看好后续头部酒店集团RevPAR同比缺口继续收敛，并有望于明年实现持平甚至转正，重视配置窗口。 建议把握两条投资主线：短期行业处于触底回升阶段，建议布局四季度具备明确催化（零售双十一）、 酒店和零售业务成长确定性高的企业；中期周期改善回升维度，建议配置充分受益于商务需求回暖与行 业集中度提升，同时持续推进组织进化和产品优化的企业。当前酒店行业估值处于合理略低区间，龙头 具备较强的配置价值。 新京报贝壳财经讯 10月1日，据"中信证券研究"公众号消息，当前酒店行业呈现需求复苏、供需再平 衡、龙头份额加速提升阶段。需求端，9月行业RevPAR（每间可供出租客房产生的平均实际营业收入） 同比降幅继续收窄，中端、中高端优于经济型、一线与新一线优于下沉市场，商务需求回暖趋势明确。 中秋国庆假期预订呈现量价齐升态势，且品质化消费趋势明显，酒店行业RevPAR同比有望实现中高个 位数增长。供给端保持较快增长，但结构显著分化，经济型和下沉市场成为主要增长极，头部企业增速 领先同行。 编辑 王琳琳 ...

Core Insights - The hotel industry is experiencing a strong recovery driven by robust domestic economic growth and favorable policies, with Jin Jiang Hotels emerging as a market leader capitalizing on these opportunities [1][2] - Increased consumer spending power and the implementation of visa-free policies have significantly boosted both domestic and inbound tourism, leading to a surge in hotel accommodation demand [1] - Jin Jiang Hotels has a diverse brand portfolio catering to various customer segments, enhancing its market appeal and occupancy rates [1] Company Overview - Jin Jiang Hotels has signed over 17,000 hotels, establishing a vast presence across major domestic cities and key international locations, which provides a competitive edge in resource integration and operational efficiency [2] - The company's ability to quickly adapt to market demands during peak seasons through internal resource allocation has resulted in higher overall occupancy rates [2] - Utilizing a large membership system and digital marketing strategies, Jin Jiang Hotels effectively attracts consumers with targeted promotions, further boosting occupancy and revenue [2] Future Outlook - Investor sentiment towards the hotel industry remains positive, with Jin Jiang Hotels positioned as a premium investment target due to its strong brand and scale advantages [2] - Continued economic development and tourism market growth in China are expected to provide Jin Jiang Hotels with ongoing opportunities for performance enhancement and market share expansion [2]