2月25日，中信证券姜娅团队一份研报指出，马年春节消费延续分化表现，整体符合预期，其中酒店、 景区、高端酒等呈现较优景气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观 点，消费自身修复行进之中、企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能 性。建议2026年重点关注权益市场的财富效应传导、供给端优化推动的率先经营拐点机会，长期配置继 续重视结构变化。 ...

中信证券研报认为，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优 景气度，受出行分流的部分影响，零售、票房等表现总体一般。由于当前宏观环境仍然偏弱，消费景气 的自身修复预计仍需时间，短期消费整体beta性机会可关注财政刺激类政策的可能性。建议2026年重点 关注权益市场的财富效应传导、供给端优化推动的率先经营拐点机会，长期配置继续重视结构变化。 ...

中信证券研报称，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景 气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、 企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注权益市 场的财富效应传导、供给端优化推动的率先经营拐点机会，长期配置继续重视结构变化。 ...

美国《欧亚评论》网站报道截图 美国《欧亚评论》网站近日刊发地缘战略分析师、国际事务专栏作家伊姆兰·哈立德博士的文章称，中国的春节假期清晰地展现了一个世界大 国如何成功实现现代史上最重要的转型：迈向由消费驱动的高质量发展经济。 文章称，今年中国春节假期的数据令人惊叹。文章说，我们正在见证一个"破纪录的假期"，它实际上重新定义了中国消费者在全球市场中的角 色。官方报告显示，今年春运全社会跨区域人员流动量会达到95亿人次，这相当于让全球人口都进行一次跨洲往返旅行。 春运期间，旅客在高铁站候车。 文章分析称，真正的亮点是前所未有的资金流。商务部数据显示，春节假期前四天，全国重点零售和餐饮企业日均销售额较2025年假期前四天 增长8.6%——这代表着强大且可持续的经济活力。 文章认为，今年春节之所以成为真正的转折点，在于中国公众的消费选择发生了根本性转变。此前，经济增长主要体现在实体商品的购买上， 比如第一辆车、第一部智能手机或第一块豪华手表。如今，"体验经济"蓬勃兴起。中国游客不再满足于走马观花式地游览名胜古迹，而是开始 拥抱"深度游"。定制化私人游呈爆发式增长，阿勒泰、哈尔滨等地的国内冬季旅游也大幅升温，这些地区凭 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 债市后续如何定价春节假期数据？ 报告要点 [Table_Summary] 2026 年春节数据显示，出行与旅游消费"量"延续修复但"价"修复滞后；物流内外分化，外 贸韧性强而生产消费物流走弱；酒店景区量增价跌，票房偏弱；地产延续承压，新房二手房成 交疲软。随着去年下半年物价环比回升及翘尾因素推升，后续基本面从"以价换量"切换至"以 量换价"是大概率事件。当前国内仍处低利率环境，我们认为小幅基本面变化对债市影响有限 并维持债市震荡观点，即短端看央行，套息策略或能延续，长端需关注财政发力与银行承接能 力，中期关注通胀主线。 分析师及联系人 [Table_Author] 赵增辉 马玮健 SAC：S0490524080003 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 2026 年春节假期高频数据显示，居民出行与旅游消费在"量"的层面延续修复，但价格端修复 普遍滞后；物流领域表现分化，外贸相关指标维持韧性但生产消费物流提前走弱；旅游消费中 酒店、景区量增价跌，票房偏弱。房地产市场则延 ...

春节假期结束时，海南三亚出岛返程机票逼近万元，海南三大机场经济舱售罄。如今，假期过后，入岛机票"白菜价"最低仅200元。 "除夕前一天才决定什么时候回去，一看两大机场都没经济舱了，好在蹭到了增班放票。"刘林今年春节跟家人一起飞海南过年，由于没有及早购买回程票， 一度陷入只能买高价公务舱返程机票的尴尬。这样的情况并非个案。 每天超10万人飞向海南 今年春运自2月2日启动以来，岛内三大机场航班量、旅客吞吐量屡创新高，累计已有15天单日旅客吞吐量超过20万人次。 国内飞三亚跌至最低200元 航旅纵横最新统计数据显示，2026年春节假期，国内往返海南的民航旅客量超176万人次，日均比去年春节同期增长约7%。 据记者了解，在2月2日春运开始后，各家航司已在海南加班超2000架次，预计增加座位数60万个，春运40天投放座位超过1000万个，同比2025年增加10%。 此外，针对返程高峰，民航局专门批复加班，投放上海、北京等热门目的地。初五至初七，海南往返北京、上海的航班每日均超过100架次。 然而，这样的运力增幅依然没能完全满足春节返程大军的需求，最近几天，"海南返程机票告急，票价近万元"的消息频上热搜。 记者注意到，三 ...

Financial Data and Key Metrics Changes - Comparable hotels total revenue was $319 million for the quarter and $1.4 billion for the full year 2025, down approximately 2% and 1% compared to the same periods of 2024 [22] - Comparable hotels adjusted hotel EBITDA was approximately $99 million for the quarter and $474 million for the year, down approximately 8% and 6% compared to the same periods of 2024 [22] - Comparable hotels RevPAR for the full year was $118, down 1.6%, with ADR at $159, down only 10 basis points, and occupancy at 74%, down 1.6% compared to 2024 [23] Business Line Data and Key Metrics Changes - Comparable hotels RevPAR for the fourth quarter was $107, down 2.6%, with ADR at $152, down 90 basis points, and occupancy at 70%, down 1.7% compared to the fourth quarter of 2024 [22][23] - Variable hotel expenses increased only 0.5% in the fourth quarter, while total hotel expenses increased by only 1% for the quarter and 1.9% for the year compared to the same periods of last year [29][30] Market Data and Key Metrics Changes - STR reports industry RevPAR of $100 and average occupancy of 62% for 2025, highlighting the relative strength of the company's portfolio demand despite year-over-year disruption [23] - Top RevPAR performing hotels included the Embassy Suites in Anchorage, Alaska, which was up almost 42%, and the Homewood Suites in Tukwila, Washington, which was up 33% [24] Company Strategy and Development Direction - The company aims to optimize its portfolio by consolidating management and enhancing operational efficiencies, particularly through the transition of 13 Marriott-managed hotels to franchise [8][9] - The long-term goal is to grow the portfolio while maintaining a strong balance sheet and capitalizing on market opportunities, with a focus on disciplined capital allocation [9][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for incremental leisure travel related to the FIFA World Cup 2026 and acknowledged that the guidance for 2026 could prove conservative [20][35] - The company remains confident in the long-term outlook for the hospitality industry and its ability to drive profitability despite macroeconomic headwinds [21][36] Other Important Information - The company paid distributions totaling approximately $240 million for the full year, or $1.01 per share, with an annual yield of approximately 7.8% based on the closing stock price [17] - Capital expenditures for the year totaled approximately $88 million, with expectations to reinvest between $80 million and $90 million in 2026 [15][16] Q&A Session Summary Question: What was the total drag on RevPAR in 2025 from Liberation Day and the government shutdown? - Management indicated that government-related room nights were down about 12% for the full year, with a potential recovery of about a point in occupancy expected [39][40] Question: Can you take us through some of the building blocks on the expense side? - Management provided that variable expenses are expected to be just under 3% for the full year, with fixed expenses around 4.5% at the midpoint [41] Question: Does the RevPAR growth guidance assume any volatility? - Management noted that the guidance does not reflect much benefit from special events, with expectations for the highest growth in the fourth quarter due to the government shutdown last year [46] Question: How are you thinking about the potential upside to your portfolio from the World Cup? - Management expressed excitement about the potential for incremental business related to the World Cup, emphasizing the need for early bookings and maximizing rates as the event approaches [91][92] Question: How much is conservatism impacting your EBITDA guidance? - Management acknowledged that a portion of the conservatism is due to sold assets, but emphasized that the guidance is primarily revenue-driven [97] Question: How do you expect the Marriott franchise transitions to impact profitability? - Management believes the transitions will enhance marketability and profitability through cost savings and increased operational focus [98][99]

Financial Data and Key Metrics Changes - Comparable hotels total revenue was $319 million for Q4 2025 and $1.4 billion for the full year, down approximately 2% and 1% compared to 2024 [22] - Comparable hotels adjusted hotel EBITDA was approximately $99 million for Q4 and $474 million for the year, down approximately 8% and 6% compared to the same periods in 2024 [22] - Comparable hotels RevPAR for the full year was $118, down 1.6%, with an ADR of $159, down only 10 basis points [23] Business Line Data and Key Metrics Changes - Comparable hotels EBITDA margin was 31.1% for Q4 and 34.3% for the year, down 210 basis points and 190 basis points compared to 2024 [30] - Variable hotel expenses increased only 0.5% in Q4, while total hotel expenses increased by 1% for the quarter and 1.9% for the year [29] - Top RevPAR performing hotels included the Embassy Suites in Anchorage, Alaska, which was up almost 42%, and the Homewood Suites in Tukwila, Washington, which was up 33% [24] Market Data and Key Metrics Changes - STR reports industry RevPAR of $100 and average occupancy of 62% for 2025, highlighting the relative strength of the company's portfolio [23] - Market performance varied significantly, with some markets showing strong RevPAR gains while others faced headwinds due to demand shifts [24] - Preliminary results for January 2026 indicated a comparable RevPAR decline of approximately 1.5% compared to January 2025, impacted by travel disruptions [26] Company Strategy and Development Direction - The company aims to optimize its portfolio and capitalize on market dislocations while managing expenses to maximize shareholder value [5] - The transition of 13 Marriott-managed hotels to franchise is expected to drive operational synergies and increase marketability [8] - The company plans to reinvest between $80 million and $90 million in its portfolio for 2026, with major renovations planned for approximately 21 hotels [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the hospitality industry and the company's ability to drive profitability [21] - The guidance for 2026 anticipates comparable hotels RevPAR to be flat at the midpoint, with potential benefits from the FIFA World Cup 2026 [18][35] - Management acknowledged the challenges posed by policy-related demand disruptions but remains confident in the company's strategy and adaptability [36] Other Important Information - The company sold seven hotels for a combined gross sales price of approximately $73 million and repurchased 4.6 million common shares for about $58 million [9] - The company paid distributions totaling approximately $240 million for the full year, representing an annual yield of approximately 7.8% [17] - The balance sheet as of December 31, 2025, showed approximately $1.5 billion of total outstanding debt, with a weighted average interest rate of 4.7% [32] Q&A Session Summary Question: What was the total drag on RevPAR in 2025 from Liberation Day and the government shutdown? - Management indicated that government-related room nights were down about 12% for the full year, with a potential recovery of about a point in occupancy expected [39][40] Question: Can you take us through some of the building blocks on the expense side? - Management provided details on variable and fixed expenses, with variable expenses expected to be just under 3% and fixed expenses around 4.5% for the full year [41] Question: Does the RevPAR growth guidance assume any volatility? - Management noted that the guidance does not contemplate much benefit from special events, with expectations for growth primarily in the second half of the year [45][46] Question: How are you approaching business mix this year? - Management expressed satisfaction with the team's ability to bring group business into hotels at attractive rates, expecting a shift towards more group and less government business [48] Question: Can you discuss the impact of the Marriott franchise transitions? - Management highlighted that the transitions would enhance marketability and drive cost savings, improving profitability [99][100]

Financial Data and Key Metrics Changes - Comparable hotels total revenue was $319 million for Q4 2025 and $1.4 billion for the full year, down approximately 2% and 1% compared to 2024 [21] - Comparable hotels RevPAR for the full year was $118, down 1.6%, with Q4 RevPAR at $107, down 2.6% [23][24] - Comparable hotels adjusted hotel EBITDA was approximately $99 million for Q4 and $474 million for the year, down approximately 8% and 6% compared to 2024 [21][32] - The company achieved an industry-leading comparable hotels EBITDA margin of 31.1% for Q4 and 34.3% for the year, down 210 basis points and 190 basis points respectively [7][31] Business Line Data and Key Metrics Changes - The company adjusted its strategy to optimize the mix of business at hotels, layering additional group business to bolster market share [5][6] - Variable hotel expenses increased only 0.5% in Q4, while total hotel expenses increased by 1% for the quarter and 1.9% for the year [29][31] - The transition of 13 Marriott-managed hotels to franchise is expected to drive operational synergies and increase marketability [8][102] Market Data and Key Metrics Changes - The portfolio is diversified across 84 markets, with strong leisure travel demand, although midweek demand was impacted by government travel pullbacks [5][6] - Top RevPAR performing hotels included the Embassy Suites in Anchorage, Alaska, which was up almost 42%, and the Homewood Suites in Tukwila, Washington, which was up 33% [24] - The company reported that nearly 59% of its hotels had no new upper upscale or upper mid-scale product under construction within a five-mile radius, reducing overall risk [17][106] Company Strategy and Development Direction - The company aims to maximize shareholder value through strategic initiatives, optimizing its portfolio, and capitalizing on market dislocations [5][9] - The long-term goal is to grow the portfolio while managing capital allocation to safeguard against macroeconomic volatility [9][13] - The company plans to reinvest between $80 million and $90 million in its portfolio for 2026, with major renovations planned for approximately 21 hotels [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the hospitality industry and the company's ability to drive profitability [20][37] - The guidance for 2026 anticipates comparable hotels RevPAR to be flat at the midpoint, with potential benefits from the FIFA World Cup 2026 [18][36] - Management acknowledged the challenges posed by policy-related disruptions but remains confident in the company's ability to adapt and maximize profitability [37] Other Important Information - The company sold seven hotels for a combined gross sales price of approximately $73 million and repurchased 4.6 million common shares for about $58 million [9][10] - Capital expenditures for the year totaled approximately $88 million, with plans for significant renovations in 2026 [15][16] - The company continues to pay attractive dividends, with distributions totaling approximately $240 million for the full year [17] Q&A Session Summary Question: What was the total drag on RevPAR in 2025 from Liberation Day and the government shutdown? - Management indicated that government-related room nights were down about 12% for the year, with a potential recovery of about a point in occupancy expected in 2026 [40][41] Question: Can you take us through some of the building blocks on the expense side? - Management provided details that variable expenses are expected to be just under 3% for the full year, with fixed expenses around 4.5% [42] Question: How is the RevPAR growth guidance structured for 2026? - Management noted that the guidance assumes little impact from special events, with expectations for occupancy growth as comparisons ease [45][56] Question: What is the focus regarding the transaction market? - Management stated that the current focus is on select dispositions where they can redeploy proceeds into higher producing opportunities [60][61] Question: What trends are being observed in midweek occupancy? - Management reported encouraging signs of midweek occupancy growth, especially post-government shutdown, but noted the need for caution due to weather disruptions [66][69] Question: How does the transition of Marriott-managed hotels impact marketability? - Management confirmed that transitioning to franchise agreements increases marketability and provides flexibility for potential sales [101][102]

春节过后，部分热门小城的亚朵酒店房价上演"过山车"行情，房价节前飙升，节后迅速跳水，巨大的价 格波动引发热议。2月24日，北京商报记者经查询发现，春节假期期间，汕头等热门小城的亚朵酒店房 价涨至超4000元，而节后开始大幅度回落，降幅超70%。春节期间高企的房价，引发网友热议，纷纷吐 槽称"月薪3万，春节住不起汕头亚朵"。在酒店客房涨价的背后，有业者分析称，酒店房价波动是供需 关系变化所致，小城酒店中高端酒店供给有限，从而推高房价，而众多消费者选择亚朵也是对其品牌的 认可。但过度涨价则会对品牌造成负面影响，针对价格的制定，企业需要进行自我约束。 朵有点贵，还不如住五星级""我本来想住亚朵，但价格离谱，于是选择了其他新开的酒店"……甚至还 有消费者吐槽，"月薪3万，今年春节也住不起汕头亚朵"。 节后房价回落至千元以内 春节假期前夕，部分热门旅游城市的亚朵酒店房价一度冲上4000元/晚，而在节后房价则迅速跳水，引 发市场的广泛关注。 携程App显示，泉州万达广场丰泽街亚朵酒店3月1日—8日尊享双床房房价为508元/晚，而在春节假期期 间（2月15日—22日）同房型房价为2168元/晚，由此可以计算出，节后房价降幅 ...