The Huafu Securities Research Report points out that the hotel industry is still resilient. Currently, it is verified that the hotel industry is in an upward cycle of demand recovery. In the short term, 23Q4 total demand maintains a weak recovery trend, and the valuations of major listed wine companies may be under pressure; in the medium to long term, as hotel demand continues to be advanced, leading hotel companies can more easily meet the continuous upgrading of demand, and the valuation+profit release of hotel companies with strong growth after 24 years of demand restoration is even more impressive.
华福证券：酒店行业经营韧性依旧
Huafu Securities: The hotel industry remains resilient
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