今年是华住集团成立20周年，2005年，华住从昆山火车站对面的第一家汉庭酒店做起，逐步发展成为全球第四位的酒店集团。目前，华住旗下汉庭酒店以 359475间客房成为世界规模第一品牌，全季酒店以325999间客房位列全球第四，旗下品牌已覆盖国民酒店、精选服务、生活方式、高端品牌到服务式公寓等 维度。 【大河财立方 记者 陈薇 文图】与盒马鲜生这样的零售企业转向三四线城市掘金相仿，酒店也希望到三四线城市掘金。 10月31日，华住集团创始人兼董事长季琦在今年华住伙伴大会表示，2024年中国酒店市场连锁化率约40%，未来连锁化商机依然很大，从一二线到三四线县 域市场都有潜力，尤其是三四线城市增长空间巨大。 责编:刘安琪 | 审校:李金雨 | 审核:李震 | 监审:古筝 而在需求端，目前会议商旅有所减少，但入境游明显增加，休闲旅游人气旺，再加上我国中等收入群体已超过4亿人，新一代消费者对品质生活的追求，让 他们不仅关注住宿的基本功能，更注重体验感和审美价值。 供需矛盾让国内酒店行业供给侧改革势在必行。在季琦看来，国内酒店变革将围绕从微房量到中房量、从单体到连锁、从星级到品牌、从大城市到县城、从 房地产配套到投资回报五个 ...

器 则经 造车新势力 10月成绩单 ● 交付量 同比增速 ) 70289 ▲ 超84% 零跑 68216 型T 仪克 61636 ▲ 9.8% 科技 76% 42013 // / FE A 討术 40397 ▲92.6% 超40000 小米 36792 深监 31767 理想 27014 埃安 17218 凤 图 13506 阿维塔 *蔚来交付量包括蔚来、乐道、firefly萤火虫品牌,其中,蔚来品牌17143辆,乐道品牌17342辆, l *极氮科技交付量包括极氪、领克品牌，其中极氪品牌21423辆，领克品牌40213辆。 原 版 日 来源:车企官微 制图: 方舟 firefly萤火虫品牌5912辆。 ...

Core Insights - Geely Automobile reported a record monthly sales figure of 307,133 passenger vehicles in October, representing a year-on-year increase of 35% and a month-on-month increase of 12% [1] - The new energy vehicle segment showed strong growth, with October sales reaching 177,882 units, a year-on-year increase of 64%, accounting for 58% of total sales [1] - By brand, Geely Galaxy achieved sales of 127,476 units in October, reaching its annual sales target of one million units ahead of schedule; Lynk & Co sold 40,213 units, with 72% of its sales being new energy vehicles [1]

人民财讯11月1日电，11月1日，吉利汽车控股有限公司公布最新销量数据：10月乘用车销量307133辆， 再创历史新高，同比增长35%，环比增长12%，已连续8个月保持同环比提升态势。 今年1—10月吉利汽车累计销量247.7万辆，同比增长44%目前全年销量目标达成率83%。新能源方面， 10月吉利汽车新能源销量(含吉利品牌、领克品牌、极氪品牌)177882辆，同比增长64%，环比增长8%。 ...

机构：中信建投证券 研究员：刘乐文/陈如练 核心观点 发布25Q3 业绩表现，25Q3 实现净收益19 亿美元，同比+7.5%，实现净利润2.72 亿美元，同比+1.5%。 净利润年内首个季度同比转增，伦敦人娱乐场收益同比高增，25Q3 公司市场份额实现稳步提升。25Q3 资本开支环比前几个季度改造高峰期明显下降。 25Q3 整体中场赢额较2019 恢复度超100%。澳门当前高端供给望结构性提升有望带动业绩弹性，公司 凭借增量物业和非博彩场馆优势望持续受益。中期派息比例较高，股息率望持续向好。 事件 公司发布25Q3 业绩表现，25Q3 实现净收益19 亿美元，同比+7.5%，实现净利润2.72 亿美元，同比 +1.5%。 简评 利润年内首次转正增长，伦敦人娱乐场收益同比高增25Q3 公司经调整EBITDA 为6.01 亿美元，同比约 +2.7%。净利润2.72 亿美元，同比约+1.5%，也是净利润年内各季度首次正增。 伦敦人二期翻新完成并开业后，逐步培育向好。预计公司25Q3在澳门GGR 中市占率实现提升。从资本 开支看，25Q3 公司在澳门资本开支9900 万美元，环比前几个季度改造高峰期明显下降；具体物 ...

Core Viewpoint - 瑞声科技 is positioning itself as a global leader in perception experience solutions, showcasing advancements in technology and product offerings across five major sectors: acoustics, electromagnetic transmission, optics, sensors, and automotive [1][2]. Group 1: Product Innovations - In the acoustics sector, 瑞声科技 presented a new generation of high-energy density speakers and innovative coaxial speaker 2.0, enhancing low-frequency performance by 2.5dB and achieving a diaphragm extension of 1.0mm [1]. - The company showcased self-developed micro-motor solutions in electromagnetic transmission, including a customized ultra-vibration motor for vivo X300 Pro, with steady and transient vibration increases of 30% and 68% respectively [1][2]. - In optics, 瑞声科技 achieved breakthroughs in WLG technology, improving yield and capacity, with flagship models already utilizing its glass-plastic hybrid lens [1][2]. Group 2: Market Dynamics - The growth outlook for 瑞声科技 is driven by both traditional business upgrades and new emerging sectors, with North American client hardware upgrades being a key factor for stable revenue growth [2][3]. - The North American market is experiencing a hardware upgrade cycle, with iPhone 17 series sales exceeding expectations, leading to increased orders for core components from 瑞声科技 [2]. - The company is positioned as a core supplier for the iPhone 17 Pro series VC cooling solutions, with expectations for further penetration in the upcoming 18 series [2]. Group 3: AI Hardware Opportunities - The AI hardware wave is opening new avenues, with OpenAI collaborating with Lixun Precision to develop consumer-grade AI edge devices, which aligns with 瑞声科技's technological capabilities in voice recognition and low-power motors [3]. - 瑞声科技 is actively positioning itself in the AI edge device market, collaborating with major brands to develop acoustic and optical modules for AI glasses, currently in the product validation stage [3]. Group 4: Financial Projections - 瑞声科技 maintains net profit forecasts for 2025-2027 at 2.406 billion, 3.081 billion, and 3.459 billion RMB, respectively, supported by improving profitability in the optics business and the growth of diverse applications in automotive and robotics [4].

Core Insights - Geely Automobile reported a record monthly sales of 307,133 passenger vehicles in October, representing a year-on-year increase of 35% and a month-on-month increase of 12% [1] - For the period from January to October, Geely's cumulative sales reached 2.477 million units, marking a year-on-year growth of 44% and achieving 83% of its annual sales target [1] - Geely Galaxy has achieved its annual sales target of one million units ahead of schedule, becoming the fastest electric vehicle brand to reach this milestone [1]

Core Insights - Geely Automobile reported a record monthly sales of 307,133 passenger vehicles in October, marking a year-on-year increase of 35% and a month-on-month increase of 12% [1] - The cumulative sales for the first ten months of the year reached 2.477 million units, representing a year-on-year growth of 44%, achieving 83% of the annual sales target [1] - The new energy vehicle (NEV) segment showed strong growth, with October sales of 177,882 units, up 64% year-on-year, and a penetration rate of 58% [1] Sales Performance - In October, Geely Galaxy sold 127,476 units, and its cumulative sales for the first ten months reached 1,002,000 units, achieving its annual sales target ahead of schedule [1] - Zeekr delivered 21,423 units in October, while Lynk & Co recorded sales of 40,213 units, setting a new historical high with a new energy vehicle share of 72.1% [1] Global Expansion - Geely's overseas export sales in October totaled 41,568 units, reflecting a year-on-year increase of 23% [1] - New energy vehicle exports accounted for 13,626 units, representing 33% of total exports [1]

机构：中邮证券 研究员：李鑫鑫 事件 公司发布25 年第三季度最新业务状况，25Q3 整体收益同比增长245-250% ， 其中中国收益同比增长 185%-190% ， 海外同比增长365%-370%。其中25Q1 同比增长165-170%，25H1 同比增长204.4%。 投资要点 整体：预计环比提速。根据公司披露口径，我们试图推测25Q2的同比增速。因公司产品销售季节性明 显，Q4 是销售旺季，但Q1 和Q2 受节假日影响、春节工厂放假备货等因素影响，我们认为Q1、Q2季节 性并不明显。因此我们假设：1）Q1、Q2 销售基数差异不大；2）25Q1 取用区间中枢，推测25Q2 的增 速，与25Q3 区间中枢进行比较（以下皆同）。根据公司公告， 25Q1 同比增长165-170%，25H1 同比增 长204.4%。我们折算25Q2 整体收入增速为241%，25Q3 整体收入增长245-250%，整体环比提速。 中国区：labubu 发货，销售环比提速。根据公司公告，25Q3 中国整体收入增长185-190%，其中25Q1 中国收入同比增长95%-100%，25H1 中国收入同比增长135%，我们预计25Q2 ...

Core Viewpoint - The company's Q3 2025 performance slightly exceeded expectations, driven by a greater-than-expected decline in costs and expenses [1][2]. Revenue Performance - Q3 2025 revenue, sales volume, ASP, and EBITDA showed year-on-year changes of -8.4%, -8.6%, +0.1%, and -6.9% respectively, with gross margin and net margin both increasing by 0.1 percentage points [1]. - In China, revenue, sales volume, ASP, and EBITDA experienced declines of -15.1%, -11.4%, -4.1%, and -17.4% respectively, indicating a slow recovery in the market [1]. Regional Analysis - Western China: The recovery pace in the industry is slow, with Q3 2025 sales volume down by -17.4% due to weak consumer confidence and slow recovery in the dining channel, alongside proactive inventory reduction by the company [1]. - Eastern Region: The Korean market remained stable with sales volume flat year-on-year, benefiting from high-end product price increases and a shift towards mid-to-high-end products in the non-current beverage channel [2]. - Indian Market: Strong performance with double-digit revenue growth in Q3 2025 [1]. Cost and Profitability - Q3 2025 cost per ton decreased slightly by 0.4% due to lower raw material costs, while SG&A expenses increased by 0.7 percentage points to 35.11% [2]. - EBITDA in the Western region fell by -11.9%, with the Chinese market experiencing a -19% decline due to operational leverage effects [2]. Profit Forecast and Valuation - The company maintains EBITDA forecasts of $1.627 billion and $1.715 billion for 2025 and 2026 respectively [2]. - The current stock price corresponds to 6.7x and 6.1x EV/EBITDA for 2025 and 2026, with a target price of HKD 9.80 per share, indicating a potential upside of 22.5% [2].