Source: STR, Morgan Stanley Research. Note: Preview % is Morgan Stanley Research estimates. Morgan Stanley Asia Limited+ Dan Chee Equity Analyst Dan.Chee@morganstanley.com +852 2239-1227 Praveen K Choudhary Equity Analyst Praveen.Choudhary@morganstanley.com +852 2848-5068 M Update Preview of 2026 CNY Holiday Hotel Demand Key Takeaways Exhibit 1: We look for 2026 CNY to be strong YoY RevPAR YoY MSer preview right before each holiday STR Major Holidays RevPAR YoY (%) 2026 CNY Week (E) + Oct Golden Mid-autumn ...