《大行》摩通指行业整合对华住(01179.HK)亚朵(ATAT.US)更有利维持“增持”评级

阿斯达克财经

2025/12/04

摩根大通研报指出，过去一个月，中国酒店股走势出现显著分化，华住集团(01179.HK) 及锦江酒店(600754.SH) 表现优异，而亚朵(ATAT.US) 及首旅酒店(600258.SH) 表现跑输行业。该行认为股价变动并非全由基本面支撑，因摩通的中国酒店追踪数据显示，华住集团今年第四季度的平均可出租客房收入(RevPAR)存在上行风险，股价短期内有上涨空间；而锦江酒店的平均可出租客房收入可能...

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HK) Atour (ATAT.US) to maintain an \"overweight\" rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01179":1.5},"content_text":"摩根大通研报指出，过去一个月，中国酒店股走势出现显著分化，华住集团(01179.HK) 及锦江酒店(600754.SH) 表现优异，而亚朵(ATAT.US)  及首旅酒店(600258.SH) 表现跑输行业。该行认为股价变动并非全由基本面支撑，因摩通的中国酒店追踪数据显示，华住集团今年第四季度的平均可出租客房收入(RevPAR)存在上行风险，股价短期内有上涨空间；而锦江酒店的平均可出租客房收入可能较其股价所反映的更平淡。摩通表示，今年迄今，华住集团、亚朵的表现(分别升41%及59%)显著优于锦江酒店及首旅酒店(分别跌2%、升7%)，但仍建议投资者在12个月期间“增持”华住集团及亚朵酒店，因他们的品牌、产品更强劲带来更清晰的长期增长前景，而估值与锦江酒店及首旅酒店一致，甚至更便宜。从摩通消费论坛得出的要点表明，酒店行业的自律性胜预期，这对华住、亚朵有利。摩通的追踪数据也显示，其覆盖的四家酒店中，在今年第四季度新增客房数量均有所放缓，而年初至今，华住、亚朵的扩张速度明显快于锦江酒店、首旅酒店，显示行业整合趋势对华住、亚朵更有利。有关摩通对上述酒店的评级及目标价，详见另表。(hc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-12-03 16:25。) (A股报价延迟最少十五分钟。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)AASTOCKS新闻","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}

《大行》摩通指行业整合对华住(01179.HK)亚朵(ATAT.US)更有利 维持“增持”评级

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《大行》摩通指行业整合对华住(01179.HK)亚朵(ATAT.US)更有利维持“增持”评级