3Q 旅游旺季促进酒店行业复苏。根据STR 数据，2020 年8 月国内酒店行业间夜量需求同比增速为-8.36%，为年内最小降幅。需求复苏带动OCC回升至65.79%，同比变化-7.41pct，2020 年8 月RevPAR/收入同比增速恢复至-19.47%/-17.89%，均为年内新高，我们预计4Q20 OCC 同比变化有望转正。根据我们对历史数据复盘，ADR 拐点滞后于OCC 拐点2~3 个季度，预计2Q/3Q 21 RevPAR 恢复至19 年同期水平。国内酒店结构性不平衡，龙头规模仍有较大扩张空间，盈利能力有望稳中有升，未来OCC同比变化转正拐点提升板块估值，推荐锦江酒店、首旅酒店。

国内酒店总量61 万间，规模分化，长尾分布，低线下沉空间广，且连锁化率仅22%，对标欧美40-70%提升潜力大。传统酒店业周期性强，但酒店龙头依托加盟扩张可兼具周期与成长。目前国内连锁酒店龙头竞争格局初定，但全住宿行业集中度仍待提升。酒店龙头依托品牌+会员+技术+资金等构筑壁垒正强化行业变革，有望加速龙头集中。

9 月11 日，华住集团在港交所发布全球发售公告，公司将在全球发售股份2,042.2 万股，其中，香港发售204.23万股，最高发售价为每股368 港元，国际发售价将在香港时间9 月16 日确定，预计募集金额约75 亿港元，若考虑最高15%超额配股权，融资规模最高将超过86 亿港元，预计将于9 月22 日在港交所上市交易。

2020 年上半年，申万休闲服务行业全部上市公司共实现营收377.06 亿元，同比减少82.29%，行业整体亏损12.57 亿元，扣非后整体亏损25.48 亿元，上半年业绩受疫情影响有明显下滑。

2020 年上半年，申万休闲服务行业全部上市公司共实现营收377.06 亿元，同比减少82.29%，行业整体亏损12.57 亿元，扣非后整体亏损25.48 亿元，上半年业绩受疫情影响有明显下滑。行业整体毛利率为43.89%，较19 年同期降低了17.93 个百分点，同期净利率为-4.39%。行业期间费用率为33.89%，较去年同比提高0.71 个百分点，主要是受行业整体管理费用率提高的影响。

The concept of fast casual restaurants came into existence in the late 90’s, however it gained much of the traction in 2009. The fast casual restaurants prepare fresh food rather than assembling them as in the case of fast food restaurant. High quality ingredients, locally sourced, fresh, and organic are the some of the many characteristics of the fast food restaurants. Furthermore, the prices of fast casual restaurants are higher than that of fast food restaurants but considerably lower than that for fine dining. The global fast casual restaurants market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global fast casual restaurants market. These include market forecast, drivers, restraints, opportunities, and role of key players operating in the market. By food type, the market is classified into burger/sandwich, pizza/pasta, Asian/Latin American Food, chicken, and others. By mode of operation, it is bifurcated into dine-in and takeaway. By nature, it is divided into franchised and standalone. Furthermore, it includes revenue generated from the sales of fast casual restaurants across North America, Europe, Asia-Pacific, and LAMEA.