编者荐语： 亚朵推销床上用品确实是一个特色，上次在一个活动上亚朵的工作人员还推荐现场触摸床垫被子等用 品，显示出其对产品的信心和商业变现的新思路。 以下文章来源于盐财经 ，作者闰然 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 它一边要在供应链上精打细算，给加盟商省钱，维持扩张节奏；另一边又得守住品质底线，否则，之前花 大力气攒的"中高端"人设，可能就因为一个带医院标签的枕套，彻底崩了。 要知道，全中国能把枕头卖成网红爆款的酒店，就它一根独苗。这意味着，亚朵比谁都懂"细节决定溢价"的 道理。 亚朵宣布物资大幅降价 但现在，为了稳住它的伙伴们，这家酒店决定大幅地下调价格。 亚朵现在的处境还挺微妙。 01 吸引加盟商，疯狂大砍价 归属于上海亚朵商业管理（集团）有限公司的微信公众号"几木里"在2025年6月23日发文称，亚朵从6月30日 起，将对运营和工程物资挥起大幅降价的"砍刀"。 亚朵的这轮砍价操作，相当于给加盟商的日常开销打了折——从客房里用的小物件到装修时的大块头，只 要是加盟店天天买、经常用的，都被亚朵纳入了"降本清单"。 比如，给客人倒茶的纸杯，直接砍了51.8%的价，差不多腰斩；连"懒 ...

Core Viewpoint - The article discusses the innovative approach taken by the Yonghe Platinum International Hotel in Zhengzhou, which has started a street vendor-style food service to cope with declining revenue from traditional dining and conference services. This strategy has garnered both praise and skepticism from the public. Summary by Sections Business Strategy - The hotel has launched a street food initiative, achieving daily revenues of around 60,000 yuan shortly after its opening [4][9] - The hotel aims to maintain its brand identity while offering affordable prices, with popular items like garlic and spicy crayfish [9][10] - The hotel is exploring various business models, including discount packages and night market concepts, to adapt to changing consumer preferences [5][20] Market Response - Local residents have responded positively, with many returning for repeat purchases due to the quality and pricing of the food [10][11] - The hotel has faced criticism for entering the street vendor market, with some questioning whether this approach diminishes its luxury status [4][14] Industry Context - The number of five-star hotels in China has decreased from 845 in 2019 to 736 by Q3 2024, indicating significant industry challenges [11] - The hotel industry is experiencing pressure from reduced revenue streams, particularly in dining and conference services, prompting hotels to seek alternative revenue sources [11][17] Operational Challenges - The street vendor business is described as a low-margin operation, with the hotel needing to carefully manage costs to ensure profitability [14][15] - The hotel has mobilized a significant portion of its staff to support this new initiative, indicating a commitment to maintaining operational efficiency [15][16] Future Prospects - The hotel plans to leverage the current popularity of its street food offerings to drive traffic into its main dining services [20][23] - There are intentions to expand the street food concept into a night market format, enhancing the dining experience while utilizing existing resources [25]

Group 1 - Invesco Developing Markets Fund increased its holdings in Jiangsu Hengrui Pharmaceuticals by 100% in May, with a total market value of HKD 185,661,247 [2][3] - The fund's total size is approximately USD 14.1 billion, equivalent to about CNY 101.24 billion [2] - The fund's top five holdings include TSMC, Tencent, Huazhu Group, Kotak Mahindra Bank, and Meituan, with reductions in Tencent and Meituan by 5.31% and 24.77% respectively [3] Group 2 - Justin Leverenz, the fund manager, expressed optimism about the Chinese pharmaceutical industry, noting China's transition to a leader in drug development [4] - China has established a significant position in the global clinical and commercial landscape for blood cancer treatment, with its share of biotech licensing transactions increasing from 4% in 2019-2020 to 12% in 2023-2024 [4] Group 3 - JPMorgan Asset Management increased its stake in Jiangsu Hengrui Pharmaceuticals by 18.49% in May [5] - Allianz Investment also raised its holdings in Jiangsu Hengrui Pharmaceuticals by 8.47% [7] Group 4 - Fidelity China Focus Fund and FSSA China Growth Fund have also shown interest in various Chinese companies, with Fidelity increasing its stake in Alibaba by 12.46% and in Trip.com by 9.41% [9][10] - Temasek Holdings reported a net asset value of USD 340 billion, with a focus on long-term prospects in China, which represents 18% of its portfolio [11]

摘要 聚焦服务消费崛起——社服行业 2025 年度中期投资策略 20250710 Q&A 2025 年中国服务型消费的整体趋势如何？ 中国服务型消费占比低于发达经济体，生存性消费占比较高，未来文娱 类消费潜力巨大，旅游等发展型服务消费有望受益。 茶饮行业 2025 年增长态势良好，同店增速超 20%，受益于高温天气和 外卖补贴。推荐市占率高且价格低的雪王，以及有空白市场空间的股民。 餐饮行业 2025 年整体超预期增长，但内部结构分化。平价大众连锁餐 饮经营数据好转，推荐小菜园绿茶、百胜中国，后者通过回购提供约 9%股息率。 美团面临竞争，但本地生活三边交易网络和一站式生态壁垒深厚，低线 城市经营优势突出，有望在即时零售补贴大战中胜出。 教育市场供不应求，格局走向集中，高资质公司有望获取更高市场份额。 关注学大、昂立以及港股卓越和思考乐等标的。 人力资源行业需求淡，但科锐和北京人力依托华为扩张实现结构性修复。 科锐合发招聘平台通过 AI 对接猎头与企业，提升效率。 酒店行业供过于求，Revpar 同比下降但降幅收窄，暑期文旅需求良好。 关注供给端降速和龙头集团的经营改善机会，推荐首旅集团。 2025 年以来， ...

Core Viewpoint - The article discusses the phenomenon of "big data price discrimination" in the hospitality industry, where loyal customers often face higher prices compared to new users, leading to a loss of trust between consumers and platforms [2][6][21]. Group 1: Consumer Experience - Many consumers report experiencing price discrepancies based on their user status, with higher prices for loyal members compared to new users [4][21]. - A survey indicated that nearly 80% of respondents encountered "differential pricing," with specific percentages noting price differences for the same hotel room based on the entry point or account used [6][21]. - Consumers have developed strategies to counteract this issue, such as using different devices or accounts to compare prices, but these methods have limited effectiveness against sophisticated algorithms [5][7]. Group 2: Industry Response - Huazhu Group has introduced a "Price Guarantee" policy through its Huazhu Club, which promises automatic refunds if prices drop after booking, aiming to restore consumer trust [10][14]. - The "Price Guarantee" includes two main components: automatic refunds for price drops and compensation in the form of double points if a lower price is found on partner platforms [12][20]. - Huazhu's approach is seen as a significant move towards transparency in pricing and a potential solution to the ongoing issue of "big data price discrimination" in the industry [18][19]. Group 3: Market Dynamics - The article highlights the competitive landscape where major hotel groups are shifting focus towards direct bookings to reduce reliance on third-party platforms and their associated costs [8][15]. - Huazhu Group, with over 1.1 million hotels and 2.8 million members, leverages its scale and member loyalty to challenge external platform pricing [14][15]. - The ongoing issue of "big data price discrimination" is attributed to platforms utilizing user data to create profiles that allow for price adjustments based on perceived willingness to pay [21].

Core Viewpoint - The emergence of five-star hotels setting up street stalls reflects a shift in the hospitality industry, aiming to adapt to market changes and consumer preferences while providing high-quality food at accessible prices [4][6][8]. Group 1: Market Trends - In May, China's national catering revenue reached 457.8 billion yuan, a year-on-year increase of 5.9%, indicating a growing market for food services [2]. - The trend of "night economy" and "outdoor stalls" is expected to inject new momentum into service consumption as summer approaches [2][7]. - From January to May, national catering revenue totaled 2.28 trillion yuan, up 5.0% year-on-year, aligning with the growth of retail sales [7]. Group 2: Consumer Engagement - Consumers appreciate the opportunity to enjoy five-star hotel cuisine at affordable prices, with one customer noting the value of tasting high-quality food for a modest cost [4][5]. - The outdoor stalls have attracted significant foot traffic, with one hotel reporting a single-day revenue exceeding 80,000 yuan [4]. Group 3: Business Strategy - The initiative to set up outdoor stalls is a response to underperformance in traditional lodging and high-end dining, prompting hotels to explore new revenue streams [4][6]. - Hotels are maintaining high standards while adapting to a more casual dining format, ensuring that food is freshly prepared and meets quality expectations [6][8]. - The strategy aims to create a "five-star street stall" experience, reflecting a shift from prestige to profitability in the hospitality sector [8]. Group 4: Industry Adaptation - The trend of five-star hotels operating street stalls is not isolated to one location, as similar initiatives are observed across various cities in China [6]. - The flexibility in business models is seen as essential for survival in a competitive market, with hotels exploring new channels to meet consumer demand [8].

Core Insights - In the first half of 2025, 55 listed companies in the cultural tourism sector were analyzed, with 31 experiencing an increase in market value and 24 seeing a decline [3][18] - The highest market value increases were recorded by Wanda Hotel Development at 173.65%, Feiyang Group at 140.7%, and Jinma Amusement at 92.68% [3][4] - Conversely, the largest declines were seen in Lujing Technology at -48.03%, Lingnan Holdings at -43.34%, and Yingxin Development at -26.03% [6][7] Market Value Changes - As of June 30, 2025, the total market value of Wanda Hotel Development was 2.699 billion, while Feiyang Group and Jinma Amusement had market values of 0.126 billion and 4.521 billion respectively [4][7] - Ctrip led the market with a total value of 274.37 billion, followed by China Duty Free at 124.57 billion and Huazhu at 74.53 billion [8][9] - The overall market value of the remaining 52 companies was 390 billion, indicating a significant concentration of value among the top three companies [8] Sector Performance - The cultural tourism sector showed a mixed performance, with scenic area companies generally performing well, such as Haichang Ocean Park with a 39.1% increase and Zhangjiajie with a 28.55% increase [12][13] - Hotel companies also showed varied results, with Huazhu leading at 745.31 billion, while Atour saw a 20.41% increase [14][15] - Online travel companies experienced declines, with Ctrip and Tuniu dropping by 14.94% and 17.79% respectively, while Tongcheng saw a modest increase of 6.08% [16][17] Company-Specific Developments - Wanda Hotel Development's significant increase in market value was attributed to the sale of its subsidiary Wanda Hotel Management for 2.5 billion, which is expected to improve its financial structure [6][7] - Lujing Technology's decline was linked to negative media coverage regarding its management capabilities in scenic area operations [7][8] - The overall performance of cultural tourism companies reflects ongoing operational pressures, with some companies like Fosun Tourism Culture delisting from the Hong Kong stock market [18][19]

Core Viewpoint - The high-end hotel industry in China is undergoing a significant transformation as luxury hotels adopt street food-style operations to attract customers and counter declining revenues. This shift reflects a broader trend of re-evaluating value in consumer spending, moving from exclusivity to accessibility in service offerings [1][12]. Industry Overview - The number of five-star hotels in China has decreased from 850 to 736 in less than five years, with a 4.1% decline in reception rates expected in 2024 [1][2]. - Average room prices have fallen below 600 yuan, currently at 599.72 yuan, with occupancy rates at a low 60.73% [2]. - High-end dining is facing dual pressures from policy changes and market shrinkage, with business banquet revenues dropping over 20% due to "ban on alcohol" policies and wedding registrations down 20.5% [2][3]. Case Studies - The Zhengzhou Yonghe Platinum International Hotel's "five-star street stall" has become a model for success, generating 30,000 yuan in a single day by selling affordable dishes like 38 yuan per jin (500g) crayfish [3][4]. - Other hotels, such as the Tianjin Ritz-Carlton and Hangzhou Zhijiang Hotel, have also adopted similar strategies, indicating a widespread trend among luxury hotels to engage in street food-style operations [5][6]. Consumer Behavior - 60% of customers at these new food stalls are first-time visitors to the hotels, indicating a shift in consumer perception where high-end dining is now seen as more accessible [4][5]. - The pricing strategy has been adjusted to match local street food prices, allowing consumers to enjoy high-quality meals at lower costs, thus enhancing perceived value [6][7]. Challenges and Risks - The sustainability of this new model is questioned due to low profit margins, with some hotels reporting only 15% gross margins and high labor and ingredient costs [8][9]. - The initial consumer excitement is waning, leading to concerns about the long-term viability of these operations as they struggle to maintain consistent customer traffic [9][10]. Future Directions - The industry is encouraged by local governments to explore new business models, with some hotels beginning to develop exclusive member markets and community services [10][11]. - Successful transformation will depend on balancing quality and scale, as well as redefining core competencies beyond just price competition [11][12].

Core Viewpoint - The tourism industry is facing severe "involution," necessitating self-rescue by companies as highlighted by industry leaders [2][6] Group 1: Industry Challenges - The central government has emphasized the need to combat low-price disorderly competition and improve product quality in the tourism sector [2][6] - The phenomenon of "involution" manifests through homogeneous competition across various dimensions, including products, pricing, and marketing [2][4] - Price competition has escalated to a point where many companies engage in "loss-leader" strategies, leading to a decline in service quality [4][5] Group 2: Market Dynamics - The number of travel agencies has increased significantly, from 56,275 in 2023 to 64,616 in 2024, while revenue growth has not kept pace, indicating a supply-demand imbalance [6][7] - The average revenue for travel agencies rose from 4,442.7 billion yuan in 2023 to 5,657.7 billion yuan in 2024, but profits remained relatively stagnant [6][7] Group 3: Consumer Behavior - Tourists are increasingly seeking personalized and thematic travel experiences, yet the market lacks sufficient offerings to meet these demands [7][8] - The rise of free travel has pressured traditional group tours, which are often unable to adapt to changing consumer preferences [6][9] Group 4: Innovation and Competition - Many companies are hesitant to innovate due to tight cash flow and declining profits, leading to a reliance on low-cost strategies [7][8] - The lack of copyright protection for travel products exacerbates the issue, as successful innovations are easily replicated by competitors [7][8] Group 5: Recommendations for Improvement - Experts suggest that the tourism industry needs reforms in technology, sales channels, and personnel training to create a fair and orderly market environment [10][11] - Enhancing service quality through employee training and establishing a reward system for high service standards is crucial for improving customer satisfaction [10][11]

Core Points - Hilton Group has announced that the giant panda "Hua Hua" will serve as the "Pet Experience Officer" for its summer campaign "Love You Regardless of Size" [2][4] - The campaign focuses on creating family-friendly travel experiences that cater to different family members, promoting intergenerational travel [4][5] - The collaboration with the panda base aims to inspire family travel ideas and provide rich experiences for guests of all ages [5] Group 1 - The "Love You Regardless of Size" summer campaign will feature specially designed "Hua Hua" themed rooms in selected hotels in the Sichuan-Chongqing region, equipped with custom amenities [8][10] - The campaign includes limited-time panda-themed meals in hotel restaurants, enhancing the family vacation experience [8][10] - A series of collectible blind box figurines and themed electronic room cards featuring "Hua Hua" will be launched nationwide [10][12] Group 2 - According to Hilton's 2025 Trend Report, 98% of new generation travelers in China actively participate in family vacation planning, with 68% of parents prioritizing their children's interests when choosing destinations [12] - The collaboration with the panda base is seen as a significant step in promoting the concept of integrating conservation into daily life, aiming to raise awareness and engage the community [12][14]