Group 1 - The company reported a revenue of HKD 17.52 million for the six months ending September 30, 2025, representing a year-on-year decrease of 22% [1] - The profit attributable to the owners of the company was HKD 958,000, a significant decline of 84.53% compared to the previous year [1] - Earnings per share stood at HKD 0.16 cents [1]

中新网重庆新闻11月27日电(陈媛)26日，重庆文化旅游集团酒店职业经理人签约仪式在当地举行，重庆 文化旅游集团下属重庆两江假日酒店管理有限公司与6位职业经理人代表集体签约。本次签约是落实重 庆市国资委"市场化选人用人"改革要求的具体实践，是推动酒店板块专业化、品牌化发展的关键举措。 图为签约仪式现场。重庆市国资委 供图 重庆文化旅游集团党委书记、董事长冉斌介绍，推行职业经理人制度，是贯彻落实深化国资国企改革要 求的重要抓手，是建立健全市场化经营机制，激发活力、提高效率，推动国有企业高质量发展的切实举 措。 "人才是第一资源，要落实'人才强企'战略。"重庆市国资委党委副书记邓美涛表示，职业经理人制度作 为市场化选人用人的重要机制，打破了传统国企"行政化用人"的壁垒，通过"市场化选聘、契约化管 理、差异化薪酬、市场化退出"，为国企注入"鲶鱼效应"，激活人才队伍"一池春水"。 在本次选聘中，按照公平公开公正原则，重庆文化旅游集团构建了公告发布、宣传推广、简历筛选、考 核选拔、背景调查、体检录用等全流程标准化的职业经理人招聘体系，多渠道广泛宣传招引人才，推出 的11个岗位共收到有效简历498份。通过多轮选拔出的10 ...

Core Viewpoint - New World Hotels (08315.HK) reported a decline in revenue for the six months ending September 30, 2025, indicating challenges in the hospitality sector [1] Financial Performance - Revenue for the period was HKD 17.52 million, a decrease of 22% year-on-year [1] - Gross profit amounted to HKD 5.551 million, reflecting a slight increase of 0.7% year-on-year [1] - Profit attributable to owners for the period was HKD 0.958 million, representing a significant decrease of 84.5% year-on-year [1] - Basic earnings per share were HKD 0.0016 [1]

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Core Insights - The hotel industry has seen a notable highlight this year with the emergence of Intercity Hotels, which signed over 260 projects in a year, despite being a new brand with fewer than 100 existing locations [2] - Intercity Hotels has engaged in unique promotional activities, such as partnerships with Garmin and a cycling brand, offering extravagant rewards for extended stays, which has drawn significant participation [3][4] Group 1: Intercity Hotels' Strategy - Intercity Hotels targets high-end travelers who are discerning and have experienced various luxury accommodations, making them difficult to impress [6] - The brand focuses on providing a reliable travel base rather than traditional luxury services, emphasizing efficiency and support for business travelers [8][9] - The hotel has invested in practical details that enhance the guest experience, such as high-quality bedding, soundproofing, and thoughtful amenities [11][12] Group 2: Unique Promotions and Customer Engagement - The promotional campaigns, such as the "stay 100 nights" challenge, have attracted over 170,000 participants, indicating a strong engagement strategy [4][16] - The rewards offered, while seemingly impractical, resonate with customers seeking a break from their routine and a chance to indulge in whimsical experiences [16][19] - Intercity Hotels successfully creates an environment where guests can escape the pressures of calculation and enjoy their stay without the burden of cost-benefit analysis [19]

每逢旅游淡季，低价预售就成为酒店行业的常规操作，而在近几年，这一趋势正逐渐向高端度假品牌蔓延。 在刚刚过去的双十一促销中，九寨沟悦榕庄、富春山居、千岛湖安岚等高端度假酒店纷纷推出日历价"对折"套餐，部分房型价格甚至不到700元/晚，引发 消费者囤券热潮。 这些曾经定位高端的度假品牌，如今却主动下场促销，这是否意味着高端度假酒店市场也撑不住了？高端度假酒店的生存逻辑正在发生怎样的变化？ 高端度假酒店的"冰与火" 当前，酒店行业正面临普遍的增长压力。消费者的理性消费观念与终端市场的需求减少，使得价格竞争在经济型、中端酒店中持续蔓延，就连以往定位高 端、奢华的度假品牌，也不得不调整策略，加入促销行列以维持客流。 今年双十一期间，高端度假品牌的让利幅度尤为显著。比如，九寨沟悦榕庄推出1999元住3晚套餐，富春山居园景客房3天2晚活动价仅1399元，千岛湖安 岚酒店同款3天2晚套餐也仅售1999元。优惠后的价格折算成单价，不仅远低于平日单晚房价，即便在过去的淡季也属罕见，如今却成为吸引客源的重要手 段。 *图片来源：小红书截图 低价预售的流行，一方面契合了当下消费者追求高性价比的心理，另一方面也为酒店在平台获取流量与曝 ...

Core Insights - At the end of Q3 2025, Atour is nearing its strategic goal of "Two Thousand Good Stores," with a total of 1,948 operating hotels and 219,359 rooms as of September 30, indicating a transition to a new growth phase based on "quality stock" [1] Group 1: Growth and Performance - In Q3, Atour opened 152 new hotels, reflecting a significant scale increase [1] - The average revenue per available room (RevPAR) for the quarter was 371.3 yuan, recovering to 97.8% of the same period in 2024, showing a trend of gradual improvement throughout the year [3] - The growth is characterized by "quality first," driven by continuous investment in product iteration and user experience, enhancing the brand's appeal to high-quality customer segments [3][4] Group 2: Channel Structure and Profitability - In Q3, the Central Reservation System (CRS) channel accounted for 62.4% of orders, indicating a strong independent customer acquisition capability and a healthier order structure, which stabilizes profit margins [3] - A higher proportion of self-owned channels suggests that consumers actively seek and choose the brand, reinforcing the long-term value of the franchise system [3][4] Group 3: Product Matrix and Business Model - Atour has developed a diversified product matrix covering mid-range to high-end markets, supported by years of product system and operational validation [5] - The 3.6 and 4.0 product lines cater to different customer needs, with the 4.0 projects achieving a RevPAR of over 500 yuan, demonstrating strong operational validation [6] - The "Two Thousand Good Stores" strategy reflects Atour's ability to replicate its operational model and product system, supporting sustainable growth across various market conditions [6]

报道举例称，韩国新世界免税店明洞店在该政策实施一个月内，中国访客数量较去年增长了90%，销售额增长了40%。 韩国政府自2025年9月29日起至2026年6月30日限时允许三人及以上中国团体游客免签入境，停留期限为15天。济州地区与此前相同，个人和团体游客均可免 签入境并停留30天。 报道称，旅游业界代表提议，自9月29日实施面向中国团体游客的免签政策后，在吸引游客和带动经济方面效果显著，因此有必要延长这一政策的期限。 【环球网报道 记者 姜蔼玲】据韩联社11月28日报道，在面向中国团体游客试行免签入境政策两个月后，韩国旅游业界认为该措施在吸引游客和带动韩国经 济方面效果显著，因此向韩国政府提议有必要延长政策期限。 据报道，大韩商工会议所文化观光产业委员会于11月28日在首尔举行会议，韩国文化体育观光部第二次官金大贤（音译）出席。与会者包括航空、酒店、旅 游、内容产业及韩国食品等领域20余名企业与团体代表。 ...

Group 1 - Hainan Highway's stock price increased by 5.42%, reaching 7.58 CNY per share, with a trading volume of 166 million CNY and a turnover rate of 2.30%, resulting in a total market capitalization of 7.495 billion CNY [1] - Hainan Highway's main business areas include real estate development, transportation infrastructure investment and construction, hotel operations, and advertising, with revenue composition as follows: transportation industry 54.57%, service industry 21.11%, cultural tourism industry 19.97%, and real estate industry 4.35% [1] Group 2 - Southern Fund's Southern CSI Real Estate ETF has reduced its holdings by 69,800 shares, now holding 10.0108 million shares, which accounts for 1.02% of the circulating shares, with an estimated floating profit of approximately 3.9042 million CNY [2] - The Southern CSI Real Estate ETF was established on August 24, 2017, with a current scale of 202 million CNY, yielding 4.61% this year, ranking 3804 out of 4206 in its category, and has a one-year loss of 4.65%, ranking 3966 out of 4008 [2] Group 3 - The fund manager of Southern CSI Real Estate ETF is Luo Wenjie, who has a total tenure of 12 years and 224 days, managing assets totaling 170.445 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]