摩根士丹利发表中资科网股今年展望报告，在去年"DeepSeek时刻"之后，认为AI的发展道路在2026年更 加光明，主要由供给与需求两端共同推动。此外，互联网企业的海外扩张亦成为应对宏观、竞争、监管 及地缘风险的重要因素。该行列出对行业偏好的次序名单，给予"增持"评级的股份包括腾讯、阿里巴 巴、拼多多、腾讯音乐、网易、BOSS直聘、满帮、美团、携程、同程旅行、好未来和贝壳。 ...

餐饮：线下消费逐渐修复，Q4餐饮收入稳健增长 2025年10/11月分别实现国内餐饮收入5199/6057亿元，分别同比增长4.99%/4.40%，相较于2019年同期恢 复119.0%/122.0%。头部餐饮企业修复快于行业，推荐关注绿茶集团、海底捞。 茶饮：外卖补贴同店大增，头部品牌加速开业 25Q4以来得益于外卖补贴&茶饮品牌尝试咖啡、早餐等品类扩容，以古茗、沪上阿姨等为代表的品牌同 店延续15-20%高增长，Q4尽管外卖补贴力度略有下降，叠加由于外卖流量倾斜带来的尾部品牌加速出 清&头部品牌提速扩容，龙头品牌优势更显，推荐关注古茗。 智通财经APP获悉，招商证券发布研报称，得益于休闲旅游需求的持续释放&体验式消费需求兴起，叠 加Q4行业景气度持续上行，预计全年旅游市场规模增速有望达10%+。随着近期以来政府多次提及扩大 内需&提振服务消费，叠加鼓励工会开展春秋游&支持发放文旅消费券，以OTA、酒店、景区为代表的 出行板块有望迎来政策利好，推荐旅游产业链上标的、此外建议关注高增长茶饮股及低估值餐饮成长股 布局机会。 招商证券主要观点如下： 2025Q1-Q3国内旅游收入/人次同比增长12%/18% 得益 ...

记者｜陈姗姗 编辑 ｜瑜见 1月19日，2026年春运首日车票（即2月2日出发的火车票）开售，同程旅行数据显示，北京前往长 春、沈阳等春运首日出发的火车线路已有多趟车次暂无余票。 同时机票预订热度持续走高，2月2日过后国内机票均价将呈一路走高态势，预计将在2月14日前后达 到近期峰值。 ...

Investment Rating - The report maintains a positive investment rating for the industry, highlighting a favorable outlook for the tourism and leisure sectors due to government policies aimed at boosting domestic consumption and service spending [1][35]. Core Insights - The report emphasizes the recovery of domestic tourism, with expected growth rates of 12% in revenue and 18% in visitor numbers for Q1-Q3 2025, driven by sustained leisure travel demand and the rise of experiential consumption [1][35]. - The overall tourism market is projected to grow by over 10% for the year, supported by government initiatives such as promoting spring and autumn travel and issuing cultural tourism consumption vouchers [1][35]. - Key companies recommended for investment include China Duty Free Group, Jin Jiang Hotels, Shouqi Group, Tongcheng Travel, and Ctrip Group, alongside high-growth tea beverage stocks like Gu Ming and low-valuation restaurant growth stocks like Green Tea Group [1][35]. Summary by Sections 1. Restaurant Sector - Offline consumption is gradually recovering, with Q4 restaurant revenue showing steady growth, achieving 519.9 billion and 605.7 billion yuan in October and November 2025, respectively, with year-on-year growth of 4.99% and 4.40% [7][10]. - Leading restaurant companies are recovering faster than the industry average, with significant revenue increases noted for major players [10][14]. 2. Tea Beverage Sector - The tea beverage sector has seen a surge in same-store sales growth due to delivery subsidies, with leading brands like Gu Ming and Hu Shang A Yi maintaining high growth rates of 15-20% [7][10][14]. - The number of new store openings has doubled compared to 2024, indicating aggressive expansion strategies among top brands [16]. 3. OTA (Online Travel Agency) - The recovery of outbound travel demand is evident, with strong performance in Southeast Asia routes and a notable increase in visitor numbers to Japan and South Korea [20][24]. - The report highlights the long-term profit potential of leading OTA companies like Ctrip and Tongcheng Travel, driven by the ongoing recovery in leisure travel demand and improved commission rates [24][25]. 4. Hotel Sector - The hotel industry is expected to see a stable RevPAR (Revenue per Available Room) in Q4, with a year-on-year growth of 6-8% in room supply [29][30]. - Major hotel chains like Shouqi and Jin Jiang are projected to maintain or improve their performance, benefiting from cost reductions and increased guest traffic during holiday periods [29][30][31]. 5. Investment Recommendations - The report suggests focusing on the travel sector, particularly companies involved in OTA, hotels, and scenic spots, as they are likely to benefit from favorable government policies [1][35]. - Additionally, it recommends investing in high-growth tea beverage stocks and undervalued restaurant growth stocks, indicating a diversified approach to capitalizing on the recovery in consumer spending [1][35].

2026年初，广州市地方金融管理局正式批复艺龙网信息技术（北京）有限公司全资受让广州市萤火虫小 额贷款有限责任公司100%股权，这一交易在小贷行业普遍"撤离潮"的背景下似乎有些"不合时宜"。在 央行与金融监管总局下发《小额贷款公司综合融资成本管理工作指引》，要求小贷公司新发放贷款综合 融资成本逐步压降，并最晚应于2027年底前降至1年期LPR的4倍以内（按2025年12月3%的LPR计算即 12%）的背景下，大量民企背景的小贷公司因盈利空间被挤压纷纷退出市场，此时，艺龙网的逆势收购 并非简单的战略扩张，更像是出于战略协同与合规布局的精准调控。 艺龙网的这场金融布局，手里究竟握着什么牌？ 艺龙网收购萤火虫小贷的核心逻辑在于同程系内部金融资产的优化重组，本质是通过"股权整合+牌照 协同"实现金融业务的合规升级与生态闭环构建，同时为旅游主业赋能，这一逻辑具有一定的合理性， 但也存在落地不确定性。 从合规角度看，2024 年底生效的《小额贷款公司监督管理暂行办法》对小贷公司股东资质、股权穿 透、关联交易等提出严苛要求，萤火虫小贷此前股权涉及多方间接持股，结构相对复杂。此次收购将股 权统一至同程全资控股的艺龙网名下，确 ...

Market Performance - The Hang Seng Index declined by 0.28% [1] - The Hang Seng Tech Index fell by 1.35% [1] Company Movements - Trip.com Group experienced a drop of over 19% [1] - Tongcheng Travel saw a decline of over 8% [1] - Kingdee International decreased by over 8% [1] - Alibaba Health dropped by over 7% [1] - Hua Hong Semiconductor increased by over 6% [1]

Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]

2026.01.15 本文字数：583，阅读时长大约1分钟 作者 |一财阿驴 09:31 商业航天板块集体调整 通宇通讯、烽火通信跌停，巨力索具跌超8%，金风科技、中科星图、天银机电等跟跌。 09:25 A股开盘丨三大指数集体低开 | HSTECH | 恒生科技 | N N W | | -0.55% | | --- | --- | --- | --- | --- | | મટા | 恒生指数 | S | 7 45 | .10% | | | 484.200 -85.300 -14.98% | 435.199(CNY) | | | | 携程集团-S 立即 | 9961 交易 | | --- | --- | --- | --- | --- | --- | --- | --- | | HKEX HKD 9:20:12 | | | | | | | 10 + | | | 美(TCOM) 62.780(-17.05%) U/H:+1.05% | | | 文年 | -12.60% 120日 | | -3.93% | | 委比 | -100.00% 委差 | | -43.30万 | SH | -19.50% 250日 | | ...

同程旅行相关负责人表示，北京一众知名滑冰场原本就自带"流量光环"，但是早期的售票、检票停留在人工阶段。在同程旅行与什刹海、颐和园、圆明园等 北京多个热门冰场达成合作后，冰场票务服务的数字化、智慧化水平显著提升。与此同时，同程旅行提供7x24小时在线服务，针对用户不同类型的票务服务 需求，可以做到及时响应快速解决。 值得一提的是，除了什刹海冰场以外，与同程旅行有售票合作的圆明园冰场、朝阳公园、温榆河冰雪节、奥林匹克森林公园、紫竹院公园冰场等均已开放营 业，且入园客流量不断走高。其中，圆明园冰场于今年1月1日开园，截至目前入园客流量达1.2万人次，朝阳公园冰场今年以来的入园客流量同比涨超 400%。 "什刹海冰场一开门，全北京的冬天DNA都动了！"1月10日，什刹海前海冰场正式对外营业，由于恰逢周末，一大波游客涌向冰场"撒欢儿"。数据显示，开 放后的首个周末（1月10日-11日），什刹海冰场入园客流量同比上涨57%。同程旅行平台上，什刹海冰场的热度也拉升迅速，跻身全国热门景区TOP10榜 单。 对不少北京人而言，去什刹海、颐和园滑冰是从小到大的"冬日乐子"，也是承载浓浓年味的集体记忆所在。随着冰雪游彻底破圈，"老 ...

对不少北京人而言，去什刹海、颐和园滑冰是从小到大的"冬日乐子"，也是承载浓浓年味的集体记忆所在。随着冰雪游彻底破圈，"老北京式"冰雪玩法愈发 受追捧。同程旅行(00780)往年预订数据显示，什刹海、颐和园、圆明园等知名冰场异地客占比最高可达一半以上，滑冰已成为外地旅客冬季来京旅游必玩 清单之一。 早在2022年，同程旅行就与什刹海冰场、颐和园冰场、圆明园冰场、朝阳公园、紫竹院公园冰场等北京多个热门冰场达成合作，开启线上预订及线下扫码两 大购票渠道。基于多年的深入合作基础，2025年-2026年冰雪季，同程旅行与上述一众知名冰场接续进行合作，提供更加细致完善的线上、线下购票服务支 持。 相较往年合作，今年，同程旅行在"什刹海文旅"公众号后台完成了购票渠道的嵌入。用户在搜索浏览官方攻略信息、服务指南的同时，无需来回切换页面， 可直接在"什刹海文旅"公众号内便捷购票。 "什刹海冰场一开门，全北京的冬天DNA都动了!"1月10日，什刹海前海冰场正式对外营业，由于恰逢周末，一大波游客涌向冰场"撒欢儿"。数据显示，开放 后的首个周末(1月10日-11日)，什刹海冰场入园客流量同比上涨57%。同程旅行平台上，什刹海冰场的热 ...