以下文章来源于劲旅网 ，作者陈杰tigereat 劲旅网 . 劲旅网-文旅新经济增量价值发现平台。我们以理性、严谨、客观、专业、务实的视角，为中国文旅业 界和关注文旅产业的金融界、科技界、产业界、学界等领域的精英们，实时输出有深度、有态度、高品 质的原创内容，以及产业社群服务。 本文来自微信公众号： 劲旅网 ，作者：陈杰，编辑：壮壮，头图来自：AI生成 一 "今年我们酒店接到的企业年会订单量惨不忍睹。" 华北某市从事高星酒店销售业务的A君这两天忍不住向劲旅君吐槽，往年这个时候整个团队都为企业 年会订单忙得不可开交，今年却一反常态。 不仅年会订单数量暴跌，价格也持续走低。 往年企业年会餐标价格至少1500元/桌，今年1000元/桌还是强凑出来的。 更有甚者，一些小企业客户就带着十来个员工在酒店吃顿饭权当年会了，没有工作总结，没有颁奖抽 奖，大家埋头吃饭，完事就撤，一点热闹气氛都没有。 在社交媒体上，"今年年会消失了？"的帖子不绝于耳，大家都在私下询问别家企业年会到底还办不 办？ 在一项名为"今年你们公司还有年会吗？"的投票，超过5000人的投票结果中，75%的人都投向"公司 没有年会"。 更多的人则是在各种帖子 ...

Core Viewpoint - The article highlights a significant decline in the attractiveness of the United States as a travel destination due to political actions and policies under the Trump administration, leading to a decrease in international tourist spending and overall tourism revenue [1][2]. Group 1: Impact on Tourism Industry - The World Travel and Tourism Council (WTTC) reports that U.S. international tourist spending is expected to drop by $12.5 billion by 2025, making the U.S. the only country among 184 analyzed to forecast negative growth in international tourist spending last year [2][4]. - The projected international tourism revenue for the U.S. in 2025 is slightly below $169 billion, a decrease of approximately $12.5 billion from the previous year, and significantly lower than the peak levels of 2019 [4]. - The decline in tourism is affecting local economies that rely on international visitors, with notable impacts on hotel occupancy rates, job losses in the tourism service sector, and reduced demand for tourism-related services [4]. Group 2: Public Perception and Policy Effects - The political climate in the U.S. has transformed the perception of traveling to the country into a political statement for many potential visitors, with 46% of surveyed tourists indicating a reduced willingness to travel to the U.S. due to the Trump administration's policies [2][3]. - The article suggests that the U.S. is missing out on a global tourism boom, as the decline in inbound tourists and tourism spending reflects broader implications for the country's standing in the global tourism landscape [4]. - Recent U.S. actions, including threats towards other countries, are not only affecting travel to the U.S. but are also influencing tourists' decisions regarding travel to other destinations, such as Cuba [5].

飞书消费综合行业总经理付雪冬表示，通过"锦鲲"平台，飞书不仅提供了技术工具，更重要的是助力锦 江酒店（中国区）将数字化能力与 AI 赋能深度嵌入日常运营管理，加速企业高质量发展。 据了解，"锦鲲"平台已于 2025 年 11 月 10 日上线，一周时间内激活率达 100%，并在上线 1 个月内完成 了 20 个重要性高、覆盖面广、使用频次高的系统及程序入口归拢。 新华财经北京1月23日电（记者丁雅雯）记者23日获悉，锦江酒店日前与飞书签署合作协议，双方将联 合打造AI 协同办公平台"锦鲲"。此举意味着锦江酒店数字化转型全面加速。 "AI 发展日新月异，正重塑各行各业的运行逻辑，拥抱AI不是加分项，而是必选题。"锦江酒店（中国 区）首席执行官王伟表示，2026 年被行业视为AI创造价值的分水岭。"锦鲲"的发布是锦江酒店（中国 区）与飞书开展深度合作的起点，更是公司数字化转型、全面拥抱 AI 的重要之举。 "技术的价值，永远要落地到'解决实际问题'上。让 AI 去做它擅长的事，让人去做更有温度的事，提供 更有温度的服务。"王伟强调，面对分布在全国各地的一万多家门店及数万名员工，锦江酒店（中国 区）要做的，不是简单 ...

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

Core Insights - Meihua Lizi Hotels received two banners from customers, highlighting the importance of attentive service and emotional connection in hospitality [1][3] Group 1: Customer Experience - The hotel staff provided exceptional service by assisting elderly guests upon arrival, including guiding parking and helping them out of the vehicle [5] - The hotel manager personally ensured the comfort of guests by adjusting room equipment and offering direct contact for any needs [5] - Guests felt a deep sense of care and warmth throughout their stay, culminating in the presentation of a banner as a token of appreciation [5] Group 2: Holiday Engagement - Long-term guests at Meihua Lizi Hotels during the winter holidays were engaged with special activities, such as making dumplings on the Winter Solstice [6][8] - The hotel organized a festive New Year's Eve dinner, creating a sense of belonging for guests who were away from home during the holidays [8] - The banner presented by guests served as a heartfelt acknowledgment of the hotel's efforts to provide warmth and companionship during significant holidays [8] Group 3: Service Standards - Meihua Lizi Hotels employs a comprehensive service standard system, consisting of "12 standard items + 14 optional items," ensuring consistent service quality while allowing for personalized responses [9] - The combination of standardized and personalized service creates a unique competitive advantage for the hotel, enabling warmth to flow naturally in various scenarios [9] - The hotel's commitment to detailed service not only meets customer needs but also creates emotional value, distinguishing it in an increasingly homogeneous hotel industry [9]

最近刷行情的时候，看到个值得琢磨的数据：沪深两市有124只股票，连续5天甚至更久都获得融资净买入，其中华天酒店更是拿下 了14天的连续净买入，还有不少大家眼熟的个股在列。说实话，换做以前，我看到这种数据肯定直接跟风入场，但吃过几次亏才彻 底明白，光看表面涨跌、追热点凑热闹，最后只会被市场来回收割。为什么？因为你永远摸不清背后资金的真实意图，涨了怕踏空 追高，跌了怕套牢割肉，一天到晚焦虑得坐立难安。但现在不一样了，有了量化大数据的加持，这些困扰全成了过去式，它能帮你 把机构的真实交易行为扒得明明白白，用冰冷的客观数据代替你拍脑袋的主观直觉，再也不用在涨跌里瞎纠结。 一、别被涨跌迷惑，先看机构参与度 我之前有个小兄弟，就因为光看涨跌吃了大亏。一只票涨得如火如荼，他追进去就开始调整，拿着心慌意乱，割肉后股价直接起 飞，来回几次心态直接崩了。后来我让他试着用量化大数据看「机构库存」——就是图里K线下方的橙色柱体，这个数据反映的是 机构资金的活跃程度，不是告诉你机构买了或卖了，就是看机构有没有积极参与交易。看图1里的这只票，股价上涨的时候「机构 库存」早就消失了，说明机构根本没在积极参与，那涨势肯定走不远，结果和数据显 ...

Core Viewpoint - The AI Fund, China Europe Pension Mixed A (001955), reported a profit of 25.1653 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0497 yuan. The fund's net value growth rate was 1.61%, and its total size reached 1.364 billion yuan by the end of Q4 2025 [3][15]. Fund Performance - As of January 21, the unit net value was 3.163 yuan. The fund manager, Xu Wenxing, has managed five funds that have all yielded positive returns over the past year. The highest growth rate among these funds was 34.78% for China Europe Growth Enterprise Board Two-Year Mixed A, while the lowest was 19.56% for China Europe Pension Mixed A [3][4]. - The fund's net value growth rates over various periods are as follows: 9.28% over the last three months (ranked 82/185), 8.43% over the last six months (ranked 159/185), 19.55% over the last year (ranked 164/183), and -2.46% over the last three years (ranked 143/176) [4]. Investment Strategy - The fund's management plans to continue focusing on investments with a safety margin in valuation, emphasizing fundamentally sound assets with strong industry positions and potential for profit recovery related to domestic demand. The strategy includes avoiding overly optimistic sectors with unclear business models [3][4]. Sector Focus - Key areas of focus include: - Professional technical services benefiting from domestic industrial upgrades and standards enhancement - Modern service industries with increasing concentration and strong cash flow generation capabilities - Consumer goods sectors that, while related to real estate, are experiencing counter-cyclical growth and possess brand and channel advantages - Cyclical sub-industries that have undergone industry clearing, are at extreme low valuations, and are showing signs of fundamental improvement [4]. Fund Metrics - The fund's three-year Sharpe ratio is 0.3, ranking 141 out of 176 comparable funds. The maximum drawdown over the past three years was 41.7%, with the largest single-quarter drawdown occurring in Q1 2022 at 19.7% [9][11]. - The average stock position over the last three years was 87.6%, closely aligned with the industry average of 87.64%. The fund reached a peak stock position of 93.4% at the end of Q3 2025, with a low of 73.76% at the end of 2021 [14]. Concentration of Holdings - The fund has a high concentration of holdings, with the top ten stocks consistently representing over 60% of the portfolio for nearly two years. As of Q4 2025, the top ten holdings included China Automotive Research, Morning Light Co., China Merchants Jinling, Songcheng Performance, Anjuke Food, Beijing Human Resources, Beixin Building Materials, Gujia Home, Yili Group, and ShouLai Hotel [17].

一、模式的应用场景： 本方案聚焦酒店、民宿等重资产住宿领域，利用区块链技术将客房、物业等实体资产转化为链上数字通证。该模式打通了消费者、投资者与运营方之间的壁 垒，构建"资产即权益、消费即投资"的全新商业闭环。 分润与增值机制 权益流通机制 NFG支持转赠、拆分及二级市场交易，用户可将闲置住宿权益转为投资标的，实现"消费即投资"的灵活转换。 使用分润：用户持NFG入住时，酒店按房费10%收取服务费； 收益分润：NFG持有者共享酒店整体经营分红，权益价值随营收增长同步提升； 增值逻辑：单份NFG最终价值=酒店5年总营收÷发行总量；年化增值率=（最终价值-发行价）÷发行价÷5年。 针对传统酒店重资产、回本慢、流动性差等难题，RWA方案通过以下方式破局： 三、解决的核心痛点 资金压力：提前回笼资金，实现"发行即变现"； 资产僵化：权益可流通、可交易，激活资产流动性； 投资门槛：支持碎片化认购，降低参与成本； 用户留存：消费即投资，用户共享经营红利，增强粘性； 会员体系：权益可转赠、可增值，提供灵活退出路径。 二、核心算法和机制 资产数字化与权益发行 将酒店未来5年运营收益权拆解为标准化、可交易的数字权益凭证（NFG ...

【文/观察者网 邓军 编辑/赵乾坤】 尽管泉州市旅游协会围绕"住宿业客房预订退订"出台的新规在争议声中暂告一段落，但此次短暂的尝试，仍为酒店行业带 来了新的启发与思考。 1月20日，泉州旅游协会发布声明：关于原《泉州市住宿业客房预订退订指导意见（试行）》（以下简称《指导意见》）， 其制订初衷是供参考，指导规范住宿市场经营行为，保障游客及消费者的正当权益。针对网民提出的相关意见，我们将广 泛征集社会各界反馈，再行充分论证，另行适时倡议。 《指导意见》发布后，迅速在社交平台引发热议。 部分酒店经营者表示支持："早该规范临时退订行为了，酒店空房损失很大""这是全国范围内的先行尝试，值得推广"。 也有网友认为："（标准）过于严格，会影响旅游订房的便捷性""提前3天取消要扣80%房费，这简直是抢钱""会因此取消到 泉州旅游"。 泉州旅游协会 一个城市的酒店业包含多样的细分市场和产品，预订退订政策往往是酒店自主采用的销售策略，因此不同酒店的退订规则 存在一定的差异。 资深酒店收益管理专家、北京都季酒店管理公司总经理祖长生对观察者网表示，《指导意见》所设标准与当前住宿业市场 通行的做法存在较大出入。他建议，泉州市旅游协会在 ...

（原标题：都柏林酒店平均每日房价目前为174欧元） 《爱尔兰独立报》1月15日报道，爱尔兰旅游局 (Fáilte Ireland) 的研究发现，都柏林酒店的平均每 日房价已从2019年的142欧元上涨至174 欧元，比过去六年上涨了23%。在包括许多欧洲首都和其他大 城市的类似市场中，都柏林排名第 11位。企业部长伯克在爱尔兰议会表示："就酒店入住率而言，都柏 林是对比城市中表现第二好的市场，截至去年10月入住率为83.2%。"伯克先生在爱尔兰议会表 示："2025 年整体旅游业表现依然强劲，尽管略低于2024年达到的异常高水平，但与2023年持平。"爱 旅游局将于明年5月起实施并管理一套新的短期租赁监管体系。这意味着任何提供不超过21晚短期租赁 的房源都必须通过数字化系统向旅游局注册。爱有超过34,000处房产可供短期出租，其中近三分之二的 房产被宣传为"整套"房屋和公寓。 ...