里昂发表研报指，中国内地春节假期即将来临，消费者或会有更多外出旅游及用餐活动，但该行预期市场很快会重新关注结构性趋势。里昂表示，对华住的正面看法主要基于产业供应过剩压力缓解，该公司毫不改变地承诺迅速开设酒店是可以理解，但可能会影响未来一至两个季度的每可用客房收入(RevPar)复苏速度。相较之下，海底捞在开设新店方面进展缓慢，试图避免稀释单店销售。至于九毛九正关闭门市。

由于低线城市新酒店带来的获利压力，里昂将华住目标价由44美元下调至40美元；由于开店速度慢于预期，将海底捞目标价由20港元下调至19港元；由于门市关闭压力，将九毛九目标价由3.2港元下调至2.6港元。另外，由于里昂对中国酒店业的RevPar趋势有较高确定性，华住仍然是该行在消费者服务领域的首选。

海量资讯、精准解读，尽在新浪财经APP

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.