Market Performance - The hotel and catering sector increased by 2.29% on August 25, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Quan Jud (002186) closed at 13.74, up 10.01% with a trading volume of 345,100 shares and a transaction value of 452 million [1] - Shou Lv Hotel (600258) closed at 15.14, up 3.20% with a trading volume of 346,700 shares and a transaction value of 517 million [1] - Xi'an Catering (000721) closed at 10.44, up 2.65% with a trading volume of 936,300 shares and a transaction value of 26.68 million [1] - Junting Hotel (301073) closed at 25.33, up 2.63% with a trading volume of 141,500 shares and a transaction value of 356 million [1] - Tongqing Lou (605108) closed at 20.86, up 1.81% with a trading volume of 66,300 shares and a transaction value of 137 million [1] - Jin Jiang Hotel (600754) closed at 23.61, up 0.85% with a trading volume of 156,300 shares and a transaction value of 367 million [1] - Jinling Hotel (601007) closed at 7.96, up 0.76% with a trading volume of 195,700 shares and a transaction value of 155 million [1] - Huatian Hotel (000428) closed at 3.71, up 0.54% with a trading volume of 480,900 shares and a transaction value of 179 million [1] - ST Yunwang (002306) closed at 1.93, unchanged with a trading volume of 256,300 shares and a transaction value of 49.29 million [1] Capital Flow - The hotel and catering sector saw a net inflow of 122 million from main funds, while retail investors experienced a net outflow of 1.04 billion [1] - The main funds' net inflow for Quan Jud was 78.36 million, accounting for 17.34% of its trading volume [2] - Shou Lv Hotel had a main fund net inflow of 36.59 million, representing 7.08% of its trading volume [2] - Junting Hotel recorded a main fund net inflow of 12.87 million, accounting for 3.62% of its trading volume [2] - Jin Jiang Hotel had a main fund net inflow of 304.15 thousand, representing 0.83% of its trading volume [2] - Tongqing Lou saw a main fund net inflow of 228.29 thousand, accounting for 1.66% of its trading volume [2]

"白天看比赛，晚上逛夜市" 一场比赛带来N种体验，赛事经济成今夏山东文旅消费新亮点 8月9日上午9点，位于滨州市滨城区的大学饭店里，棋桌上的棋钟开始跳动数字，来自省内各市的 国际象棋选手展开"厮杀"，比赛现场紧张感十足。当天上午，山东省第二届智力运动会在滨州开赛。为 了让更多人感受智力运动的乐趣和魅力，主办方在"智享滨州"互动体验区设置了各类智力游戏的家庭对 抗赛、残局擂台挑战赛、运动嘉年华等活动。 "白天看比赛、晚上逛夜市。"来自济南的李女士开启了如此活动模式。夜晚，李女士一家来到赛场 附近的夜市，品尝了滨州特色小吃芝麻酥糖，观看了渤海大鼓表演，还购买了非遗泥塑作品。 在"吃享滨州"展区，农业产业化国家重点龙头企业滨州中裕食品有限公司的高纤维系列锅巴、薯 片、芝士饼干等特色零食吸引了大批尝鲜者。 借助此次赛事带来的文体消夏热潮，滨州市同步启动了"好运山东 遍享滨州"九九黄河智创嘉年华 活动，共设"智享滨州、康享滨州、育享滨州、玩享滨州、购享滨州、吃享滨州、听享滨州"七大板块， 把各领域的"滨州特色"集中到广场上、夜市上、景区里。 记者发现，不少平原的商铺，都贴着"票根优惠"海报。来自临邑县的林震拿着票根订了 ...

Group 1 - The average nominal salary of employees in Kyrgyzstan for the first half of 2025 is reported to be 42,020 som (approximately 483 USD), reflecting a year-on-year increase of 19.6% [1] - After adjusting for price factors, the real salary growth stands at 11.5% [1] - The sectors with the highest salary increases include real estate (+40.3%), construction (+39.4%), management (+30.1%), healthcare and social services (+27.3%), professional services and technology (+27.3%), hospitality and catering (+26.2%), and government and defense (+24.2%) [1]

5元一份的油条、9元一份的糯米鸡、10元一份的大肉包……近日，广州街头多了一道别样的风景。白云宾馆、正佳万豪酒店等高端酒店不约而同在户外摆 起餐车。 近期，国内各大"星级"酒店、饭店外摆现象不断涌现，当高级酒店大厨系着围裙站在路边吆喝，当招牌菜以近乎腰斩的价格出现在街头，消费者如何看 待？ 8月21日，白云宾馆在街头摆摊卖早餐 从包间到街边，五星级酒店集体摆摊 近日，广州街头多了一道别样的风景。白云宾馆、正佳万豪酒店等高端酒店不约而同走出"深闺"，在户外摆起餐车。 工作人员一边忙碌一边介绍："今天已经是第四锅了，销量相当火爆。前两天差不多是 80多单起步，今天更是供不应求。"据悉，该摊位于三天前开始营 业，最初于下午五点半出摊。鉴于市场反响热烈，21日提前至三点便开始供应。 15块钱享受五星级，更极致的"质价比" 8月21日清晨八点，距地铁淘金站两三百米处，街头人来人往，两个红蓝相间的餐车格外引人注目，一大早便已聚起熙攘人群。广式油条5元、糯米鸡9 元、大肉包10元……身着统一制服的工作人员动作娴熟，将冒着热气的早餐摆上餐车，有些菜品不到半小时便被抢购一空。 白云宾馆中餐厅经理叶晓红告诉记者，白云宾馆于上月正 ...

Group 1 - The hotel and catering sector increased by 0.7% on August 22, with Xi'an Catering leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Key stocks in the hotel and catering sector showed varied performance, with Xi'an Catering closing at 10.17, up 3.46%, and Huazhong Hotel at 3.69, up 2.22% [1] Group 2 - The main capital flow in the hotel and catering sector showed a net outflow of 95.81 million yuan from institutional investors, while retail investors had a net inflow of 91.04 million yuan [1] - Detailed capital flow data indicated that Jinling Hotel experienced a net outflow of 3.51 million yuan from institutional investors, while retail investors contributed a net inflow of 1.97 million yuan [2] - The overall trend showed that while institutional investors withdrew funds, retail investors were actively buying into the sector [2]

福建东百集团股份有限公司 2025 年半年度主要经营数据公告 信息披露文件 证券代码：600693 证券简称：东百集团 公告编号：临 2025—042 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建东百集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司自 律监管指引第 3 号——行业信息披露》的要求，现将公司 2025 年半年度（以下简称"报 告期"）主要经营数据披露如下： 一、2025 年第二季度公司门店变动情况 无。 二、2025 年第二季度公司拟增加门店情况 无。 三、2025 年半年度公司主要经营数据分析 （一）主营业务分行业情况 1. 商业零售业务收入较上期下降 2.63%，主要是消费市场的结构性变化，零售市场 - 1 - 单位:万元 币种:人民币 分行业 营业收入 营业成本 毛利率 (%) 营业收入 比上年同 期增减 (%) 营业成本 比上年同 期增减 (%) 毛利率比 上年同期增减 商业零售 79,052.15 35,996.64 54.46 -2.63 -1.12 减少 0.70 个百分点 ...

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28]. Core Views - The consumer services sector has shown an overall recovery, particularly in the hotel and restaurant segments, likely driven by a rebound in market risk appetite and positive performance in the tourism sector [28][29]. - Recent fiscal policies, including interest subsidies for personal consumption loans, are expected to support consumer spending and stabilize the industry's fundamentals in the medium term [21][28]. Summary by Sections Market Review - From August 8 to August 21, 2025, the CITIC consumer services industry index rose by 3.76%, underperforming the CSI 300 index by approximately 0.45 percentage points. The increase was primarily driven by strong summer travel data and a recovery in market risk appetite [7][9]. - The hotel and restaurant sectors led the gains, with the hotel segment rising by 6.74%. The recent performance of Huazhu Group indicated stabilization in operational metrics, which may boost valuations [9][16]. - A total of 43 listed companies in the industry reported positive returns, with the top five performers being China High-Tech, ST Dongshi, Xi'an Catering, Kede Education, and Junting Hotel, showing increases of 17.68%, 15.93%, 15.65%, 13.00%, and 10.47% respectively [13][16]. Industry News - The central government has introduced a subsidy policy for personal consumption loans, which includes a 1% interest subsidy for loans used for various consumer purposes, effective for one year [21]. - The railway system reported over 710 million passengers transported during the summer travel season, reflecting a year-on-year increase of 4.1% [22]. - Huazhu Group reported a second-quarter revenue of 26.9 billion yuan, a 15% increase year-on-year, with operational metrics showing recovery [23]. Company Announcements - Jiuhua Tourism reported a 22.26% year-on-year increase in total revenue for the first half of 2025, reaching 483 million yuan [24]. - ST Dongshi announced the completion of the repayment of non-operating fund occupation by its controlling shareholder, allowing its stock to resume trading [25]. - Action Education reported a decrease in total revenue by 11.68% year-on-year for the first half of 2025, totaling 344 million yuan [26]. Weekly Perspective - The report suggests a positive outlook for the consumer services sector, driven by improved market sentiment and supportive fiscal policies. Key stocks to watch include China Duty Free, Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, and Zhongxin Tourism [28][31].

证券研究报告 | 2025年08月22日 华住集团-S（01179.HK） 优于大市 二季度业绩稳健增长，巩固轻资产战略与高质量扩张 二季度收入符合预期，利润稳健增长。2025Q2 公司酒店营业额约 269.2 亿 元，同比增长 15.0%；其中华住中国同比增长 15.6%。Q2 公司营收 64.3 亿元，同比增长 4.5%（靠近此前指引 1-5%上限）；归母净利润 15.4 亿 元，同比增长 44.7%（欧元升值带来外汇收益同比增加 3.9 亿）；经调 整净利润 13.5 亿元，同比增长 7.6%；经调整 EBITDA 同比增长 11.3%。 其中，华住中国分部营收为 51.1 亿元，同比增长 5.7%（此前指引 3-7%）； DH 收入为 13.2 亿元，同比增长 0.1%，经调整 EBITDA 同比增长 37%。 门店扩张驱动加盟业务增势良好，直营店战略性收缩存在负向经营杠杆。公 司本季度起披露直营与加盟业务利润拆分，Q2 开店驱动加盟收入同比增 长 22.8%，Q2 末在营酒店 1.2 万家/118 万间客房，加盟客房数同比增长 20.0%；对应总营业利润同比增长 23.2%，贡献集团总体 64%，同 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 22 日 浙商早知道 2025 年 08 月 22 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 24241 亿元，南下资金净流入 74.6 亿港元。 重要推荐 ❑ 【浙商通信 张建民】中兴通讯（000063）公司更新：超节点核心卡位，AI 时代再造中兴——20250820 重要观点 ❑ 【浙商宏观 李超/廖博】宏观深度报告：广义财政收支再平衡——20250820 重要点评 ❑ 【浙商大消费中观策略 钟烨晨】酒店餐饮 行业深度：中餐方兴未艾，品牌格局渐明——20250820 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 0.1%，沪深 300 上涨 0.4%，科创 50 上涨 0.1%，中证 1000 下跌 0.7%，创业板指下跌 0.5%，恒生指数下跌 0.2%。 ❑ 行业：周四表现最好的行业分别是农林牧渔（+1.5%)、石油石 ...

（文章来源：新华财经） 马克斯认为，这种业绩不佳是由于部分法国人和其他国家游客不再选择法国作为度假目的地，转而青睐 价格更低的西班牙和意大利。"在法国，成本越来越高，从业者把这些成本转嫁到售价上，让顾客自己 做选择，最终受损的是餐饮业。"马克斯说。他解释说，成本高昂主要由员工工资、"尚未恢复到新冠疫 情前水平的能源成本"以及"非常高的原材料成本" 驱动。 新华财经巴黎8月21日电（记者李文昕）法国酒店行业联盟（UMIH）主席蒂埃里·马克斯21日在法国 TF1电视台表示，法国酒店餐饮业今夏表现惨淡，远不如去年同期。 马克斯说，今年夏天，法国酒店餐饮业的业绩"比去年差很多"，"餐厅的营业额下降了25%到30%，酒店 业也明显下滑，只有户外住宿略有增长。"他表示，巴黎奥运会后的长期效应并未显现，"餐厅举步维 艰，（平均）每天有25家餐厅倒闭。" ...