Core Viewpoint - The article discusses the potential for growth in the tourism sector, particularly in the context of upcoming holidays and the impact of consumer behavior on stock performance. It highlights the differences between small tourism stocks and larger companies in the tourism ETF, emphasizing the speculative nature of smaller stocks while noting the fundamental strength of larger players like duty-free and airline companies [6][10][15]. Group 1: Tourism Sector Dynamics - The upcoming Spring Festival in 2026 is expected to be the longest holiday in history, which may lead to increased consumer spending and movement [4][5]. - The tourism ETF has shown strong performance, with a notable increase of over 3% recently, indicating a potential trend in consumer behavior despite overall weak consumption in other sectors [6][10]. - Small tourism stocks tend to experience price increases one to one and a half months before long holidays, with a tendency to realize profits one to two weeks before the holiday [10][12]. Group 2: Composition of the Tourism ETF - The tourism ETF includes companies from duty-free, airlines, hotels, and tourist attractions, with a significant market capitalization attributed to duty-free and airline sectors [8][9]. - Duty-free companies, such as China Duty Free Group, have shown a recovery in performance, with data indicating a shift from declining to significantly positive growth since mid-2022 [15][16]. - Airlines are expected to benefit from the appreciation of the RMB, which reduces costs for dollar-denominated expenses, thus improving profit margins [19]. Group 3: Investment Opportunities and Risks - The article suggests that while small tourism stocks may offer speculative opportunities, larger companies in the duty-free and airline sectors present more stable investment prospects due to their fundamental strengths [20]. - The overall consumer market, particularly traditional sectors, is expected to face challenges, with limited opportunities for broad recovery unless specific companies show growth [25]. - The article emphasizes the importance of monitoring the operational efficiency of larger hotel chains, as their performance may not align with the broader market trends [20].

作为新银川城市新商务地标和商文旅融合发展标杆项目，兰傒谷商务广场通过创新城市经济发展模式， 倾力打造了集"酒店集群、会议（展）集群、餐饮集群"于一体的西北首个城市中心超大型商务酒店集 群。广场建筑面积54.3万平方米，汇聚了15个国际国内知名酒店品牌，拥有超过3000间客房，是全国首 个坐落城市中心、规模最大的商务酒店集群，构建起强大的旅游城市住宿保障体系。设立的可容纳8000 人参会、5000人用餐的兰傒谷国际会议中心，拥有2个西北单体最大，层高达12米的无柱宴会厅和15个 别具格调的"书苑"主题雅间，能够满足国际会议、高端论坛、大型展览、婚礼庆典等多元需求。配套有 15.4万平方米的全场景商业街区，涵盖了餐饮美食、时尚购物、体育运动、休闲娱乐、儿童游乐、文化 同时，构建起了"15分钟生活圈"，让本地市民时刻重温记忆中的传统宁夏风味，以便捷生活体验彰显新 银川城市发展的温度。更以深度融合酒店、餐饮、会议产业集群优势，形成"以地域文化为核心、以商 业配套为支撑、以产业联动为目标"的可持续发展路径，为城市商文旅融合发展提供示范样本。兰傒谷 商务广场先后与携程、美团、宁夏中旅、宁夏光大等国内知名平台和旅行社形成战 ...

Group 1: Tourism Industry - The tourism market is expected to grow by over 10% in 2025, driven by the continuous release of leisure travel demand and the rise of experiential consumption [1] - Domestic tourism revenue and visitor numbers are projected to increase by 12% and 18% year-on-year in Q1-Q3 2025, respectively [1] - Recommended stocks in the tourism industry include China Duty Free Group, Jin Jiang Hotels, ShouLai Hotels, Tongcheng Travel, and Trip.com Group [1] Group 2: Restaurant Industry - Offline consumption is gradually recovering, with domestic restaurant revenue reaching 519.9 billion and 605.7 billion yuan in October and November 2025, showing year-on-year growth of 4.99% and 4.40% [2] - The recovery of leading restaurant companies is faster than the industry average, with a focus on stocks like Green Tea Group and Haidilao [2] Group 3: Tea Beverage Industry - Since Q4 2025, same-store sales for leading tea brands like Gu Ming and Hu Shang A Yi have continued to grow at a high rate of 15-20%, aided by delivery subsidies and brand expansion into coffee and breakfast categories [3] - Despite a slight decrease in delivery subsidies, leading brands are accelerating their expansion, highlighting the advantages of top brands [3] Group 4: Online Travel Agency (OTA) Industry - The recovery of travel demand is ongoing, with OTA performance improving due to increased domestic leisure travel demand, hotel supply growth, and rising online penetration [4] - The performance of OTAs is expected to remain stable with long-term growth potential, particularly with the high growth in outbound travel [4] - Recommended stocks in the OTA sector include Trip.com Group and Tongcheng Travel [4] Group 5: Hotel Industry - In Q4 2025, hotel room supply is expected to grow by 6-8% year-on-year, with RevPAR remaining stable compared to 2024, benefiting from increased holiday traffic and low base effects [5] - Leading hotel companies are expected to have significant earnings elasticity in a cyclical environment, with recommendations for Jin Jiang Hotels and ShouLai Hotels [5]

Investment Rating - The report maintains a positive investment rating for the industry, highlighting a favorable outlook for the tourism and leisure sectors due to government policies aimed at boosting domestic consumption and service spending [1][35]. Core Insights - The report emphasizes the recovery of domestic tourism, with expected growth rates of 12% in revenue and 18% in visitor numbers for Q1-Q3 2025, driven by sustained leisure travel demand and the rise of experiential consumption [1][35]. - The overall tourism market is projected to grow by over 10% for the year, supported by government initiatives such as promoting spring and autumn travel and issuing cultural tourism consumption vouchers [1][35]. - Key companies recommended for investment include China Duty Free Group, Jin Jiang Hotels, Shouqi Group, Tongcheng Travel, and Ctrip Group, alongside high-growth tea beverage stocks like Gu Ming and low-valuation restaurant growth stocks like Green Tea Group [1][35]. Summary by Sections 1. Restaurant Sector - Offline consumption is gradually recovering, with Q4 restaurant revenue showing steady growth, achieving 519.9 billion and 605.7 billion yuan in October and November 2025, respectively, with year-on-year growth of 4.99% and 4.40% [7][10]. - Leading restaurant companies are recovering faster than the industry average, with significant revenue increases noted for major players [10][14]. 2. Tea Beverage Sector - The tea beverage sector has seen a surge in same-store sales growth due to delivery subsidies, with leading brands like Gu Ming and Hu Shang A Yi maintaining high growth rates of 15-20% [7][10][14]. - The number of new store openings has doubled compared to 2024, indicating aggressive expansion strategies among top brands [16]. 3. OTA (Online Travel Agency) - The recovery of outbound travel demand is evident, with strong performance in Southeast Asia routes and a notable increase in visitor numbers to Japan and South Korea [20][24]. - The report highlights the long-term profit potential of leading OTA companies like Ctrip and Tongcheng Travel, driven by the ongoing recovery in leisure travel demand and improved commission rates [24][25]. 4. Hotel Sector - The hotel industry is expected to see a stable RevPAR (Revenue per Available Room) in Q4, with a year-on-year growth of 6-8% in room supply [29][30]. - Major hotel chains like Shouqi and Jin Jiang are projected to maintain or improve their performance, benefiting from cost reductions and increased guest traffic during holiday periods [29][30][31]. 5. Investment Recommendations - The report suggests focusing on the travel sector, particularly companies involved in OTA, hotels, and scenic spots, as they are likely to benefit from favorable government policies [1][35]. - Additionally, it recommends investing in high-growth tea beverage stocks and undervalued restaurant growth stocks, indicating a diversified approach to capitalizing on the recovery in consumer spending [1][35].

今天分享的是：浩华CHAT：2026年第一季度中国酒店市场景气调查报告 报告共计：12页 2026年第一季度中国酒店市场景气调查报告总结 浩华管理顾问公司开展的第43次中国酒店市场景气调查，涵盖大陆31个省、直辖市、自治区的799份有 效样本，从住宿率、平均房价和总收入等维度，呈现了2026年第一季度酒店市场的预期态势。样本中华 东地区占比36%，华南地区24%，五星级酒店占61%，四星级酒店31%，三星/经济型酒店8%。 2026年第一季度全国酒店市场综合景气指数为-21，较上一季度回升10个指数点，修复至近六个季度相 对高位，反映从业者对短期经营环境预期有所缓和，但指数仍处负值区间，行业运行依旧承压。区域方 面，华南（-15）与华东（-17）景气度高于全国平均，华北、东北环比回升明显，而西北地区因传统旅 游淡季影响，指数环比小幅回落2个点至-30。 重点城市表现分化显著。一线城市中，三亚以33的指数领跑，房价与餐饮指数亮眼，受益于海南自贸港 政策、入境游增长及旺季需求；深圳、上海住宿率指数转正，分别依托"港客北上"、免签红利与商务需 求筑底实现回暖；北京因商务与会议需求恢复偏慢，指数-25低于全国平均。重 ...

Core Insights - The forum emphasized the resilience, innovation, and aspirations of Zhejiang merchants amidst the waves of the Chinese economy, with notable discussions on macroeconomic trends and opportunities for private enterprises [1] - Guo Guangchang expressed optimism for 2026, highlighting the gradual digestion of negative factors and the inherent resilience of the Chinese economy [1] Economic Resilience and Innovation - Guo noted that the current economic climate is warmer compared to the previous year, indicating a recovery in both weather and economic conditions [1] - He emphasized the importance of private enterprises, particularly in technology, showcasing their global competitiveness in emerging industries like AI, robotics, and biomedicine [3] - The success of Fosun's biopharmaceutical platform, including the global breakthroughs of its products, illustrates the potential for significant market opportunities, with several products having a global market potential of billions [3] Globalization and Market Strategy - Guo highlighted the competitive landscape between the US and China, asserting that the two economies are interconnected, which provides opportunities for collaboration despite competition [3] - Fosun's global strategy includes significant partnerships, such as the agreement with Pfizer for a GLP-1 drug, with a potential total value exceeding $2 billion, and a collaboration with Clavis Bio worth up to $7.25 billion [4] - The company aims to leverage China's market size and efficiency advantages to enhance its global presence, with overseas revenue reaching 46.67 billion yuan in the first half of 2025, accounting for 53% of total revenue [9] Consumer Market and Product Development - The focus on product strength and innovation is crucial for capturing opportunities in China's vast consumer market, which remains robust despite economic challenges [7] - Fosun's ventures in tourism and consumer goods have shown positive market responses, with high occupancy rates in hotels and successful product launches in the consumer sector [7][8] - New products from Fosun's ecosystem, such as the "Old Beijing Fresh Milk" and "Shede Zizai" liquor, have gained popularity, demonstrating the effectiveness of product innovation [8]

1月19日，锦江酒店涨5.14%，截至发稿，报27.59元/股，成交2.56亿元，换手率1.04%，总市值294.19亿 元。 从锦江酒店十大流通股东角度 数据显示，富国基金旗下1只基金位居锦江酒店十大流通股东。富国中证旅游主题ETF（159766）三季 度增持348.81万股，持有股数941.05万股，占流通股的比例为0.89%。根据测算，今日浮盈赚取约 1270.42万元。 富国中证旅游主题ETF（159766）成立日期2021年7月15日，最新规模49.27亿。今年以来亏损1.97%， 同类排名5472/5579；近一年收益17.6%，同类排名3491/4225；成立以来亏损20.83%。 富国中证旅游主题ETF（159766）基金经理为殷钦怡、曹璐迪。 截至发稿，殷钦怡累计任职时间1年181天，现任基金资产总规模209.24亿元，任职期间最佳基金回报 104.8%， 任职期间最差基金回报-12.93%。 曹璐迪累计任职时间5年246天，现任基金资产总规模204.56亿元，任职期间最佳基金回报130.77%， 任 职期间最差基金回报-44.98%。 资料显示，上海锦江国际酒店股份有限公司位于上海市延安东 ...

资料显示，北京首旅酒店(集团)股份有限公司位于北京市朝阳区雅宝路10号凯威大厦三层，成立日期 1999年2月12日，上市日期2000年6月1日，公司主营业务涉及以酒店经营管理为主,包括旅游服务、酒店 运营、景区运营、酒店管理和展览广告。主营业务收入构成为：酒店运营61.02%，酒店管理30.89%， 景区业务8.08%。 从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓首旅酒店。太平价值增长股票A（010896）三季度减持4万股，持 有股数30万股，占基金净值比例为4.42%，位居第七大重仓股。根据测算，今日浮盈赚取约25.8万元。 1月19日，首旅酒店涨5.14%，截至发稿，报17.58元/股，成交1.35亿元，换手率0.71%，总市值196.30亿 元。 截至发稿，赵超累计任职时间3年173天，现任基金资产总规模71.7亿元，任职期间最佳基金回报 28.74%， 任职期间最差基金回报0.84%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快 ...

从"住得好"到"玩得好"—— 三亚酒店"圈粉"外国友人 海南日报全媒体记者 李艳玫 该酒店市场营销部副总监周坤盛提供的一组数据，直观展现了封关后的热度攀升：2026年前半个月 已接待920人次，增长势头显著；目前酒店226间客房的入住率稳定在85%—90%，其中境外游客占比接 近五成，成为酒店客流的重要支撑。 在做好住宿服务的基础上，酒店更着力丰富文化供给。今年第一季度，"潮玩非遗·活力珠江"主题 活动精彩亮相：黎锦体验区内，外国游客亲手触摸传承千年的纺织技艺，感受经纬交织中的文化密码； 国风实景拍摄区里，游客们身着典雅的中国传统服饰，在椰林碧海的映衬下定格难忘瞬间。 这些沉浸式文化体验，让酒店不再只是单纯的住宿场所，更成为展示中华文化、促进文明互鉴的小 小窗口。"我们希望通过蹴鞠、黎锦这些具体可感的载体，让各国游客在游玩中自然领略中华文化的独 特魅力。"周坤盛表示，这种"润物细无声"的文化交流，正在酒店的各个角落悄然发生。 封关运作后，三亚国际航线网络持续加密，外籍游客凌晨抵达成为常态。三亚珠江花园酒店的火热 场景，正是三亚大东海旅游区入境游市场繁荣发展的生动缩影。凭借得天独厚的滨海旅游资源和持续优 化的旅 ...

Core Insights - The hotel industry is facing a significant downturn, with many brands struggling to maintain profitability and market presence as evidenced by the forced delisting of Buding Hotels and the sudden closure of Marriott's Hangzhou hotel [1][2] - Economic hotel room availability is declining, with only 54% of the market share remaining by the end of 2024, and major players like Jinjiang, Shoulv, and Huazhu are shifting focus from expansion to renovation of existing properties [1][3] - The competitive landscape is evolving from a focus on scale to one emphasizing quality and innovation, with a notable shift towards the "stay + retail" model as a new revenue stream [5][6] Industry Trends - The global hotel industry is experiencing high saturation, with new brand survival rates below 35%, leading to significant closures among older, less profitable properties [3] - Major hotel groups are reporting mixed financial results, with Huazhu leading in occupancy rates and revenue per available room (RevPAR), while Jinjiang shows revenue decline despite profit growth [4] - The shift towards a "quality era" in the hotel industry is marked by a focus on operational efficiency, cost control, and innovative business models rather than mere expansion [4][10] Innovations and Strategies - The integration of AI technology is transforming hotel operations, with predictions that 75% of hotels will automate processes by 2025, although the domestic market still lags in implementation [8][9] - The "stay + retail" model is gaining traction, with hotels like Atour and Hanting introducing retail options that enhance guest experiences and increase non-room revenue [5][6] - Future success in the hotel industry will depend on the ability to offer tailored products and services that meet the diverse needs of different customer segments, alongside maintaining quality control in a franchise-heavy environment [10]