酒店经营遭遇困难也好，新媒体时代餐饮求新求变也罢，五星级酒店可以"拉下脸来"出街摆摊，让自己 与普通市民的日常生活更贴近，让酒店员工多了一个开源创收的方式，同时在客观上也倒逼整个餐饮市 场求新求变、积极求存，光有这个想法就值得称许，有了走出去的行动则更是了不起。 五星级大厨穿戴整齐，在街边挥勺炒菜……日前，郑州一五星级酒店摆地摊一天收入3万元的消息引发 热议，媒体梳理发现，包括山东、江苏、浙江、广东等多地的五星级酒店已有不少都动了起来，而且往 往叫好又叫座，成为当地"夜经济"一景。 每个出街摆摊的酒店都开了不止一个直播，动辄关注者数万，各家外摆的看点也在花样翻新：厨师一水 的五星级装扮，餐饮拼了命地推各家特色，再有就是董事长、总经理下场掌勺……事实上在此之前，星 级酒店餐饮的"降维打击"就已经开始，邀约网红探店、推价格亲民的套餐，各家酒店在短视频平台捉对 厮杀已经好一阵子，百来块就可以在星级酒店吃一桌特色美味、体验星级环境，星级酒店在新媒体平台 的"低姿匍匐"抢市场，可以说一直都花样翻新。 至于说有论者忧虑五星级酒店抢了小摊贩的市场，可能才是对市场百态的一种误解。高品质餐饮的出 摊，在客观上拉高整体街谈餐饮的 ...

Employment Data - In June, the U.S. non-farm payrolls increased by 147,000, significantly exceeding the expected 106,000[3] - The unemployment rate fell to 4.1%, better than the anticipated 4.3%[3] - The labor force participation rate decreased to 62.3%, contributing to the decline in the unemployment rate[3] Employment Sector Performance - Government employment was the primary driver of the high job growth in June, adding 73,000 jobs compared to the previous month's 7,000[4] - Private sector job growth remained weak, with manufacturing jobs decreasing by 7,000 and wholesale trade jobs declining by 6,600[4] - The service sector added 68,000 jobs, but this was a slowdown from previous months[4] Structural Risks - The decrease in the labor force participation rate indicates underlying structural weaknesses in the labor market, despite the positive employment figures[5] - The rising number of unemployed individuals, despite a falling unemployment rate, suggests potential future challenges for the job market[5] - Immigration policies may lead to a continued decline in labor supply, potentially increasing unemployment rates without a corresponding rise in the unemployment rate[5] Market Implications - The strong employment data has raised expectations for interest rate cuts later in the year, with markets now betting on no rate cut in July and one cut each in September and December[5] - However, the long-term outlook for rate cuts has decreased significantly, reflecting increased risks to the U.S. economy[5] - The ongoing inflationary pressures from tariffs may complicate the fulfillment of market expectations for rate cuts[5]

近日，郑州一五星级酒店摆地摊一天收入3万的消息引起了网友热议。 据了解，该五星级酒店厨师穿戴整齐，下午5点出摊，小龙虾卖38一斤，6点基本售空。对 于一天的纯地摊营业额，酒店总经理雷玉明表示，一天收入3万左右。"我们也没觉得五星 级酒店怎么了"，他直言不在乎别人说摆地摊掉价。 视频显示，摆摊现场被围的里三层外三层，现场厨师介绍，17：00出摊，37分钟已经全部 卖完。他激动地表示，从十五岁踏入这个行业就没见过这么火的。 对此，郑州日报记者专程进行了探访。17时30分，金水东路永和铂爵国际酒店门口的阵阵 烟火气飘起，戴着高帽的厨师将一盒盒精致的卤味、点心整齐码放在摊位上，不少市民迅速 在摊位前排起了长龙。怪味花生每盒15元、猪蹄每个48元……记者看到，在透明橱窗内摆 放的菜品前都有明码标价。 "我就是过来凑凑热闹，感觉要是贵了就直接闪人，没想到价格还行，和外面的差不多，可 以接受。"市民刘先生说。"我买了一只烧鸭和一份卤菜，不到一百块钱，感觉价格还可 以。"市民王先生说，他就在旁边上班，平时整天路过这个酒店，可从来没敢光顾过。同事 一直推荐他过来尝尝。 为何只在下午摆摊呢？ "因为酒店人力有限，早餐和午餐还是以 ...

Core Viewpoint - The recent controversy surrounding hotel check-out times and high late fees highlights the lack of a unified standard in the industry, raising questions about consumer rights and hotel practices [1][2][3] Group 1: Industry Standards and Regulations - Many hotels follow the consensus that guests have a 22-hour usage right for a room, which is a widely accepted practice in the international hotel industry [1] - The 2009 revision of the "China Tourism Hotel Industry Standards" removed specific regulations on check-out times, indicating that there is no mandatory check-out time for all hotels [1] - Hotels must clearly inform guests about room prices and late fee policies to ensure the legality of charging late fees [1][2] Group 2: Consumer Rights and Legal Considerations - The legality of charging late fees is based on the protection of consumer rights, particularly the right to be informed [2] - If hotels fail to clearly display late fee policies, they may violate consumer protection laws, which could render such fees unenforceable [2] Group 3: Industry Adaptation and Consumer Expectations - The hotel industry is exploring flexible solutions to balance consumer expectations for 24-hour service with operational efficiency [3] - Major hotel groups are implementing membership systems that offer late check-out privileges and optimizing service offerings to enhance customer satisfaction [3] - Online travel platforms are also promoting service standards, with data showing that hotels offering flexible services receive higher ratings [3] Group 4: Recommendations for Improvement - Hotels should strive to balance operational autonomy with consumer rights by enhancing service transparency and offering differentiated choices [4] - Allowing continued use of certain facilities after check-out can improve consumer experience, and a more lenient approach to minor delays is recommended [4] - Emphasizing dynamic responses and personalized communication can help reduce friction between hotels and guests [4]

Core Viewpoint - The emergence of luxury hotels setting up street stalls reflects a significant shift in the hospitality industry, aiming to attract a broader customer base with affordable pricing while facing challenges in maintaining their high-end brand image [1][3][19]. Group 1: Hotel Street Stalls - Luxury hotels are offering food at significantly lower prices, with items priced between 10 to 30 yuan, contrasting sharply with their traditional high-end offerings [8][12]. - Examples include the Ritz-Carlton in Tianjin, where a mobile burger cart sells meals for 75 yuan, compared to room rates of 2000 yuan per night [3][5]. - Other hotels, such as the Wenpu Hotel in Changzhou, offer items like durian pastries for 18 yuan and spicy crayfish for 48 yuan, showcasing a shift towards more accessible food options [5][7]. Group 2: Consumer Response - Consumer feedback has been largely positive, with many expressing a newfound interest in trying food from hotels they previously viewed as too expensive [9][12]. - The trust in hotel brands enhances consumer confidence in the hygiene and quality of the food sold at these stalls, leading to increased foot traffic and sales [9][12]. - However, some consumers criticize the offerings as marketing gimmicks, citing concerns over portion sizes and value for money [11]. Group 3: Financial Viability - The financial performance of hotel street stalls varies widely, with daily revenues reported between 1,000 to 30,000 yuan, raising questions about profitability and cost coverage [12][19]. - The high operational costs associated with luxury hotels, including labor and rent, complicate the sustainability of this low-price strategy [12][19]. - The challenge remains for hotels to balance attracting new customers with maintaining their premium brand image, as low-priced offerings may dilute perceived value [13][19]. Group 4: Industry Challenges - The recent implementation of strict alcohol regulations has exacerbated existing pressures on the hotel industry, with some establishments reporting revenue declines of up to 20% [14][15]. - Data indicates a broader trend of declining hotel revenues, with major chains like Jinjiang and Jinling experiencing significant drops in income and profit margins [16][17]. - The shrinking wedding market, a key revenue source for many hotels, further intensifies these challenges, as marriage registrations have decreased significantly [17][19]. Group 5: Strategic Considerations - The shift to street stalls may help hotels attract new customers, but long-term success will depend on effective cost management and product diversification [19][20]. - Hotels must develop strategies that do not compromise their core brand values while exploring new revenue streams and adapting to changing consumer preferences [19][20].

证 券 研 究 报 告 【宏观快评】6 月美国非农数据点评 就业状况指数指向"half full"还是"half empty"？ 主要观点 ❖ 6 月非农数据简述：新增非农就业再超预期 1、新增非农就业超预期，录得 14.7 万，预期 10.6 万。就业增长集中在 4 个行 业，政府部门（+7.3 万，前值+0.7 万）、教育保健服务（+5.1 万，前值+8.3 万）、 休闲酒店业（+2 万，前值+2.9 万）、建筑业（+1.5 万，前值+0.6 万）。罢工结 束贡献约 0.56 万的新增就业。 2、失业率从 4.2%下行至 4.1%，预期 4.3%。劳动参与率从 62.4%降至 62.3%。 3、时薪增速低于预期，环比 0.2%，预期 0.3%，前值 0.4%。周工时从 34.3 小 时降至 34.2 小时，处于 2015 年以来的绝对低位水平。周薪环比下降 0.1%，今 年以来首次录得负值。 4、市场降息预期明显降温，美股和美元指数上涨，长端美债利率上行。期货 市场定价的7月降息概率从25.3%降至4.7%，9月降息概率从91%降至70.7%， 全年降息次数从 2.6 次降至 2.1 次。 ❖ 6 月非农 ...

万宁出台促进高端旅游服务新政 在兴隆打造高品质酒店最高奖励100万元 海南日报讯(海南日报全媒体记者 林博新)近日，万宁市印发《兴隆区促进酒店业高质量发展工作 方案》，以最高100万元财政补贴，鼓励企业在兴隆区新建高品质酒店或升级改造既有建筑。 为严控项目质量，政策设定三大准入门槛：申请企业须在2025年1月1日至2027年12月31日期间正式 运营;酒店需达到国家星级标准或行业服务规范，在卫生、安全、服务等方面通过严格审核;运营期间须 依法合规经营，未发生重大安全责任事故且无经核实的服务质量投诉责任。 该补贴实行阶梯式分档奖励：投资额500万元(含)以下按0.5%补贴，500万至1000万元(含)按1.5%， 1000万至2000万元(含)按2%，超2000万元部分按2.5%，单项目最高补贴100万元，体现对大规模优质投 资的倾斜支持。 申报流程方面，符合条件企业须在项目运营后提交补贴申请表、营业执照、项目合同、发票、验收 报告及星级标准证明等材料。 据介绍，该政策通过精准财政扶持降低企业投资成本，释放万宁构建高端旅游服务体系的强烈信 号。当地期望随着政策落地，兴隆区旅游接待能力得到显著提升，市场竞争力全面 ...

Core Insights - The recent concert events in Beijing have significantly boosted the local economy, particularly in the hospitality and entertainment sectors, with a notable increase in night-time consumption and hotel bookings [1][3][4] Group 1: Concert Impact on Local Economy - The summer concert season in Beijing has attracted large crowds, with over 100,000 attendees on June 28 alone across six venues, indicating a strong demand for live music events [1] - Concerts have become a major draw for fans from various regions, with 66% of attendees traveling from other cities for a single event, thus enhancing the local tourism and hospitality market [3] - The presence of concerts has led to a surge in hotel bookings, with prices increasing by 1 to 2 times on concert days, reflecting the high demand for accommodation near venues [3][4] Group 2: Hospitality Sector Response - Hotels near concert venues have introduced special packages and discounts for concert-goers, recognizing them as a new and lucrative customer segment, primarily aged between 27 and 35 [4] - The hospitality industry is actively seeking to maximize secondary spending from concert attendees, offering dining discounts and transportation services to enhance their experience [4] - The concert audience is now viewed as a "golden customer group" by hotels, prompting them to compete for this demographic and explore additional revenue opportunities [4] Group 3: Broader Commercial Activity - Concerts have revitalized surrounding commercial areas, with increased foot traffic in shopping centers and restaurants, as businesses cater to the influx of concert-goers [6] - Local businesses are engaging with fans by creating a lively atmosphere, playing music from the performing artists and providing interactive experiences [6] - The integration of concerts with cultural landmarks has led to innovative tourism initiatives, such as themed buses for fans to explore the city, further enhancing the economic impact of the events [8] Group 4: Economic Multiplier Effect - Each concert ticket is estimated to generate 4.5 to 5 times its face value in surrounding economic activity, highlighting the extensive impact of live events on various sectors including transportation, dining, and retail [8] - The cultural consumption habits are evolving, with concert attendance becoming a catalyst for broader economic engagement in the city, sustaining activity long after the events conclude [8]

Group 1 - Young tourists are shifting from superficial "check-in" tourism to multi-faceted "deep tourism" experiences [1][9] - The demand for summer travel is increasing, with a nearly 38% year-on-year growth in overall cultural and tourism bookings for the summer of 2025 [1][9] - Tourists aged 30 and below account for over 56% of summer travelers, indicating a significant trend towards younger demographics in travel [1][9] Group 2 - Northern coastal cities like Dalian, Qingdao, and Qinhuangdao are experiencing a surge in popularity as summer travel destinations, with hotel searches for seaside accommodations increasing significantly [2][3] - Dalian's hotel market is expected to see a 10% year-on-year increase in tourist traffic during the peak season, with a notable rise in bookings as the summer progresses [4][6] - The average temperature in Dalian during summer is around 25 degrees Celsius, making it an attractive escape from the heat in cities like Beijing and Shanghai [3][4] Group 3 - The Qingdao Beer Museum is adapting to changing tourist preferences by offering experiential projects, which have increased visitor engagement and extended average stay times [7][8] - The average age of visitors to the museum is around 30, reflecting a younger demographic that is increasingly interested in immersive experiences [9] - There is a polarization in consumer spending, with some tourists willing to spend more on experiential tourism while others focus on cost-effectiveness [9] Group 4 - In Guizhou, the unique natural attractions such as the Monkey Ear Sinkhole are gaining popularity, with a 281% increase in search volume for related activities [10] - The demand for mid-to-long-distance travel (over 300 kilometers) is growing, with a more than 15% increase in interest among younger travelers [9][10] - The overall trend indicates that young consumers are willing to travel further for diverse cultural and tourism experiences, with a significant portion of bookings coming from this demographic [9][10]

Core Viewpoint - The U.S. non-farm employment data for June exceeded market expectations, indicating a robust labor market, which may influence the Federal Reserve's future policy decisions [1][4][12]. Group 1: Employment Data - In June, the U.S. added 147,000 non-farm jobs, surpassing the market expectation of 106,000 [1]. - The unemployment rate unexpectedly decreased to 4.1%, against the expected 4.3% [1][4]. - The labor participation rate fell to 62.3%, slightly below the expected 62.4% [1]. - Average hourly earnings increased by 3.7% year-on-year, slightly below the expected 3.8% [1]. Group 2: Labor Market Dynamics - The labor market is showing signs of a mild cooling trend, with private sector job growth slowing significantly to 74,000 in June, down from 134,000 in May [8]. - The government sector saw an unexpected increase of 73,000 jobs, influenced by seasonal factors, particularly in state and local government employment [8][10]. - Wage growth is also slowing, with average hourly earnings growth down to 3.7% year-on-year, indicating a potential softening of persistent inflation [8][12]. Group 3: Federal Reserve Policy Implications - The divergence in views among Federal Reserve officials (doves vs. hawks) may lead to varied interpretations of the employment data, impacting future interest rate decisions [1][12]. - The neutral interest rate is estimated to have reached 3.5%, with the ongoing debate primarily affecting the timing of reaching this neutral rate rather than its overall shape [1][12]. Group 4: Investment Strategy - The recommendation is to buy U.S. Treasuries on dips and short the U.S. dollar on rallies, as the market reacts to the strong employment data [2][13][14]. - The U.S. Treasury yield curve has flattened, with significant increases in yields across various maturities, indicating a shift in market expectations [13]. - The dollar index has shown a slight increase, but the long-term trend remains downward, influenced by various economic factors [14].