The European hospitality industry continues to grapple with significant labour shortages and skills gaps, according to a January 2026 position paper published by HOTREC, the umbrella organisation for hotels, restaurants, bars and cafés in Europe. The report, Skills and Labour Shortages in Hospitality – A Roadmap for Action, highlights persistent workforce challenges and proposes policy recommendations to support workforce development and labour supply across the sector. Labour and skills shortages persi ...

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"年前两个月正值家电销售旺季，不少市民搬新家、换家电，加上年底集中结账，发票额度常常不够 用，我们也很着急。税务干部及时响应、快速办理，让客户和我们都不用久等，解决了我们最担心的难 题。"家电商场李老板说。结合年货销售交易集中、票据量大的特点，永兴县税务局为家电、家私、饭 店酒店、商品批发等行业提供"发票需求跟进+风险前置提醒"，对个体户纳税人的发票需求申请线上及 时受理、线下跟进服务，在及时满足个体户新年期间用票需求的同时，帮助商户筑牢合规底线，"手把 手"辅导商户规范发票开具、进销项台账管理，确保保障服务在线，及时响应解难题。 走入永兴县的大街小巷，处处张灯结彩，永兴县税务局青年干部的蓝色身影穿梭其中，在城区主要街 道，为个体户送上新春温暖礼包。从小规模纳税人增值税和个税经营所得的申报要求到现行可享受优惠 政策，从发票开具到用票申请，全面且详细讲解税务知识和办税要点，为商户有序申报工作夯实基础。 同时，按照县委、县政府工作部署要求，一并送上《"平安双节烟火有度"——致全县人民的一封信》宣 传页，为营造文明祥和的节日氛围贡献税务力量。 年味渐浓，服务不停。永兴县税务局将持续聚焦年货市场消费热点，加强政策宣传 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Consumer and Tourism Sector - **Event**: 2026 Chinese New Year (CNY) Tourism Preview Core Insights - **Growth in Experiential Consumption**: The structural growth of Chinese experiential consumption is expected to continue, with solid leisure travel demand anticipated during the upcoming CNY holiday [1] - **Passenger Throughput Growth**: The Ministry of Transportation estimates a +5.3% year-over-year growth in nationwide passenger throughput during the 40-day Chunyun period from February 2 to March 13, 2026 [1] - **CNY Holiday Impact**: The 9-day longer CNY holiday is expected to encourage leisure travel, positively impacting Hainan duty-free sales for China Tourism Group Duty Free and hotel RevPAR trends for Atour and H World [1] Duty-Free Sales Insights - **Hainan Duty-Free Sales Growth**: Hainan offshore duty-free sales grew by +45% year-over-year to RMB 4.53 billion in January 2026, driven by a +21% increase in the number of buyers and a +20% increase in per capita spending [2] - **Future Sales Expectations**: Solid duty-free sales trends in Hainan are expected to persist during the upcoming CNY Golden Week and winter peak season, supported by favorable duty-free policies and festival promotions [2] - **Chunyun Sales Performance**: During the first week of the Chunyun period (February 2-8), Hainan offshore duty-free recorded sales of RMB 1.106 billion, up +6.3% week-over-week [2] Lodging and Travel Trends - **Hotel Room Rates**: Encouraging Average Daily Rate (ADR) trends were observed in major destinations, with some lower-tier cities exceeding expectations in room sales [3] - **Leisure Travel Demand**: Solid leisure travel demand and inbound travel momentum are expected to benefit hotel RevPAR trends in China during the CNY Golden Week [3] - **Outbound Travel Trends**: Mixed trends are anticipated in Chinese outbound travel, with demand for Japan significantly down, potentially shifting to other Asian destinations and domestic tourism [4] Risks and Challenges - **Travel-Related Risks**: Key risks include potential impacts from natural disasters or pandemics, prolonged economic downturns, intense competition, and regulatory risks [30][32][34][36] Company-Specific Insights - **Atour Lifestyle Holdings Ltd**: Target price set at US$45.00 based on a 14x 2026E EV/EBITDA, reflecting faster growth and product competitiveness [30] - **H World**: Target price set at HK$38.50 based on a 14x 2025E EV/EBITDA, with industry leadership justifying the premium [33] Additional Observations - **Local Demand Optimization**: The unlimited "pick-up upon purchase" policy is expected to unleash local demand, enhancing convenience for Hainan residents [2] - **Product Diversification**: The optimization of product categories and inclusion of certain domestic products are set to diversify offerings in Hainan, catering to varying consumption dynamics [2]

分组1: Company Earnings - Spotify Technology SA reported fourth-quarter revenue growth of 13% year-on-year on a constant-currency basis, exceeding earnings expectations despite mixed revenue comparisons [1] - Marriott International Inc posted fourth-quarter revenue of $6.69 billion, slightly beating estimates, although adjusted EPS came in just below consensus [1] - The Coca-Cola Company experienced a 2.8% decline in shares after reporting its first quarterly revenue miss in five years, despite adjusted EPS of $0.58 beating forecasts [2] - Ferrari reported fourth-quarter net revenue of €1.8 billion, exceeding market expectations, leading to a 9% increase in shares [2] - Datadog Inc's shares jumped 16% after reporting fourth-quarter revenue up 29% year-on-year to $953 million, with non-GAAP EPS of $0.59, both surpassing Wall Street expectations [3] - ON Semiconductor posted fourth-quarter earnings with revenue of $1.53 billion, aligning with estimates despite a decline from the previous year [2] 分组2: Market Trends and Economic Indicators - The Dow finished at 50,188, up 52 points or 0.1%, while the S&P 500 fell 23 points, or 0.3%, indicating mixed market performance [7] - Consumer spending appears to be slowing, aligning with weak consumer sentiment, as December retail sales came in flat against expectations of a 0.4% rise [11][18] - The NFIB Small Business Optimism index slipped in January, ending a two-month streak of gains, with fewer firms expecting economic improvement [13] - The US Employment Cost Index rose 0.7% in Q4, slightly below the 0.8% forecast, indicating a moderating labor market [18][19] - Investors are focusing on upcoming economic reports, including the January jobs report, which is expected to provide clarity on labor market conditions [6][24]

Summary of Key Points from the Conference Call Industry Overview - **China Equity Strategy**: The 2026 JPM China Opportunity Forum highlighted a constructive outlook on China equities, emphasizing thematic trades such as leading exporters, beneficiaries of AI infrastructure capital expenditure, anti-involution strategies, K-shaped consumption recovery, and property market upside optionality [2][7]. Core Insights - **AI Ecosystem**: The memory and ESS (Energy Storage Systems) sectors are benefiting from global AI capital expenditure demand. Notable trends include a memory up-cycle and rising localization. However, consumer electronics and automotive sectors are facing component cost increases and lower trade-in subsidies year-on-year [6][14]. - **Anti-involution Strategies**: Companies like H World and Atour are shifting to rational pricing strategies to enhance market share. Home appliance brands are focusing on innovation rather than price cuts. The solar industry is also expected to see continued anti-involution efforts [6][31]. - **Consumption Trends**: Leading brands are innovating and optimizing to counteract soft domestic demand, with a focus on overseas growth. The "Liberation Day" in April 2025 is noted as a potential trigger for a future recovery in consumer confidence [6][29]. - **Healthcare Sector**: Drug innovation is a key growth driver for pharmaceutical companies, with a focus on launching new drugs and expanding into overseas markets. Healthcare service providers are gradually recovering, aided by technology upgrades [35][38]. - **Humanoid Robots**: China leads in global humanoid robot shipments, driven by government orders. The sector faces challenges in commercialization and scalability, but industrial applications are expected to show strong potential [40][41]. Important Data Points - **Smartphone Market**: Global smartphone shipments are expected to decline by 0.9% in 2026, with iPhones projected to outperform Android devices. JPM forecasts iPhone EMS builds at 251 million units for 2025, a 6% year-on-year increase [14][15]. - **Automotive Sales**: A slow start for passenger vehicle sales in 2026 is anticipated, with a forecasted decline of 24-29% quarter-on-quarter in Q1 2026 [15]. - **Energy Storage Systems**: Global ESS battery shipments are projected to grow over 40% to approximately 900 GWh in 2026, driven by policy momentum in China and strong orders from Europe [19]. - **Semiconductor Market**: The semiconductor industry is expected to see divergent dynamics, with consumer electronics facing softness while memory and foundry segments show strength. Average DRAM pricing is forecasted to increase by approximately 60% year-on-year in 2026 [20][21]. Company-Specific Insights - **Top Picks**: J.P. Morgan's preferred companies include Zhongji Innolight, NAURA, and CATL, among others, with various ratings and market caps provided [8][10][11][13]. - **Healthcare Innovations**: Companies like Hansoh are targeting over 80% of revenue from innovative medicines by FY25, with a robust pipeline in oncology and diabetes [35][37]. Additional Considerations - **Cost Management**: Companies are overcoming upward cost pressures through process optimization and effective cost pass-through strategies in export markets [34]. - **Global Expansion**: Chinese brands are increasingly building capacity and expanding distribution in emerging markets, with notable investments in ASEAN production bases [33]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current landscape and future outlook for various sectors within the Chinese market.

U.S. stock futures are presenting a mixed picture this Tuesday, January 27, 2026, as investors navigate a busy week dominated by corporate earnings reports, a crucial Federal Reserve policy meeting, and fresh geopolitical developments. While technology-focused futures show upward momentum, broader market indicators suggest a more cautious approach in premarket trading.Premarket Activity and Index FuturesAs of early Tuesday, premarket trading indicates a divergence among the major U.S. indexes. Nasdaq 100 fu ...

Core Insights - Peregrine Hospitality has appointed Heather Stege as the new Chief Operating Officer to enhance portfolio performance and operational excellence [1][3] - Stege has a strong background in the restaurant industry, previously serving as brand president at KBP Inspired, overseeing Arby's across 120 locations [2] - The company has also appointed three senior vice presidents to strengthen its leadership team and drive innovation [4] Leadership Appointments - Heather Stege will collaborate with executive leadership across Peregrine's diverse hotel portfolio [1] - Anthony Gaeta will lead technology and IT operations, Christina Gregg will oversee HR operations, and Jeff Gross will manage asset management initiatives [3][4] - The new executives bring extensive hospitality industry experience, with Gaeta previously at Benchmark Hospitality International and Gross at Choice Hotels International [4] Company Strategy - The recent appointments are part of Peregrine's strategy to expand its platform and grow across all asset classes in the hospitality sector [5] - The leadership changes aim to empower employees and enhance overall portfolio performance [4]

Core Insights - The competitive labor market is challenging for jobseekers as AI technology is eliminating entry-level roles, with only 50,000 jobs added in December [1] Group 1: Hiring Philosophy - Leila Hormozi, founder of Acquisition.com, emphasizes hiring good people over those with technical skills, inspired by the Ritz-Carlton's hiring philosophy [2][4] - The Ritz-Carlton cofounder, Horst Schulze, highlighted the importance of selecting and orienting the right people to maintain high standards [3] Group 2: Skills in Demand - Hormozi argues that social and emotional skills are undervalued compared to technical skills, which are increasingly mastered by AI [5] - Research from LinkedIn indicates that soft skills like adaptability and analytical thinking are becoming more important as AI takes over technical roles [5] - A Harvard study suggests that individuals with strong foundational skills tend to learn faster and advance more effectively over time [5] Group 3: Leadership Perspectives - Other business leaders, including JPMorgan Chase CEO Jamie Dimon, advocate for the development of critical thinking and emotional intelligence as essential skills for future job security [6]

Group 1 - The core theme of the New Year's celebrations in Tianjin includes various engaging activities such as music parties, themed events, and extended business hours to enhance customer experience [3][4][5] - Peace Impression City experienced a 35% year-on-year increase in overall foot traffic in 2025, attributed to its focus on integrating cultural, commercial, and tourism elements [3] - The "Time Interference Conference" at Chengyun "Yuanli Field" attracted around 40,000 visitors on New Year's Eve, with a projected 50% increase in daily foot traffic during the New Year holiday compared to regular weekends [4] Group 2 - Various hotels in Tianjin hosted unique New Year's events, such as the "Elegant Gathering at Yanting: National Trend New Year's Eve" banquet at Tianjin Yanyuan International Hotel, which included games and entertainment [5][6] - The Tianjin Lishund Hotel's "Museum Wonderful Night" event allowed guests to explore the hotel's century-old history through themed dining and interactive games [6]