Group 1 - The report emphasizes the importance of service consumption in 2026, highlighting a year of strategic layout and potential improvements in specific sectors and cycles [4][6][8] - The overall recovery of the service sector is characterized by a moderate rebound and structural prosperity, with service consumption growth outpacing that of goods consumption [11][12] - The report identifies three key changes affecting demand, policy, and technology, including a shift towards more rational consumer behavior, the impact of policy and globalization on corporate decisions, and accelerated technological iterations [11][4][6] Group 2 - The investment strategy for 2026 focuses on boosting domestic demand, with significant potential for service consumption in China compared to developed countries [19][26] - The report outlines specific sub-sectors such as duty-free, hotels, and education, which are expected to perform differently based on demand and supply dynamics [7][8][34] - Recommendations include focusing on cyclical recovery and sector-specific prosperity, with suggested investments in companies like China Duty Free Group, Huazhu Group, and Meituan [4][34][8] Group 3 - The report notes that the service sector has underperformed compared to the broader market, with a year-to-date increase of 14.55%, lagging behind the CSI 300 index [14][12] - Structural trends indicate that leading companies in tea drinks and hotels have outperformed, while duty-free and hotel stocks have shown strength in the fourth quarter [14][12] - The report highlights the importance of policy measures aimed at enhancing service consumption, including various initiatives to stimulate demand and improve the consumer environment [26][28][27]

中经记者 李立 上海报道 2026年元旦假期临近，围绕"如何跨年"的主题旅行开始升温。 2025年12月17日，跨年（12月31日）火车票正式开售，同程旅行数据显示，开售不到半分钟，北京出发 前往哈尔滨、沈阳，深圳出发前往厦门，广州出发前往长沙等多个热门线路车票热销，黄金时段车次更 是"光速售罄"。 去哪儿旅行数据显示，元旦假期期间，车程在2小时左右的短途路线最为火爆。北京往返天津、成都往 返重庆、上海往返南京、广州往返南宁等短途线路人气旺。 不过，《中国经营报》记者发现，无论是北上追寻冰雪，还是南下拥抱暖阳，无论是围观主题乐园的烟 花璀璨，还是选择去远郊山海静谧独处，"如何过"正在超越"去哪里"，成为年轻人规划跨年旅行的核心 思路。 人都去哪儿？ 2026年元旦假期自1月1日至3日连休三天，形成了2026年首个"小长假"，大大释放了积压的旅游需求。 从整体流向来看，市场延续了冬季"冰雪游"与"避寒游"两大主题，上演着一场热烈的"南北双向奔赴"。 同程旅行数据显示，哈尔滨、长春、长白山、阿勒泰、乌鲁木齐等传统冰雪旅游目的地持续火热。其 中，"顶流"哈尔滨冰雪大世界已于12月17日正式开园，预计将引爆整个假期的 ...

转自：北京日报客户端 岁末年尾，海外务工人群纷纷踏上返乡路，相关航线元旦及春节前后的机票预订迎来高峰。12月24日， 同程旅行宣布上线"归途无忧"活动，联合中国南方航空、四川航空、成都天府国际机场、越南机场集 团、中国国际航空等合作伙伴面向海外务工人员推出了机票"早鸟"优惠、机票酒店优惠券等，助力海外 务工人员年末顺利返乡。这是同程旅行首次举办面向海外务工群体的元旦春节返乡出行优惠活动。 同程旅行推出的"归途无忧"活动，在航线覆盖及权益内容方面充分考虑了海外务工人员比较集中的地 区，在资源选取等方面做了针对性规划。在活动内容方面，针对海外务工人员的机票提前订需求，提供 了机票预订"早鸟优惠"，最高30元机票优惠券等；针对国际中转航班可能发生的旅途住宿及交通换乘需 求，活动提供了最高100元酒店优惠券以及金额不等的其他交通工具的票务优惠券等。海外务工人员可 通过同程旅行小程序和APP内的"归途无忧"专题了解活动详情。据了解，本次"归途无忧"活动联合了中 国南方航空、四川航空、中国国际航空、深圳航空、浙江长龙航空、国泰航空、香港航空、韩亚航空、 泰国国际航空、埃及航空、埃塞俄比亚航空、摩洛哥皇家航空等十余家国内外 ...

扬子晚报网12月22日讯(记者徐昇)日前，江苏省中小学2025-2026学年寒假时间正式公布，计划寒假亲子出游的家长们纷纷开始提前规划行程。记者从同程 旅行获悉，刚刚过去的周末，寒假亲子度假类产品来自江苏省的搜索及浏览量环比增长了2倍多。 数据显示，截至12月22日，最受江苏家长青睐的寒假亲子游目的地主要有：哈尔滨、三亚、西安、北京、上海、广州、成都、重庆、长沙、西双版纳等。 出境游目的地关注度较高的主要有：新加坡、韩国、马来西亚、印度尼西亚、越南、冰岛、意大利、法国、新西兰、西班牙等。出游方式方面，中高端定 制游产品的关注度相对较高，国内线路一般以5至7天的行程最受欢迎，出境游线路一般在5至10天之间。 此外，记者从途牛获悉，即将到来的元旦假期，一些"网红城市"及县域目的地的搜索及咨询热度也迎来了快速增长。泉州凭借簪花、古厝夜游、闽南小吃 等元素吸引了更多年轻游客的青睐，近10日搜索及咨询热度环比增长超5倍；荔波、腾冲、上饶等目的地近10日搜索及咨询热度环比增长超3倍。位于江浙 皖三省交界处的广德更因"广德三件套"——炖锅、奶茶、桃酥，近期在社交平台持续火爆，成为今冬旅游市场的"黑马"之一，元旦期间也将吸引 ...

Group 1 - The "Annual ESG Pioneer Award (Large Market Capitalization)" recognizes companies that balance economic efficiency with social responsibility, highlighting their contributions to environmental, social, and governance (ESG) practices [1] - Ten companies, including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk, received the award [1] - The evaluation process involved quantitative data analysis and expert review to determine the final results of the award [1] Group 2 - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2]

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will reveal a list of notable companies, highlighting those recognized for their contributions to ESG (Environmental, Social, Governance) principles [1][2] Group 1: Award Winners - Ten companies have been awarded the "Annual ESG Pioneer Award (Large Market Capitalization)," including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk [1] - The award aims to identify companies that balance economic efficiency with social responsibility, recognizing their outstanding contributions to promoting ESG concepts and pursuing high-quality sustainable development [1] Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and evaluation by an expert review panel to determine the final results [1] - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Core Insights - The sale of train tickets for the New Year period has officially started, with significant demand observed for popular routes from major cities like Beijing, Shenzhen, and Guangzhou [1] - The extended three-day holiday for New Year has led to a surge in ticket sales compared to last year's single-day holiday, resulting in rapid sell-outs for peak travel times [1] Group 1: Train Ticket Demand - Popular routes experiencing high demand include Beijing to Harbin, Shenzhen to Xiamen, and Guangzhou to Changsha, with tickets for peak times selling out quickly [1][3] - The top ten departure cities for the New Year holiday include Beijing, Shanghai, Chengdu, and Guangzhou, while the top ten destinations include Shanghai, Harbin, and Beijing [3] - Short-distance train tickets within key urban clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta are particularly sought after, with routes such as Chengdu to Chongqing and Guangzhou to Shenzhen being highly popular [3] Group 2: Long-Distance Travel Trends - The winter tourism themes of ice and snow activities are driving demand for long-distance train travel to regions like Northeast China and Yunnan, with Harbin's Ice and Snow World opening on December 17 expected to attract many visitors [3] - New high-speed rail lines recently opened are anticipated to stimulate travel demand during the New Year holiday, with increased interest in routes like Xiangyang to Jingmen [4] Group 3: Air Travel Trends - Air ticket bookings for the New Year holiday have surged, with demand more than doubling compared to last year, leading to a noticeable increase in average ticket prices [5] - The top ten popular flight routes include Guangzhou to Harbin and Beijing to Sanya, reflecting significant north-south travel patterns [5] - The launch of Hainan's free trade port is expected to enhance the appeal of travel to Hainan, with a 75% increase in flight bookings to Sanya noted [5] Group 4: International Travel - The "three days off and eight days on" holiday pattern is prompting interest in outbound travel, with popular short-haul international routes including Shanghai to Kuala Lumpur and Beijing to Ho Chi Minh City [6]

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

Core Insights - The article highlights the booming travel demand in 2025, characterized by longer distances, higher frequency, and upgraded quality of travel experiences, particularly among non-first-tier cities [1][6][10]. Group 1: Travel Trends - In 2025, there was a strong growth in domestic travel demand, especially for trips over 1,200 kilometers, with popular routes showing an average frequency of over 4.6 trips per passenger [1][3]. - The busiest route was between Xi'an and Yulin, with an average frequency of 5.3 trips per passenger, indicating a significant trend in business travel and regular commuting [5][6]. - Non-first-tier cities accounted for nearly 90% of new users on the platform, reflecting a notable upgrade in travel consumption among these regions [6][11]. Group 2: Popular Destinations - In 2025, five destinations from Xinjiang ranked among the top ten for overnight visitor growth, with booking rates for hotels and homestays increasing by over 45%, and some destinations exceeding 60% [8][21]. - The "奔县游" (County Travel) trend saw counties like Changsha County and others gaining popularity, driven by social media promotion of local attractions and cuisine [14][15]. - The top ten scenic spots in terms of popularity included Jiuzhaigou and other mountainous areas, indicating a strong preference for nature-based tourism [22]. Group 3: International Travel - Southeast Asia remained the top choice for outbound travel, with Malaysia and Singapore leading the list of popular destinations, benefiting from visa-free policies [25][26]. - European destinations like Belgium and Spain showed significant growth in popularity among Chinese tourists, reflecting a diversification in travel preferences [26]. Group 4: Consumer Behavior - The trend of "反向旅游" (reverse tourism) continued to thrive, with younger consumers actively seeking out lesser-known destinations [15]. - The use of AI in travel planning has increased, with users expressing gratitude towards AI tools, indicating a shift towards viewing AI as a travel companion rather than just a tool [28][30].

2025年12月19日，同程旅行发布了《2025年度旅行榜》。基于平台超2.5亿年消费用户的旅行数据，同 程旅行发布了2025年大众旅行消费的热门出行线路榜、热门县级目的地榜、出境游热门目的地榜以及 AI互动热门城市榜等年度榜单。 2025年大众旅游需求旺盛，呈现出"走得更远，频次更高，品质升级"的趋势，尤其是非一线城市的旅行 消费升级趋势明显。同程旅行数据显示，2025年度，国内1200公里以上的出行需求增长强劲。部分热门 航线的客均出行频次超过4.6次，其中，西安与榆林之间的航线以客均5.3次的出行频次成为全年最繁忙 的支线航线。新疆、青海、西藏、四川等西部地区热门目的地的过夜游客增速、单次停留时长等指标表 现出色。2025年度，县域旅游继续升温，来自新疆、青海、内蒙古、云南等地的县级旅游目的地登上年 度"奔县游"榜单。出境游热门目的地主要集中于东南亚等"5小时飞行圈"和"免签朋友圈"，马来西亚、 新加坡等上榜2025年度前十大出境游热门目的地，比利时、西班牙、意大利等以较快的客流量增幅登上 热度飙升榜前十名。 2025国内长线出行榜北上广至川藏航线热度居首，西安往返榆林入选最繁忙支线航线 2025年度国 ...