Core Viewpoint - China Chengtong Development Group (00217) announced a leasing asset transfer agreement with an expected consideration of approximately RMB 238 million (around HKD 259 million) [1] Group 1: Transaction Details - The agreement involves Chengtong Financing Leasing, a wholly-owned subsidiary of the company, acquiring leasing assets from the transferor [1] - The expected date of the transfer is December 29, 2025, and the actual consideration may vary based on the transfer date [1] - Upon the transfer date, Chengtong Financing Leasing will have the right to collect all rental payments and other outstanding amounts from the lessee [1] Group 2: Financial Implications - Chengtong Financing Leasing is projected to earn revenue of approximately RMB 53.66 million (around HKD 58.49 million) from this transaction [1] - This revenue is calculated as the total of the purchase price and unpaid rental amounts due from the lessee at the end of the lease term, minus the consideration [1]

招股书显示，截至2024年12月31日，锦江酒店已经开业的酒店家数达到13,416家，客房间数1,290,988间。根据弗若斯特沙利文，按已经开业的酒店家数计 算，公司是中国及全球最大的酒店集团;截至同日，按已经开业的客房间数计算，亦是中国最大、全球第二大的酒店集团。 智通财经APP获悉，上海锦江国际酒店股份有限公司(简称：锦江酒店(600754.SH))于6月29日递交的港股招股书满6个月，于12月29日失效，递表时东方证券 国际为独家保荐人。 ...

上海锦江国际酒店股份有限公司(简称：锦江酒店（600754）(600754.SH))于6月29日递交的港股招股书满6个月，于12月29日失效，递表时东方证券国际为独 家保荐人。 招股书显示，截至2024年12月31日，锦江酒店已经开业的酒店家数达到13,416家，客房间数1,290,988间。根据弗若斯特沙利文，按已经开业的酒店家数计 算，公司是中国及全球最大的酒店集团;截至同日，按已经开业的客房间数计算，亦是中国最大、全球第二大的酒店集团。 ...

Group 1 - The core point of the article is that China Chengtong Development Group has announced a leasing asset transfer agreement, with an expected consideration of approximately RMB 238 million (around HKD 259 million) [1] - The leasing subsidiary, Chengtong Financing Leasing, will gain the right to collect rental payments and other outstanding amounts from the lessee starting from the transfer date [1] - The group primarily engages in leasing, property development and investment, offshore tourism services, and hotel operations, with leasing being its main business through Chengtong Financing Leasing [1] Group 2 - The expected revenue for Chengtong Financing Leasing from this transaction is approximately RMB 53.66 million (around HKD 58.49 million), calculated as the total of the purchase price and unpaid rental amounts minus the consideration [1] - The transfer is part of the general and daily business operations of Chengtong Financing Leasing [1]

Investment Rating - The report assigns a "Buy" rating to Atour Group with a target price of $51.2 [4][5]. Core Insights - Atour Group is positioned as a mid-to-high-end hotel chain, integrating lifestyle retail into the guest experience, with significant revenue growth and strong profit margins [2][12]. - The company has seen robust growth in both hotel and retail segments, with a projected net profit of RMB 16.2 billion, RMB 20.6 billion, and RMB 25.0 billion for 2025, 2026, and 2027 respectively [4][10]. - The membership system has expanded significantly, with membership numbers growing from 25 million in 2020 to over 100 million by September 2025, enhancing customer retention and reducing acquisition costs [2][55]. Summary by Sections Company Overview - Atour Group operates a diverse portfolio of hotel brands and retail offerings, focusing on high-quality service and unique experiences, with a market share of approximately 6% in the mid-to-high-end hotel sector [12]. - As of September 2025, Atour has 1,948 hotels, predominantly through a franchise model, which enhances profitability and operational efficiency [2][59]. Investment Highlights - **Differentiated Hotel Positioning**: Atour targets a price range of RMB 400-800 per night, avoiding competition in the budget segment while not being fully penetrated by luxury brands [33]. - **Active Membership Ecosystem**: The A-Card membership system has proven effective in driving customer loyalty, with a high repurchase rate of 58.3% in 2022 [51][55]. - **Franchise Model**: The company primarily operates through a franchise model, which allows for rapid expansion with lower capital investment [59]. Industry Analysis - The hotel industry in China is experiencing a strong rebound, with a 38% increase in revenue in 2023, although growth is expected to slow to 5% in 2024 [3]. - The mid-to-high-end market share is increasing, with a trend towards consolidation and multi-brand strategies among leading companies [3]. Financial Performance - Atour's revenue for 2024 is projected at RMB 9.73 billion, with a growth rate of 34.3% [10]. - The company has maintained a strong gross margin, with net profit margins expected to stabilize around 16.6% in 2025 [10][20]. Retail Business Growth - The retail segment has seen explosive growth, with revenue increasing from RMB 254 million in 2022 to RMB 2.198 billion in 2024, driven by popular products like the Deep Sleep Pillow [30].

3、贵金属，回调还是反转？ 如有疑问请以音频内容为准，添加妙投小虎哥微信：miaotou515，入群有机会与董小姐进一步交流。 本篇评级为★★★，主要围绕以下内容展开： 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 1、看懂这个官方暗示，看懂汇率方向； 1、看懂这个官方暗示，看懂汇率方向 2、2026年人民币国际化推进，投资市场有何机会？ 今天国内的市场有点原地踏步，我们一起来看一下有哪些支撑因素或压力出现了新变化。 首先，我们关注政策层面最近的一些新表态。第一个值得关注的是财政部召开的全国财政工作会议。虽 然会议并未透露总量层面的具体数字指标——比如特别国债的发行额度或明年的赤字率——但目前市场 上普遍预期，等到明年3月正式公布相关指标时，总量相比今年只会增加、不会减少。因此，整体基调 仍属支持性。 其中有一个细节值得特别留意：在全国财政工作会议结束后发布的新闻稿中，有一句话明确承诺"将继 续安排资金支持消费品以旧换新"，但会"调整和优化补贴的范围和标准"。被扩大覆盖的范围很可能包 括一些服务性消费，这正是2026年的重头戏，也可能成为消费市场中的增量亮点。这项政策具有延续 性，因此在有了这 ...

Group 1 - The travel market is expected to show characteristics of "having fun and doing more" during the New Year's holiday in 2026, with a significant increase in consumer travel willingness [1] - Popular long-distance routes such as Shenzhen-Harbin, Beijing-Kunming, and Beijing-Xishuangbanna are seeing a surge in travelers, with numbers exceeding those on December 31 [1] - Cities with unique features like "immersive experiences," "nearby micro-vacations," and "high-cost performance ski resorts" are emerging as unexpected popular destinations for the New Year's holiday [1] Group 2 - The trend of "new entrants expanding and main players upgrading" is evident, with a 130% year-on-year increase in bookings from travelers born after 2005, indicating strong growth potential among younger demographics [2] - Travelers aged 1990-1999, known as the "post-90s," represent 40% of New Year's holiday bookings, with an average order value increasing by 17% year-on-year, reflecting a willingness to pay for high-quality services and experiences [2] - Hotel bookings in popular areas for New Year's Eve, such as Changsha, Xi'an, and Chongqing, have seen significant year-on-year growth, with some locations experiencing increases of up to 5 times [2]

Core Insights - The domestic tourism market in China is experiencing a vibrant mix of "ice and snow" and "warm sunshine" during the year-end period, with "cross-regional travel" becoming a notable trend this winter [1] - As the New Year holiday approaches, there is a surge in demand for "post-holiday travel" and "leave-splitting travel," leading to a peak in cultural and tourism consumption [1] - Online travel platforms report significant increases in bookings for flights, hotels, and homestays during the New Year holiday, indicating strong vitality in both domestic and outbound tourism markets [1] Domestic Tourism Trends - Ice and snow tourism is dominating the market during the New Year holiday, with popular destinations like Jilin's Changbai Mountain and Harbin's snow resorts seeing ticket sales increase by 2.7 times and 2 times respectively [1][2] - The demand for ice and snow tourism is extending to southern regions, with places like Sichuan's Jiuzhaigou and Yunnan's Jiaozi Snow Mountain experiencing a 100% increase in ticket bookings [2] - Young travelers, particularly those born in the 1980s and 1990s, are the main force behind the surge in travel, accounting for over 70% of bookings [2] Accommodation Insights - Hotel bookings in popular cities during the New Year holiday have tripled year-on-year, with high-end hotels seeing a fivefold increase in orders [3] - Harbin continues to lead in homestay bookings, with a 15-fold increase in reservations around the Wansui Mountain Martial Arts City in Kaifeng [5] Short-Distance Travel Preferences - Short-distance micro-vacations are becoming mainstream, with popular train routes concentrated within a "4-hour high-speed rail circle," catering to the demand for flexible travel options [7] - Hotel bookings in smaller cities are also seeing significant growth, with some counties experiencing increases of over five times [8] Outbound Tourism Growth - The inbound and outbound tourism markets are both showing strong growth, with inbound hotel search heat increasing by over 150% and outbound flight bookings exceeding 620,000 [16] - Popular outbound destinations include Bangkok, Seoul, and Hong Kong, with flight bookings to Seoul increasing by 3.3 times year-on-year [21] Event-Driven Travel - Events such as New Year's Eve concerts and fireworks shows are driving tourism, with searches for related activities increasing by over 500% [15] - Major cities are hosting various New Year activities, enhancing the festive atmosphere and attracting tourists [13]

Group 1: Market Overview - The A-share market showed a strong upward trend last week, with major indices generally rising. The market style continued to favor resource products and technology growth, while consumer sectors experienced a pullback [1] - In terms of industry performance, sectors such as non-ferrous metals (precious metals + industrial resources), military industry (commercial aerospace), and power equipment (data center power) led the gains, while consumer, banking, and coal sectors turned downward [1] Group 2: Macroeconomic Analysis - The national fiscal work conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending and ensuring necessary expenditure. Key tasks include boosting domestic demand, increasing investment in new productive forces, and promoting employment and income growth [2] - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1%. The manufacturing sector's profit totaled 50,317.9 billion yuan, growing by 5.0%. Notable growth was seen in the computer, communication, and other electronic equipment manufacturing sectors, while the oil and gas extraction sector saw a decline of 13.6% [2] Group 3: International Economic Context - In the U.S., third-quarter economic data exceeded expectations, leading to a cooling of interest rate cut expectations. The GDP growth rate for Q3 was 4.3%, surpassing the expected 3.3% and the previous 3.8%. The resilience of the U.S. economy is attributed to strong personal consumption, increased public spending, and improved export contributions [3] - Structural weaknesses in the labor market and the upcoming Federal Reserve leadership change may influence future interest rate decisions [3] Group 4: Investment Strategy - The market is expected to take a significant step forward as the year ends, supported by factors such as a systemic decline in risk-free interest rates and an anticipated surge in asset management demand [4] - Capital market reforms are enhancing the investability of Chinese assets and improving market resilience to risks, suggesting a potential shift from a volatile market to a more stable one [4] Group 5: Investment Directions - The focus is on technology, financial services, and consumer sectors. Specific areas of interest include technology growth driven by advancements in AI and computing infrastructure, as well as financial sectors like brokerage and insurance benefiting from capital market reforms [5] - The domestic policy to expand internal demand is expected to strengthen, making it a key theme alongside technology. Emerging consumption trends and events like sports and winter tourism are highlighted as potential investment opportunities [5]

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41][43]. Core Insights - The report highlights the positive impact of Hainan's customs closure and the winter sports season on service consumption, predicting a robust demand for hospitality and travel services in 2026. Notably, Hainan's first week of duty-free shopping post-closure saw sales of 1.1 billion RMB, with year-on-year growth of 54.9% [4]. - The report anticipates a significant increase in domestic ski and ice tourism ticket bookings, with a projected year-on-year growth of approximately 70% from November 2025 to February 2026 [4]. - Key investment targets include hotels with balanced supply and demand, human resources services, the duty-free sector, and internet platforms that integrate online and offline operations [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.8 billion RMB and a circulating market capitalization of 457.1 billion RMB [1]. Market Performance - The consumer services sector experienced a decline of 1.05% in the week from December 22 to December 26, 2025, while the overall A-share market rose by 2.77% [7][10]. - The report notes that the hospitality sector, including hotels, saw varied performance, with some companies like Green Tea Group and Dingdong Maicai showing significant gains [16][19]. Important Announcements - Key announcements from companies in the consumer services sector include share buybacks and financial updates, such as Guilin Tourism's court ruling to recover illegal profits of 52.15 million RMB [31][30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the upcoming month, including Nanjing Commercial Travel and Changbai Mountain [34].