Core Viewpoint - The article highlights the contrasting lifestyle of billionaires, focusing on the story of Miki Perdue, who, despite her immense wealth from two successful family businesses, chooses to live a modest and frugal life, emphasizing the value of giving over materialism [1][10]. Group 1: Background of Miki Perdue - Miki Perdue is the heir to the Sheraton hotel family and inherited significant wealth at the age of 26, with her family's hotel group valued at $12.2 billion [2]. - Her wealth increased significantly after marrying Frank Perdue, known as the "Chicken King," whose company generated over $10 billion in revenue last year [2]. Group 2: Lifestyle Choices - Perdue expresses that both her families discourage extravagance, and wearing designer clothes does not earn respect in her circles [3]. - Despite her wealth, she lives a life similar to an average person, opting for repairs over new purchases, using public transport, and residing in a modest apartment rather than a mansion [3][4][5]. Group 3: Work and Contributions - Perdue has a dual life, balancing her immense wealth with a commitment to work and community service, showing a preference for contributing to society rather than indulging in luxury [4][10]. - She has engaged in various humanitarian efforts, including selling her late husband's engagement ring for aid to war-torn areas and developing an AI trauma therapist for Ukrainian victims [7][11]. Group 4: Philosophy on Wealth - Perdue believes that true happiness comes from what one can do for others rather than what one can acquire, stating that focusing on giving leads to a more fulfilling life [10][11]. - She emphasizes the importance of stewardship in wealthy families, suggesting that their purpose is not to squander wealth but to manage it responsibly for future generations [12].

【 导读 】 京东官宣酒店商家最高三年 " 0佣金 " 政策 中国基金报记者 江右 以后不仅可以在京东购物、点外卖，还可以订酒店！ 京东创始人、董事局主席刘强东昨晚 的 发言 " 刷屏 " 后，京东进军酒店的重磅消息来了， 酒店商家入驻京东最高可以 享受 三年 " 0佣金 " 。对于消费者来说，又多了一个订酒店的平 台，可能有更多更便宜的酒店。 6月18日，京东面向全体酒店经营者发布公开信 表示 ，酒店商家参与"京东酒店PLUS会员计 划"，享受最高三年0佣金。京东表示，希望通过新通路的方式为酒店行业提供供应链服务， 优化供应链成本，推动酒店业经营成本下降，从而释放更多精力聚焦服务品质与体验焕新， 促进行业的良性发展。 近年来，随着国内消费活力的持续释放，居民旅行需求日益旺盛，旅游市场呈现出良好的增 长态势。京东此举旨在让利酒店商家，以自身平台能力，与酒店行业共同把握增长机遇，促 进酒店行业的健康可持续发展。 截至目前，京东已成为国内本地生活流量第一阵营的平台，海量用户的高频消费也催生出旅 游出行等更多消费需求。同时，京东拥有全国超8亿高消费力用户，与全国超30000家大型企 业和超800万中小企业客户深度合 ...

京东外卖之后，"京东酒店"也正式官宣。 6月18日，京东面向全体酒店经营者发布公开信，酒店商家参与"京东酒店PLUS会员计划"，可享受最高 三年0佣金。这与京东外卖上线前，外卖商家可0佣金入驻的方式如出一辙。 京东方面表示，希望通过新通路的方式为酒店行业提供供应链服务，优化供应链成本，推动酒店业经营 成本下降，从而释放更多精力聚焦服务品质与体验。 每经记者｜王郁彪 每经编辑｜杨夏 3月1日，京东外卖正式上线，仅用短短3个月左右的时间就达成了日单量2500万单这个阶段性的目标。 刘强东还分享了一组数据：截至目前，京东外卖已经有超过12万名全职的外卖员。 "我们每天都有3000到4000人入职，最主要的是HR（人力资源）不够，都分散在全国各地，对我们HR 是一个巨大的挑战，不是我们不想招更多全职骑手，而是这需要时间。" 《每日经济新闻》记者注意到，公开信中，京东称，希望联合酒店商家，通过平台让利商家，释放酒店 在服务、品质等方面的活力。 他同时也阐述了京东从进军外卖行业到进军酒店行业背后的逻辑。"京东为酒店、餐饮成立了新通路事 业部，我们先做的是便利店，第二就是餐饮，第三做酒旅，其实都是为了背后的供应链去做铺垫。 ...

点评报告 2025 年 6 月 18 日 晨会纪要 第一创业证券研究所 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 证券研究报告 美国 5 月零售销售环比降 0.9%，创 2023 年 3 月以来的最大降幅，预期降 0.6%， 前值从升 0.1%修正为降 0.1%。 美国 5 月零售销售降幅超出预期，主要受汽车销量下滑拖累，而此前因担忧关税 引发的抢购潮已退去。不包括汽车和零部件的美国 5 月零售环比为-0.3%，预期 为 0.2%，前值为持平；而再扣除加油站的核心零售销售环比降 0.1%，预期升 0.3%， 前值为 0.1%。 另外，美联储周二公布的数据显示，5 月份工业产出指数环比为-0.2%，前值（4 月）数据修正后为增长 0.1%。其中，5 月份制造业产值小幅增长 0.1%，前值为 -0.5%。 市场方面，美股有所下滑，道指跌 0.7%,纳指跌 0.91%，标普 500 跌 0.84%；由于 美以冲突有扩大趋势引发避险需求，美元出现上涨，由 98.1 上涨至 ...

受利好消息推动，韩国旅游概念股普遍走强。韩国交易所数据显示，过去一周，外资净买入"乐天观光 开发"约30亿韩元（约合人民币1581万元），"乐园集团（Paradise）"约23亿韩元。SK证券与韩华证券均 上调了相关企业的目标股价。SK证券分析师指出："若免签政策在7月落地，将为韩国酒店与博彩产业 带来实质性利好。" 与此同时，随着中韩文化交流持续升温、日韩互动加快，多家机构预测，今年下半年韩国免税、酒店、 时尚、娱乐等消费板块有望迎来全面复苏。 韩国政府近期宣布，将于第三季度对中国团体游客实施阶段性免签政策。多家航空公司也计划增设中韩 航线，以迎接即将到来的暑期旅游高峰。 人民网首尔6月17日电（周玉波） 随着韩国政局稳定，中韩交流回暖，中国游客正在加速重返韩国，带 动旅游、酒店、免税等相关板块在资本市场表现活跃。业内人士指出，政策利好与消费信心的同步修 复，为韩国旅游市场注入强劲动能，暑期将迎来全面回暖的关键窗口期。 业内专家认为，韩国文化与旅游产业的复苏正从"政策预期"逐步转化为"现实增长"，中国游客的回归有 望成为K-旅游产业重振的关键引擎。 据香港《南华早报》援引旅游数据公司"China Tradi ...

IP激发新活力："跟着'苏超'游南京""跟着'苏超'购南京"…… "苏超"踢出"好球"，文旅商体接力火热"传球" □ 南京日报/紫金山新闻记者 黄琳燕 程锦欣 "苏超"火爆，火的不只是赛事。在"苏超"带动下，文旅、消费也迎来"火热时刻"。南京推出"跟着'苏 超'游南京""跟着'苏超'购南京"等活动，结合票根推出"看球+旅游+消费"等文旅商体多元业态融合的优 惠套餐，观众、游客在宁观赛的同时还能以更优惠的价格赏金陵美景、品金陵美食、享金陵美宿、购金 陵好物，带动了旅游和消费增长。 6月17日，南京本土企业、数字物流平台运满满也官宣冠名江苏省城市足球联赛南京队，"苏超"的"南京 企业朋友圈"再扩容，"苏超"IP不断激发新活力。 热起来！带着票根享文旅商体联合优惠，"苏超"带动消费增长 带着"苏超"赛事的购票记录或者票根，到金鹰新街口店购物，可以享受多重优惠，涉及购物、餐饮、游 乐体验等多种业态。比如，买美妆可以享受八折优惠；购买参与活动的品牌商品可以享受立减、折扣、 赠礼等优惠；商场内多家餐饮门店也推出优惠活动。 金鹰新街口店相关负责人告诉记者，"苏超"的火爆吸引了游客，带动了消费增长，在5月11日和6月1日 两 ...

Core Viewpoint - The expansion of China's visa-free policy to include countries in Latin America and the Caribbean has led to a significant increase in inbound tourism and consumer spending, with the number of countries benefiting from this policy reaching 47 as of June 1 [1] Group 1: Inbound Tourism Growth - The Shanghai Yilong Hotel reported that over 85% of its bookings in April were from inbound tourists, indicating a surge in international visitors [1] - The hotel has adapted its services to meet the needs of foreign guests, including bilingual signage and enhanced English training for staff [2] - The trend of inbound tourists engaging in online shopping before arrival has increased, with one European guest arranging for over 100 packages to be delivered to the hotel [3] Group 2: Cultural and Service Enhancements - The Sanxingdui Museum has seen a rise in foreign visitors, attributed to its unique cultural offerings and improved service, including English-language ticketing and guided tours [4] - The museum has introduced over 300 new cultural products, enhancing the shopping experience for tourists [5] - The Beijing Wangfujing Department Store reported a 257% increase in tax refund applications in the first five months of the year compared to the previous year, reflecting a growing interest in shopping among foreign tourists [6][9] Group 3: Economic Impact and Future Prospects - The overall increase in inbound tourism is expected to drive a 10% annual growth in overnight visitors in the Yangtze River Delta region from 2025 to 2027 [3] - The implementation of new tax refund policies and the establishment of convenient refund points in major shopping areas aim to further enhance the shopping experience for international visitors [9]

Group 1 - Goldman Sachs introduced the concept of "Chinese Prominent 10," identifying ten leading private enterprises in China, including Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hansoh Pharmaceutical, Ctrip, and Anta [3][6] - The "Chinese Prominent 10" spans multiple sectors such as interactive media, retail, technology hardware, automotive, dining, entertainment, consumer goods, pharmaceuticals, hospitality, and textiles, contrasting with the tech-focused "Magnificent 7" in the US [6] - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 13% for these companies' earnings over the next two years, with a median of 12%, and notes that their average price-to-earnings (P/E) ratio is 16 times, making them more attractive compared to the US counterparts' P/E of 28.5 times [6] Group 2 - Notable companies such as JD.com, Baidu, CATL, and SMIC were excluded from the "Chinese Prominent 10," despite JD.com ranking first in revenue among private enterprises in 2024 [3][6][8] - JD.com operates primarily on a direct sales model, differing from Alibaba's e-commerce approach, and has recently entered the food delivery market, showing strong growth [6][8] - NetEase's revenue for 2024 is projected at 105.3 billion yuan, with a year-on-year growth of 1.74%, while its music service revenue is significantly lower than Tencent's music revenue [8][9] Group 3 - The report emphasizes that investing in private enterprises does not exclude state-owned enterprises, as Goldman Sachs still favors "high-quality" state-owned enterprises and shareholder return combinations [10]

Core Viewpoint - The company is focusing on high-quality development and digital transformation while expanding its hotel operations both domestically and internationally, aiming to enhance its competitive edge in the hotel industry [5][19][24]. Financial Performance - In 2024, the company achieved consolidated operating revenue of 14.06 billion yuan, a decrease of 4% year-on-year [5]. - The operating profit was 1.69 billion yuan, down 6.07% from the previous year, while the net profit attributable to shareholders was 911 million yuan, reflecting a decline of 9.06% [5]. - The net cash flow from operating activities was 3.56 billion yuan, a decrease of 31% compared to the previous year [5][6]. Hotel Business Overview - The hotel business generated consolidated operating revenue of 13.82 billion yuan, a decline of 4.02% year-on-year, but the operating profit increased by 2.3% to 1.67 billion yuan [7]. - The full-service hotel segment saw a significant revenue increase of 49.57%, while the limited-service hotel segment experienced a revenue decline [7][10]. - As of December 31, 2024, the company had a total of 13,416 hotels in operation, with a total of 1,290,988 rooms [9]. Expansion and Development - The company opened 1,515 new hotels in 2024, resulting in a net increase of 968 hotels [8]. - The company is actively pursuing digital transformation and enhancing its operational efficiency through various technological initiatives [16][25]. - The company plans to achieve operating revenue of 14.3 to 15 billion yuan in 2025, with a growth target of 2% to 7% [24]. Market Trends and Industry Outlook - The hotel industry in China is experiencing steady growth, with a rising trend in brand and chain hotel development [19][20]. - The domestic tourism market is recovering, with significant increases in both domestic travel and inbound tourism [21][22]. - The company aims to leverage the growing demand for mid-to-high-end hotels and expand its market share in the competitive landscape [19][20].

Core Point - The U.S. Department of Homeland Security has revoked a previous directive that exempted farms, hotels, and restaurants from immigration raids, indicating a shift in enforcement policy [1] Summary by Category Immigration Enforcement - The Department of Homeland Security informed its staff that immigration enforcement officials must continue conducting raids on agricultural businesses, hotels, and restaurants [1] - This decision follows a phone call on June 16, where officials from Immigration and Customs Enforcement (ICE) and Homeland Security Investigations communicated the need to resume immigration checks in these sectors [1]