国企改革利好密集发布！ 刚刚，陕西国资股异动，西安饮食直线封涨停。陕西华达、曲江文旅、西安旅游、陕国投等直线拉升。 消息面上，陕西省出台深化资本市场改革助力陕西高质量发展的十六条措施。其中提到，重点推动主业 不突出、经营效益差的国有控股上市公司实施重大资产重组，淘汰落后产能，实现转型升级，恢复再融 资能力，依托资本市场做优做大做强。 值得注意的是，近期不少地方都出台了关于国企改革、盘活存量的方案和政策。那么，国企改革概念是 否再起涨潮？ 陕西发布"十六条" 今日，陕西省出台深化资本市场改革助力陕西高质量发展的十六条措施。 其中提到，强化国有控股上市公司改革引领作用。推动国有控股上市公司充分发挥平台作用，围绕主业 开展资源整合，完善上下游产业链，解决同业竞争，减少关联交易，实现整体上市。重点推动主业不突 出、经营效益差的国有控股上市公司实施重大资产重组，淘汰落后产能，实现转型升级，恢复再融资能 力，依托资本市场做优做大做强。 今天上午，上海国资微信公众号发布消息称，上海国有存量资产项目推介会（2025）暨"存量盘活与价 值发现"研讨会日前在上海国盛集团举行。 上海市国资委主任贺青表示，存量盘活是深化国资国企改革 ...

Core Insights - The article highlights the transformation of serviced apartments in China, indicating a shift from a luxury offering for expatriates to a more accessible option for domestic consumers, driven by urbanization and changing consumer preferences [2][3][4] - Huazhu Group is positioning serviced apartments as a strategic focus, recognizing the need to address both consumer demand and the challenges faced by property owners in managing existing assets [8][11] Industry Changes - Change 1: Serviced apartments are evolving from a high-end niche market to a mainstream option, with a significant decrease in foreign residents and an increase in domestic travelers and families [3][4] - Change 2: The expansion of serviced apartments is moving from first-tier cities to second and third-tier cities, reflecting economic growth and increased travel demand in these areas [5][6] - Change 3: The rental model is shifting from long-term rentals to a combination of long and short-term rentals, allowing for greater flexibility and responsiveness to market demands [6][10] Strategic Moves by Huazhu - Huazhu is establishing serviced apartments as a key business segment, aiming to fill gaps in the market for multi-day, multi-person accommodations that traditional hotels cannot adequately serve [9][10] - The company is addressing the challenges of large property owners by offering a hybrid rental model that provides stable cash flow through long-term rentals while capitalizing on peak demand with short-term rentals [11][12] - Huazhu is also focusing on revitalizing underperforming commercial properties by converting them into serviced apartments, leveraging their adaptability to various property types [13][14] Product Innovation - Huazhu's serviced apartments are designed to meet the specific needs of Chinese consumers, featuring layouts and amenities that cater to family and group travel, which traditional hotels often lack [18][19] - The company is implementing cost-effective renovation strategies to upgrade older properties, allowing for quicker returns on investment and improved operational efficiency [15][16] Investment Model - Huazhu's serviced apartments offer a low-barrier investment model, with reduced construction and renovation costs compared to traditional hotels, making it attractive for investors [20][21] - The combination of long and short-term rental strategies provides a clear revenue model, enhancing the financial viability of serviced apartments and ensuring stable returns for investors [20][21] Operational Efficiency - Huazhu leverages its extensive membership base and digital tools to optimize operations and reduce costs, ensuring a competitive edge in the serviced apartment market [21] - The company's strategic focus on understanding local consumer needs and market dynamics positions it well for future growth in the serviced apartment sector [21]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $50.50 [1] Core Insights - The company reported Q3 revenue of 2.628 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 474 million yuan, up 23.2% year-on-year [5] - The hotel business is expected to continue its marginal recovery, while the retail segment shows strong growth, prompting the company to raise its full-year revenue growth guidance to 35% [5][8] - The dual growth momentum from both hotel and retail sectors is highlighted as a key strength for the company [5] Financial Performance - Q3 RevPAR (Revenue Per Available Room) showed a slight year-on-year decline of 2.2%, but there are signs of recovery driven by increased leisure travel demand [6] - The company operates 1,948 hotels as of the end of Q3, with a year-on-year increase of 27.1%, and aims to achieve the target of "2,000 good hotels" by year-end [7] - Retail business GMV (Gross Merchandise Volume) reached 999.4 million yuan, a year-on-year increase of 75.5%, with online sales accounting for over 90% [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 have been adjusted upwards to 9.759 billion yuan, 11.783 billion yuan, and 13.505 billion yuan respectively, reflecting a growth rate of 34.64% for 2025 [9] - The net profit attributable to shareholders is forecasted to reach 1.656 billion yuan in 2025, with an EPS of 12.04 yuan [9] - The target price is set based on a PE ratio of 23 times for 2026, reflecting the company's growth potential and market positioning [9]

央广网重庆11月26日消息（记者陈静 实习记者何春艳）人才是第一资源。11月26日，本轮深化国资国企改革以来，首批职业经理人签约仪式在重庆市国资 委举行，重庆文化旅游集团与6位酒店职业经理代表现场集中签约。 职业经理人为文旅产业高质量发展注入新动能 据重庆市国资委党委副书记邓美涛介绍，重庆正在加速打造国际消费中心城市、世界知名旅游目的地、全国文化旅游高质量发展示范地、西部地区文化旅游 融合发展引领地。本轮深化国资国企改革进行战略性重组专业化整合后，重庆文旅的主责主业更加突出、文旅资源更加集中，其中管理的酒店客房数将突破 1.8万间。酒店业是连接"吃住行游购娱"的关键环节。职业经理人团队将以专业化运营、品牌化塑造、数字化赋能，推动市属酒店从"分散经营"向"集团化发 展"转型，为重庆文旅产业高质量发展注入新动能。 "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'。"邓美涛介绍，此次签约是落实"人才强企"战略的生动实践、深化"三项制度"改革的大胆探索。 在薪酬激励方面，重庆文化 ...

华天酒店11月26日晚间公告，公司于2025年8月26日披露了《关于公司董事会秘书辞职的公告》，原董事会秘书申智明因个人原因辞职，根据相关规定，在 公司董事会秘书空缺期间，董事会指定财务总监谢彩平代为履行董事会秘书职责。谢彩平代行董事会秘书职责已满三个月。根据《深圳证券交易所股票上 市规则》规定，公司董事会秘书空缺期间超过三个月的，董事长应当代行董事会秘书职责。自本公告披露日起，由公司董事长杨宏伟代行董事会秘书职 责。 华天酒店表示，公司将按照相关规定，尽快完成董事会秘书的选聘工作。但读创财经注意到，在8月26日的公告中，华天酒店也是如此表述，"公司将按照 法定程序尽快完成董事会秘书的选聘工作"。时隔三个月，公司董秘一职迟迟空缺。 华天酒店业务以酒店服务业为主业，物资商贸及洗涤、家政、物业、团餐等生活服务业为辅。 公司是1996年上市的老牌酒店集团。但在酒店行业变革中，公司逐渐呈现掉队趋势。目前，仍未摆脱亏损泥淖。 财务数据显示，2014年~2024年，华天酒店扣非净利润持续11年处于亏损状态，累计净亏损额达35.76亿元。 2025年，华天酒店业绩下滑的趋势仍未扭转。前三季度公司实现营业收入3.98亿元，同 ...

Core Viewpoint - Atour (NASDAQ: ATAT) reported a significant increase in revenue and net income for the first nine months of 2025, indicating strong growth in its hotel and retail segments [1][3][20]. Financial Performance - For the first nine months of 2025, Atour's revenue reached 7 billion RMB (approximately 983 million USD), a 35.6% increase from 5.164 billion RMB in the same period last year [1]. - The operating profit for the same period was 1.6 billion RMB (approximately 225 million USD), up from 1.2 billion RMB the previous year [1][20]. - Net income for the first nine months of 2025 was 1.14 billion RMB (approximately 161 million USD), compared to 942 million RMB in the prior year [1][20]. Quarterly Performance - In Q3 2025, Atour's revenue was 2.63 billion RMB, a 38.4% increase from 1.9 billion RMB in Q3 2024 [3][9]. - Adjusted net income for Q3 2025 was 488 million RMB (approximately 69 million USD), reflecting a 27% increase from the previous year [20]. - The average daily rate (ADR) for Q3 2025 was 447 RMB, with an occupancy rate of 80.2% [10][20]. Business Segments - Revenue from managed hotels in Q3 2025 was 1.56 billion RMB, a 32.3% increase from 1.18 billion RMB in Q3 2024 [9][10]. - Retail revenue surged to 846 million RMB in Q3 2025, a 76% increase from 480 million RMB in the same quarter last year [9][10]. - The total number of hotels operated by Atour reached 1,948, with a total of 219,359 rooms as of September 30, 2025 [3][20]. Cash and Dividends - As of September 30, 2025, Atour held approximately 2.7 billion RMB (375 million USD) in cash and cash equivalents [6][20]. - The company announced a cash dividend of 50 million USD as part of its commitment to enhance shareholder value, with a total of approximately 108 million USD in dividends for 2025 [4][5].

Core Viewpoint - The recent government policies aim to enhance consumer demand and supply adaptability, leading to new growth opportunities in the consumption sector by 2027 and beyond [1][2]. Group 1: Policy Implementation and Goals - The implementation plan aims for a significant optimization of the consumer goods supply structure by 2027, creating three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [1]. - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in consumption's contribution to economic growth [1]. Group 2: Consumer Trends and Innovations - The plan emphasizes the development of diverse interest-based consumption products, including pet-related goods, anime, and trendy apparel, while also expanding low-altitude tourism and automotive aftermarket consumption [1][2]. - The rise of new business models such as live-streaming e-commerce and instant retail is highlighted as a key factor in meeting personalized consumer demands [2]. Group 3: Market Performance and Economic Indicators - Recent data indicates a recovery in the consumption market, with core CPI rising by 1.2% year-on-year in October, marking the sixth consecutive month of increase, and PPI showing a slight uptick [2]. - The performance of traditional consumption sectors, including food and beverage, liquor, and e-commerce, has been notably strong, providing fundamental support for consumption stocks [2]. Group 4: Investment Opportunities in Consumer Sector - Analysts recommend focusing on the hotel and duty-free industries, which are showing signs of recovery and growth potential due to favorable policies [3]. - Five major consumption trends are identified for investment opportunities in 2026, including the rise of high-quality domestic brands and the increasing demand for emotional consumption [3]. Group 5: Company-Specific Insights - Huazhu Group's strong performance in Q3, with revenue and net profit exceeding expectations, is attributed to its robust membership system and rapid expansion [4]. - Ctrip Group is expected to maintain steady domestic growth while continuing to expand internationally, supported by increased investment returns [5]. - BYD's projected annual profit growth rate of 30% from 2025 to 2028 highlights its confidence in long-term overseas expansion despite uncertainties in the domestic market [5]. - Haier Smart Home reported a 10% year-on-year revenue increase in Q3, driven by product innovation and direct sales transformation [6]. - Pop Mart's significant revenue growth of 245-250% in Q3 reflects its successful global expansion and strong IP ecosystem [6].

Core Insights - The "ticket root economy" is emerging as a new model to boost urban consumption by linking event tickets with discounts at various local attractions, hotels, and restaurants, thereby transforming one-time spending into a continuous consumption chain [1][2] Group 1: Economic Impact - The "ticket root economy" has significantly increased consumer engagement by allowing a single ticket to unlock multiple consumption scenarios, enhancing the overall experience and encouraging repeat visits [2] - Cities like Shanghai and Zhejiang are forming alliances to create a comprehensive "ticket root economy" ecosystem, integrating event organizers, ticket platforms, and local businesses [1] Group 2: Challenges - The "ticket root economy" faces several challenges, including over-reliance on government subsidies, lack of market mechanisms, and insufficient cross-departmental collaboration, which complicates the redemption process for consumers [3] - There are also concerns regarding cultural depth and experience, as many tickets serve merely as functional vouchers without added value or engagement [3] Group 3: Recommendations for Improvement - To convert short-term traffic into sustained urban consumption, it is recommended to establish market-driven mechanisms, enhance technological support, and deepen cultural and experiential value associated with tickets [3] - Suggestions include creating a standardized interface for cross-industry collaboration, utilizing blockchain for security, and developing cultural derivatives from tickets to maintain consumer interest [3]

华天酒店（000428）11月26日晚间公告，公司于2025年8月26日披露了《关于公司董事会秘书辞职的公 告》，原董事会秘书申智明因个人原因辞职，根据相关规定，在公司董事会秘书空缺期间，董事会指定 财务总监谢彩平代为履行董事会秘书职责。谢彩平代行董事会秘书职责已满三个月。根据《深圳证券交 易所股票上市规则》规定，公司董事会秘书空缺期间超过三个月的，董事长应当代行董事会秘书职责。 自本公告披露日起，由公司董事长杨宏伟代行董事会秘书职责。 华天酒店业务以酒店服务业为主业，物资商贸及洗涤、家政、物业、团餐等生活服务业为辅。 公司是1996年上市的老牌酒店集团。但在酒店行业变革中，公司逐渐呈现掉队趋势。目前，仍未摆脱亏 损泥淖。 财务数据显示，2014年~2024年，华天酒店扣非净利润持续11年处于亏损状态，累计净亏损额达35.76亿 元。 2025年，华天酒店业绩下滑的趋势仍未扭转。前三季度公司实现营业收入3.98亿元，同比减少12.52%； 归母净利润-1.56亿元，同比下降39.99%；扣非净利润-1.64亿元，同比下降28.45%。公司经营活动现金 流净额为2273.87万元，同比下降61.57%。 来源： ...

Group 1 - The recent depreciation of the Japanese yen is characterized as a sharp and dramatic decline rather than a gradual one, with the exchange rate nearing 157.3:1 against the US dollar, marking a single-day drop of 1.8% [1] - The Japanese government, particularly Finance Minister Katsuyuki Kitagawa, has issued strong warnings and appears ready to intervene in the market due to the alarming currency situation [1][3] - The yen's depreciation has not led to an increase in exports but has instead resulted in soaring import costs, pushing inflation to unprecedented levels, with core CPI rising 3.0% year-on-year as of October 2025 [5][12] Group 2 - The yen has depreciated over 50% since 2021, from 102 to over 157, leading to significant economic challenges, including rising costs of essential goods like rice and eggs [5][14] - The government’s economic stimulus package of 21.3 trillion yen (approximately 96.56 billion RMB) has exacerbated the situation, relying heavily on issuing more government debt, which has led to a sell-off of Japanese bonds [7][9] - Japan's national debt has reached twice its GDP, and the rising bond yields indicate a loss of market confidence, with 40-year bond yields hitting a historic high of 3.695% [7][9] Group 3 - The political landscape under Prime Minister Kishi has contributed to the crisis, with aggressive policies leading to a disconnect between political actions and economic realities, resulting in a self-inflicted economic downturn [3][10] - The tourism and retail sectors are suffering due to strained relations with China, which has halted imports of Japanese seafood and discouraged Chinese tourists, further impacting Japan's economy [10][12] - The ongoing capital flight from Japan, as investors lose faith in government policies, has led to a significant drop in the stock market, with a 2.4% decline observed recently [12][16] Group 4 - The current crisis reflects a broader failure of economic policy, where the yen's depreciation has not translated into competitive advantages but rather into increased living costs for citizens [12][18] - The situation poses a risk of escalating tensions with the US if Japan attempts to intervene in the currency market, potentially leading to further economic isolation [16][18] - The overall outlook for Japan's economy is grim, with the potential for a complete policy failure if current trends continue, leading to a significant political and economic crisis [18]