智通财经APP获悉，海通国际发布研报称，首次覆盖，给予华住集团-S(01179)"优于大市"评级，对应目 标价41港元。华住集团是中国连锁酒店市场领导者，受益于酒店行业连锁化率提升，公司间夜量排名稳 居第一梯队。公司采取多品牌矩阵+会员体系的商业模式，以高效的团队执行力，持续有市占率提升。 其次，中端酒店占比大，韧性强，中高端酒店比例提升，进一步助力整体Revpar提升。多品牌多层次有 助于向差异化商圈和用户布局。同时公司向高利润率、轻资产特性的特许经营模式转型，关闭低质量门 店，未来利润率有望持续提高。 海通国际主要观点如下： 第三季度，公司新开业酒店750家，储备酒店达2748家。其中，中高端酒店数量同比增长25%，超过了 整体7%的增长率。管理层对全年开业超过2300家酒店充满信心。管理层将继续升级其现有酒店矩阵， 并对新酒店开业采取更严格的标准。该行预测第四季度将净增234家酒店，到2025年总酒店数将达到 12,814家;从中长期看，公司坚定推进2030年2万家店的发展目标，期望15%的市占率。 会员体系与持续赋能 华住运营着全球贡献度最高的会员体系及业内规模最大、韧性最强的供应链，会员总数超3亿， ...

央视网消息：20多年前，杭州西湖成为全国第一个免费开放的5A级景区。12月1日，灵隐飞来峰景区的免费新政再次显示出，文物 保护与游客体验之间可以找到最佳平衡点，其背后是城市文旅"温度"的进一步提升。 今年57岁的杭州市民张逸闻，从上世纪八十年代就开始收集杭州各大景点的门票，如今已经做成了两大本纪念册。其中，涉及到的 大多数西湖边的景点，都已经免费开放多年。 2002年，杭州开始探索试行"免费西湖模式"拆除围栏，曾经各自孤立的小公园变身环湖大公园。柳浪闻莺、花港观鱼、曲院风荷等 景点陆续免费开放，环湖的博物馆、美术馆等也实行免费开放。2009年，太子湾实施提升工程后也免费开放，西湖沿线的大型公园 全部被打通。 如今，西湖边免费景点数量占比超过八成，游客人均停留时间延长2.1天，给城市的餐饮、酒店等产业的发展带来了更多提升。在西 湖边从事酒店行业将近30年的徐凤仙深有感触。 浙江杭州酒店从业者徐凤仙表示，她的生意提升了，客人满意度好了，这里西湖也不要买票，景区那么好，管理也那么好。 根据相关数据显示，西湖免费开放前，杭州年旅游收入294亿元。而2024年，杭州实现全域旅游收入3450.3亿元。 ...

粤海投资有限公司是一家主要从事供水和污水处理的投资控股公司。该公司通过七个分部运营其业务。 水资源分部从事供水、污水处理以及供水和污水处理基础设施建设。物业投资及发展分部从事物业的开 发和销售并为商业物业提供物业管理服务。百货营运分部分部营运百货店。发电分部经营营运燃煤发电 厂以及提供电力和蒸汽。酒店经营及管理分部分部从事酒店营运。道路及桥梁分部从事收费公路运营。 其他分部提供司库服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-01 | 5.20亿 | 11.40万 | 0.02% | | 2025-11-28 | 5.20亿 | 23.20万 | 0.04% | | 2025-11-27 | 5.20亿 | -42.20万 | -0.08% | | 2025-11-26 | 5.20亿 | 146.60万 | 0.28% | | 2025-11-25 | 5.19亿 | 61.60万 ...

Market Performance - The Black Friday kickoff has significantly boosted overseas consumption, leading to a positive sentiment in the A/H-share consumer sectors[1] - Weekly performance of various sectors showed strong growth, with the gaming sector leading at 6.9%, followed by overseas sportswear at 6.8% and overseas cosmetics at 4.1%[11] - Year-to-date performance highlights jewelry as the top performer with a 133.9% increase, while overseas sportswear has seen a decline of 15.4%[11] Sector Analysis - The overseas sportswear sector is expected to have a PE ratio of 30.2x in 2025, which is 57% of the average PE over the past five years[15] - The domestic sportswear sector's expected PE is 14.7x, representing 77% of its historical average[15] - The gaming sector's expected PE is 17.2x, which is only 28% of its five-year average, indicating potential undervaluation[15] Company Highlights - Notable stock performances include Sands China up 11.2% and MGM China up 9.1%, driven by positive trends in Macau's gaming revenue[14] - Lululemon's stock surged by 9.5% due to strong demand for new winter apparel, with expectations for a positive Q3 2025 earnings report[14] - E.L.F. Beauty's stock rose by 8.7% following favorable analyst ratings and improved sales trends[14] Consumer Sentiment - The retail sector saw a 3.6% increase, with Walmart and Target benefiting from the Black Friday shopping season[14] - The luxury goods sector increased by 2.5%, supported by expectations of strong performance during the holiday shopping season despite high valuation levels[14] - Domestic cosmetics stocks rose by 2.2%, with significant growth reported by companies like Shiseido and Marubi[14]

Core Points - The InterContinental Hotels Group (IHG) signed a strategic cooperation agreement with the China Disabled Persons' Federation Employment Service Guidance Center to promote employment for people with disabilities [1] Group 1: Employment Initiatives - IHG will develop job positions suitable for different types of disabilities, providing a respectful and equal working environment for disabled employees [1] - A training and internship base for disabled university graduates will be established, offering one-stop career support from skills training to practical job experience [1] - Customized online training courses in areas such as housekeeping management and food service will be jointly developed to enhance the vocational skills of disabled individuals [1] - More hotels under IHG will set up sales windows to sell handicrafts made by disabled artisans, helping to increase their income [1] Group 2: Current Impact - As of 2024, IHG has employed hundreds of disabled staff members across its hotels in the Greater China region [1]

【重点关注】 ·我国基础设施REITs再迈关键一步扩围至酒店、商业办公设施等领域 ·我国快递年业务量首次突破1800亿件每秒超6200件 ·广东省发改委发布2025年1—10月省重点项目建设进展情况，2025年广东省安排省重点建设项目1500 个，年度计划投资1万亿元。1—10月，省重点项目完成投资9598亿元，为年度计划投资的96.0%。 ·据"常州发布"消息，常州市12月1日召开进一步资助住房困难工薪群体购买商品住房政策吹风会。常州 市将在2025年实施"支持住房困难工薪群体购买自住新建商品住房现房"政策的基础上，进一步加大力 度，支持购买新建商品住房现房，拓展至既资助购买新建商品住房现房，也资助购买新建商品住房期房 和存量商品住房。 【国际要闻】 ·俄罗斯法律信息网1日发布的文件显示，俄总统普京签署关于中国公民临时入境俄罗斯的法令。根据该 法令，中国公民可免签证入境俄罗斯进行参观和商务旅行，有效期至2026年9月14日（含当日）。免签 天数为30天。 ·市场监管总局：积极推进婴配液态乳监管制度建设 ·普京签署中国公民临时入境俄罗斯法令可免签30天 【国内要闻】 ·国家发展改革委办公厅1日公布《基础设施领 ...

2025年度金鳞奖颁奖盛典于11月22日在珠海香山迎宾馆美高梅华府酒店成功举办。 连续颁发七年的金鳞奖是由「睡咖SHUIKA」团队主要发起，旅宿行业内酒店行业内多家媒体平台和上 下游企业联合发布的奖项。金鳞奖旨在通过真实入住测评和社交媒体口碑为消费者选出千里挑一的高品 质旅宿，为行业提供可参考的睡咖标准。今年共有92家奢华酒店、精品酒店、高端民宿、集团品牌及1 位年度人物上榜。 与传统颁奖典礼不同,金鳞奖每年都设有一个具有行业引领价值的主题。本年度，金鳞奖以「生活」为 题，探寻旅宿深意，回归生活本真。颁奖晚宴贯彻「瞬间·灵感·万象·品格」四大关键词，呈现一场典雅 恢弘的盛典。当「金鳞」冠以「生活」之名，既是对优质旅宿的再度定义，也是对行业风向的挖掘与指 引。 凤凰山麓，人文岭南。当天下午的游园会上，宾客们相继体验客家擂茶、押花书签、纸捞金鳞等环节， 共同感受极致的东方文化。入夜时分的草坪区域，蓝盒子床垫和艺术装置相得益彰，舞者的翩然舞姿呈 现松弛之感。在精美茶歇和琳琅酒水之间，唯美的入夜仪式将酒会气氛烘托到了最高点。 「此刻即生活·2025年度金鳞奖颁奖晚宴」由睡咖SHUIKA主办，由订单来了协办，现场也获得 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Points - InterContinental Hotels Group (IHG) has signed a strategic cooperation agreement with the China Disabled Persons' Federation Employment Service Guidance Center to establish standardized internship bases for disabled graduates and develop online training courses [1][2] - IHG aims to provide a comprehensive career support system for disabled university students, from skills training to job placement, through deep collaboration with special education institutions [1] - The partnership will also promote the "Beautiful Workshop" project, showcasing and selling handicrafts made by disabled artisans in more IHG hotels [1] Group 1 - IHG has hundreds of disabled employees in its hotels in Greater China as of 2024, and it will continue to improve equal, inclusive, and barrier-free employment mechanisms [2] - The successful experience of collaboration with the Sichuan Disabled Persons' Federation will be extended to flagship hotels such as Beijing North Star InterContinental Hotel and Beijing Regent Hotel [2] - IHG will explore high-quality employment models for disabled individuals in the hotel industry, regularly assessing job settings and talent development for disabled employees [2]

摘要 3、债券市场 4、权益市场 境内宏观：1-10月规上工业企业利润累计同比增速为1.9%，较1-9月的2.4%回落0.6个百分点，其中10月同比增速为-5.5%，较9月的21.6%由正转负。一方 面，上年同期基数明显抬高，对同比增速有一定影响，另一方面，"反内卷"下原材料涨价、叠加需求端表现偏弱，导致企业盈利空间收窄。 境外宏观：美联储降息预期再度回升，12月海外降息或是大概率事件，经历近期市场震荡后即使不降息其对市场的影响也较有限。9月美国非农新增就业 大超市场预期，但失业率数据进一步上行至4.4%。 债券市场：短期来看，货币政策年内降息预期降低，但在央行重启买债背景下，流动性或仍将维持宽松，债市大概率将维持区间震荡格局，趋势性行情减 弱，更多呈现结构性机会与博弈性机会并存的特征。 权益市场：上周市场风格向科技成长回归，资金从组合再平衡转向再配置。通信、电子、传媒等科技行业涨幅领先，石化、银行、煤炭等行业回调。10月 市场回调以来，融资买入额与成交占比整体均显著回落，上周随着整体市场风险偏好趋稳，两融活跃度有所回升。 投资策略：投资思路上，新兴科技仍有望成为主线，并适度关注低估消费与券商。 目录 1、境 ...