①美国三大股指小幅收跌，道指跌0.2%报48367.06点，标普500指数跌0.14%报6896.24点，纳指跌0.24% 报23419.08； ②美国大型科技股涨跌互现，特斯拉跌超1%，英伟达跌0.36%，苹果跌0.26%，脸书涨超1%，亚马逊涨 0.2%，微软涨0.09%，谷歌涨0.09%； ③中概股涨跌不一，亿航智能涨超5%，老虎证券涨逾4%，百度集团涨超4%，希尔威金属矿业涨逾 3%，小鹏汽车涨超3%，蔚来涨逾3%。叮咚买菜跌超7%，唯品会跌约7%，华住集团跌逾2%，晶科能源 跌逾2%，欢聚跌超2%，京东集团跌近2%； ④欧洲三大股指收盘全线上涨，德国DAX指数涨0.57%报24490.41点，法国CAC40指数涨0.86%报 8181.86点，英国富时100指数涨0.87%报9952.08点； ⑤COMEX黄金期货涨0.20%报4352.30美元/盎司，COMEX白银期货涨7.88%报76.02美元/盎司； ⑥美油主力合约收跌0.22%，报57.95美元/桶；布油主力合约跌0.24%，报61.34美元/桶； ⑦纽约尾盘，美元指数涨0.22%报98.22，离岸人民币对美元上涨57.0个基点报6.992 ...

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][37]. Core Insights - The social services sector has shown resilience, with a reported increase of 6.28% during the review period, outperforming the broader market by 4.61 percentage points [13][14]. - Key companies such as China Duty Free Group and others have demonstrated significant stock price increases, with China Duty Free Group rising by 16.91% [14][17]. - The report highlights the positive impact of government policies aimed at expanding domestic demand, which are expected to support the valuation recovery of the sector [4][37]. Industry Dynamics - The first week of Hainan's duty-free shopping saw sales reach 1.1 billion CNY, a year-on-year increase of 54.9%, with an average spending of 6,667 CNY per person, up 16% [19]. - Major airports in Shanghai and Beijing have awarded duty-free store contracts to China Duty Free Group, enhancing its market position [18]. - The tourism market is heating up ahead of the New Year, with domestic flight bookings exceeding 1.06 million, a 45% increase year-on-year [23]. Company Performance - The report details stock performance for key companies, with notable increases in holdings for companies like Haidilao and China Oriental Education during the review period [3][36]. - Specific companies such as Atour, Ctrip Group, and Huazhu Group are recommended for investment due to their strong market positions and growth potential [4][37]. Future Outlook - The report suggests a focus on companies that are well-positioned to benefit from ongoing economic recovery and consumer spending, including China Duty Free Group, Huazhu Group, and others [4][37]. - The introduction of new products and services, such as Atour's modular hotel concept and the expansion of brands like Mixue Ice City into international markets, indicates a trend towards innovation and market adaptation [20][25].

12月30日，据阿里资产网披露的信息显示，"武汉市武昌区水果湖街东湖路105号武汉中央文化旅游区 K3-2地块5栋/单元1-21层商1号"将在2026年1月26日进行拍卖，起拍价约4.24亿元，评估价约6.06亿元。 值得一提的是，上述披露拍卖的标的为武汉富力万达嘉华酒店，拍卖物的所有人为武汉万富酒店管理有 限公司，土地使用期限至2052年10月18日，土地使用权面积为13006.99平方米，分摊土地面积3213.57平 方米，建筑面积为40666.41平方米，房屋规划用途为商业服务（酒店），总层数21层，所在层数1-21 层。 智通财经记者 李晓青 天眼查资料显示，武汉万富酒店管理有限公司注册成立于2017年9月12日，注册资本为55490.8万元，法 定代表人为张洋，公司由广州富邦酒店管理有限公司100%持股，穿透股权显示，该公司的最终实际持 有人为富力地产的间接全资附属公司兆晞有限公司。 武汉富力万达嘉华酒店位于武汉武昌区东湖路105号，2013年开业，酒店配备379间/套客房。 ...

Core Insights - The cross-year consumption trend is on the rise, with new experiences and activities being introduced across various regions, enhancing the sense of ritualistic consumption as the New Year approaches [1][5][10] Group 1: New Consumption Trends - The cross-year consumption scene is evolving, with activities such as fireworks shows, themed markets, and immersive experiences becoming popular [1][5] - In Jilin, the "Cloud Top Palace" snow sculpture, which integrates holographic projection technology, is a highlight, attracting visitors with its immersive storytelling [3][6] - In Shanghai, the International Cruise Tourism Resort is hosting a series of events including music performances and fashion shows, indicating a shift towards more engaging and experiential offerings [5][10] Group 2: Regional Highlights - Jilin Province is promoting winter tourism with a budget of 1 billion yuan in ice and snow consumption vouchers, aiming to stimulate various related sectors [6] - In Shanghai, the Yao Snow Ice World is seeing a significant increase in hotel bookings, with expectations of over 50,000 visitors during the New Year holiday [6][8] - In Hunan, the popularity of artificial snow installations and themed events in shopping malls reflects a growing trend towards creating festive atmospheres [5][10] Group 3: Consumer Preferences - Consumers are increasingly seeking experiences that provide emotional value and personalization, such as themed tea sessions and outdoor concerts [11][13] - The shift from sightseeing to experiential consumption is evident, with a focus on diverse activities and cultural experiences [11][13] - The demand for unique and high-quality experiences is driving innovation in service offerings and infrastructure improvements across the tourism sector [13]

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][37]. Core Insights - The social services sector has shown resilience, with a reported increase of 6.28% during the review period, outperforming the broader market by 4.61 percentage points [13][37]. - Key drivers of growth include the strong performance of duty-free sales in Hainan, which reached 1.1 billion CNY in the first week of operation, marking a 54.9% year-on-year increase [19]. - The report highlights significant developments in the tourism and education sectors, with rising travel bookings and new educational policies aimed at reducing exam burdens [23][28]. Summary by Sections Market Performance - The consumer services sector outperformed the market, with a 6.28% increase from December 15 to December 28, 2025, compared to a 1.67% rise in the CSI 300 index [13][14]. Industry and Company Dynamics - Duty-free shopping in Hainan saw a remarkable increase, with sales reaching 11 billion CNY, and average spending per person rising to 6,667 CNY, a 16% increase year-on-year [19]. - Major companies like China Duty Free Group won multiple bids for airport duty-free operations, enhancing their market position [18]. - The hotel sector is innovating with the launch of the "Atour 3.6" brand, which has successfully opened over 20 locations, achieving high occupancy rates and revenue per available room (RevPAR) [20]. Stock Holdings Analysis - Notable changes in stock holdings during the review period include an increase in holdings for Haidilao and Gu Ming, while others like Tea Baidao saw slight decreases [3][36]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Huazhu Group, Ctrip, and Atour, among others, as they are expected to benefit from favorable government policies aimed at boosting domestic demand [4][37].

每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ （记者 曾健辉） 每经AI快讯，锦江酒店12月30日晚间发布公告称，公司第十一届第八次董事会会议于2025年12月30日 以通讯方式召开。会议审议了《关于上海吉长堃、上海怀臬、上海鄂汉堃、上海辽堃等4家全资子公司 股权转让给关联方的议案》等文件。 ...

本次交易是根据公司战略定位和经营发展需要，公司将上海吉长堃100%的股权、上海怀臬100%的股 权、上海鄂汉堃100%的股权及上海辽堃100%的股权出让予锦江资本，公司将不再持有上述4家公司的 任何股权。 格隆汇12月30日丨锦江酒店(600754.SH)公布，锦江酒店通过非公开协议转让的方式向锦江资本转让其 持有的上海吉长堃100%的股权、上海怀臬100%的股权、上海鄂汉堃100%的股权及上海辽堃100%的股 权。上海吉长堃100%股权、上海怀臬100%股权、上海鄂汉堃100%股权、上海辽堃100%股权的交易价 格均以经备案后的评估值为依据确定。本次交易的受让方为锦江资本。锦江资本系本公司控股股东，根 据《上海证券交易所股票上市规则》规定，本次交易属于关联交易。2025年12月30日，锦江酒店与锦江 资本就上海吉长堃100%股权、上海怀臬100%股权、上海鄂汉堃100%股权及上海辽堃100%股权的转让 事宜分别签署了《股权转让协议》。本次交易转让价格合计为人民币2.07亿元。 股权转让完成后，锦江酒店全资子公司旅馆投资公司将与上海吉长堃、上海怀臬、上海鄂汉堃及上海辽 堃分别签署《房屋租赁合同》，租赁上述4家 ...

Core Viewpoint - Jinjiang Hotels plans to transfer its entire equity holdings in Shanghai Jichangkun, Shanghai Huailian, Shanghai Ehan Kun, and Shanghai Liaokun to Jinjiang Capital through a private agreement for a total price of 207 million RMB [1] Group 1 - The equity transfer will result in Jinjiang Hotels' wholly-owned subsidiary, Shanghai Jinjiang International Hotel Investment Co., Ltd., signing lease agreements with the four companies for their properties to be used for hotel operations [1]

中新网山东新闻12月30日电(张婧)2026年元旦、春节将至，青岛市崂山区围绕"山海焕新岁福暖崂山 春"主题，策划推出涵盖文艺演出、文化体验、节会会展、文旅消费等领域的百余项重点活动，旨在传 承中华优秀传统文化，激活冬季文旅消费市场。 展会与惠民并举 节会展览方面，2025年12月31日至2026年1月2日，国际宠物生活博览会暨"萌动新年"宠物嘉年华将在国 信会展中心(崂山)举办。2026年2月28日至3月3日，春季青岛国际文博会暨玉石交易会将接续登场。此 外，DC动漫嘉年华将于1月至2月期间举行，吸引年轻群体。 惠民措施持续加力。1月至3月，"文旅崂山"公众号将发放低票价观影券、演出券。石老人观光园推出门 票特惠。多家酒店同步推出住宿、餐饮优惠套餐，例如：青岛索菲亚国际大酒店推出399元两晚高级房 含双早及下午茶，自助餐99元/位；青岛新希望诺富特酒店对持崂山景区门票的游客提供客房85折、用 餐9折优惠；海天金融中心酒店、海天大剧院酒店也推出相应客房及餐饮优惠。王哥庄街道将举办福气 满"馒"年味活动，联动百年大集、馒头特色街促进消费。 系列活动贯穿双节 元旦前夕及当天，系列文艺演出陆续登场。12月30日晚， ...

Core Insights - The Chinese hotel industry in 2025 is marked by significant mergers and acquisitions, indicating a profound transformation in the market landscape [1][5] - The second wave of consolidation is more mature and involves a diverse range of participants with clearer strategic goals compared to the first wave in 2015 [2][3] - The industry is shifting from extensive expansion to refined operations and from individual competition to ecological competition [4] Group 1: Mergers and Acquisitions - Major players are engaging in collective actions, such as Tongcheng Travel's acquisition of Wanda Hotel Management for 2.49 billion yuan and Hubei Culture Tourism's takeover of Junting Hotel [1][11] - The hotel acquisition market has formed three main forces: local state-owned enterprises, OTA platforms, and traditional hotel groups, each with distinct strategic intentions [6][7] - Local state-owned enterprises are increasingly active, with Hubei Culture Tourism becoming the largest shareholder of Junting Hotel by acquiring approximately 36% of its shares [8][9] Group 2: Strategic Intentions - Local state-owned enterprises view hotels as key nodes for integrating cultural and tourism resources, as evidenced by Hubei Culture Tourism's ownership of multiple scenic spots and hotels [9][10] - OTA platforms like Tongcheng Travel and Ctrip are acquiring existing quality accommodation to enhance their supply chain and competitive advantage [11] - Traditional hotel groups are strengthening their market positions through strategic investments and acquisitions, such as China Tourism Group's investment in the Aegean Hotel Group [12] Group 3: Industry Challenges and Trends - The hotel industry is experiencing a shift towards ecological competition, moving from individual operations to integrated strategies across the entire tourism industry [13] - The competitive landscape is increasingly dominated by major players like Jinjiang, Huazhu, and Shouqi, making it difficult for smaller groups to grow independently [26][27] - The market is witnessing a significant growth rate in new hotel formats, with boutique and themed hotels seeing revenue growth rates of over 25%, compared to traditional hotels' 3% [31] Group 4: Future Outlook - The hotel industry is expected to continue evolving, with a multi-layered and multi-format ecosystem emerging [37] - The integration of technology, capital, and operations will lead to a more diverse hotel ecosystem [38] - Companies that can quickly adapt to changes and establish advantages in niche markets will thrive in the upcoming industry reshuffle [40]