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住宿预订收入影响因子:间夜量及ADR双驱动
住宿预订收入影响因子:间夜量及ADR双驱动
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所属报告:
同程旅行-港股公司研究报告-在线旅行系列(三):流量优势仍待释放业绩增长预期稳健首予买入-240208(24页).pdf
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从2026年全国酒店大盘RevPAR数据看,ADR保持同比正增长
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行业数据
2026-07-03
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定价权排序的逐季落地:完全前视(k=0)与上限口径(k=−1)下每季买入标的、其ADR同比与当季超额(2023-2026,2023
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行业数据
2026-06-24
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截面池化联合回归:相对ADR与相对OCC的标准化β(每季截面去均值,按期数k)
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行业数据
2026-06-24
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华住-锦江:ADR差与OCC差对未来相对股价的IC(按期数k,双口径)
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行业数据
2026-06-24
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航空票价和酒店ADR之间强相关(yoy角度)
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行业数据
2026-06-24
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ADR动量组合累计净值与相对等权的超额净值(2010年
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行业数据
2026-06-24
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ADR动量稳健性:把“信号→持有”错位从滞后两季扫到前视两季(k=−2…+2)的超额剖面、分季段表现
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行业数据
2026-06-24
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2026年5月经济型酒店ADR对比(元)
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行业数据
2026-06-15
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行业数据
2026-03-11
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环比短期ADR(美元)
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行业数据
2026-03-11
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我们预计 2024 年住宿预订收入 46 亿元,2023-26E CAGR 为 15%。拆分住宿预订收入影响因子,主要包括销售间夜量、平均房价 ADR、变现率。变现方式主要为佣金收入及增值服务收入,我们估算佣金收入占比超 80%。我们预计 2023 年住宿预订收入为 39 亿元,同比增 61%,较 2019年增 64%,主要受间夜量强劲复苏驱动。预计 2024年/2025年/2026年住宿预订收入为 46 亿元/54 亿元/59 亿元,同比增 20%/16%/10%,3 年符合增速为 15%,主要受 ADR 提升、间夜量增长驱动。我们预计佣金率视战略投入、竞争格局而变动,但总体维持平稳水平,增值服务变现潜力有望持续提升,总体变现率在 10%上下小幅度波动。
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