Investment Rating - The report maintains a "Positive" investment rating for the social services industry, indicating an expectation of returns exceeding the market benchmark by over 5% [5]. Core Insights - The social services sector is showing resilience during the off-peak season, supported by fundamental data and a shift in funding styles, creating conditions for relative returns across industries [4]. - Key areas of focus include mid-cap blue-chip characteristics, growth potential, and recovery prospects in performance, particularly in OTA, hotels, human resources, and select dining and scenic spots [4]. Summary by Sections Hotels - The hotel sector demonstrates strong fundamentals with a recovery in performance. Huazhu reported a revenue of 7 billion yuan for Q3 2025, a year-on-year increase of 8.1%, surpassing previous growth guidance [8]. - The national hotel RevPAR turned positive in October 2025, showing a year-on-year increase of 2.2%, indicating a stable volume and rising prices [8]. Scenic Spots - The demand for scenic spots remains robust due to the autumn holiday and the upcoming winter season, with double-digit growth in visitor numbers reported [8]. - For instance, the Jianmen Pass scenic area saw a 30% increase in visitors during the autumn holiday, and hotel bookings in Zhejiang rose by 68% [8]. Duty-Free - The duty-free shopping scene in Hainan is recovering, with sales reaching 506 million yuan from November 1-7, 2025, a year-on-year increase of 34.86% [8]. - This recovery is attributed to low base effects, new policies, and promotional activities, alongside a shift in consumer behavior due to international travel restrictions [8]. OTA (Online Travel Agencies) - Ctrip's Q3 2025 report showed a net operating income of 18.3 billion yuan, reflecting a year-on-year increase of approximately 16% [8]. - The international OTA orders grew by about 60%, with inbound travel orders doubling, indicating a strong recovery in domestic travel demand [8].

Group 1 - The hotel and catering sector increased by 3.37% on November 24, with Junting Hotel leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Junting Hotel's stock price rose by 13.27% to 25.95, with a trading volume of 176,100 shares and a transaction value of 446 million yuan [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 50.16 million yuan, while retail funds experienced a net outflow of 36.03 million yuan [1] - Junting Hotel had a main fund net inflow of 29.22 million yuan, accounting for 6.56% of its total trading volume [2] - Jinjiang Hotel also saw a significant main fund net inflow of 26.32 million yuan, representing 5.09% of its trading volume [2]

证券代码：600258 证券简称：首旅酒店 编号：临 2025-045 北京首旅酒店(集团)股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●投资种类:招商银行股份有限公司上海分行结构性存款，保本浮动收益 型。 ●投资金额：人民币 15,000 万元。 ●已履行的审议程序: 2024 年 12 月 20 日，公司召开第九届董事会第三次 会议及第九届监事会第三次会议，审议通过了《关于公司使用闲置募集资金进行 现金管理的议案》。在不影响募集资金投资项目建设进度和募集资金使用，并保 证日常经营运作资金需求、有效控制投资风险的前提下，公司使用闲置募集资金 不超过人民币 8 亿元适时进行现金管理，上述额度在决议有效期内可循环滚动使 用，单笔理财期限最长不超过一年。闲置募集资金用于购买安全性高、流动性好 且能够满足保本要求、期限最长不超过 12 个月的保本型产品（包括但不限于结 构性存款、大额存单、银行理财产品等）。决议有效期自董事会审议通过之日起 12 个月以内有效。具体内容详见公司于 2024 年 12 ...

证券代码：600258 证券简称：首旅酒店 编号：临 2025-046 北京首旅酒店（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要提示： ●会议召开时间：2025 年 12 月 9 日(星期二) 下午 16:00-17:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2025 年 12 月 2 日(星期二) 至 12 月 8 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 lixin@btghotels.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 北京首旅酒店（集团）股份有限公司（以下简称"公司"或"首旅酒店"） 已于 2025 年 10 月 30 日披露了 202 ...

Group 1 - The A-share tourism and hotel sector experienced an initial surge on November 24, with Junting Hotel rising over 10% [1] - Jinjiang Hotel saw an increase of over 4%, while other companies such as Tianfu Culture and Tourism, Shou Travel Hotel, Huaten Hotel, and Tongqinglou also followed suit with gains [1]

Core Viewpoint - The hotel and catering sector experienced a decline of 2.68% on November 20, with *ST Yunwang leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3931.05, down 0.4% [1] - The Shenzhen Component Index closed at 12980.82, down 0.76% [1] - Major hotel and catering stocks showed varying degrees of decline, with *ST Yunwang falling by 4.80% to a closing price of 2.18 [1] Group 2: Stock Performance Details - Huaten Hotel (000428) closed at 3.44, down 1.15% with a trading volume of 160,000 shares and a transaction value of 55.04 million [1] - Junxi Hotel (301073) closed at 23.66, down 1.38% with a trading volume of 41,700 shares and a transaction value of 98.54 million [1] - Tongqinglou (605108) closed at 19.40, down 1.92% with a trading volume of 21,000 shares and a transaction value of 40.85 million [1] - Shoulu Hotel (600258) closed at 15.50, down 2.64% with a trading volume of 117,400 shares and a transaction value of 184 million [1] - Jinjiang Hotel (600754) closed at 25.45, down 2.83% with a trading volume of 109,700 shares and a transaction value of 283 million [1] - Xianyin Food (000721) closed at 8.79, down 2.87% with a trading volume of 178,900 shares and a transaction value of 158 million [1] - Jinling Hotel (601007) closed at 7.59, down 3.44% with a trading volume of 163,600 shares and a transaction value of 125 million [1] - Quanjude (002186) closed at 11.73, down 4.01% with a trading volume of 151,600 shares and a transaction value of 180 million [1] - *ST Yunwang (002306) closed at 2.18, down 4.80% with a trading volume of 291,200 shares and a transaction value of 63.65 million [1] Group 3: Capital Flow Analysis - The hotel and catering sector saw a net outflow of 113 million from main funds, while retail investors contributed a net inflow of 116 million [1] - Major stocks like Jinling Hotel and Quanjude experienced significant net outflows from main funds, with Jinling Hotel seeing a net outflow of 18.05 million [2] - Retail investors showed a preference for stocks like Xianyin Food and Quanjude, with net inflows of 20.25 million and 30.28 million respectively [2]

Group 1 - The core viewpoint of the news is that Shoulv Hotel's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 9.01% [1] - As of November 20, Shoulv Hotel's stock price is 15.60 yuan per share, with a market capitalization of 17.419 billion yuan [1] - The company has seen a net outflow of 4.4974 million yuan in principal funds, with significant selling pressure from large orders [1] Group 2 - For the period from January to September 2025, Shoulv Hotel reported operating revenue of 5.782 billion yuan, a year-on-year decrease of 1.81%, while net profit attributable to shareholders increased by 4.36% to 755 million yuan [2] - The number of shareholders increased to 44,300, with an average of 25,177 circulating shares per person, which is a decrease of 2.48% [2] - The company has distributed a total of 1.834 billion yuan in dividends since its A-share listing, with 648 million yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 11.2777 million shares [3] - The fifth-largest shareholder is the Fortune China Securities Tourism Theme ETF, which increased its holdings by 4.983 million shares [3] - The seventh-largest shareholder is the China Europe Pension Mixed A, which also increased its holdings by 3.9921 million shares [3]

Core Viewpoint - The company emphasizes that stock prices are influenced by multiple external factors such as macroeconomic conditions, overall market sentiment, and industry cycles, as well as internal factors like operational performance and core competitiveness [1] Group 1: Economic and Market Context - Since 2025, the national economy has been generally stable and improving, with high-quality development making new progress [1] - Domestic tourism demand is overall positive, and the hotel market is experiencing a moderate recovery trend, which is expected to lead to an increase in overall market valuations [1] Group 2: Company Performance - For the period from January to September 2025, the company achieved operating revenue of 5,782.13 million yuan, a year-on-year decrease of 1.81% [1] - The net profit attributable to shareholders of the listed company was 754.70 million yuan, reflecting a year-on-year increase of 4.36% [1] Group 3: Strategic Initiatives - The company is committed to its core strategies of "development first, product-oriented, member-focused, and operational excellence" [1] - Measures are being implemented to enhance quality and efficiency, aiming to improve returns, including the execution of the 2024 annual equity distribution [1] - The company plans to seize market opportunities to enhance profitability and quality, striving to create higher returns for shareholders in the future [1]

Core Insights - The "Wai Li" project in Tongzhou, Beijing, has completed construction acceptance and is currently in trial operation, set to officially open to the public by the end of this year [1] Group 1: Project Overview - The "Wai Li" project is a collaboration between Shoulv Group, Wangfujing Group, and Shoulv Hotel Group, marking Beijing's first large-scale cultural tourism and commercial integration TOD demonstration project [1] - The project has completed construction acceptance and is now in the trial operation phase, with plans for public opening by the end of this year [1] Group 2: Project Highlights - The project aims to reconstruct spatial logic through "rail + cultural commerce tourism," activating the regional cultural tourism artery [1] - It leverages Shoulv's full industry chain advantages to create three distinctive business formats [1] - The introduction of over 100 flagship stores is expected to enhance Beijing's status as a new landmark for trendy consumption [1]

Core Insights - The hotel and catering sector experienced a slight increase of 0.05% on November 19, with *ST Yunwang leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - The following companies showed notable performance: - *ST Yunwang: Closed at 2.29, up 1.33%, with a trading volume of 764,800 shares and a turnover of 180 million yuan [1] - Jinling Hotel: Closed at 7.86, up 0.90%, with a trading volume of 149,900 shares and a turnover of 117 million yuan [1] - Xian Catering: Closed at 9.05, up 0.67%, with a trading volume of 180,100 shares and a turnover of 162 million yuan [1] - Shoulv Hotel: Closed at 15.92, up 0.32%, with a trading volume of 164,800 shares and a turnover of 261 million yuan [1] - Jinjiang Hotel: Closed at 26.19, up 0.27%, with a trading volume of 110,500 shares and a turnover of 289 million yuan [1] - Quanjude: Closed at 12.22, up 0.16%, with a trading volume of 202,300 shares and a turnover of 252 million yuan [1] - Tongqinglou: Closed at 19.78, down 0.95%, with a trading volume of 23,700 shares and a turnover of 47.12 million yuan [1] - Huatian Hotel: Closed at 3.48, down 1.42%, with a trading volume of 178,000 shares and a turnover of 6.21 million yuan [1] - Junxi Hotel: Closed at 23.99, down 1.76%, with a trading volume of 63,600 shares and a turnover of 153 million yuan [1] Capital Flow - The hotel and catering sector saw a net inflow of 6.60 million yuan from institutional investors, while retail investors experienced a net outflow of 47.74 million yuan [1] - The following companies had significant capital flows: - Quanjude: Net inflow of 22.99 million yuan from institutional investors, with a net outflow of 37.15 million yuan from retail investors [2] - Jinling Hotel: Net inflow of 7.40 million yuan from institutional investors, with a net outflow of 14.40 million yuan from retail investors [2] - Jinjiang Hotel: Net inflow of 3.62 million yuan from institutional investors, with a net outflow of 7.92 million yuan from retail investors [2] - *ST Yunwang: Net inflow of 2.70 million yuan from institutional investors, with a net outflow of 1.00 million yuan from retail investors [2] - Xian Catering: Net inflow of 2.54 million yuan from institutional investors, with a net inflow of 1.33 million yuan from retail investors [2] - Huatian Hotel: Net outflow of 0.52 million yuan from institutional investors, with a net outflow of 0.90 million yuan from retail investors [2] - Tongqinglou: Net outflow of 2.75 million yuan from institutional investors, with a net inflow of 0.12 million yuan from retail investors [2] - Junxi Hotel: Net outflow of 27.14 million yuan from institutional investors, with a net inflow of 13.02 million yuan from retail investors [2]