According to a research report released by Everbright Securities, the recovery trend in the hotel industry is gradually becoming clear. The supply and demand pattern is being optimized, compounded by an increase in the chain rate, stock renovation, and the upgrading of accommodation demand, and the growth of leading high-quality companies is outstanding. We recommend Huazhu Group-S and Yaduo, which have advantages in scale, a complete brand matrix, an asset-light operating model, and strong digital and member operation capabilities.

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