中国闲住宿行业- 行业升级迈入多年拐点-Hong KongChina Leisure & Lodging-Industry Upgrade – Multi-year Inflection

We upgrade our view on China's hotel industry from In-Line to Attractive: We see a clear inflection in RevPAR dynamics. After several years of demand recovery being offset by aggressive supply additions, demand and supply growth are now converging, supporting a turn to positive RevPAR and a more durable up-cycle. • RevPAR declined ~9% cumulatively over the past two years and is now recovering at a ~2% pace. All three key drivers of RevPAR are now turning supportive: February 8, 2026 08:05 PM GMT Hong Kong/C ...