<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以ä¸æ¯ä¸å´è¯å¸ã社ææ¿å2025H1ä¸æ¥æ»ç»ï¼èè½ä¸çâæ°æ¶è´¹âãç 究æ¥åçæ ¸å¿å 容æ»ç»ï¼</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="pD3lutqrO5" style="" data-dir-key="pD3lutqrO5"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãè¡ä¸æ´ä½è¡¨ç°</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¥æ¶ä¸å©æ¶¦ååæ¾è</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é«å¢é¿æ¿å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¶é¥®ï¼è¥æ¶+32%ï¼ãæè²ï¼+17%ï¼ãOTAæ 游ï¼+12%ï¼ã人åèµæºæå¡ï¼+52%ï¼è¡¨ç°äº®ç¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¿åæ¿å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å ç¨ï¼è¥æ¶-6%ï¼ãæ¯åºï¼+5%ï¼ãé¤é¥®ï¼+2%ï¼å¢éç²è½¯ï¼å ç¨é¾å¤´è¥ä¸å©æ¶¦ä¸æ»27%ï¼åé¤ç å å°äº§è®¡æå½±åï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç°éæµæ¹å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¶é¥®ï¼ç»è¥æ§ç°éæµ+42%ï¼ãé åº/é¤é¥®ç±è´è½¬æ£ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶è´¹è¶å¿åå</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶è´¹é级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æå¡ä¸æ®éâ以价æ¢éâï¼å®¢åä»·æ¿åï¼å¦ç¦»å²å ç¨å®¢åä»·ä¸æ»ãé åºRevPARé4-6%ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">线ä¸åå é</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¤å大ææ¨å¨é¤é¥®çº¿ä¸åççªç ´30%ï¼çº¿ä¸çº¿ä¸èåå æ·±ã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="_H6FVJHmrz" style="" data-dir-key="_H6FVJHmrz"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äºãç»åæ¿åå ³é®æ°æ®</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="XCKoFtVANn" style="" data-dir-key="XCKoFtVANn"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1. å ç¨</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">离å²å ç¨</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è´ç©äººæ¬¡å¢é¿ä½æ¸éçéè³10-15%ï¼å®¢åä»·åæ¯ä¸æ»ï¼è¿å¸¦çèµ°ä½ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å£å²¸å 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data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éä»·ç»æ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æ¿éå¢6-9%ï¼ç»æµåé åºRevPARçå 转æ£ï¼+0.3%ï¼ï¼ä¸é«ç«¯æ¿åï¼-4%è³-6%ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¾å¤´è¡¨ç°</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼äºæµï¼æ¿é+26%ï¼ãåä½ï¼+18%ï¼é¢è·ï¼ç´è¥æ¨¡å¼å æ¯é«çä¼ä¸ï¼å¦åäºç´è¥å æ¯81%ï¼ååè¾å¤§ã</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045473" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9axNJkM4IK9VTsBJ0yHphKC0zgvUIY9HFT3rQch0y7GticVQ0qp1KhAOA/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="BHlzw16hVm" style="" data-dir-key="BHlzw16hVm"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. æ 游ä¸æ¯åº</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åºè¡éæ±</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¿éåºè¡ééï¼éè·¯/æ°èªå®¢è¿éå¢ééè³5-10%ï¼ï¼çéææ æºçï¼å½å åºæ¸¸äººæ¬¡+20.6%ï¼ã</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045474" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aMEsOlQ5aGDPMuQtFibTnUGZrmrDO0j0CjErJDeUhRawB7NGuXG9KeYA/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><figure></figure><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¯åºåå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ç¥¥æºææ ï¼å¹¶è´é©±å¨ï¼ãä¹åæ 游ï¼äº¤éæ¹åï¼æ¶å ¥é¢å ï¼ä¸½æ±/é»å±±å©æ¶¦å天æ°æç´¯ä¸æ»ã</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045475" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aWU88XHEdxYmkxeu8XDlYN4ZiaxbBrk1xXSCoI6GovAKpticHg2PgFr8A/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="vZ_l1qR-1a" style="" data-dir-key="vZ_l1qR-1a"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4. é¤é¥®</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¾ç»åè¡¥</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åä¸å¹¿æ±æµé¨åºæ°ç¯æ¯+5.6%ï¼Q1为-5.7%ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»è¥åå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¤åå æ¯é«ç平价é¤é¥®ï¼å°èåã绿è¶ï¼ååºæ¹åï¼ç«é åç±»æ¿åï¼å°èå/绿è¶åå©çè¾¾14.1%/10.2%ã</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045476" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aUq7yics8QWu7MsFibvIBP1Xn0FxsSHSADxDVBDibsZonNZI4AhBHicuqFA/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><figure></figure><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="aEPZelbI5y" style="" data-dir-key="aEPZelbI5y"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">5. è¶é¥®</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é«æ¯æ°é©±å¨</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å çæ©å¼ +å¤å补贴ï¼èéªï¼æ°å¼7721家ï¼ãå¤èï¼åå¼1265家ï¼ãç幸ï¼åå¼3842家ï¼å éæåºã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çå©æå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è§æ¨¡æåºä¸åå©çæ®éæ¹åï¼å¤è+13.3pctè³28.7%ï¼ã</span></span></span></span></li></ul><h4 data-slate-node="element" data-block-id="uLp9bZDoMl" style="" data-dir-key="uLp9bZDoMl"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">6. æè²</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éæ±æºç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼K12å¨æ ¡çåºæ°ç¨³å¢ï¼å ¬èæ¥å人æ°5å¹´CAGRè¾¾20%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">AIèµè½</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ç²ç¬ãå¦å¤§æè²çå¸å±AI个æ§åæå¦ï¼æåæå¡æçï¼å¦ç²ç¬ç åæå ¥1.08亿ï¼ã</span></span></span></span></li></ul><h4 data-slate-node="element" data-block-id="krS4ODs2u_" style="" data-dir-key="krS4ODs2u_"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">7. 人åèµæºæå¡</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºåæ£å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æå¡æºææ°éå¢éé«äºæå¡äººæ¬¡ï¼ç§éå½é æ¶å 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wxw-img" data-imgfileid="100045478" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9a5KOS0reDn6teiayVc9eTlZ3TicOEYfcQwicbtm5sznia46icRceYt3X0PhQ/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="WzsreTQ-hA" style="" data-dir-key="WzsreTQ-hA"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãæ°å ´è¶å¿</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æå¡ä¸âæ°æ¶è´¹âèè½</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¼å±ä¼ç»æµ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ç¥¨æ¿å¢é40%ï¼å¸¦å¨æ¶è´¹èå¨æåºï¼1:4.8æå¨æ¯ï¼ï¼é年群ä½åä¸åº¦è¶ 45%ã </span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100045479" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwmm3ibAe2R1DZgqjlkMI6b9aU3CI6wRDMpTtAibSriabx8buiarEl0dpjjW3fynvYutuKYCPVpGWW3TXQ/640?wx_fmt=png&from=appmsg" data-type="png" type="block"></section><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å°éªç»æµ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åå°æ»¨å°éªå£æ 游æ¶å ¥+16.6%ï¼éä»·é½åã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">éèæå¡</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å »èæºæã社åºæ´»å¨çèå¹´æ¶è´¹éæ±æ¾ç°ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span 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