2025 年中国高端消费市场初显回暖信号，呈现理性复苏与结构性分化特征。全年境内个人奢侈品市场同比降幅收窄至 3%-5%，虽仍处调整期，但相较 2019 年仍保持 50% 以上增长体量，长期成长韧性凸显。市场复苏呈 "前低后高" 的 J 型修复，3Q25 起受资本市场回暖与政策发力带动，景气度持续回升，4Q25 销售额同比转正至 1%-3%。 品类方面，消费结构从 "物质占有" 向 "体验优先" 转型。高端服务消费表现亮眼，奢华酒店 RP 持平、入境邮轮游客同比激增 210%，健康保健、旅游等体 验类消费成为高净值人群支出增长重点；商品端呈 K 型分化，美妆个护逆势增长 4%-7%，珠宝品类降幅收窄至 0%-5%，而皮具箱包、腕表分别下滑 8%-11% 和 14%-17%。 复苏动力源于多因素共振：境内外奢侈品价差显著收窄至 12% 左右，叠加消费回流趋势，为内地市场带来增量；促消费政策落地、海南封关与离岛免税新 政拓宽消费渠道；楼市企稳与股市慢牛释放财富效应，高净值人群消费信心修复；外资品牌加强本土化适配，产品与营销更贴合中国市场需求。 人群特征呈现代际分化：Z 世代以悦己消费和文化自信为核心，偏好国潮与线 ...

该行认为基本面更有利于获评"买入"的酒店股，包括华住集团、亚朵酒店，澳门股包括银河娱乐、金沙 中国，及航空股包括国航、东航。 高盛发表报告指，春节旅游数据整体健康，国内游客量年增19%达5.96亿人次，旅游花费按年增19%至 8030亿元，日均增长6%；出境旅客量年增24%达480万人次，其中日本航线年减约50%，但东南亚及韩 国航线按年增10-40%的转移需求抵消了部分影响。 报告指，春节酒店业表现亮眼，每间可供房收入受平均房价带动，按年增长达中至高个位数百分比；航 空票价亦表现优于预期，受限于运力紧绷，国内航线票价按年上涨7%，国际航线票价按年上涨15%。 海南免税店表现逊于预期，日均销售额仅增长15%，1月为45%，主因每位旅客消费额下滑；澳门日均 博彩总收入7.86亿澳门币，按年增5%，未达预期8.5亿至9亿澳门元，部分源于贵宾厅赢率下降。 ...

Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

春节过后，部分热门小城的亚朵酒店房价上演"过山车"行情，房价节前飙升，节后迅速跳水，巨大的价 格波动引发热议。2月24日，北京商报记者经查询发现，春节假期期间，汕头等热门小城的亚朵酒店房 价涨至超4000元，而节后开始大幅度回落，降幅超70%。春节期间高企的房价，引发网友热议，纷纷吐 槽称"月薪3万，春节住不起汕头亚朵"。在酒店客房涨价的背后，有业者分析称，酒店房价波动是供需 关系变化所致，小城中高端酒店供给有限，从而推高房价，而众多消费者选择亚朵也是对其品牌的认 可，但过度涨价则会对品牌造成负面影响，针对价格的制定，企业需要进行自我约束。 节后房价急剧回落 春节假期前夕，部分热门旅游城市的亚朵酒店房价一度冲上4000元/晚，而节后房价则迅速跳水，引发 市场的广泛关注。 携程App显示，泉州万达广场丰泽街亚朵酒店3月1日—8日尊享双床房房价为508元/晚，而在春节假期期 间（2月15日—22日）同房型房价为2168元/晚，由此可以计算出，节后房价降幅为77%。北京商报记者 注意到，在整个春节假期期间，泉州多家亚朵酒店的客房均已售罄。 节前，北京商报记者致电泉州万达广场丰泽街亚朵酒店，面对房价大幅上涨的问题时， ...

春节过后，部分热门小城的亚朵酒店房价上演"过山车"行情，房价节前飙升，节后迅速跳水，巨大的价 格波动引发热议。2月24日，北京商报记者经查询发现，春节假期期间，汕头等热门小城的亚朵酒店房 价涨至超4000元，而节后开始大幅度回落，降幅超70%。春节期间高企的房价，引发网友热议，纷纷吐 槽称"月薪3万，春节住不起汕头亚朵"。在酒店客房涨价的背后，有业者分析称，酒店房价波动是供需 关系变化所致，小城酒店中高端酒店供给有限，从而推高房价，而众多消费者选择亚朵也是对其品牌的 认可。但过度涨价则会对品牌造成负面影响，针对价格的制定，企业需要进行自我约束。 朵有点贵，还不如住五星级""我本来想住亚朵，但价格离谱，于是选择了其他新开的酒店"……甚至还 有消费者吐槽，"月薪3万，今年春节也住不起汕头亚朵"。 节后房价回落至千元以内 春节假期前夕，部分热门旅游城市的亚朵酒店房价一度冲上4000元/晚，而在节后房价则迅速跳水，引 发市场的广泛关注。 携程App显示，泉州万达广场丰泽街亚朵酒店3月1日—8日尊享双床房房价为508元/晚，而在春节假期期 间（2月15日—22日）同房型房价为2168元/晚，由此可以计算出，节后房价降幅 ...

节前，北京商报记者致电泉州万达广场丰泽街亚朵酒店，面对房价大幅上涨的问题时，该酒店工作人员 称，春节期间游客较多，加之会有团队客人入住，且酒店位于市中心，房源十分紧张。若选择在春节假 期8晚连住，酒店暂无房间可以入住。 亚朵酒店房价出现跳水情况的目的地还不止在泉州，北海、汕头等地亚朵酒店房价也从春节期间的高 位，直线回落至千元以内。携程App显示，北海银滩大道亚朵酒店2月18日—19日高级双床房为1845元/ 晚，节后3月4日—5日（同为周三、周四）同房型房价为481元/晚，每晚房价下调1364元，降幅为 74%；同样在汕头，2月18日—19日汕头万象城华山南路亚朵酒店深睡尊享大床房房价为4037元/晚，3 月4日—5日房价下降至927元/晚，降幅为77%。部分热门小城的亚朵酒店在春节前后的价格落差较为明 显，房价甚至出现了"腰斩"的局面，引发游客热议。 针对春节期间酒店涨价，汕头亚朵酒店门店负责人回应称，由于春节期间汕头文旅非常火爆，门店在春 节期间大部分基础房型已经全部被订完，剩余少量的稀缺高端房型，确实在价格上存在一定的波动，门 店也在文旅部门、市场监管部门等的指导和提醒下，保持价格合理性。同时通过延长 ...

【招商商社互联网】周度观点与推荐 周观点： 1）继续推荐阿里巴巴，看好云与千问发展前景。 2）我们认为美团基本面无明显变化，春节前股价回调后估值更具性价比，继续推荐。 3）春节酒店revpar超预期，推荐亚朵酒店、华住集团、携程集团。 重点关注本周携程业绩会对监管、agent的看法。 标的推荐： # 互联网： 阿里巴巴、美团、携程集团、拼多多、快手、滴滴出行、京东；同程旅行、万物新生、唯品会、BOSS 直聘、满帮集团 # 社服： 亚朵酒店、华住集团、古茗、瑞幸咖啡、蜜雪集团、百胜中国、长白山 1）继续推荐阿里巴巴，看好云与千问发展前景。 2）我们认为美团基本面无明显变化，春节前股价回调后估值更具性价比，继续推荐。 3）春节酒店revpar超预期，推荐亚朵酒店、华住集团、携程集团。 重点关注本周携程业绩会对监管、agent的看法。 标的推荐： # 互联网： 【招商商社互联网】周度观点与推荐 周观点： # 零售： 万辰集团、鸣鸣很忙、名创优品、永辉超市、叮咚买菜、布鲁可 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

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 ...

9年来，亚朵集团以高山茶产业为核心抓手，全方位赋能亚朵村产业转型。从组织村民开展标准化种植培训，引导茶叶种植从"散种散收"向规 模化、规范化转变，到投入资金援建现代化茶厂，推动生产方式从传统土法作坊向标准化加工跨越，每一步都走得扎实有力。 目前，福贡县已建成4个标准化茶叶生产基地，"亚朵村的茶"成功接入全国2000家亚朵酒店销售体系，构建起覆盖种植、加工、销售等环节的 产业链闭环，解决了村民种茶易、卖茶难的难题。截至2025年12月底，亚朵集团在怒江傈僳族自治州的成品茶采购金额已超过7600万元。 蓬勃发展的茶产业，让曾经外出务工的村民在家门口实现了"就业顾家两不误"的梦想。村民三里普以前在外打工，一年到头也回不了几次家， 心里总惦记着老人和孩子。茶厂建成后，他返乡到茶厂就业，学习茶叶采摘、加工、品鉴等技术，逐渐成长为茶厂的技术骨干。现在，他已是 拉甲木底茶厂的轮值厂长，年收入超过10万元。"现在，乡亲们有种茶收入，还有分红，我们想要的好日子就在家门口。"三里普笑着说。 亚朵村村民采茶。 2月10日，怒江州贡县石月亮乡亚朵村村委会广场上，彩色横幅随风舒展，392户傈僳族群众脸上都挂着藏不住的喜悦——亚朵村首次 ...