证券研究报告 | 2026年02月16日 2026年02月17日 社会服务行业双周报（第 124 期） 优于大市 酒店 REITs 落地获进展，首都机场 T2、T3 免税店焕新开业 板块复盘：消费者服务板块报告期内上涨 0.68%，跑赢大盘 1.65pct。报告 期内（2026 年 2 月 2 日-2026 年 2 月 14 日），国信社服板块涨幅居前的股 票为百胜中国（12.34%）、新濠国际发展（11.35%）、三特索道（10.23%）、 华住集团-S（8.99%）、中国东方教育（8.96%）、美高梅中国、金沙中国有 限公司、华天酒店、银河娱乐、东方甄选。 行业与公司动态：锦江酒店与华住集团商业不动产REITs相继获交易所受理， 商业不动产 REITs 有望盘活酒店资产；亚朵 4.0 发布全新品牌"亚朵见野"。 免税业态方面，北京首都国际机场完成重要商业升级，由中免与王府井运营 的全新免税店同步开业。出行与旅游市场在史上最长春节假期前夕热度高 涨，民俗文化目的地与免签国家成为搜索热点，本轮假期期间，港股于 2 月 16 日（星期一）除夕上午开市半天，下午休市。2 月 17 日（星期二）至 2 月 19 日 ...

Core Insights - Atour Group recently launched a new brand and raised its full-year revenue guidance, marking a strategic shift towards a lifestyle brand ecosystem with the introduction of "Atour Jianye" as part of its "China Experience, Brand Leadership" three-year strategy [1] - The company has achieved a milestone of 2,000 stores and holds the leading position in terms of scale and market share in the domestic mid-to-high-end chain hotel sector, according to Frost & Sullivan data [1] Performance Overview - In Q3 2025, Atour reported a year-on-year revenue growth of 38.4%, with retail business GMV increasing by 75.5%, and has raised its full-year revenue guidance to a projected 35% year-on-year growth [2] - The company distributed approximately $108 million in dividends in 2025, with the second dividend payment made in December 2025 [2]

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 亚朵集团（ATAT.OQ）股价在战略发布后呈现上涨趋势，但受负面事件影响近期小幅回调。从2026年2 月5日至11日，股价区间涨跌幅为13.25%，最高价达40.25美元（2月11日）。具体来看，2月5日战略发 布当日股价上涨5.13%，2月9日继续上涨5.70%，但2月11日因价格争议报道单日下跌0.85%，收盘价报 39.50美元。成交量在2月9日和10日显著放大，均超200万股，显示市场关注度较高。 经济观察网 亚朵集团近期热点事件包括新战略发布和春节期间价格争议。2026年2月5日，亚朵集团正 式推出新三年战略"中国体验，品牌领航"，并将亚朵4.0产品线独立为全新品牌"亚朵见野"，旨在从规 模引领转向品牌引领，构建多品牌生态矩阵。同时，2026年2月11日有报道指出，春节期间部分亚朵酒 店价格出现大幅上涨，如汕头某房型报价达4221元/晚，较平日涨近5倍，引发监管关注和舆论讨论。 ...

Core Insights - At a time when the hotel industry is focused on "efficiency above all," Atour has taken a seemingly counterintuitive step by independently launching its mature product line "Jianye" as a new brand, aiming to explore whether emotional value generated by "inner peace" can become a quantifiable and sustainable business value [1][2][4] Group 1: Brand Evolution and Strategy - The independent launch of "Jianye" represents a fundamental shift in Atour's growth logic, moving from physical replication of space to a focus on the mental and emotional needs of users [1][3] - Atour's new three-year strategy, "Chinese Experience, Brand Leadership," aims to respond to the deeper needs of consumers as the experience economy matures, marking a significant evolution in the service industry [1][2][3] Group 2: Market Position and Consumer Demand - The mid-to-high-end hotel segment has maintained double-digit growth for five consecutive years, with over 70% of new openings in this category, highlighting the importance of this market segment [3] - Atour's founder believes that the mid-to-high-end price range is crucial, but there is a challenge in meeting the demands of consumers seeking more personalized experiences [3][4] Group 3: Experience Design and Emotional Value - "Jianye" aims to redefine high-end experiences by focusing on creating a unique emotional state rather than just providing better hardware and services [6][7] - The brand emphasizes "scene economics," offering not just a comfortable sleeping space but a carefully designed experience that resonates with the core value of "inner peace" [7][8] Group 4: Business Model and Financial Viability - The "Jianye" model has undergone market validation, with 50 locations opened across 30 cities since its inception, indicating a positive market reception [11][12] - The average RevPAR for locations operating for over three months is approximately 500 yuan, with over 60% of user reviews highlighting aspects like "quietness" and "relaxation" [12][13] - Consumers are willing to pay a 6% premium for the emotional value offered by "Jianye," demonstrating a clear market trust in the brand's emotional narrative [13] Group 5: Future Implications and Industry Impact - "Jianye" serves as a case study for the broader service industry, suggesting that true differentiation may stem from addressing deep human needs and providing a sanctuary for modern individuals [15] - The brand's approach to emotional investment returns could redefine competitive advantages in a highly homogeneous service market, emphasizing the importance of personalized and measurable emotional experiences [15]

本报讯 （记者矫月）2月5日，亚朵（NASDAQ：ATAT）发布"中国体验，品牌领航"的三年战略，作为 这一战略的重要支撑点，已稳健运营两年多的亚朵酒店4.0版本正式官宣独立为新品牌"亚朵见野"。 当前阶段，酒店业的竞争开始从"规模化"转向"内容化"。消费者面对酒店硬件同质化，更倾向于哪家酒 店更能让旅途更舒适和满足情绪价值。这恰与亚朵的初心理念实现了重叠。作为生活方式酒店的先行 者，亚朵的核心定位，便是在标准化的效率产品中，注入人文关怀与精神栖居。在"中国体验，品牌领 航"的战略布局下，"亚朵见野"应时而生，成为品牌领航的排头兵，并进阶"中国体验"新内涵。 资料显示，亚朵已经有了2000家门店和1.08亿会员的支撑，不同的消费者需要不同调性的品牌来满足。 此次品牌独立后，"亚朵见野"也会对在地文化进行新一轮的发掘和迁徙。 在市场调研中，亚朵的会员客户愿意为"亚朵见野"支付6%的溢价，这份"用户认可+数据支撑"的双重背 书，也让"亚朵见野"品牌独立后的商业空间充满了想象。在一系列可感知的变化之外，亚朵多年积淀的 供应链、体系服务的标准化支撑，也能保持服务体验不变形，找到"变与不变"的平衡点。当"亚朵见 野"把 ...

2012年6月，滇西北，高黎贡山下。彼时，刚刚告别头部酒店集团的耶律胤，在一次旅行中，与群山环抱中的亚朵村不期而遇。没有网络尘嚣，只有围坐 烤茶的村民、土坡上奔跑的孩童和山巅静默的石月亮。这份与效率世界全然不同的"静"，深深击中了他。一个决定悄然落定：要把这份安宁，妥帖地带给 城市里奔忙的旅人。"亚朵"，这个意外收获的名字，从此承载了这份初心。这份初心，成了亚朵穿越浪潮的底气，更埋下战略升级的种子。多年后，这份 初心迎来战略级回响——2026年2月5日，亚朵集团正式发布新三年战略"中国体验，品牌领航"，在这场关乎未来的布局中，以"回到亚朵村"为灵感的亚朵 4.0产品线，正式成为独立品牌「亚朵见野」。 这绝非寻常的产品迭代或商业扩张，而是战略落地的关键落子：新三年战略的核心，是从"规模引领"转向"品牌引领"，构建多品牌生态矩阵，从"酒店管 理公司"升级为"生活方式品牌"。而「亚朵见野」品牌正式发布，正是这场战略跃迁的首个标志性动作，是一场蓄势多年的"初心赋形"——品牌在壮大之 后，以更成熟的姿态奔赴初心之约，更成为战略落地的先锋样本。 在现实里，为"初心"建造可抵达的桥 伟大的品牌战略，都始于一份纯粹初心，亚朵 ...