专业评审委员会，对 提交的案例进行综合评鉴，择优遴选出年度最佳实践、优秀实践案例等。12月16日，南都将举办2025可 持续发展创新生态大会，会上将正式发布《2025 ESG可持续创新趋势洞察报告》，并公布最终入围名 单，同时邀请 ...

Investment Rating - The report rates the industry as "Positive" [3] Core Insights - The implementation of the Spring and Autumn holiday policy has significantly boosted tourism demand, leading to a remarkable increase in market activity [5][22] - The "Snow Holiday" policy has stimulated rapid growth in the winter tourism sector, particularly in ice and snow activities [25][26] - Government subsidies and financial support are effectively driving service consumption across multiple sectors, including tourism, sports, and education [32][33] Summary by Sections 1. Spring and Autumn Holidays Drive Tourism Demand Recovery - The Spring and Autumn holiday policy was introduced to encourage local education departments to implement school holidays, leading to increased travel during off-peak seasons [10][13] - Family travel demand surged, with over 53% of trips during the Autumn holiday being family-oriented, particularly in educational tourism activities [17][21] - Popular tourist destinations experienced a significant increase in ticket bookings, with some locations reporting a 3.4 times year-on-year increase in ticket reservations [21][22] 2. Consumer Subsidies Promote Steady Recovery in Service Consumption - Recent policies from multiple government departments aim to enhance service consumption quality and convenience, focusing on cultural, tourism, sports, and education sectors [32][33] - During the National Day and Mid-Autumn Festival, over 29,000 cultural and tourism events were held, with consumption subsidies exceeding 480 million yuan [33] - The introduction of "ticket root economy" has linked various sectors, significantly boosting overall city consumption [33] 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, highlighting their market capitalization and earnings per share projections [37][40] - Notable companies include Sanchuan Tourism, Huazhu, Atour, and Jiuhua Tourism, which are recommended for investment consideration due to their growth potential in the current market environment [40][41]

Core Insights - The hotel industry is witnessing a transformation where spaces are being redefined to cater to remote workers and non-guests, creating a "third space" economy that aims to drive new revenue growth amidst overall industry pressure [1][2] Group 1: Changing Consumer Behavior - Consumers are shifting from paying for accommodation to paying for experiences and environments, with hotel lobbies becoming preferred spaces for remote work due to their amenities like stable WiFi and comfortable seating [2] - High-end hotel facilities such as gyms and pools are also attracting non-guests, with experience vouchers becoming popular on second-hand platforms [2] Group 2: Financial Performance and Strategy - Leading hotel groups like Huazhu and Atour are focusing on the "third space" as a key strategy to counter industry challenges, with Atour reporting a 76.4% year-on-year increase in retail revenue, reaching 846 million yuan, which now constitutes 32.2% of total revenue [2][3] - Atour's strategy includes transforming hotel lobbies into multifunctional spaces that integrate retail and cultural experiences, with retail revenue share increasing from 13.8% in 2022 to 30.3% in 2024 [3] Group 3: Market Trends and Future Directions - The competition in the hotel third space is evolving towards precision and efficiency, focusing on consumer needs through differentiated experiences that enhance both non-room revenue and lodging services [4] - Future trends may include deeper integration of local culture, technology-driven immersive experiences, and enhanced membership systems as consumer demands continue to evolve [5]

小摩表示，今年迄今，华住集团、亚朵的表现(分别升41%及59%)显著优于锦江酒店及首旅酒店(分别跌 2%、升7%)，但仍建议投资者在12个月期间"增持"华住集团及亚朵酒店，因他们的品牌、产品更强劲带 来更清晰的长期增长前景，而估值与锦江酒店及首旅酒店一致，甚至更便宜。 从小摩消费论坛得出的要点表明，酒店行业的自律性胜预期，这对华住、亚朵有利。小摩的追踪数据也 显示，其覆盖的四家酒店中，在今年第四季度新增客房数量均有所放缓，而年初至今，华住、亚朵的扩 张速度明显快于锦江酒店、首旅酒店，显示行业整合趋势对华住、亚朵更有利。 首旅酒店 锦江B股 锦江酒店 华住集团-S 分时图 日K线 周K线 月K线 16.06 0.07 0.44% 1.75% 1.19% 0.56% 0.00% 0.56% 1.19% 1.75% 15.71 15.80 15.90 15.99 16.08 16.18 16.27 09:30 10:30 11:30/13:00 14:00 15:00 0 18万 36万 54万 摩根大通发布研报称，过去一个月，中国酒店股走势出现显著分化，华住集团-S(01179)及锦江酒店 （600754）(60 ...

Core Viewpoint - Morgan Stanley reports significant divergence in the performance of Chinese hotel stocks over the past month, with Huazhu Group and Jinjiang Hotels performing well, while Atour and ShouLai Hotels lag behind the industry [1] Group 1: Company Performance - Huazhu Group and Atour have seen stock price increases of 41% and 59% respectively this year, significantly outperforming Jinjiang Hotels and ShouLai Hotels, which have seen declines of 2% and an increase of 7% respectively [1] - Morgan Stanley suggests that the stock price movements are not entirely supported by fundamentals, indicating potential short-term upside for Huazhu Group due to upward risks in average revenue per available room (RevPAR) for Q4 [1] Group 2: Industry Trends - The self-discipline within the hotel industry has exceeded expectations, benefiting Huazhu and Atour [1] - The data shows a slowdown in the number of new rooms added in Q4 across the four tracked hotel companies, with Huazhu and Atour expanding at a faster rate than Jinjiang and ShouLai, indicating a trend of industry consolidation favoring Huazhu and Atour [1]

Core Viewpoint - H World Group (HTHT) received a buy rating due to strong Q2 results indicating continued engagement and growth potential [1] Company Analysis - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles [1] - The strategy involves purchasing quality companies at a discount to their intrinsic value and holding them for long-term earnings and shareholder returns [1]

Core Viewpoint - The high-end hotel industry is facing significant challenges, with a decline in average room prices and occupancy rates, indicating a mismatch between supply and demand in the market [1][3]. Industry Overview - The average room price for five-star hotels in China decreased by 5% to 599 RMB per night in the first three quarters of 2024, while the average occupancy rate fell by 4% year-on-year [1]. - The decline is attributed to the aftermath of the real estate bubble, loss of business travelers, and pressure from mid-range hotels [1]. Market Trends - The demand for high-end hotels is shifting from traditional luxury offerings to experiences that resonate emotionally with guests, emphasizing comfort and unobtrusive service [3]. - High-end hotels are now expected to provide identity recognition and self-satisfaction rather than just accommodation [3]. Company Strategy - Huazhu Group is strategically positioning itself in the high-end market by developing four key brands: Xiyue, Huajian Tang, Shibaige, and Meilun Meihuan, targeting different high-end consumer segments [3][4]. - The brands focus on cultural confidence and unique experiences, with Xiyue and Huajian Tang appealing to domestic travelers and Shibaige and Meilun Meihuan targeting international and high-net-worth business travelers [4][5]. Brand Differentiation - Xiyue offers a subtle luxury experience that reflects Chinese culture, while Huajian Tang emphasizes destination experiences with scenic locations and immersive activities [4][10]. - Shibaige combines German efficiency with local insights to cater to business travelers, enhancing meeting services and operational efficiency [6][8]. - Meilun Meihuan focuses on aesthetic experiences and gourmet offerings, appealing to high-net-worth individuals seeking unique stays [9][10]. Market Opportunities - The high-end hotel market is expected to benefit from a surge in inbound tourism, with a projected 82.9% increase in foreign visitors in 2024 due to relaxed visa policies [10]. - There is significant potential in renovating aging five-star hotels to meet current market demands, with a report indicating that by the end of 2024, the number of hotels in China will reach 348,700, with a total of 17.64 million rooms [10][11]. Competitive Advantage - Huazhu Group is well-positioned to capitalize on the renovation opportunities in the market due to its strong supply chain, operational efficiency, and established brand matrix [11][12]. - The company’s focus on experience-driven offerings and systematic operational logic distinguishes it from competitors who rely solely on traditional luxury marketing [12].