Financial Data and Key Metrics Changes - RevPAR grew by 1.5%, indicating resilience in the operating model and geographic footprint [2][3] - Gross system growth was 6.6% and net system growth was 4.7%, driven by record hotel openings and development activity [3] - EBIT increased by 13% and adjusted EPS grew by 16%, supported by a $900 million share buyback [3] Business Line Data and Key Metrics Changes - The company signed over 102,000 rooms across 694 hotels, a 9% increase compared to 2024, excluding acquisitions [3] - Fee margin expanded by 360 basis points due to operating leverage and increases in ancillary fee streams [3] Market Data and Key Metrics Changes - Early trading performance in all three regions for 2026 has been positive, indicating strong market conditions [4] - In China, RevPAR is gradually improving, with indications of a positive trend continuing into 2026 [12][22] Company Strategy and Development Direction - The company announced a new $950 million share buyback program and launched the Noted Collection brand [4] - The focus remains on strategic growth through brand expansion and maintaining a strong pipeline of hotel openings [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the enterprise platform and long-term growth outlook, despite challenges in 2025 [3][11] - Positive indicators for 2026 include strong GDP growth, low unemployment, and increased consumer spending in the U.S. [70][72] Other Important Information - The company is committed to maintaining a disciplined approach to cost management, with a projected cost increase of only 1% in 2026 [16][30] - The branded residences segment is expected to see substantial growth starting in 2027, contributing positively to future earnings [45][77] Q&A Session Summary Question: What are the levers to ensure EPS growth if RevPAR does not improve? - Management indicated that ancillary revenues are expected to continue growing, and cost control measures will remain in place [15][16] Question: What is the scope of deferred key money into 2026? - Management noted that some investments may roll over from 2025 into 2026, but they remain confident in growth prospects [10][11] Question: How does the company view margins in China? - Management acknowledged slight declines in margins but expressed confidence in improving unit economics and RevPAR in the region [21][22] Question: What is the outlook for branded residences? - Management is optimistic about the growth potential of branded residences, with significant increases expected starting in 2027 [45][77] Question: How does the company plan to address the decline in fee revenues? - Management clarified that the take rate is not reducing and attributed some changes to strategic shifts in brand positioning and key money [85]

Market Overview - European stock indices opened higher with calm trading and no significant individual stock volatility [1] - The UK FTSE 100 index rose by 0.4%, reaching a new high on Monday [1] - The German DAX index fell by 0.15%, with Siemens, the second-largest component, declining by 0.2% after a 6.25% drop on Monday [1] - The Spanish IBEX 35 index saw a modest increase of 0.2% with flat performance among its components [1] - The Italian FTSE MIB index rose by 0.1%, with shipbuilder Fincantieri being the most volatile stock, down by 1.8% [1] - The French CAC 40 index increased by 0.1%, despite industrial stocks dragging it down, including defense group Thales, which fell by 2.3% [1] Sector Performance - InterContinental Hotels Group saw a 3% increase due to revenue growth [1] - Automotive stocks within the DAX index experienced gains [1] - Software stocks generally performed well, with software company Capgemini rising by 1.5% [1]

2月14日，陵水黎族自治县发布《市场价格行为提醒告诫书》，为全县经营者敲响"诚信是企业生命 线"的警钟。告诫书明确提出：坚决杜绝利用虚构原价、虚假优惠折价、虚假价格承诺等使人误解的价 格手段；不得在标价之外加价出售商品，不得收取任何未予标明的费用；不得拒绝或不履行价格承诺， 不得随意涨价等多项规范，全面引导各行业价格行为沿着诚信轨道前行。 2月15日，春节假期伊始，海南旅游市场迎来客流高峰。该省各级政府部门、行业协会提前部署、迅速 行动，以信用监管为抓手，引导企业规范经营，全力保障游客在琼度过一个舒心、放心、开心的新春佳 节。 针对2026年2月1日至13日期间住宿单位涉诉情况，海南省旅游和文化广电体育厅对投诉量排名靠前的酒 店、民宿进行了梳理通报，投诉主要集中在服务态度、价格公示、合同履约等方面。 海南省旅文厅相关负责人表示："问题即导向，我们将推动全行业举一反三、即知即改，用更严格的信 用监管回应社会关切，引导企业将诚信经营内化为自觉行动。" 春节假期前夕，海南各地将信用约束转化为市场规范的力量。 在三亚，针对节前发生的民宿临时毁约事件，三亚市民宿协会第一时间亮出"组合拳"。2月13日，该协 会发布情况通 ...

（来源：中国旅游报） 转自：中国旅游报 □ 杨宏浩 随着大众生活水平的提高和消费观念的转变，团年饭的形式和场景愈发多元化和个性化。为了让全家人 更轻松地享受团聚时光，越来越多家庭开始选择到酒店或餐馆吃团年饭，上门代厨和半成品预制菜也逐 渐被更多人接受。除了在包间聚餐，更为轻松自在的自助餐形式也开始受到青睐。许多餐厅推出了小马 造型的慕斯蛋糕、以"马到成功""马上发财"为寓意的创意菜，还有餐厅将土豆泥捏成精巧的小马生肖造 型，用现代审美为古老仪式注入了时尚活力。老字号和特色餐厅也纷纷亮出文化牌，将非遗、艺术等元 素融入餐桌上的佳肴，再辅以小型演艺、沉浸式互动体验等，实现了文化与美食的融合，团年饭的文化 内涵愈发丰富。 随着"旅游过年"成为新风尚，团年饭的地理坐标被重新定义，逐步走向景区、走向度假目的地。当越来 越多的老人被子女接到工作城市过年，当城里人驱车去民宿、到老乡家吃团年饭，这顿饭不再是单向 的"归巢"，而是有了双向奔赴的温情。团年饭早已不是一餐饭，而是流动的"家"图腾。此心安处是吾 乡，游子在哪里举杯，根就在哪里延续；家人在哪里围坐，年味就在哪里铺展。团年饭在空间的移动中 加固了情感的"堤坝"，也逐渐从 ...

（来源：中国旅游报） 转自：中国旅游报 除夕夜，江西婺源篁岭景区内年味正浓。景区为游客准备了丰盛地道的徽式年夜饭。图为2月16日，游客在景区的徽州古民居六顺堂吃年夜饭。 王宗培 摄 除夕的重头戏，莫过于那一桌丰盛的年夜饭。热气腾腾的年夜饭，承载着一个个家庭阖家团圆的喜悦，也满含大众对新春的无限憧憬。除夕夜，不少游客来 到酒店、乡村民宿和景区享用年夜饭，感受烟火气里的别样年味。 家人团聚 灯火可亲 如今，消费者对年夜饭的仪式感尤为看重，多地的年夜饭市场呈现出供需两旺的火热景象。 一桌黎苗宴，满载团圆情。在海南自贸港全岛封关运作后的首个春节，很多游客选择到这里度新春、品年味。在海南保亭七仙岭脚下，河南游客李女士一家 正围坐在海南七仙岭君澜度假酒店的餐厅里，品尝着独具特色的雨林养生黎苗年夜饭，其乐融融。"这桌年夜饭太有特色了，食材新鲜地道，吃到了当地特 色的什玲鸡、石鲮鱼、竹筒饭，既能感受海南本土文化，又有团圆的温情。家人闲坐、灯火可亲，这就是最动人、最暖心的团圆时刻。"李女士说。 "上菜啦，猪肉白菜水饺祝您招财进宝，香煎广式年糕寓意年年高升，陈皮红豆沙炖燕窝汤圆带来富贵吉祥，祝大家新春快乐、马年大吉！"除夕夜的北 ...

服务消费方面，2月15日，重点平台年夜饭预订量增长80.7%，酒店住宿交易额增长32.7%，租车订单量 增长54%，冰雪游消费增长1.2倍，避寒游消费增长68%。 商务大数据显示，假期前两天，全国重点零售和餐饮企业日均销售额较2025年春节假期前两天增长 10.6%。2月15日，商务部重点监测的78个步行街（商圈）客流量、营业额比去年春节假期第一天（下 同）分别增长23.2%、33.2%。 以旧换新消费需求充分释放。截至2月15日，2026年消费品以旧换新累计惠及2690.5万人次，带动销售 额1905.1亿元。其中，汽车以旧换新60.4万辆，带动新车销售额989.9亿元。绿色、智能、健康消费需求 旺盛。商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增长 超60%，有机食品增长52%。 （来源：新华日报） 新华社电 记者16日从商务部获悉，春节假期前两天，商务部会同相关部门和地方深入开展"乐购新 春"春节特别活动，各地年味浓厚、购销两旺。 ...

Real Estate Market - In January 2026, new home prices in Shenyang decreased by 0.2% month-on-month and fell by 0.4% year-on-year, while second-hand home prices remained stable month-on-month and decreased by 3.4% year-on-year [1][2][3]. Transportation Development - The Hunnan District is set to promote the resumption of the Shenyang-Fushun intercity railway, aiming to enhance transportation infrastructure and improve public transport services during the 14th Five-Year Plan period [4][6]. - A comprehensive modern transportation network will be developed, integrating various modes of transport including high-speed rail, conventional rail, and urban transit systems to facilitate easier travel for citizens [6][10]. Hotel Industry - The Meizhu Hotel on Youth Street in Shenyang has recently opened and is available for booking on the Accor website [14]. Cultural Events - The Liaoning Provincial Museum is hosting the "Galloping Horses" zodiac cultural exhibition, featuring over a hundred artifacts related to horses, which is a significant cultural event leading up to the Spring Festival [15][18]. - The exhibition includes five thematic units that explore the cultural significance of horses in Chinese civilization, showcasing artifacts from various categories such as ceramics and paintings [15][17].

Core Viewpoint - The article discusses the emerging trend of "reverse Spring Festival travel," where parents travel to their children's cities for the holiday instead of the traditional return to their hometowns, highlighting a shift in family dynamics and consumer behavior during the festive season [8][10][11]. Group 1: Reverse Spring Festival Travel - The trend of parents traveling to their children's cities for the Spring Festival has become increasingly popular, with data showing an 84% year-on-year increase in ticket bookings for this purpose [8]. - Major cities like Beijing, Shanghai, and Hangzhou are among the top destinations for this reverse travel trend, with ticket prices generally 30% to 50% lower than traditional return tickets [8][10]. - This shift is not just about travel; it reflects a deeper change in how families celebrate the holiday, moving from traditional home gatherings to hotel stays that offer comfort and convenience [11][20]. Group 2: Hotel Industry Response - Hotels are adapting to this new demand by offering family-oriented services, such as special packages for extended stays and tailored experiences for families [13][21]. - The rise in hotel bookings during the Spring Festival indicates a transformation in the hospitality industry, where hotels are becoming more than just places to stay but also venues for family gatherings and social interactions [20][21]. - Hotels are also creating unique experiences for families, such as guided cultural tours and local interactions, enhancing the value of their offerings beyond just accommodation [21][22]. Group 3: Consumer Behavior and Family Dynamics - The decision to send parents to hotels instead of returning home is driven by practical considerations, such as space constraints in urban living environments and the desire for a more relaxed holiday experience [11][12]. - This trend reflects a broader change in consumer behavior, where families are willing to invest in experiences that enhance their quality of life and family interactions during the holiday season [14][18]. - The phenomenon also raises questions about the emotional implications of such choices, as families navigate the balance between traditional values and modern conveniences [22][23].

【#美国土安全部停摆仍无结束迹象#】#美国民众出行噩梦或将重演# 由于美国国会两党围绕移民执法 行动改革议题僵持不下，截至15日国土安全部"停摆"仍无结束迹象。美国航空和酒店服务业相关组织及 媒体警告，这或影响航空出行，民众数月前因联邦政府"停摆"所遭遇的"出行噩梦"可能重演。国土安全 部下属移民与海关执法局（ICE）执法人员近来多次被曝出在抓捕非法移民行动中暴力执法等问题，今 年1月在明尼苏达州接连开枪打死两名美国公民，在全美多地引发抗议，紧张局势进一步升级。国会民 主党人要求该部门改进执法行动，否则将阻止为国土安全部拨款的法案通过，但两党未能就此达成共 识。综合美国政府边境事务主管汤姆·霍曼的说法和美联社消息，民主党人提出的改革措施包括国土安 全部下属机构执法人员在行动时移除面罩、明示警号、佩戴执法记录仪等。参议院民主党领袖查克·舒 默15日接受采访时说，民主党人只是要求联邦执法人员遵守全美各地执法机构共同遵守的规则而已，但 让美国人不解的是，"为何共和党人不遵从这些合理提议"？而共和党籍联邦参议员马克韦恩·马林做客 美国有线电视新闻网《国情咨文》栏目时说，鉴于部分参与移民执法行动的执法人员已遭到"人肉搜 ...

综合美国政府边境事务主管汤姆·霍曼的说法和美联社消息，民主党人提出的改革措施包括国土安全部 下属机构执法人员在行动时移除面罩、明示警号、佩戴执法记录仪等。参议院民主党领袖查克·舒默15 日接受采访时说，民主党人只是要求联邦执法人员遵守全美各地执法机构共同遵守的规则而已，但让美 国人不解的是，"为何共和党人不遵从这些合理提议"？ 本文转自【新华国际头条】； 由于美国国会两党围绕移民执法行动改革议题僵持不下，截至15日国土安全部"停摆"仍无结束迹象。美 国航空和酒店服务业相关组织及媒体警告，这或影响航空出行，民众数月前因联邦政府"停摆"所遭遇 的"出行噩梦"可能重演。 国土安全部下属移民与海关执法局（ICE）执法人员近来多次被曝出在抓捕非法移民行动中暴力执法等 问题，今年1月在明尼苏达州接连开枪打死两名美国公民，在全美多地引发抗议，紧张局势进一步升 级。国会民主党人要求该部门改进执法行动，否则将阻止为国土安全部拨款的法案通过，但两党未能就 此达成共识。 美国联邦政府数月前刚经历一场持续40余天的创纪录"停摆"，约1.3万名空管人员和5万名运输安全管理 局职员没能按时拿到全额工资，导致"空岗"严重，大量航班延误，全 ...