Core Viewpoint - VSING (08292) has entered into a memorandum of understanding with Regal Hotels International Holdings Limited (Regal Hotels) to create a new entertainment era, integrating VSING's interactive entertainment system into Regal Hotels' iconic venues, thereby transforming hotel lobbies into vibrant ecosystems for immediate communication and performance interaction [1] Group 1: Strategic Collaboration - The partnership aims to establish Hong Kong's first "hotel entertainment metaverse," where every stage, song, and digital interaction will form part of a social network within physical spaces [1] - This collaboration signifies VSING's first comprehensive entry into the hotel and tourism industry, expanding its business from nightlife venues to the global hotel industry chain [1] Group 2: Business Expansion and Vision - The initiative represents a significant milestone for VSING in building the largest AI-driven entertainment ecosystem in Asia, showcasing the company's commitment to expanding its global entertainment footprint [1] - The partnership emphasizes the integration of physical spaces with the digital economy, transforming leisure activities into data-driven participatory experiences [1]

Core Viewpoint - VSING has entered into a memorandum of understanding with Regal Hotels International Holdings Limited, marking the beginning of a new era in entertainment by integrating interactive entertainment systems into the hotel environment [1] Group 1: Strategic Partnership - The collaboration aims to create a vibrant and emotional ecosystem in hotel lobbies, allowing guests to engage in real-time communication and interactive performances [1] - This partnership signifies VSING's first comprehensive entry into the hotel and tourism industry, expanding its business from nightlife venues to the global hotel industry chain [1] Group 2: Technological Integration - The integration of VSING's interactive entertainment system into Regal Hotels' iconic locations will create a seamless ecosystem that merges technology, performance, and lifestyle [1] - The initiative will inspire guests to connect, actively participate in activities, and find a sense of belonging [1] Group 3: Vision for the Future - VSING and Regal Hotels aim to establish Hong Kong's first "hotel entertainment metaverse," where every stage, song, and digital interaction contributes to a social network within physical spaces [1] - This collaboration reflects VSING's commitment to expanding its global entertainment footprint and merging physical spaces with the digital economy, transforming leisure activities into data-driven participatory experiences [1]

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佈之內容概不 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 會 就 本 公 佈 之 全 部 或 任 何 部 分 內 容 而 產 生 或 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 VSING Limited （於開曼群島註冊成立之有限公司） （股份代號：8292） 自願性公佈 業 務 最 新 情 況－VSING進軍全球酒店業 本公佈是由VSING Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出， 以 向 股 東 及 有 意 投 資 者 提 供 有 關 本 集 團 業 務 的 最 新 發 展 情 況。 諒 解 備 忘 錄（「諒 解 備 忘 錄」） 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，其 附 屬 公 司V Sing International Limited已與富 豪 酒 店 國 際 控 股 有 限 公 司（「富豪酒店」）（股 份 代 號：00078）訂 立 諒 解 備 忘 錄。富 豪 酒 店 為 香 港 上 ...

报告导读： 经营数据降幅持续改善，供给已经出现结构性变化，龙头各有改善，行业有望 迎来明显估值修复。 投资观点： 预计酒店将受益行业经营数据降幅收窄、公司个股变革预期提振，以及股本结构优化和板块资金偏好催化，估值明显修复。 景气度环比持续改善，但持续性仍有争议。 ①自 2025 年 7 月以来，酒店行业及龙头 RevPAR 降幅持续收窄呈现出明显环比改善趋势。十一后，环比改善 趋势延续。 ② 量价维度拆分，价格表现好于 OCC 。 2025 年酒店主动调整运营策略：追求 OCC 和 ADR 均衡，而非高 OCC ，以获取最大化利润率。 ③ 酒店能够提价成功，也和行业特征有关：供给强区域特征，其他区域供给并不对本区构成影响。酒店价格是区域酒店选定标杆酒店，制定区域价格，因此龙头 对各个区域酒店价格控制力很强。 ④ 需求维度，主要商务航线客运量同比增长，交叉验证 9-10 月商旅需求有改善。但是否为会展增加带来的一次性集中释 放，仍有争议。 供给结构分化：优质供给增速平稳，小体量加速增长。 ①截止 2025 年 10 月底供给：行业整体客房数同比 +8.5% ，略放缓（ 9 月 +9.5% ）；连锁 +11.7% ...

Core Insights - Jinglin Asset, a major private equity firm, significantly increased its holdings in Alibaba during the third quarter of 2025, while also initiating positions in domestic autonomous driving leader WenYuan ZhiXing [1][2] - The firm also made notable increases in holdings of other tech giants such as Facebook, Google-A, and Nvidia [1][2] Holdings Summary - As of the end of Q3 2025, Jinglin Asset held nearly 30 companies in the US stock market, with its top ten holdings including Facebook, NetEase, Nvidia, Pinduoduo, Google-A, Manbang, Futu Holdings, Alibaba, Nebius Group, and Qifu Technology [1] - The market value of Jinglin Asset's holdings in Alibaba rose to $151 million, while it slightly reduced its stake in NetEase, maintaining a value of over $400 million [2] - Other significant increases in holdings during Q3 included Facebook, Nvidia, and Google-A, with Pinduoduo also seeing a small increase, maintaining a value exceeding $400 million [2] New Investments - Jinglin Asset initiated new positions in several companies during Q3, including well-known US firms like Apple and Synopsys, as well as leading Chinese companies such as WenYuan ZhiXing and Atour [4] - Specifically, the firm acquired $54 million in Apple shares and $82 million in Synopsys, while its investment in WenYuan ZhiXing was valued at $27 million [4] - Additionally, Jinglin Asset increased its stake in Atour, with a holding value of $86 million, making it the eleventh largest holding [4] Detailed Holdings Breakdown - The top ten holdings of Jinglin Asset in Q3 included: - Atour: $86 million (1.90% of portfolio) - Synopsys: $82 million (1.80% of portfolio) - Sea Ltd ADR: $73 million (1.70% of portfolio) - New Oriental: $70 million (1.60% of portfolio) - Beike: $70 million (1.60% of portfolio) - Intel: $64 million (1.40% of portfolio) - UnitedHealth: $58 million (1.30% of portfolio) - S&P Biotech ETF: $56 million (1.30% of portfolio) - Apple: $54 million (1.20% of portfolio) - TSMC: $37 million (0.80% of portfolio) [6]

Banyan Group ("Banyan Tree Holdings Limited" or the "Group", SGX: B58), an independent global hospitality company, has expanded its presence in the Greater Bay Area with the recent debut of Banyan Tree Zhuhai Phoenix Bay in Zhuhai, Guangdong Province, further reinforcing the Group's continued growth in China.Set between verdant hills and the South China Sea, Banyan Tree Zhuhai Phoenix Bay occupies a rare enclave of coastal tranquillity within one of China's most dynamic regions. Together with the adjacent A ...

Core Insights - Huazhu Group was awarded the "Sustainable Management Golden Bull Award" at the 2025 Xiamen Industrial Development Conference, recognizing its strong operational performance, growth potential, and commitment to social responsibility [1] Company Overview - Huazhu Group is a globally recognized hotel group operating 12,137 hotels across 19 countries, with 290 million Huazhu Club members [1] - The company manages over 30 hotel and apartment brands, including Hanting, Quanjing, Juzi, Xiyue, Huajian Tang, Shibaoge, and Chengjia, focusing on providing high-quality and diverse travel experiences for global travelers [1] - With a vision to "become a world-class great enterprise," Huazhu Group has become one of the fastest-growing hotel groups in China [1] Industry Recognition - The Golden Bull Award is one of the most credible professional awards in China's capital market, emphasizing the synergy between corporate value and social value, and promoting positive interaction between industry and capital [1] - The award reflects the capital market's recognition of Huazhu Group's operational strength and its commitment to green development and social responsibility [1]

Core Viewpoint - Foshan has implemented its first autumn break for primary and secondary schools, which is expected to boost the local tourism market while aligning with the "double reduction" policy aimed at alleviating student academic pressure [1][7]. Group 1: Implementation of Autumn Break - The autumn break in Foshan is scheduled from November 12 to 14, allowing for a potential five-day holiday when combined with weekends [1]. - The initiative has sparked mixed reactions among parents, with some supporting the break for its potential to reduce academic stress and others concerned about disruptions to learning routines [1][2]. Group 2: Impact on Tourism - Data from travel platforms indicate a significant increase in travel activity, with flight bookings from Foshan during the autumn break rising by 276% year-on-year [7]. - Travel agencies have reported a doubling in customer numbers for popular routes, particularly to destinations like Beijing and Xi'an, with some agencies seeing bookings for autumn break tours exceed 800 individuals [8][9]. Group 3: Educational and Social Benefits - The Foshan Education Bureau emphasizes that the autumn break is designed to allow students to engage in social learning experiences outside the classroom, with a focus on practical activities and reduced homework [2][6]. - Schools are offering various options for students during the break, including organized outdoor activities, family trips, and on-campus care services [2][6]. Group 4: Local Business Engagement - Local businesses and tourist attractions are actively promoting special events and discounts to attract families during the autumn break, enhancing the overall experience for visitors [10][14]. - The introduction of themed activities and educational programs at local attractions aims to provide enriching experiences for students and families [14][17].

Group 1 - The total hotel transaction value in Hong Kong for the first three quarters of this year is approximately $457 million (around HKD 2.7 billion), significantly higher than $221 million in the same period of 2024, representing an increase of about 106% [1] - The increase is primarily driven by a low transaction volume in the same period last year and a major transaction involving the sale of the Victoria Harbour Hotel in Kwun Tong for nearly HKD 2 billion [1] - Looking ahead to 2026, continued pressure from developers and high-net-worth individuals to liquidate assets is expected to drive hotel transactions, while private equity funds and institutional investors will seize investment opportunities arising from performance and valuation discrepancies [1] Group 2 - The total hotel transaction value in the Asia-Pacific region is projected to reach $11.9 billion in 2025, slightly down from an earlier estimate of $12.8 billion due to prolonged transaction completion times amid geopolitical uncertainties and heightened due diligence requirements [2] - Despite these challenges, the overall investment activity is expected to accelerate as some transactions currently under due diligence are completed in the second half of the year [2] - The Asia-Pacific hotel investment market is anticipated to continue its growth trend, with total investment expected to rise to $13.3 billion in 2026, representing an increase of over 10% compared to 2025 [2]

股票研究 /[Table_Date] 2025.11.11 2025-11-12 降幅收窄供给分化，龙头变革预期改善 酒店行业更新报告 本报告导读： 经营数据降幅持续改善，供给已经出现结构性变化，龙头各有改善，行业有望迎来 明显估值修复。 投资要点： 股 票 研 究 行 业 专 题 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [table_Authors] [Table_Summary] 投资观点：预计酒店将受益行业经营数据降幅收窄、公司个股变革 预期提振，以及股本结构优化和板块资金偏好催化，估值明显修复。 重点标的：华住集团、锦江酒店、首旅酒店。相关标的：亚朵。 景气度环比持续改善，但持续性仍有争议。①自 2025 年 7 月以来， 酒店行业及龙头 RevPAR 降幅持续收窄呈现出明显环比改善趋势。 十一后，环比改善趋势延续。②量价维度拆分，价格表现好于 OCC。 2025 年酒店主动调整运营策略：追求 OCC 和 ADR 均衡，而非高 OCC， 以获取最大化利润率。③酒店能够提价成功，也和行业特征有关： 供给强区域特征，其他区域供给并不对本区构成影响。酒店价格是 区域酒店选定标杆酒店 ...