Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the market index over the next 6-12 months [1]. Core Insights - The social services sector saw a 3.96% increase in the first two trading weeks of 2026, ranking 15th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 1.77 percentage points [1][12]. - The New Year's holiday travel data showed positive trends, with 142 million domestic trips taken, a year-on-year increase of 5.2%, and total spending reaching 84.789 billion yuan, up 6.3% year-on-year [1][4]. - The report highlights the expectation for continued high demand in the travel sector, particularly with the upcoming Spring Festival holiday [4]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was strong, with notable increases in sub-sectors such as education (+7.45%), professional services (+6.37%), and tourism retail (+3.77%) [12][16]. - Domestic air travel saw a total of 104,558 flights during the holiday period, a 1.99% increase from the previous week and 108.86% of the 2019 level [1][4]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel chain and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Shares, among others [4]. - It also recommends hotel brands like Jinjiang Hotels and ShouLai Hotels, which are expected to benefit from the recovery in business travel and increased market share [4]. Company Dynamics & Announcements - The report notes significant growth in the Hainan duty-free shopping market, with sales exceeding 1.21 billion yuan during the first week of January, marking an 88% year-on-year increase [28]. - The report mentions that the domestic hotel market is expected to see a price drop of over 50% compared to the upcoming Spring Festival holiday, indicating a favorable environment for travelers [28]. Travel Data Tracking - The report indicates that the recovery of business travel is nearly complete, with ongoing policy relaxations for inbound and outbound travel, including the expansion of visa-free entry for several countries [34].

Core Viewpoint - The article discusses the launch of the Agricultural Bank of China Asset Management's new mixed securities investment fund, emphasizing a performance-based fee structure that aligns the interests of fund managers with investors [2][8]. Fund Overview - The fund is named "Agricultural Bank of China Zhiyuan Value Mixed Securities Investment Fund" with A-class (025930) and C-class (025931) shares currently being issued [2][18]. - The fund aims to achieve returns that exceed its performance benchmark through selective stock picking and risk control [17]. Fee Structure - The fund introduces a flexible fee structure where management fees are linked to performance, with a standard management fee of 1.2% per year for holdings under one year [6][22]. - For holdings over one year, the management fee varies based on performance, ranging from 0.6% to 1.5% per year depending on the annualized return relative to the benchmark [6][22]. - The fund encourages long-term holding by requiring a minimum holding period of one year to enter the performance-based fee structure [11]. Investment Strategy - The fund will invest 60%-95% of its assets in stocks, with up to 50% of stock investments in Hong Kong Stock Connect stocks [16][18]. - The investment philosophy focuses on long-term value, targeting sectors such as technology and consumer goods, with a belief in sustainable development [16]. Manager Profile - The proposed fund manager, Gu Chao, has a strong background with 13 years of experience in the securities industry and has invested 500,000 yuan of his own funds in the fund, demonstrating confidence in its potential [13][15].

Core Insights - The company, Tongqinglou, reported a revenue of 1.896 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 1.66% [1] - The net profit attributable to shareholders decreased by 63.79% to 30.20 million RMB, while the net profit excluding non-recurring gains and losses fell by 66.52% to 25.37 million RMB [1][2] - The net cash flow from operating activities increased by 37.41% to 505.76 million RMB [1][2] Financial Performance - For the third quarter, the revenue was approximately 565.59 million RMB, showing a decline of 4.77% compared to the same period last year [2] - The net profit attributable to shareholders for the year-to-date period was 30.20 million RMB, down 63.79% [2] - The basic earnings per share were reported at -0.16 RMB, a decrease of 62.50% [2] Historical Context - Tongqinglou was listed on the Shanghai Stock Exchange on July 16, 2020, with an initial share price of 16.70 RMB and a total fundraising amount of 835 million RMB [3] - The company planned to use the raised funds for new chain hotel projects, raw material processing and distribution bases, and to supplement working capital [3] - In June 2021, the company announced a stock bonus of 3 shares for every 10 shares held and a pre-tax dividend of 1 RMB per share [3]

Company Overview - Jinjiang Hotels officially submitted its application to the Hong Kong Stock Exchange for an IPO, marking a new chapter in its journey [1][6] - Founded in 1993, the company has grown to become the second-largest hotel group globally through significant mergers and acquisitions [2] - Jinjiang is one of the earliest entrants in the domestic economy hotel chain sector, influencing the design and development of various subsequent brands [3] Industry Development - The domestic economy hotel chain market has evolved over the past 30 years, reflecting the rise and changes in terminal market demand [4] - Many brands have entered a mature phase after aggressive expansion and capital investment, either under state-owned enterprises or independently [5] Historical Context - In the early 1990s, Jinjiang provided a model for the economy hotel segment in China, addressing the demand for standardized budget accommodations [7][11] - The first economy hotel, Jinjiang Inn, was opened in 1997, establishing a benchmark for the industry with its affordable pricing and standardized services [12] Growth Phase - Jinjiang Inn's success led to the emergence of several competitors, including Home Inn and 7 Days Inn, which played significant roles in the growth of the domestic hotel chain market [13] - The rapid expansion of economy hotel brands was facilitated by a shift from self-owned to leased properties, lowering entry barriers and shortening return cycles [15][16] Capitalization and Mergers - The attractive investment returns in the economy hotel sector spurred a wave of capital investment, with brands like Home Inn and 7 Days Inn receiving substantial funding and achieving rapid growth [17][18] - Jinjiang Hotels significantly expanded its portfolio through acquisitions, including the purchase of Plateno Group and Radisson Hotel Group, positioning itself as a global leader [21] Market Trends - By 2016, the growth rate of economy hotel chains began to slow, while mid-range and upscale hotel segments experienced significant growth due to changing consumer preferences [20] - The industry has seen a trend towards consolidation and collaboration among leading brands, with strategic partnerships emerging to enhance market presence [23]