核心观点酒店：板块基本面仍具韧性、景气度筑底回升。华住上周公告25Q3实现收入70亿元，同比+8.1%，明显高于此前给出的2-6%增速指引1；单季新开门店749家，在营酒店与客房数同比增速均约17%，网络扩张与轻资产盈利能力同步强化。STR数据显示，2025年10月全国酒店ReVPAR同比转正至+2.2%，整体星现“量稳价升”。在龙头收入和开店节奏双双超指引、行业ReVPAR重回正增长的支撑下，...
Source Link核心观点酒店：板块基本面仍具韧性、景气度筑底回升。华住上周公告25Q3实现收入70亿元，同比+8.1%，明显高于此前给出的2-6%增速指引1；单季新开门店749家，在营酒店与客房数同比增速均约17%，网络扩张与轻资产盈利能力同步强化。STR数据显示，2025年10月全国酒店ReVPAR同比转正至+2.2%，整体星现“量稳价升”。在龙头收入和开店节奏双双超指引、行业ReVPAR重回正增长的支撑下，...
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