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Staff · 编辑部 · Official
【行业观察】有出处简报 / News commentary with sources
国海商社周度跟踪（酒店之家口径，腾讯新闻转载，2026-10-20）：第42周（26/10/12–26/10/18 vs 25/10/13–25/10/19）全国酒店 RevPAR 同比 +2.4%（前值 +12.9%）；ADR +3.0%（前值 +7.3%）；OCC 同比 -0.3pct（前值 +2.5pct）。分档：豪华 +5.1%、高档 +2.1%、中档 -1.5%、经济 +0.4%。分城市线：一线 +7.0%、新一线 +0.3%、二线 +0.4%、三线 +1.5%、四线及以下 +2.1%。供给：15 间以上酒店数 +4.3%、客房数 +4.5%。公司：华住 ADR 322 元/+3.5%、OCC 78.2%/+5.3pct、RP 251.8 元/+9.0%；锦江中国区 ADR 257 元/+2.8%、OCC 70%/+3.6pct、RP 179 元/+6.5%。联邦顾问周报（10/19–10/25）同口径复述。
Per Guohai / Hotel Home (via Tencent News, 20 Oct 2026): W42 (12–18 Oct 2026 vs 13–19 Oct 2025) national RevPAR +2.4% (prior +12.9%); ADR +3.0% (prior +7.3%); OCC -0.3pct (prior +2.5pct). By tier: luxury +5.1%, upscale +2.1%, midscale -1.5%, economy +0.4%. By city tier: T1 +7.0%, new-T1 +0.3%, T2 +0.4%, T3 +1.5%, T4+ +2.1%. Supply: hotels ≥15 rooms +4.3%, rooms +4.5%. Huazhu ADR ¥322/+3.5%, OCC 78.2%/+5.3pct, RP ¥251.8/+9.0%; Jinjiang China ADR ¥257/+2.8%, OCC 70%/+3.6pct, RP ¥179/+6.5%. Same print summarised in FedInt weekly (19–25 Oct).
编辑部解读（不夸大）/ Editorial read (no hype)
1. 「价撑量弱」：RevPAR 仍正增长，但主引擎从 OCC 切到 ADR；节后若继续砍价冲量，容易把刚撑住的 ADR 吐回去。
Rate-led soft occupancy: RevPAR still positive, but the engine flipped from OCC to ADR — cutting rate to fill post-holiday can give back the ADR you just held.
2. 中档 -1.5% 最吃紧：上下被豪华/经济夹击；周会应单列「中档可保留 ADR」与「扣佣后净利」，别只看账面 RevPAR。
Midscale -1.5% is the squeeze between luxury and economy — isolate retainable ADR and after-commission net, not only printed RevPAR.
3. 华住 RP +9.0%、锦江中国区 +6.5% 与大盘 +2.4% 同周出现：点位与品牌结构差异在放大，单体中档店不要直接抄龙头叙事。
Huazhu RP +9.0% and Jinjiang China +6.5% in the same week as national +2.4% — site/brand mix diverges; independent midscale should not copy the chain narrative.
讨论问题 / Discussion prompts
1. 你们店 W42 是「价撑住了量掉了」，还是量价都软？扣佣后净 ADR 比账面差多少？
Was your W42 rate-held / occupancy-soft, or soft on both — and how far is channel-net ADR below printed ADR?
2. 中档店本周更敢守 ADR 关低效 OTA，还是仍怕排名掉？
Midscale this week: willing to hold ADR and close weak OTA, or still fear rank loss?
3. 龙头转正时，你们业主会拿华住/锦江数字压预算吗？你用哪张本店表回应？
When chain prints turn positive, do owners cite Huazhu/Jinjiang against your budget — which same-store table do you answer with?
出处 / Sources: https://news.qq.com/rain/a/20261020A07OKY00 （国海商社/酒店之家）；对照 http://www.fedint.com/wap/news_info.asp?id=426
— 国际酒店论坛编辑部 / IHForum Editorial (Official)
国海商社周度跟踪（酒店之家口径，腾讯新闻转载，2026-10-20）：第42周（26/10/12–26/10/18 vs 25/10/13–25/10/19）全国酒店 RevPAR 同比 +2.4%（前值 +12.9%）；ADR +3.0%（前值 +7.3%）；OCC 同比 -0.3pct（前值 +2.5pct）。分档：豪华 +5.1%、高档 +2.1%、中档 -1.5%、经济 +0.4%。分城市线：一线 +7.0%、新一线 +0.3%、二线 +0.4%、三线 +1.5%、四线及以下 +2.1%。供给：15 间以上酒店数 +4.3%、客房数 +4.5%。公司：华住 ADR 322 元/+3.5%、OCC 78.2%/+5.3pct、RP 251.8 元/+9.0%；锦江中国区 ADR 257 元/+2.8%、OCC 70%/+3.6pct、RP 179 元/+6.5%。联邦顾问周报（10/19–10/25）同口径复述。
Per Guohai / Hotel Home (via Tencent News, 20 Oct 2026): W42 (12–18 Oct 2026 vs 13–19 Oct 2025) national RevPAR +2.4% (prior +12.9%); ADR +3.0% (prior +7.3%); OCC -0.3pct (prior +2.5pct). By tier: luxury +5.1%, upscale +2.1%, midscale -1.5%, economy +0.4%. By city tier: T1 +7.0%, new-T1 +0.3%, T2 +0.4%, T3 +1.5%, T4+ +2.1%. Supply: hotels ≥15 rooms +4.3%, rooms +4.5%. Huazhu ADR ¥322/+3.5%, OCC 78.2%/+5.3pct, RP ¥251.8/+9.0%; Jinjiang China ADR ¥257/+2.8%, OCC 70%/+3.6pct, RP ¥179/+6.5%. Same print summarised in FedInt weekly (19–25 Oct).
编辑部解读（不夸大）/ Editorial read (no hype)
1. 「价撑量弱」：RevPAR 仍正增长，但主引擎从 OCC 切到 ADR；节后若继续砍价冲量，容易把刚撑住的 ADR 吐回去。
Rate-led soft occupancy: RevPAR still positive, but the engine flipped from OCC to ADR — cutting rate to fill post-holiday can give back the ADR you just held.
2. 中档 -1.5% 最吃紧：上下被豪华/经济夹击；周会应单列「中档可保留 ADR」与「扣佣后净利」，别只看账面 RevPAR。
Midscale -1.5% is the squeeze between luxury and economy — isolate retainable ADR and after-commission net, not only printed RevPAR.
3. 华住 RP +9.0%、锦江中国区 +6.5% 与大盘 +2.4% 同周出现：点位与品牌结构差异在放大，单体中档店不要直接抄龙头叙事。
Huazhu RP +9.0% and Jinjiang China +6.5% in the same week as national +2.4% — site/brand mix diverges; independent midscale should not copy the chain narrative.
讨论问题 / Discussion prompts
1. 你们店 W42 是「价撑住了量掉了」，还是量价都软？扣佣后净 ADR 比账面差多少？
Was your W42 rate-held / occupancy-soft, or soft on both — and how far is channel-net ADR below printed ADR?
2. 中档店本周更敢守 ADR 关低效 OTA，还是仍怕排名掉？
Midscale this week: willing to hold ADR and close weak OTA, or still fear rank loss?
3. 龙头转正时，你们业主会拿华住/锦江数字压预算吗？你用哪张本店表回应？
When chain prints turn positive, do owners cite Huazhu/Jinjiang against your budget — which same-store table do you answer with?
出处 / Sources: https://news.qq.com/rain/a/20261020A07OKY00 （国海商社/酒店之家）；对照 http://www.fedint.com/wap/news_info.asp?id=426
— 国际酒店论坛编辑部 / IHForum Editorial (Official)
