中国住宿业：聚焦高质量增长以提升利润率-China Lodging Focusing on quality growth to drive margins

Macquarie Equity Research 23 January 2026 China Lodging Focusing on quality growth to drive margins Key Points Consumer Services China Sunny Chow Linda Huang, CFA Figure 1 - Our China lodging coverage | Name Ticker | | Rec | Mkt cap | Price | | TP TP Change | TSR | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | US$m | (lcy$/sh) (lcy$/sh) | | % | (%) | | H World HTHT. US | 1179 HK OP | | 15,445 | US$50 HK$38 | US$59 HK$46 | 18% | 25% | | Atour | ATAT.US OP | | 5,219 | US$38 | US$48 | 9% | 28% | | ...