北京商报讯（记者 和岳）11月27日，国家发展改革委政策研究室副主任李超表示，近期，国家发展改 革委正在积极推动基础设施REITs进一步扩围至城市更新设施、酒店、体育场馆、商业办公设施等更多 行业领域和资产类型。同时，国家发展改革委将继续加强与证监会的协同配合，进一步优化申报推荐程 序，动态完善有关项目申报要求，提高工作质效，在严防风险、严把质量的基础上，支持更多符合条件 的项目发行上市，更好推动基础设施REITs支持实体经济的发展。 ...

Core Points - Junting Hotel (301073.SZ) announced that as of the date of this announcement, all parties involved are actively advancing the transaction, and the overall plan is still under negotiation [1] - The parties have not yet signed a formal agreement, and the company expects that it will not be able to resume trading on November 28, 2025 [1] - Due to the ongoing planning of the transaction and the associated uncertainties, the company has applied to the Shenzhen Stock Exchange for a continued suspension of its stock from trading starting November 28, 2025, with an expected suspension period of no more than three trading days [1]

Core Viewpoint - Junting Hotel (301073.SZ) is actively advancing its transaction plans, but no formal agreement has been signed yet, leading to an expected continuation of stock suspension until November 28, 2025 [1] Group 1 - The company is in discussions regarding a transaction, with the overall plan still under negotiation [1] - Due to the ongoing planning and uncertainty, the company has applied for a stock suspension to prevent abnormal price fluctuations and protect investor interests [1] - The expected duration of the stock suspension is no more than three trading days [1]

本文源自：金融界AI电报 凯联国际酒店(00105.HK)发布公告，该公司将于2026年1月8日派发中期股息每股0.14港元。 ...

该信息由智通财经网提供 智通财经APP讯，凯联国际酒店(00105)发布截至2025年9月30日止6个月中期业绩，该集团取得收入1.48 亿港元，同比减少2.34%;权益股东应占本期间亏损1.48亿港元，同比减少69.77%;每股基本亏损0.41港 元。 截至2025年9月30日止半年度，集团的投资物业估值变动前的经营溢利为8970万港元，较去年同期 下跌约7.3%。该下跌是由于国际广场于本期间的租金收入较去年同期减少，以及利息收入因利率下降 而减少所致。 ...

凯联国际酒店(00105)发布公告，该公司将于2026年1月8日派发中期股息每股0.14港元。 ...

智通财经APP讯，凯联国际酒店(00105)发布公告，该公司将于2026年1月8日派发中期股息每股0.14港 元。 ...

11月27日，国家发展改革委政策研究室副主任李超在新闻发布会上表示，近期，发改委正在积极推动基 础设施REITs进一步扩围至城市更新设施、酒店、体育场馆、商业办公设施等更多行业领域和资产类 型。 并强调，将继续加强与证监会的协同配合，进一步优化申报推荐程序，在严防风险、严把质量的基础 上，支持更多符合条件的项目发行上市，更好推动基础设施REITs支持实体经济的发展。 2025年9月12日，国家发改委发布《关于进一步做好基础设施领域不动产投资信托基金(REITs)常态化申 报推荐工作的通知》(发改办投资〔2025〕782号)，明确提出要探索铁路、港口、特高压输电、通信铁 塔、市场化租赁住房、文化旅游、专业市场、养老设施等新资产类型的发行路径。 此外，2025年11月11日，发改委副司长关鹏在发布会上强调将协同证监会推动新资产类型项目首单上 市，并优先支持消费基础设施和民间投资项目。 当前政策重点在于城市更新产业（300832）园和消费基础设施(如酒店、商业办公)领域。例如，华夏金 隅智造工场REIT以城市更新产业园为底层资产，成为首单相关项目;中金厦门安居REIT扩募项目涉及保 障性租赁住房，而消费类REITs ...

Core Insights - The article highlights the paradox in the Chinese online travel agency (OTA) industry, where Ctrip, a dominant player, reported significant revenue and profit growth, while many hotels struggle with profitability [1][9][61] - Ctrip's Q3 2025 revenue reached 18.3 billion RMB, a year-on-year increase of approximately 16%, with net profit soaring to 19.9 billion RMB, largely due to non-operating income from asset sales [2][3][4] - The disparity between Ctrip's financial success and the challenges faced by hotels raises questions about the sustainability of such growth and the impact of OTA commission structures on hotel profitability [7][18][61] Financial Performance - Ctrip's Q3 2025 net revenue was 18.3 billion RMB, with a year-on-year growth of nearly 16% [2] - The revenue breakdown shows accommodation bookings at 8 billion RMB (+18%), transportation tickets at 6.3 billion RMB (+12%), and travel vacation at 1.6 billion RMB (+3%) [2] - Ctrip's adjusted EBITDA reached 6.3 billion RMB, with an EBITDA margin of 34%, significantly higher than competitors like JD and Meituan [3][18] Industry Dynamics - The hotel industry is experiencing a structural crisis, with many operators reporting "no profit" despite increased revenue, indicating a severe profit squeeze [1][9][15] - The influx of capital into the hotel sector has led to oversupply, resulting in price wars and stagnant average daily rates (ADR) [10][14][15] - The reliance on OTAs for customer acquisition has made hotels increasingly dependent on platforms like Ctrip, which charge high commissions [17][18] Competitive Landscape - Ctrip is transitioning from a commission-based model to a comprehensive service provider focused on accommodation, enhancing its control over the hotel booking process [3][22] - The article discusses the competitive strategies of other players like JD and Meituan, with JD attempting to disrupt the market with a "zero commission" model, though this may not be sustainable [40][41][44] - Ctrip's international business has seen explosive growth, with international OTA bookings up 60% and inbound travel bookings more than doubling [23][25] Technological Advancements - Ctrip's use of AI tools like TripGenie has significantly reduced service costs and improved operational efficiency, allowing for higher margins on new orders [28][30][32] - The company leverages data and algorithms to optimize pricing and enhance customer engagement, solidifying its market position [33][56] Future Outlook - The article suggests that the hotel industry must innovate and differentiate to survive in a market dominated by OTAs, emphasizing the need for brand building and unique customer experiences [59][60] - Regulatory scrutiny may increase due to Ctrip's market dominance and high profit margins, posing potential risks to its business model [60][61]

Core Insights - Xi'an is leveraging a series of events and concerts to boost cultural tourism and economic growth, showcasing a blend of its historical heritage and modern youth culture [1][10] - The "Qingman Chang'an" initiative includes six service categories aimed at enhancing visitor experience and extending their stay, thus driving overall consumption [3][10] Service Initiatives - The "Hui Xiang Chang'an" program collaborates with platforms like Ctrip and Douyin to offer exclusive packages for concert-goers, including discounts and extended public transport services [2] - "Le Xiang Chang'an" features 100 hotels that provide special amenities for concert attendees, enhancing their overall experience [2] - "Zun Xiang Chang'an" extends public transport hours and introduces dedicated shuttle services for concert-goers, promoting cultural engagement [2] - "Shang Wei Chang'an" partners with local restaurants to create themed dining experiences, further integrating food into the cultural tourism strategy [2] - "Tong Kuang Chang'an" promotes local cultural products, enhancing the visibility of Xi'an's heritage through collaborations with artists [2] - "Hai Chang Chang'an" focuses on interactive experiences at venues, transforming the audience's role from passive viewers to active participants [2][3] Economic Impact - As of November 22, 2023, Xi'an hosted 51 concerts with over 932,000 attendees, marking a 57.93% increase year-on-year, significantly benefiting local hospitality and service sectors [4][6] - The average spending per overnight visitor exceeds 2000 yuan, indicating a strong economic impact from the influx of tourists [4] - Hotel occupancy rates around the concert venues are consistently above 80%, reflecting high demand during events [6] Digital Engagement - The "Qingman Chang'an" initiative has successfully integrated online and offline experiences, generating over 10.3 billion yuan in online consumption and achieving significant engagement on social media platforms [6][10] Cultural Branding - The initiative has transformed Xi'an's image from merely a tourist destination to a vibrant cultural hub, fostering emotional connections with visitors through curated experiences [10]