本次合作的两大主体均为行业领军者：一方是雅诗阁，作为全球服务式公寓领域的标杆企业，拥有成熟 的高端长住运营经验、遍布全球160余个城市的品牌网络及百万级国际商旅客群资源；另一方是锦江酒 店（中国区），作为国内酒店行业龙头企业，具备强大的本土供应链体系、快装工程技术、超20万家企 业客户资源及广泛的线下门店网络，深耕国内市场多年，对本土消费需求洞察精准。 本报讯 （记者李春莲）近日，全球服务式公寓领军者雅诗阁中国（以下简称"雅诗阁"），与深耕国内 市场多年的酒店行业龙头锦江酒店（600754）（中国区）正式携手，成立合资公司，打造复合旅宿产 品。双方整合各自核心资源与优势基因，以"共身共生"模式，开启一场优势基因的深度融合，尝试为市 场培养出稳健穿越周期的新物种。截至目前，首个落地样本——深圳南山憬黎项目已于10月正式开业， 且运营成效初显。 此次合作聚焦国内全域酒旅市场，尤其瞄准高线城市商业地产存量改造与旅居需求集中区域。其中，首 个实践项目选址深圳南山商圈，该区域商务客流密集、涉外需求突出，周边覆盖写字楼集群、国际学校 及深圳湾口岸等关键场景，为"长短租结合"模式的落地提供了优质市场基础。后续，双方将依托锦 ...

Summary of Huazhu Group Conference Call Industry Overview - The hotel industry is expected to see cyclical improvement by 2026, with RevPAR (Revenue Per Available Room) decline narrowing each quarter, driven by a rebalancing of supply and demand and robust growth in leisure travel demand. Service consumption policies will also boost leisure travel demand [2][6]. - The business travel market is stabilizing, with occupancy rates (OCC) having bottomed out, indicating potential for recovery. The investment payback period has extended to approximately 5 years due to declining average room prices (RAP) and rents, with a forecasted decrease in new store openings in 2026 [2][8]. Company Insights: Huazhu Group - Huazhu has maintained a compound annual growth rate (CAGR) of over 20% in store count and performance over the past 15 years, leveraging product iteration, standardized management, and strong member loyalty to create a unique growth flywheel. The company is actively expanding into the mid-to-high-end hotel sector, establishing a rich brand matrix [4][13]. - Huazhu's extensive store network and strong membership system allow it to reduce reliance on Online Travel Agencies (OTAs) in the short term, showcasing its operational strength. The company’s dual flywheel model, which links network scale and member traffic, provides a competitive advantage even in adverse conditions [5][7]. Competitive Positioning - Leading companies like Huazhu hold a market share of 15%-20% in key regions such as Shanghai, granting them pricing power. The strategy has shifted from focusing on occupancy rates to optimizing average room prices, which helps stabilize overall industry pricing [9]. - The hotel industry remains fragmented, but leading firms are transitioning to a strategy that balances occupancy and pricing, as evidenced by Huazhu achieving positive growth in average daily rates (ADR) in Q3 [9]. Long-term Growth Potential - The long-term outlook for China's accommodation industry is positive, with a trend of upward penetration. Comparatively, China's per capita GDP is nearing that of the U.S. in 1981, indicating a high proportion of disposable income spent on accommodation and leisure travel [10]. - The potential for chain hotel development is significant, with estimates suggesting that increasing the chain rate from 46% to 60%-70% could yield growth rates of 30%-50% for hotels with over 30 rooms [11][12]. Strategic Development in Mid-to-High-End Market - Huazhu currently operates over 1,000 mid-to-high-end hotels, with revenue per room significantly higher than that of economy hotels. The company aims to increase the number of mid-to-high-end hotels to over 3,000, which would surpass the share of economy hotels in its overall business [15]. - The company is also collaborating with Didi to attract high-quality business travelers and is expected to optimize product offerings in the mid-to-high-end sector [14]. Valuation and Market Position - Huazhu is projected to have a price-to-earnings (P/E) ratio of 24-25 times by 2026, reflecting both industry recovery and the company's growth trajectory. The hotel sector in A-shares is currently experiencing marginal improvements, with leading companies like Shoulv and Jinjiang already showing positive changes [17]. - The overseas hotel groups benefit from a light-asset model that allows for valuation premiums, and Huazhu is expected to follow a similar path, transitioning from low-end to high-end offerings while ensuring stable cash flow and shareholder returns [16].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

Investment Rating - The industry is rated as "Outperform" compared to the market, indicating an expectation that the industry index will perform better than the benchmark index over the next 6-12 months [2][46]. Core Insights - The social services sector saw a 1.87% increase in the last two trading weeks, ranking 5th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 2.23 percentage points [2][13]. - The upcoming New Year holiday is expected to boost consumer travel demand, with significant increases in travel bookings. Domestic flight ticket reservations have exceeded 1.06 million, a year-on-year increase of approximately 45% [5][28]. - The Ministry of Commerce and other departments have issued a plan to promote high-quality development in the service outsourcing sector, aiming to cultivate competitive enterprises and enhance employment opportunities by 2030 [28][32]. Market Review & Industry Dynamics - The social services sector's performance was highlighted by sub-sector increases, particularly in education (+5.21%), hotel and catering (+4.43%), and tourism and scenic spots (+2.48%) [17][21]. - The overall market saw the Shanghai Composite Index decline by 0.32%, while the social services sector managed to rise, indicating resilience in this industry [13][20]. - The sector's price-to-earnings ratio (PE) stands at 36.29, which is at the 38.15% historical percentile, suggesting a relatively high valuation compared to historical averages [21][24]. Investment Recommendations - Companies with strong growth prospects in the travel chain and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Shares [5][39]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [5][39]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [5][39].

-19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 商贸零售 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 证券研究报告：商贸零售|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2458.79 | | --- | --- | --- | | 52 | 周最高 | 2458.79 | | 52 | 周最低 | 1877.67 | 行业相对指数表现（相对值） 近期研究报告 《新消费行业框架：星星之火，灿若 星辰》 - 2025.11.28 11 月社零数据如何？ ⚫ 事件 国家统计局发布最新社零数据，11 月份，社会消费品零售总额 43898 亿元，同比增长 1.3%。其中，除汽车以外的消费品零售额 39444 亿元，增长 2.5%。1—11 月份，社会消费品零售总额 456067 亿元， 增长 4.0%。其中，除汽车 ...

Summary of Conference Call Records Industry Overview - **Consumer Sector Outlook**: The consumer sector is expected to face challenges in the first half of 2026 due to the tapering of the trade-in policy, which may lead to a slowdown in durable goods consumption. However, service consumption is showing strong internal momentum, with growth expected in sectors like elderly care and home services, which may receive more policy support [1][4][5]. Key Points and Arguments - **Consumer Data Trends**: In November 2025, retail sales growth fell to 1.3%, the lowest of the year, primarily due to the early Double Eleven promotions, the impact of the trade-in policy, and weakened consumer confidence due to falling housing prices [2][3]. - **Trade-in Policy Impact**: The decline in the trade-in policy is anticipated to negatively affect consumer spending in early 2026, particularly in durable goods like home appliances and automobiles, which are expected to see continued low growth [3][21]. - **Service Consumption Growth**: Service retail growth has increased from 4.9% at the beginning of the year to 5.4%, with significant contributions from education and dining sectors [4]. - **Investment Recommendations**: Focus on the AI industry and emerging sectors like pet economy and trendy toys. Real estate is expected to recover by 2026-2027, benefiting related industries [1][6][7]. Important but Overlooked Content - **High-End Consumption and Travel Chain**: The service sector in 2026 will focus on high-end consumption and travel, with recommendations for companies in the duty-free, hotel, aviation, and dining sectors, such as China Duty Free Group and hotel chains like Jin Jiang and Huazhu [7]. - **Overseas Expansion Opportunities**: Companies like Anker Innovations and Huakai 100 are recommended for their potential in overseas markets, despite current low stock prices [9][10]. - **Alcohol and Beverage Sector**: The alcohol sector is currently in a low season, but some brands are seeing price recovery due to channel control measures. The soft drink market is also expected to show potential growth despite current sales being slow [11][12][13]. - **Food and Beverage Trends**: The snack sector is seeing positive demand ahead of the Spring Festival, with health-oriented products like konjac and oats showing significant growth. Companies like Wancheng and Yanjinpuzi are highlighted for investment [12]. - **Investment in New Consumption Areas**: The new consumption sector is showing upward trends, particularly in the vaping and AI glasses markets, with companies like Smoore and Kangnai Optical recommended for their growth potential [16]. Conclusion - The consumer sector is navigating a complex landscape with both challenges and opportunities. The focus on service consumption, emerging sectors, and strategic investments in high-potential companies will be crucial for navigating the anticipated economic conditions in 2026.

Core Viewpoint - Shanghai is actively engaging in initiatives to extend tourist stay and promote consumption through various strategies, including the launch of the "Domain See Shanghai" tourism strategy competition, which has generated significant public interest and participation [1][17]. Group 1: Competition Overview - The "Domain See Shanghai" tourism strategy competition aims to collect outstanding travel guides from the public, creating a buzz within the community [1]. - Participants include both industry professionals and social media influencers, showcasing a diverse range of creative travel itineraries [15][19]. Group 2: Industry Participation - Over 80 employees from Shanghai Jinlv participated in the competition, designing more than 40 travel guides, indicating strong engagement from industry players [7]. - Jinjiang International Tourism Co., Ltd. highlighted the innovative ideas generated, focusing on various demographics and unique cultural experiences [7]. Group 3: Hotel Involvement - 823 hotels, including the Anandi Hotel, have submitted travel itineraries, with one wellness journey selling 90% of its offerings shortly after launch, demonstrating the potential for hotels to create tailored experiences [9][11]. - Hotels are encouraged to move beyond traditional offerings and leverage urban culture to create immersive experiences for guests [11]. Group 4: Social Media Influence - Social media influencers are contributing to the competition by sharing unique city experiences, which have garnered over 2 billion views collectively, showcasing the power of digital platforms in promoting tourism [15]. - A content creator with 500,000 followers shared insights on local attractions, helping to raise awareness of lesser-known destinations [13]. Group 5: Future Implications - The competition aims to inspire the tourism industry to reassess market opportunities and convert promising itineraries into formal travel products, preparing for upcoming holidays [17]. - The Shanghai Municipal Bureau of Culture and Tourism emphasizes the importance of showcasing the city's tourism resources and services through engaging travel guides, aiming to create a vibrant urban tourism ecosystem [19].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The report highlights investment opportunities in the travel industry chain, gold and jewelry, and AI+ sectors [2]. - The upcoming New Year holiday is expected to boost travel and consumption, with specific recommendations for various companies in the travel and hospitality sectors [3][4]. - The retail sector showed a 6.58% increase last week, with the consumer services sector up 4.40%, ranking first and second among 30 industries [3]. Industry Summary - **Travel and Hospitality**: - Recommendations include Ctrip Group and Tongcheng Travel for OTA, Huazhu Group-S, Jinjiang Hotels, and Shoulv Hotels for hotels, and Changbai Mountain for scenic spots [3][4]. - **Gold and Jewelry**: - Recommended stocks include Lao Pu Gold, Caibai Shares, Luk Fook Holdings, Chow Tai Fook, and Chao Hong Ji, with a focus on Emperor Jewelry [3][4]. - **Dividend Stocks**: - Recommended stocks include Sumida, Action Education, and Chongqing Department Store [3]. - **AI+ Sector**: - Recommended stocks include Conant Optical, Chalk, Tianli International Holdings, and Core International, with a focus on Kevin Education and Dou Shen Education [3]. - **Stock Price Movements**: - Notable stock price increases include Hongqi Chain (+22.79%), Jiajiayue (+15.76%), Yonghui Supermarket (+15.20%), and Tianhong Shares (+13.85%) [3]. - **Key Industry Updates**: - Hainan Free Trade Port officially launched its island-wide customs closure operation, achieving sales of over 250 million yuan on the first day, a year-on-year increase of 90% [3]. - McDonald's China announced a price increase of 0.5 to 1 yuan for some menu items [3]. - Luckin Coffee and Dazhong Capital are evaluating the acquisition of Blue Bottle Coffee from Nestlé to enhance brand image and enter the high-end coffee market [3]. - **Retail Sector Data**: - November retail sales data showed a year-on-year increase of 1.3%, with a slowdown attributed to the early "Double Eleven" promotions [3]. - New store openings include JD's discount supermarket in Beijing and Meituan's Xiaoxiang Supermarket, with significant first-day revenues reported [3].

Core Insights - The 2026 Spring Festival holiday will last for 9 days, leading to a significant increase in outbound travel compared to 2025, with hotel bookings for popular destinations more than doubling [3][5]. - Popular outbound destinations include Thailand, South Korea, and Malaysia, with a notable rise in long-distance travel to places like Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [3][5]. - The trend of segmented travel is emerging, with many travelers opting to return home before heading abroad, resulting in two peaks of outbound travel during the holiday [3]. Travel Trends - Popular low-cost destinations for outbound travel include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [4]. - Long-distance destinations such as Egypt, Spain, Australia, Turkey, and Portugal have seen hotel bookings increase by over 2 times, with Egypt leading at a 3.3 times increase [5]. - The age group of 23 to 40 years old constitutes over 55% of outbound travelers, with the 31 to 40 age group showing a 90% increase in travel intent [6]. Market Impact - The surge in travel demand has positively impacted tourism stocks, with companies like China Youth Travel (5.02% increase), Zhongxin Tourism (1.85% increase), and China Duty Free (8.25% increase) seeing significant stock price rises [8]. - The cruise industry is adapting to changes in travel patterns, with many routes originally planned for Japan being redirected to South Korea, reflecting a shift in consumer preferences [8].

Group 1 - The 2026 Spring Festival holiday will last for 9 days, marking the longest Spring Festival in history, leading to a surge in outbound travel compared to 2025 [1] - Data from Qunar indicates that outbound flight and hotel bookings for 2026 have already peaked, with hotel bookings for popular destinations increasing by over 100% [1] - Popular outbound destinations include Thailand, South Korea, and Malaysia, with long-haul travel demand also rising significantly, particularly to Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [1] Group 2 - Affordable travel options for the 2026 Spring Festival include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [2] - Hotel bookings for popular countries during the 2026 Spring Festival have doubled year-on-year, with Southeast Asian destinations being favored due to proximity, lower travel costs, and favorable visa policies [2] - Long-haul destinations like Egypt saw hotel bookings increase by 3.3 times, with other countries like Spain, Australia, and Turkey also experiencing over 200% growth in hotel bookings [2] Group 3 - Data from Tuniu shows that popular destinations for outbound travel during New Year and Spring Festival include Indonesia, Malaysia, Singapore, and Egypt, with Russia seeing rapid growth due to visa-free policies [3] - The trend of expanding visa-free countries has increased outbound travel options, with Malaysia and Singapore being top choices for family trips [3] - International car rental bookings for the New Year have surged over 200% compared to last year, with Southeast Asia remaining the leading choice for destinations [3] Group 4 - The age group of 23 to 40 years old constitutes over 55% of outbound travelers during the 2026 Spring Festival, with the 31 to 40 age group showing the highest growth [4] - The 23 to 30 age group has seen a booking increase of over 120%, becoming a key driver of growth in the outbound travel market for the Spring Festival [4] Group 5 - Recent changes in cruise itineraries have seen many routes to Japan replaced with routes to South Korea, with full refunds offered to customers who cancel and incentives for those who retain their bookings [6] - The surge in travel demand around New Year and Spring Festival has positively impacted tourism stocks, with notable increases in share prices for companies like China Youth Travel and China International Travel Service [6]