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疫情下华住CRS用户需求恢复好于OTA用户
疫情下华住CRS用户需求恢复好于OTA用户
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所属报告：
锦江酒店-规模龙头发展提质静待行业复苏曙光 -220426（35页）.pdf
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5qC55o2u5Zu+6KGo55uu5rWL5Lyw566X77yM5YWo55CD5Li76KaBT1RB5bmz5Y+wTUFV5ZCM5q+U5aKe6YCf5pWw5o2u5aaC5LiL77yI5Y2V5L2N77yaJe+8ie+8mgoKfCDmnIjku70gfCBUcmlwLmNvbSB8IEtsb29rIHwgQWdvZGEgfCBTa3lzY2FubmVyIHwgRXhwZWRpYSB8IEFpcmJuYiB8IEJvb2tpbmcuY29tIHwgVHJhdmVsb2thIHwgT1lPIHwgVHJpcGFkdmlzb3IgfCBIb3RlbHMuY29tIHwgS2tkYXkgfAp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8Oi0tLTp8CnwgKirnrKwx5bm0IDHmnIgqKiB8IDk1IHwgMTAwIHwgMjcgfCAtMTUgfCAtMjIgfCAxOCB8IDEzIHwgMjggfCAtMTMgfCAxOSB8IC01IHwgMjAgfAp8ICoq56ysMeW5tCAy5pyIKiogfCA5OCB8IDk2IHwgMjMgfCAtMTQgfCAtMTggfCAxNiB8IDE2IHwgMTggfCAtMTIgfCAyNSB8IC0zIHwgMjIgfAp8ICoq56ysMeW5tCAz5pyIKiogfCA5MyB8IDk0IHwgNDggfCAtMTIgfCAtMTUgfCAyMiB8IDE3IHwgNSB8IC0xMCB8IDI4IHwgLTIgfCAxOCB8CnwgKirnrKwx5bm0IDTmnIgqKiB8IDkyIHwgNzIgfCAyNCB8IC0xMyB8IC0zMCB8IDIwIHwgMTEgfCAyIHwgLTEyIHwgMjQgfCAwIHwgMTYgfAp8ICoq56ysMeW5tCA15pyIKiogfCA5OCB8IDc2IHwgNTYgfCAtMTQgfCAtMjIgfCAyMiB8IDEyIHwgLTggfCAtMTAgfCAzOCB8IDEwIHwgMjAgfAp8ICoq56ysMeW5tCA25pyIKiogfCA5OSB8IDc4IHwgNjAgfCAtMTAgfCAtMTggfCAyNCB8IDEzIHwgLTEwIHwgLTggfCAzMCB8IDUgfCAyMiB8CnwgKirnrKwx5bm0IDfmnIgqKiB8IDg3IHwgNjIgfCA1OCB8IC04IHwgLTE1IHwgMjUgfCAxMiB8IC04IHwgLTUgfCAzNSB8IDMgfCAyNCB8CnwgKirnrKwx5bm0IDjmnIgqKiB8IDg1IHwgNzAgfCA0MCB8IC01IHwgLTEyIHwgMjggfCAxMSB8IC01IHwgLTIgfCAzMCB8IDYgfCAyNSB8CnwgKirnrKwx5bm0IDnmnIgqKiB8IDcxIHwgNzEgfCA0MSB8IC0zIHwgLTEwIHwgMjYgfCAxMSB8IC0yIHwgMCB8IDI4IHwgNyB8IDI2IHwKfCAqKuesrDHlubQgMTDmnIgqKiB8IDcwIHwgNjYgfCAzMiB8IDAgfCAtOCB8IDI0IHwgMTEgfCA1IHwgNSB8IDI1IHwgOCB8IDI4IHwKfCAqKuesrDHlubQgMTHmnIgqKiB8IDgwIHwgNjUgfCAzMSB8IDUgfCAtNSB8IDIyIHwgMTMgfCA4IHwgOCB8IDIyIHwgOSB8IDMwIHwKfCAqKuesrDHlubQgMTLmnIgqKiB8IDg3IHwgNjAgfCAzMCB8IDggfCAyIHwgMjAgfCAxNSB8IDEwIHwgMTIgfCAyMCB8IDEwIHwgMzIgfAp8ICoq56ysMuW5tCAx5pyIKiogfCA2NiB8IDUwIHwgMzMgfCAxMCB8IDMgfCAyOCB8IDE2IHwgMTIgfCAyMCB8IDE4IHwgOCB8IDMwIHwKfCAqKuesrDLlubQgMuaciCoqIHwgNjcgfCAzNyB8IDMwIHwgMTIgfCAtMTAgfCAyNiB8IDggfCAtMyB8IDI4IHwgMTYgfCA1IHwgMTYgfAp8ICoq56ysMuW5tCAz5pyIKiogfCA3NiB8IDQwIHwgMjggfCAxNSB8IC04IHwgMjQgfCA4IHwgMCB8IDI1IHwgMjIgfCA3IHwgMjIgfAp8ICoq56ysMuW5tCA05pyIKiogfCA2NiB8IDQ2IHwgMjUgfCAxOCB8IC0xMCB8IDIyIHwgNyB8IDUgfCAyMCB8IDQ1IHwgOCB8IDI0IHwKfCAqKuesrDLlubQgNeaciCoqIHwgNjggfCAzMiB8IDIwIHwgMjAgfCAtMTIgfCAyMCB8IDggfCA4IHwgMTUgfCAzNSB8IDYgfCAyMCB8CnwgKirnrKwy5bm0IDbmnIgqKiB8IDcwIHwgMzMgfCAyMiB8IDIyIHwgLTE1IHwgMTggfCA5IHwgMTAgfCAxMCB8IDMwIHwgNSB8IDE4IHwKfCAqKuesrDLlubQgN+aciCoqIHwgNjAgfCAzMCB8IDE4IHwgMjUgfCAtMTIgfCAxNiB8IDEwIHwgMTIgfCA1IHwgMzIgfCAzIHwgMTUgfAp8ICoq56ysMuW5tCA45pyIKiogfCA3MiB8IDM0IHwgMTUgfCAyOCB8IC0xMCB8IDE0IHwgMTAgfCAxNSB8IDAgfCAyOCB8IDUgfCAxMiB8CnwgKirnrKwy5bm0IDnmnIgqKiB8IDcxIHwgMzAgfCAxMiB8IDI1IHwgLTE1IHwgMTIgfCA5IHwgMTIgfCAtNSB8IDIwIHwgMiB8IDEwIHwKfCAqKuesrDLlubQgMTDmnIgqKiB8IDc2IHwgMjggfCAxMCB8IDIyIHwgLTE4IHwgMTAgfCAxMCB8IDggfCAtMTAgfCAxNSB8IDAgfCA4IHwKfCAqKuesrDLlubQgMTHmnIgqKiB8IDcxIHwgMjUgfCA4IHwgMjAgfCAtMjAgfCA4IHwgMTAgfCA1IHwgLTE1IHwgMTIgfCAtMiB8IDUgfAp8ICoq56ysMuW5tCAxMuaciCoqIHwgNzEgfCAyMiB8IDUgfCAxOCB8IC0yNSB8IDYgfCAxMCB8IDIgfCAtMTggfCAxMCB8IC0zIHwgMiB8CnwgKirnrKwz5bm0IDHmnIgqKiB8IDgyIHwgMjUgfCAzIHwgMTUgfCAtMjIgfCA1IHwgMTAgfCAwIHwgLTE1IHwgOCB8IC01IHwgLTIgfAp8ICoq56ysM+W5tCAy5pyIKiogfCA4MyB8IDIyIHwgMCB8IDEyIHwgLTI4IHwgMyB8IDkgfCAtNSB8IC0xMCB8IDUgfCAtOCB8IC01IHwKfCAqKuesrDPlubQgM+aciCoqIHwgNTQgfCAxNSB8IC01IHwgOCB8IC0zMCB8IDIgfCA4IHwgLTggfCAtNSB8IDEyIHwgLTUgfCAtMTAgfAp8ICoq56ysM+W5tCA05pyIKiogfCA1NSB8IDggfCAtOCB8IDUgfCAtMjggfCAwIHwgNyB8IC0xMCB8IDAgfCA4IHwgLTMgfCAtMTUgfAp8ICoq56ysM+W5tCA15pyIKiogfCA2NSB8IDMwIHwgLTEwIHwgMiB8IC0yNSB8IC0yIHwgNiB8IC0xMiB8IDUgfCAtNSB8IC01IHwgLTEyIHwKfCAqKuesrDPlubQgNuaciCoqIHwgNjcgfCAyNSB8IC0xMiB8IDAgfCAtMzAgfCAtNSB8IDggfCAtMTUgfCA4IHwgLTggfCAtNSB8IC0xNSB8Cgoq5rOo77ya5Lul5LiK5pWw5o2u5Li65qC55o2u5oqY57q/5Zu+55uu5rWL5Lyw566X55qE6L+R5Ly85YC877yM5a6e6ZmF5pWw5YC85Y+v6IO95a2Y5ZyowrEzJeS7peWGheeahOivr+W3ru+8myLnrKwx5bm0IuOAgSLnrKwy5bm0IuOAgSLnrKwz5bm0IuS7o+ihqOWbvuihqOS4rei/nue7reS4ieS4que7n+iuoeWRqOacn++8iOaoqui9tDEtMTLmnIjlvqrnjq/ooajnpLrvvInjgIIqCgoqKui1hOaWmeadpea6kO+8mlNlbnNvciBUb3dlcuOAgeWbveazsOa1t+mAmuivgeWIuOeglOeptioq
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行业数据
2026-07-27
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相比全球主要OTA平台，Trip.com核心产品覆盖范围最大
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行业数据
2026-07-27
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Saturazione OTA 2025
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行业数据
2026-07-01
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华住-锦江、锦江-首旅、华住-首旅：相对RevPAR同比差对未来相对股价的IC（按期数k，三对×双口径）
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行业数据
2026-06-24
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华住-锦江：相对RevPAR同比与相对股价同比收益同向波动（季频时序，2010-2026；两同比序列同期Rank相关+0.30）
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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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华住与国内本土三大同业核心运营与盈利指标对比（2025年末）
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行业数据
2026-06-15
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华住与同业加盟单店模型对比（2024–2025年代表性产品代际）
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行业数据
2026-06-15
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华住集团多品牌矩阵核心运营数据（截至2025年末）
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行业数据
2026-06-15
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华住发展历程
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产业概述
2026-06-15
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华住股权结构（截至2026Q1）
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行业数据
2026-06-15
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华住2030年中高端占比提升贡献测算
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行业数据
2026-06-15
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华住集团各档次品牌在营+开发中pipeline结构（截至2026Q1）
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行业数据
2026-06-15
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消费者保留车辆的额外年数（带OTA增强）
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行业数据
2026-03-26
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澳大利亚的消费者不太愿意为空中下载（OTA）更新功能支付费用
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行业数据
2026-03-26
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行业数据
2026-07-30
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系是投资人选择加盟酒店集团的重要考量因素，因为大体量的高忠诚度会员池意味着更稳定的客源和更低的平台抽佣率（一般 OTA 平台 15%~20%，CRS系统 10%以内），同时在疫情背景下，会员或 CRS用户出行需求更刚性、消费能力更强，高会员贡献率能加快复苏速度，华住 2020 年疫情开始好转时 CRS 用户需求修复明显好于 OTA 平台用户可印证这一点。锦江中国区优化会员权益、提升预定体验、整合会员资源（如 2021 年 6 月维也纳绅士会整合入 wehotel），全品牌统一 CRS费率为 5%，提高对门店中央客源输送支持外也激发门店主动转化会员的动力。截至 2021 年末，公司会员数为 1.8 亿、仅此于华住（1.9 亿），高于首旅 0.5 亿，2021 年中已售房中直销占比接近 60%、同比提升显著。
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锦江酒店-规模龙头发展提质静待行业复苏曙光 -220426（35页）.pdf
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