芻冎♃缉 Introduction to the Study 作为浩华全球酒店市场景⽓调查的重要组成部 分，中国酒店市场景⽓调查旨在为中国酒店业者 提供对未来前景的判断和预测。此次调查是浩华 管理顾问公司实施的第40次针对中国酒店市场 的景⽓调查，从住宿率、平均房价和总收⼊三⽅ ⾯了解业界对2025年第⼆季度的业绩预期。我 们对以往景⽓指数进⾏对⽐分析，以便能有效呈 现出中国各地区酒店业者对市场的预期展望。为 了更好地对中国各地区及城市的酒店市场进⾏分 析和⽐较，我们⽤特定的景⽓指数模型将受访者 的反馈情况进⾏量化并以指数的形式呈现，以便 更加直观地反映出受访者对酒店市场的预期。 本次调查中，酒店市场业绩前景预测部分所呈现 的景⽓指数反映了市场对整体业绩表现的期望 值。该指数范围从-150⾄+150，"-150"表⽰ 市场对预期业绩表现⾮常悲观，"0"表⽰业绩 预期持中⽴态度，"+150"则表⽰市场的预期 值⼗分乐观。 此次调查涵盖的结论旨在协助酒店业同仁充分了 解⾏业动态，及时调整经营策略，以适应不断变 化的市场环境。本次报告汇总了此专项调查的研 究成果，共收到来⾃⼤陆地区31个省、直辖 市、⾃治区的1,1 ...

以下文章来源于房地产和互联网 ，作者房互君 根据万达方面以及购买方同程旅行的公告，同程旅行宣布计划以约24.97亿元人民币收购万达酒店管 理（香港）有限公司100%股权，待上市公司股东大会审批同意后即可生效。 作为万达系众多业务中的一环，万达酒店管理是万达旗下哪块业务？频频被原来的合作方起诉和被 法院强制执行，王健林的万达现在到底有多缺钱？接手万达酒店管理业务的同程旅行，又是什么来 头？ 房地产和互联网 . 有料，有干货，有深度 作者 | 房互君 来源 | 房地产和互联网 导 语："卖卖卖"后，万达集团依然债务缠身。 王健林又卖了！这次卖的是万达酒店管理。 万达酒店管理，是什么？ 在王健林的万达商业帝国中，共有三大业务板块，分别是万达商管、万达文旅、万达投资。 万达商管即大家所熟知的万达广场，万达文旅包括万达酒店发展、宝贝王、万达体育、文旅项目、 国际医院等，投资开发万达广场、万达酒店、万达文旅城、万达小镇和住宅项目等重资产集中在万 达投资。 万达酒店发展是目前唯一一家万达控股的上市公司，其业务范围包括酒店营运及管理服务、酒店设 计及建设管理服务、投资物业租赁和海外买卖及租赁物业。其中，酒店营运及管理服务业务 ...

乳业、酒店、食品大消费板块低开，麦趣尔（002719）跌停，甘源食品（002991）、南京商旅 （600250）、西安旅游（000610）、华天酒店（000428）、桂发祥（002820）纷纷低开。 ...

Core Viewpoint - Service consumption is a key focus of policies aimed at boosting domestic demand, with significant growth potential in both supply and demand sides, particularly in the tourism and cultural industry [1][2][3] Group 1: Service Consumption Policies - The Ministry of Commerce and nine other departments have issued a "Service Consumption Quality Improvement Action Plan for 2025," outlining 48 specific measures across various sectors including dining, accommodation, health, and tourism [2] - The government's frequent issuance of work plans to support service consumption has enhanced market expectations for policy support [2] Group 2: Tourism and Cultural Industry - The tourism and cultural industry is characterized by its large capacity, broad scope, high resilience, and strong driving force, making it a significant area for potential subsidies to stimulate consumption [3] - Historical data indicates that tourism consumption subsidies can have a multiplier effect, with ratios ranging from 1:4 to 1:5, and in some cases, as high as 1:12 [3] Group 3: Beneficiary Sectors - Key sectors expected to benefit from the "old-for-new" policy include platforms, transportation, accommodation, scenic spots, and dining [4][5] - Past consumption voucher distributions show that hotel accommodation typically accounts for 20%-40%, scenic spot tickets for 15%-30%, and transportation for 5%-20% of total subsidies [5] Group 4: Investment Strategy - With the government's clear direction to stimulate domestic demand, there is an expectation of continued policy support for service consumption [7] - The upcoming May Day holiday is projected to maintain high passenger traffic growth, with airline ticket prices expected to turn positive, indicating a significant holiday effect [7]

2025 年 04 月 20 日 社会服务业行业研究 行业周报 证券研究报告 国金证券研究所 分析师：叶思嘉（执业 S1130523080001） yesijia＠gjzq.com.cn 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 餐饮社零继续提速，关注服务消费政策落地及五一带动 周观点 餐饮社零增速加快。3 月社零餐饮收入同比+5.6%（前值 4.3%），其中限额以上企业收入同比+6.8%（前值+3.6%）， 继 1-2 月后环比继续提速，其中限额以上增速为近 12 个月以来首次超过整体增速。 2025 服务消费工作方案出台。4 月 16 日商务部等 9 部门印发《服务消费提质惠民行动 2025 年工作方案》，围绕加 强政策支持、开展促进活动、搭建平台载体、扩大对外开放、强化标准引领、优化消费环境等 6 个方面，提出 48 条 具体任务举措，涵盖了餐饮、住宿、旅游休闲等主要行业领域，包括了旅游列车、空中游览等新业态、新场景。 OTA 平台数据显示五一旅游预定热度较高。今年五一假期调休天数较 24 年减少 1 天，前后拼假或更为灵活。根据携 程 4 ...

Core Viewpoint - Tongcheng Travel has acquired 100% equity of Wanda Hotel Management for approximately 2.49 billion yuan, marking a significant acquisition in the hotel industry, with the aim of enhancing its competitiveness in the high-end hotel sector [5][10]. Group 1: Acquisition Details - The acquisition involves 204 high-end hotels under Wanda Hotel Management, which includes brands like Wanda Ruihua and Wanda Wenhua, with a total of over 40,200 rooms and 376 hotels signed for future openings [5][7]. - The transaction price of 2.49 billion yuan corresponds to an estimated valuation multiple of about 9.5 times the adjusted EBITDA for 2023, which is competitive compared to other hotel groups [8][10]. - This acquisition is seen as a strategic move for Tongcheng Travel to strengthen its position in the high-end hotel management market, which is experiencing rapid growth [10][11]. Group 2: Market Context and Strategic Implications - The hotel management market in China is expected to grow, and Wanda Hotel Management has a well-established brand portfolio and experienced management team, which will enhance Tongcheng Travel's competitive edge [10][11]. - The acquisition allows Tongcheng Travel to move beyond being a mere OTA platform and extend its reach into the offline hotel business, thereby gaining better control over the supply chain [10][11]. - The high-end hotel segment is considered a critical area for competition, with significant potential for revenue growth, making this acquisition a timely and strategic decision [11][13]. Group 3: Future Integration and Synergies - Post-acquisition, the focus will be on how Tongcheng Travel can integrate Wanda Hotel Management's team and leverage its existing user base to enhance operational efficiency [14]. - The successful collaboration between the teams will be crucial for achieving synergies and maximizing the value of the acquisition [14].

生产： 制造业或延续"抢出口"，传统基建恢复仍缓。 ①本周制造业用工量价双双季节性回升，但同比超过去年同期，或反映出制造企业"抢出口"趋势仍在延续。 核 心 内 容 月度商品价格预测： 金、铜震荡上升，原油区间震荡。 内需： 房、车销售走弱，服务消费表现分化。 ①房地产、汽车销售均回落，家电销售均价下行。4月新房销量增速降幅走扩，二手房销量增速也有回落，3月 70城新房、二手房价格各线城市同比降幅继续收窄。商品消费中，乘用车零售增速由升转降，批发有所回升， 家电价格下行。 ②随着天气转暖，室外游玩需求增多，本周商圈人流指数和上海迪士尼乐园客流量双双转升。不过，电影市场 表现仍旧惨淡，上周电影票房位于历年同期低位，同时上周酒店入住率和可售房间均价双双下行，均不及去年 同期。 外需： 出口数量下行，美计划对中国船舶加征港口费。 ①4月关税影响或初步显现，集装箱吞吐量和离港船只载重等出口数量指标有所下行，但考虑到关税政策朝令 夕改，部分转口贸易或仍带来抢出口需求。 ②美计划对所有停靠在美的中国制造船舶根据所载货物量收取费用，具体行动将分半年后和三年后两个阶段执 行。 ②本周螺纹钢产量增速转降，库存低位续降，价格继续 ...

Core Viewpoint - The collaboration between Tongcheng Travel and Wanda Group marks a significant move in the online travel agency (OTA) sector, as Tongcheng plans to acquire Wanda Hotel Management for 2.497 billion, aiming to strengthen its position in the hotel management market amidst increasing competition from platforms like Meituan and Douyin [1][3][7]. Group 1: Acquisition Details - Tongcheng Travel announced the acquisition of 100% equity in Wanda Hotel Management for 2.497 billion, with a valuation of 9.5 times the adjusted EBITDA for 2023, slightly below the industry average [3]. - Wanda Hotel Management operates a light-asset model with nine hotel brands, managing 204 hotels and over 40,200 rooms, with an additional 376 hotels under contract to open [3]. - The acquisition is expected to enhance Tongcheng's competitiveness in the high-end hotel sector, leveraging Wanda's established brand portfolio and experienced management team [3][4]. Group 2: Market Context and Strategy - The hotel supply currently exceeds demand, leading to intensified competition and opportunities for low-cost acquisitions, prompting OTAs to enhance their accommodation offerings [1][2]. - Analysts suggest that OTAs are seeking new growth avenues through hotel acquisitions, which can provide direct operational profits and strengthen market positions through industry chain collaboration [2][7]. - Data indicates that accommodation bookings remain a core revenue source for major OTAs, with Tongcheng's accommodation service revenue reaching 4.7 billion, accounting for 27% of total revenue, and Ctrip's accommodation revenue at 21.6 billion, making up 40% of total revenue, both showing double-digit growth year-on-year [7]. Group 3: Competitive Landscape - The competition in the hotel booking market has intensified, with platforms like Meituan and Douyin capturing significant market share from traditional OTAs [7][10]. - The acquisition strategies of both Tongcheng and Ctrip are seen as essential moves to mitigate competition from emerging players and to control scarce supply resources more effectively [10]. - The future competition in the OTA sector is expected to focus on deepening supply chain integration and enhancing user engagement [10].

Core Viewpoint - The tourism sector is experiencing a new wave of strategic opportunities, driven by strong domestic demand and upcoming policy support, highlighted by the acquisition of Wanda Hotels by Tongcheng Travel, which is expected to reshape the competitive landscape of the industry [1][11]. Group 1: Acquisition Details - Tongcheng Travel announced the acquisition of Wanda Hotels, a top-tier hotel group in China, which includes nine brands and a total of 204 operating hotels with over 40,200 rooms [3][4]. - The acquisition price is approximately 2.49 billion yuan, with a valuation multiple of 9.5 times its adjusted EBITDA for 2023, indicating a fair transaction price compared to industry peers [7][8]. Group 2: Strategic Implications - The acquisition is expected to create significant synergies, enhancing Tongcheng Travel's user operations and strengthening Wanda Hotels' business capabilities, allowing for better cross-selling opportunities [8][10]. - Wanda Hotels' established brand assets and hotel network will complement Tongcheng Travel's existing offerings, enabling a more comprehensive coverage of the market [8][10]. Group 3: Market Positioning - The integration of Wanda Hotels will allow Tongcheng Travel to deepen its engagement in the mass tourism market, aligning with the trend of increasing consumer demand for quality hotels [10][11]. - The acquisition supports Tongcheng Travel's strategy to capitalize on domestic demand and expand its international business, particularly as consumer behavior shifts towards leisure travel [10][11].

石基集团与首旅酒店（600258）集团联合宣布，双方战略合作再获突破性进展：截至目前，首旅集团旗 下及酒店集团管理的13家酒店已成功切换至石基Cambridge云PMS，随着北京国际饭店于近期正式上 线，长安街沿线的8家酒店已全面上线Cambridge云PMS。这也是双方深化合作过程中的重要里程碑。 (石基信息（002153）) ...