Core Viewpoint - The article discusses the significant shift in consumer preferences from traditional hotels to bathing centers, highlighting the latter's ability to provide a more comprehensive and engaging experience for young consumers, which has led to a decline in hotel occupancy rates and revenue [4][8][15]. Group 1: Industry Trends - The bathing industry has shown remarkable growth, with a projected transaction scale exceeding 110 billion yuan by 2025, reflecting a year-on-year growth rate of over 20% [7]. - Young consumers are increasingly choosing bathing centers over hotels for their travel and leisure needs, indicating a shift in lifestyle preferences [6][8]. - Bathing centers are redefining the concept of space utilization, operating around the clock and maximizing revenue per square meter, unlike traditional hotels that struggle with idle room capacity [10][11]. Group 2: Consumer Behavior - Consumers are seeking experiences that offer social value and relaxation, moving away from the traditional hotel model that focuses on privacy and room quality [12][13]. - The bathing centers provide a unique environment that fosters social interaction and relaxation, which is increasingly valued by consumers [14]. - The shift in consumer identity within bathing centers, where individuals can shed societal pressures, enhances the appeal of these venues compared to traditional hotels [14]. Group 3: Competitive Landscape - Hotels face unprecedented competition from bathing centers, which are effectively capturing non-sleeping hours and redefining what constitutes high-value leisure [15][17]. - The traditional hotel model, reliant on room sales, is becoming less viable as consumers demand more integrated and flexible experiences [18][21]. - Successful future hotels must adapt by creating vibrant community spaces and offering services that cater to a broader range of consumer needs beyond just accommodation [18][22]. Group 4: Strategic Recommendations - Hotels need to rethink their business models, focusing on user time management rather than just room sales, to remain competitive in the evolving market [18][23]. - The integration of various services within hotel spaces, such as dining and fitness, can enhance customer engagement and satisfaction [22]. - The evolution of the hotel industry will require a painful but necessary transformation to meet the changing demands of consumers, as evidenced by the closure of traditional establishments [23][24].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Link Holdings Limited 華 星 控 股 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：8237） 有關實施行動計劃以解決不發表意見之季度更新 茲提述(i)華星控股有限公司（「本公司」）於二零二五年四月七日刊發之截至二零二 四年十二月三十一日止財政年度之年報（「二零二四年年報」）；(ii)本公司日期為二 零二五年七月三十日及二零二五年十月三十一日的公告，內容有關（ 其中包括 ）實 施 行動 計劃 以 解決 不發 表意 見 之季 度更 新 ；及 (iii) 本 公司 日期 為 二零 二四 年 十二 月十二日、二零二五年八月五日、二零二五年九月五日及二零二五年十月三十一 日的公告，內容有關（ 其中包括 ）違反經修訂及重列融資協議以及Silverine 提交申 請委任其共同及各別清盤人（ 統稱「該等公告」）。除 ...

Core Insights - The county-level market in China is emerging as a new growth point for consumption, driven by the development of the county economy and improvements in infrastructure [2] - By 2025, retail sales of consumer goods in rural areas are expected to grow by 4.1%, outpacing urban growth by 0.5 percentage points, indicating a significant shift in consumption patterns [2] - The number of counties with a GDP exceeding 100 billion yuan has surpassed 70, highlighting the economic strength of these regions [2] Consumption Trends - The county commercial system is continuously improving, with the county and rural market expected to account for 38.7% of total retail sales of consumer goods by 2025 [2] - There is a notable shift from needs-based consumption to development-oriented consumption, and from physical goods to service consumption, particularly in tourism [4] - The number of domestic trips taken by rural residents is projected to reach 15.26 billion by 2025, with a year-on-year growth of 22.6%, significantly higher than urban residents [4] Market Expansion - Sam's Club is accelerating its expansion into lower-tier markets, opening its fourth store in Suzhou, which reflects a strategic shift towards economically strong county-level cities [3] - International hotel brands are increasingly targeting county markets, driven by rising demand for high-quality accommodations as county tourism grows [3] - Recent events such as concerts and large sports events in county towns indicate a growing cultural and entertainment market, attracting significant local and external participation [5]

Core Viewpoint - The article emphasizes the significant growth potential of county-level markets in China, driven by economic development and improved infrastructure, leading to an increase in consumer spending in these areas [3]. Group 1: County-Level Economic Growth - The retail sales of consumer goods in urban areas are projected to grow by 3.6% in 2025, while rural areas are expected to see a growth of 4.1%, indicating a faster growth rate in rural consumption [3]. - The county and township market is expected to account for 38.7% of the total retail sales of consumer goods in 2025, showcasing the increasing importance of these markets [3]. - Over 70 counties in China have surpassed a GDP of 100 billion yuan, indicating a significant expansion in the number of economically strong counties [3]. Group 2: Consumer Behavior and Market Trends - The article notes a shift in consumer spending from essential goods to services, with a growing demand for high-quality accommodations and entertainment options in county markets [4]. - Major international hotel brands are increasingly targeting county markets, capitalizing on the lower operational costs and less saturated competition compared to first-tier cities [4]. - The tourism sector in county areas is rapidly developing, with local residents' travel spending increasing significantly, driven by higher disposable incomes and the implementation of rural revitalization strategies [5]. Group 3: Tourism and Events - Domestic travel among rural residents is growing rapidly, with 15.26 billion trips taken in 2025, reflecting a 22.6% increase year-on-year [5]. - The total expenditure on domestic travel reached 6.30 trillion yuan in 2025, with rural residents contributing 1.00 trillion yuan, marking a 21.4% increase [5]. - County towns are increasingly hosting large events, such as concerts and sports competitions, which attract significant attendance and boost local economies [5].

Group 1 - The county market in China is becoming a new growth point for consumption, driven by a large population and significant consumption potential [1] - By 2025, retail sales of consumer goods in rural areas are expected to grow by 4.1%, outpacing urban growth by 0.5 percentage points [1] - The county market's share of total retail sales is projected to reach 38.7% by 2025, indicating a stable release of consumption potential [1] Group 2 - Sam's Club is expanding into lower-tier markets, opening its fourth store in Suzhou, targeting economically strong county-level cities [2] - The county tourism sector is rapidly growing, attracting tourists with unique natural scenery and cultural experiences, leading to increased demand for high-quality accommodations [2] - The consumption structure in counties is shifting from necessity-based to development-oriented, with a notable increase in service consumption [2] Group 3 - Domestic travel among rural residents is experiencing rapid growth, with 15.26 billion trips in 2025, a 22.6% increase year-on-year [3] - Total domestic travel expenditure is projected to reach 6.30 trillion yuan in 2025, with rural residents contributing 1.00 trillion yuan, reflecting a 21.4% increase [3] - The rise in rural travel is attributed to increased income and the implementation of rural revitalization strategies [3]

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

Group 1 - US stock market showed mixed results with Dow Jones up 0.11%, Nasdaq down 72 points, and S&P 500 down 0.13% [1] - Nvidia and Google reached historical highs, with Nvidia up 0.52% and Google up 0.71% [1] - Meta's Q4 2025 earnings exceeded expectations, leading to a nearly 10% increase in its stock price [1] - Apple reported Q1 2026 revenue of $143.7 billion, a 16% year-over-year increase, with net profit also up 16% to $42.09 billion, marking the best quarterly performance in the company's history [1] - SanDisk's Q2 revenue was $3.03 billion, surpassing estimates, and it expects Q3 revenue between $4.4 billion and $4.8 billion, leading to a more than 15% increase in after-hours trading [1] Group 2 - Gold prices experienced significant volatility, dropping nearly 9% after approaching a historical high of $5,600 [2] - Silver reached a historical high of $121 before experiencing a sharp decline of over 12% [2] Group 3 - SpaceX is considering a merger with Tesla or xAI, indicating potential strategic shifts in the tech landscape [4] - Samsung Electronics reported record Q4 revenue of 93.8 trillion KRW, with a 465% increase in operating profit from its memory business, reclaiming the top position in the DRAM market [4] - OpenAI plans to conduct an IPO in Q4, with Amazon negotiating a potential investment of up to $50 billion [5][7] Group 4 - Tesla anticipates capital expenditures exceeding $20 billion in 2026, indicating significant investment plans [6] - The global demand for gold has surpassed 5,000 tons, driven by both retail and institutional purchases [10] Group 5 - The hotel sector is seeing a strong recovery, with hotel bookings during the Spring Festival up 71% year-over-year, and average daily rates increasing significantly [17] - The humanoid robot sector is expected to see price reductions as sales increase, with Tesla's humanoid robot projected to be priced at $20,000 in the future [18] - China's commercial space industry is set to accelerate, with multiple rocket launches planned, addressing the "many satellites, few rockets" issue [19]

Group 1 - The Ministry of Transport will hold a press conference on January 30, 2026, to discuss the economic operation of the transportation sector in 2025 [2] - The People's Bank of China reported that the weighted average interest rate for newly issued commercial personal housing loans in Q4 2025 was 3.06% [4] - The Industrial and Information Technology Ministry is drafting a water management regulation for industrial enterprises, emphasizing strict water management for large-scale users [4] Group 2 - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on travel and residence services [6] - The total scale of the Kunshan Artificial Intelligence Industry Fund, launched on January 29, 2026, is 5 billion yuan, with an initial scale of 2 billion yuan [4] - The commercial space industry in China is set to upgrade with the development of reusable rockets and heavy-lift launch vehicles, addressing the demand for satellite deployment [9] Group 3 - Beijing's humanoid robot innovation center has launched a testing platform, which is expected to enhance the production and sales of humanoid robots [10] - Companies like Siling Zhidrive and Jinwo Co. are positioned to benefit from the growth in the humanoid robot sector due to their manufacturing capabilities [10] - Foton Motor expects a net profit of approximately 1.33 billion yuan for 2025, a year-on-year increase of about 1551% [13] Group 4 - Century Huatong anticipates a net profit of 5.55 billion to 6.98 billion yuan for 2025, representing a year-on-year growth of 357.47% to 475.34% [15] - Shenghe Resources expects a net profit of 790 million to 910 million yuan for 2025, an increase of 281.28% to 339.20% year-on-year [17] - China Shipbuilding Industry expects a net profit of 7 billion to 8.4 billion yuan for 2025, reflecting a year-on-year increase of approximately 65.89% to 99.07% [19]

首旅酒店：公司重点发展标准管理酒店与中高端酒店。截至25年三季度末，公司中高端酒店房间量占比 已提升至42.5%。 国信证券指出，当前酒店板块处于历史周期底部，供给侧龙头从"OCC（入住率）优先"转向"最优 RevPAR（每间可售房收入）"策略，华住三季度ADR已率先转正，核心城市连锁化率与集中度提升强 化龙头定价权。在供给侧新阶段以及需求政策期权带动下，龙头有望展现业绩弹性，参考历史周期业绩 弹性释放高点估值有望实现双击。 公司方面，据研报及上市公司互动平台等表示， 锦江酒店：公司是中国第一大酒店连锁集团。 据新浪财经1月29日消息，飞猪数据显示，今年春节的节中出游趋势明显，节中入住的酒店预订量同比 去年增长71%。 摩根大通数据显示，春节假期酒店预售数据稳健，全部四大酒店集团春节预售的周度日均房价均环比/ 同比增长，亚朵及华住日均房价增长势头尤为强劲，周环比分别涨46%/32%。2026年1季度迄今华住/亚 朵酒店数量增长加快，为全年扩张目标奠定良好开端。 其表示，今年春节假期较长（9天，去年为8天），因此酒店需求可能会更大；且预计政府将出台更多针 对行业需求/情绪的支持措施。 *免责声明：文章内容仅供参 ...

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 1 月 29 日 金沙中国 1928 HK 本文内容由 Ryan Lee (李昊谦) 提供 中信证券财富管理(香港) 产品及投资方案部 利润率不及预期 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 1 月 29 日发布的题为《Margin miss》的 报告，金沙中国 2025 年四季度报告 Ebitda 同比增长 6%至 6.08 亿美元（包含因贵宾厅胜率高于正常水平带来的 2,600 万美元正面影响），但较市场一致预期低 3%。报告显示的 Ebitda 利润率同比下降 2.7 个百分点至 29.6%，主 要由于更高的运营成本和来自高端博彩细分市场的较高收入构成。展望未来，金沙仍以扩大 Ebitda 绝对值为首要目 标，并表示促销力度"趋于稳定"。 中信证券财富管理(香港) 免责声明请参考封底 金沙中国 2025 年四季度净收入同比增长 16%至 20.57 亿美元，除澳门金沙外所有物业均实现增 ...