Investment Rating - The report rates the real estate sector as "Overweight" [4] Core Insights - The industry is expected to stabilize as supply decreases and quality improves, with new and old drivers working together to push the market towards a bottoming out [2] - Key cities are anticipated to find a balance in sales by 2026, although long-tail cities will continue to drag down overall performance, albeit at a reduced rate [2] Summary by Sections 2025 Industry Review - The industry faced a significant downturn in sales and investment, with actual sales area data falling below previous lower predictions due to overly optimistic expectations for third and fourth-tier cities [8] - The decline in new construction and investment was more pronounced than expected, with new construction area growth at -20.4% and completion area growth at -18.1% [10][24] 2026 Industry Outlook - The focus will be on high-quality development, with key cities expected to stabilize sales. The central economic work conference emphasized stabilizing the real estate market and encouraging the acquisition of existing properties for affordable housing [7][9] - Investment growth is projected to be slow, with construction area growth expected between -5.8% and -10.2%, and corresponding investment growth between -4.0% and -12.5% [10][11] - The report predicts that the sales amount for 2026 could vary under optimistic, neutral, and pessimistic scenarios, with forecasts of 2.6%, -4.9%, and -11.4% respectively [10] Policy Focus - The main pressures on the industry will stem from investment growth challenges, with expectations for interest rate cuts and asset recovery policies to support the sector [10][11] - The report highlights the importance of monitoring the implementation of policies related to interest rate reductions, asset recovery, and urban renewal [10][11] Sales and Investment Predictions - The report provides a detailed forecast for 2026, indicating that the total sales area is expected to stabilize between 7-8 billion square meters, driven by improving demand and urban renewal initiatives [44][50] - The sales amount and land acquisition trends are expected to reflect a continued focus on quality and strategic development in key urban areas [50][55]

Group 1 - The hotel and catering sector increased by 0.96% compared to the previous trading day, with Quan Jud leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the hotel and catering sector showed varied performance, with Quan Jud closing at 12.28, up 3.37%, and ST Yunwang closing at 2.11, down 2.31% [1] Group 2 - The net inflow of main funds in the hotel and catering sector was 17.95 million yuan, while retail investors saw a net outflow of 17.99 million yuan [1] - Major stocks like Jin Jiang Hotel and Huatian Hotel experienced significant net inflows from main funds, with Jin Jiang Hotel seeing 14.91 million yuan [2] - ST Yunwang had the highest net outflow from main funds at 9.84 million yuan, indicating a negative sentiment towards this stock [2]

莫敏俭指出，产品与服务的标准化是连锁酒店品牌的生命线，但庞大体系内常面临信息分散、上下贯通 效率低、标准一致性维护难等诸多挑战。作为国内头部酒店管理企业，锦江酒店（中国区）一直是数字 化转型的先行探索者和实践者。 他表示，在与飞书接触并规划共建"锦鲲"平台的过程中，企业进一步认识到，AI不仅是技术工具，更是 驱动行业演进的关键力量。"AI发展日新月异，它为我们提供了一个'超级工具'，这将深刻重塑业务流 程，甚至转变员工角色。"莫敏俭表示，企业积极拥抱技术浪潮，其根本目的并非取代人力，而是通过 AI这一"超级工具"重塑流程、赋能员工，最终让服务更精准地回归人的需求与温度。 新华财经北京1月28日电（记者丁雅雯）锦江酒店（中国区）副总裁莫敏俭日前在接受新华财经专访时 表示，企业将把握AI技术浪潮，加速推进数字化转型，核心目标是系统性重塑业务流程与组织效能， 以支撑超万店规模的高质量发展。 锦江酒店（中国区）联合飞书打造的AI协同办公平台"锦鲲"近日正式发布，标志着其在数字化转型道路 上迈出关键一步。 数据显示，截至2025年6月30日，锦江酒店（中国区）签约酒店已超16300家，客房规模突破154万间， 持续领跑 ...

Market Overview - The hotel and catering sector experienced a decline of 0.64% on January 28, with *ST Yunwang leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the hotel and catering sector showed mixed performance, with Junxi Hotel rising by 0.86% to 30.53, while *ST Yunwang fell by 4.42% to 2.16 [1] - The trading volume and turnover for major stocks included: - Junxi Hotel: 47,000 shares, 1.44 billion CNY - Xian Catering: 122,400 shares, 113 million CNY - Jinjiang Hotel: 58,600 shares, 156 million CNY - *ST Yunwang: 256,800 shares, 56.12 million CNY [1] Capital Flow - The hotel and catering sector saw a net outflow of 32.18 million CNY from institutional investors and 33.67 million CNY from retail investors, while retail investors had a net inflow of 65.85 million CNY [1] - Detailed capital flow for selected stocks included: - Jinjiang Hotel: Net inflow of 1.04 million CNY from institutions, but a net outflow of 1.36 million CNY from retail investors [2] - *ST Yunwang: Net outflow of 10.47 million CNY from institutions, with a net inflow of 4.75 million CNY from retail investors [2]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The strategic positioning of "service consumption" has been enhanced, expected to become a core engine for driving domestic demand. The State Council's meeting on January 16 emphasized the implementation of consumption-boosting actions and the cultivation of new growth points in service consumption, providing a clear direction for consumption development in 2026 and the 14th Five-Year Plan [6] - During the Spring Festival travel season (February 2 - February 14, 2026), domestic flight ticket bookings exceeded 7.54 million, a year-on-year increase of 12%. The total expected passenger transport volume for civil aviation during the Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [6] - The recovery of dining consumption in Q4 2025 was significantly stronger than that of retail goods, indicating a resurgence in service consumption. From October to December 2025, the year-on-year growth rates for dining revenue were 3.8%, 3.2%, and 2.2%, respectively, while retail goods growth rates were 2.8%, 1.0%, and 0.7% [6] Summary by Sections - **Recent Industry Performance**: Over the past 12 months, the industry has shown relative returns of 5.35% over one month, 7.38% over three months, and a decline of 3.0% over twelve months. Absolute returns were 6.42%, 8.38%, and 19.81% respectively [4] - **Policy Support**: The government has introduced policies to encourage service consumption, including optimizing school holiday arrangements to promote student well-being, which is expected to boost service consumption growth [6] - **Investment Recommendations**: The report suggests focusing on listed companies in the dining, hotel, and tourism sectors, including China Duty Free Group, Shouhang Hotel, Jinjiang Hotels, and others, as they are likely to benefit from the positive trends in service consumption [6]

后续增持计划的公告 本公司董事会、全体董事及相关股东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： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600754/900934 证券简称：锦江酒店/锦江B股 公告编号：2026-005 上海锦江国际酒店股份有限公司 关于控股股东一致行动人增持公司B股股份及 ● 增持主体的基本情况:本次增持主体为上海锦江国际酒店股份有限公司（以下简称"公司"）控股股东 上海锦江资本有限公司（以下简称"锦江资本"）一致行动人锦江国际酒店集团（香港）投资管理有限公 司（以下简称"锦江香港")。本次增持前，锦江香港持有公司B股股份17,999,991股，占公司总股本的 1.69%。 ● 增持计划的主要内容:公司于2026年1月27日收到锦江资本的函，锦江资本一致行动人锦江香港通过上 海证券交易所以集中竞价交易方式增持公司B股股份400,000股，占公司总股本的0.0375%。自本次增持 后，锦江香港拟通过上海证券交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司 B股股份。增持B股股 ...

证券代码：600754/900934 证券简称：锦江酒店/锦江 B 股 公告编号：2026-005 上海锦江国际酒店股份有限公司 关于控股股东一致行动人增持公司 B 股股份及 后续增持计划的公告 本公司董事会、全体董事及相关股东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： | 增持主体名称 | 锦江国际酒店集团（香港）投资管理有限公司 | | --- | --- | | 增持主体身份 | 控股股东、实控人 是 否 | | | 控股股东、实控人的一致行动人 是 否 | | | 直接持股 5%以上股东 是 否 | | | 董事、监事和高级管理人员 是 否 其他：__________ | | 持股数量 | 18,399,991 股 | | 持股比例 （占总股本） | 1.73% | | 本次公告前 12 个月内 年 增持主体是否披露增持 | 是（增持计划完成情况：自 2025 年 2 月 28 日至 2026 1 月 12 日期间，锦江香港通过上海证券交易所交易 系统以集中竞价交易方式累计增持公司 B 股股份 | | ...

Summary of Conference Call Notes Industry Overview - The lodging industry in China is experiencing a shift towards quality growth, with consumers prioritizing "value-for-quality" as spending power has not fully recovered [3][11] - Domestic travel showed resilience in 2025, with a 18% year-over-year (YoY) growth in domestic travel, although per capita spending decreased by 6% YoY [3][18] - The lodging industry is still under pressure, with overall RevPAR (Revenue per Available Room) remaining sluggish due to oversupply and slow business travel recovery [3][29] Company-Specific Insights H World (HTHT US / 1179 HK) - **Recommendation**: Outperform with a target price of USD 59 / HKD 46, benefiting from an asset-light business transformation aimed at expanding margins [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 4% YoY in 2026, with EBITDA margins projected to increase from 29% in 2024 to 35% in 2026 [4][11] - Net income forecasted to rise from RMB 3,048 million in 2024 to RMB 5,433 million in 2026 [4] - **Market Position**: H World is focusing on midscale and upper midscale segments, with 53% of its portfolio in these categories as of Q3 2025 [34] - **Direct Booking Strategy**: Direct bookings have reached 80%, reducing reliance on online travel agencies (OTAs) [3][37] Atour (ATAT US) - **Recommendation**: Outperform with a target price of USD 48 [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 3% YoY in 2026, with EBITDA margins projected to stabilize around 24% [4] - Revenue growth forecasted to increase from RMB 9,783.9 million in 2025 to RMB 14,107.7 million in 2027 [9] - **Market Position**: Atour is well-positioned in the midscale segment, with a focus on quality hotels and a strategic goal of operating 2,000 quality hotels [34] Jinjiang (600754 CH) - **Recommendation**: Underperform with a target price of RMB 20 [3][11][60] - **Financial Performance**: - Expected RevPAR growth of 3% YoY in 2026, but lower operating efficiency compared to peers [4][11] - Revenue forecasted to increase from RMB 13,464.9 million in 2025 to RMB 15,039.7 million in 2027 [10] - **Market Position**: Jinjiang is focusing on the midscale segment, which accounts for 62% of its total network, but faces challenges with older properties needing renovation [34] Key Trends and Insights - **Consumer Behavior**: There is a notable shift towards quality accommodations at reasonable prices, with consumers prioritizing value over luxury [34] - **Direct Booking Growth**: Major hotel groups are enhancing their membership systems and direct booking channels, leading to improved customer loyalty [3][37] - **Market Dynamics**: The hotel industry is experiencing a consolidation phase, with leading brands gaining market share despite overall sluggish RevPAR recovery [3][29] Risks and Challenges - Potential risks include slower-than-expected RevPAR growth, prolonged recovery in business travel, and market competition leading to potential market-share loss [13][47] - Jinjiang faces specific challenges related to its operating efficiency and the need for a turnaround in its overseas business [11][13] Conclusion The lodging industry in China is navigating a complex landscape characterized by a focus on quality growth and changing consumer preferences. Leading companies like H World and Atour are well-positioned to capitalize on these trends, while Jinjiang faces challenges that may hinder its performance relative to peers.

证券之星消息，1月26日酒店餐饮板块较上一交易日下跌0.92%，锦江酒店领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 2.25 | 1.81% | 30.51万 | 7025.41万 | | 301073 | 君亭酒店 | 30.93 | 1.51% | 4.81万 | 1.49亿 | | 601007 | 金陵饭店 | 8.21 | 0.49% | 14.64万 | 1.20亿 | | 600258 | 首旅酒店 | 17.50 | 0.00% | 17.64万 | 3.07亿 | | 002186 | 全聚德 | 12.21 | -0.73% | 7.91万 | 9643.91万 | | 000428 | 华天酒店 | 3.54 | -0.84% | 21.74万 | 7671.65万 | | 605108 | 同庆楼 | ...

Investment Rating - The report maintains an "Outperform" rating for the hotel industry [6] Core Views - The domestic hotel industry is at a historical cycle bottom, with expectations for RevPAR to bottom out and recover in 2026 [31] - The industry is experiencing a shift from an "OCC first" strategy to a "best RevPAR" strategy among leading players, indicating a focus on pricing power and revenue management [43][49] - The REITs framework is evolving, allowing for better capital management and operational efficiency among leading hotel groups [64] Summary by Sections 1. Hotel Industry Valuation Discussion - The market capitalization of leading domestic hotel players has shown non-linear growth, driven by cyclical turning points and capital consolidation [12] - Valuation frameworks are anchored by macroeconomic cycles, with growth acting as a catalyst, and long-term views focusing on scale and ROE [17][28] 2. Current State of the Domestic Hotel Industry - The supply-demand relationship is adjusting, with a potential recovery in RevPAR expected in 2026 as the market stabilizes [31] - Demand for leisure travel remains strong, while business travel is recovering at a slower pace, influenced by service consumption policies [41][66] 3. Sector Valuation Recovery Initiation - Leading hotel companies are expected to show performance elasticity, with historical valuation recovery patterns suggesting potential for significant upside [3] - The report recommends overweighting leading hotel stocks, including Huazhu Group, ShouLai Hotel, JinJiang Hotel, Atour, and Junting Hotel, based on their growth potential and market positioning [3][6]