中金研究 2025年社服行业在经历了24年普遍的价格压力和同店下滑后，呈现出一定的企稳和筑底迹象（价格竞争趋缓、同店企稳转正或降幅收窄）。展望2026 年，一方面看好有企稳回升迹象、有望迎来拐点和反转的子行业如酒店、免税，另一方面继续看好具备自身增长动能的强内功综合性龙头和高成长性 细分龙头。 Abstract 摘要 服务连锁正当其时，分化中寻找穿越周期的胜者。 在服务消费占比提升、支撑连锁业态发展的基础设施日渐完备的背景下，未来看好更多优质品牌涌现 和壮大，而且外卖平台竞争、社保新规、预制菜话题关注等外部因素亦能从中长期优化供给，餐饮和酒店是相对容易孕育大公司的赛道。面对品牌分化和 潮流生命周期困局的挑战，有望胜出和穿越周期的企业：1）切中消费者的质价比或情绪价值诉求；2）具备产品、运营、品牌、组织迭代的综合实力； 3）能够捕获持续成长的驱动力。 关注有望迎来拐点和反转的子行业，继续看好强内功综合性龙头和高成长性细分龙头。 政府部门多次发文促进服务消费，静待内需复苏和政策扩容的更 强拐点。 酒店 周期改善，低基数且供给增速有望边际放缓，26年供需再平衡和RevPAR企稳有望延续； 免税 销售企稳回升，关注离 ...

锦江酒店（中国区）以系统性、前瞻性与规模化并重的ESG实践，树立了中国酒店行业可持续发展的新 标杆。 2025年，锦江酒店（中国区）以系统性、前瞻性与规模化并重的ESG实践，树立了中国酒店行业可持续 发展的新标杆。在国家"双碳"战略与全球可持续发展趋势的双重驱动下，锦江酒店（中国区）围绕锦江 酒店"共赴锦程"的ESG愿景，通过"制度—工具—场景—生态"四维驱动，不仅实现了环境、社会与治理 议题的深度融合，更将绿色运营转化为提升效率、优化体验、增强品牌价值的核心引擎。尤为突出的 是，其在能碳管理体系建设与绿色运营国际标准验证（HSB）方面的领先布局，彰显了行业引领者的责 任担当与专业能力。 作为世界旅游及旅行理事会（WTTC）《酒店可持续发展基准》（HSB）的联合发起方，锦江酒店深刻 理解标准化对行业绿色转型的关键作用。2025年，锦江酒店（中国区）高质量完成近5000家门店的HSB 验证，其中超150家门店达成最高12项基准要求，持续扩大中国绿色酒店矩阵。这一成果不仅体现其对 国际通行可持续标准的全面承接，更通过标准化流程推动旗下酒店在能源、水耗、废弃物、社会贡献等 关键维度实现系统性提升。 同时，锦江酒店积 ...

证券之星消息，12月17日酒店餐饮板块较上一交易日上涨2.7%，全 聚 德领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002186 | 全聚德 | 12.21 | 4.72% | 18.95万 | 2.27 乙 | | 000428 | 华天酒店 | 3.43 | 4.57% | 74.82万 | 2.57亿 | | 600258 | 首旅酒店 | 16.63 | 4.26% | 37.13万 | 6.16亿 | | 000721 | 西安饮食 | 10.19 | 4.19% | 74.04万 | 7.48亿 | | 301073 | 君享酒店 | 26.23 | 1.82% | 16.49万 | 4.37 乙 | | 600754 | 锦江酒店 | 25.17 | 1.53% | 13.11万 | 3.30亿 | | 601007 | 金陵饭店 | 7.91 ...

Market Overview - The A-share market experienced a collective decline on December 16, with the Shanghai Composite Index falling to 3820.85 points, down 1.22%, the Shenzhen Component Index down 1.88%, and the ChiNext Index down 2.35% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan, a decrease of 606 billion yuan compared to the previous trading day [4] Sector Performance - The smart driving sector saw significant gains, with multiple stocks in the automotive sector rising sharply. Notable stocks included Wanji Technology, which recorded a 20% increase, and several others achieving the daily limit of 10% [15][16] - Consumer sectors, including restaurant tourism and commercial retail, continued to rise, with several stocks hitting the daily limit. For instance, Yonghui Supermarket and Baida Group both recorded a 10% increase [9][10] - Conversely, the large technology sector experienced a downturn, while precious metals, communication equipment, and chemical sectors led the declines [4][5] Notable Stocks - In the smart driving sector, several companies such as North Car Blue Valley and Changan Automobile saw increases of over 5% [18][19] - The hospitality sector also showed strength, with Junting Hotel rising nearly 7% and other hotel stocks following suit [11][12] Regulatory News - On December 15, the Ministry of Industry and Information Technology announced the approval of the first batch of L3-level autonomous driving vehicles for trial operations in designated areas of Beijing and Chongqing [20]

在酒店业加速绿色转型的当下，ESG已不再是可选项，而是关乎长期竞争力的核心命题。2025年，锦江 酒店（中国区）主动融入全球可持续发展大局，结合运营实际，以更高标准推进多方面的可持续发展举 措，致力于打造更具韧性、更可持续的酒店产业生态，为全球酒店行业可持续发展贡献锦江智慧与力 量，日前在第一财经主办的中国企业社会责任典范评选中荣获"可持续责任典范"奖。 其获奖并非偶然，而是中国酒店业从"被动响应环保要求"迈向"主动构建可持续生态"的一个缩影。 2025年，锦江酒店（中国区）在坚实的基础体系搭建之上，围绕锦江酒店"共赴锦程"的ESG战略愿景， 实现了环境、社会及治理（ESG）工作的全面深化与规模化落地。 当ESG领域普遍面临着成本与收益的矛盾时，锦江酒店（中国区）坚持长期主义视角，通过"制度-工具- 场景-生态"四维驱动，将ESG深度融入运营肌理，以多维实践诠释可持续发展价值，不仅实现了环境效 益与经营效率的双赢，更在包容性服务、循环经济、生物多样性等前沿领域树立了可借鉴的行业范式。 将"绿色"植根运营DNA 2025年，锦江酒店（中国区）持续推进基础性绿色运营工作的同时，在2024年规模化推进"酒店可持续 ...

在酒店业加速绿色转型的当下， ESG 已不再是可选项，而是关乎长期竞争力的核心命题。 2025 年，锦江酒店（中国区）主动融入全球可持续发展 大局，结合运营实际，以更高标准推进多方面的可持续发展举措，致力于打造更具韧性、更可持续的酒店产业生态，为全球酒店行业可持续发展贡献锦 江智慧与力量，日前在第一财经主办的中国企业社会责任典范评选中荣获"可持续责任典范"奖。 其获奖并非偶然，而是中国酒店业从"被动响应环保要求"迈向"主动构建可持续生态"的一个缩影。 2025 年，锦江酒店（中国区）在坚实的基础体系搭建之上，围绕锦江酒店"共赴锦程 " 的 ESG 战略愿景，实现了环境、社会及治理（ ESG ）工作 的全面深化与规模化落地。 当 ESG 领域普遍面临着成本与收益的矛盾时，锦江酒店（中国区）坚持长期主义视角，通过"制度 - 工具 - 场景 - 生态"四维驱动，将 ESG 深度融 入运营肌理，以多维实践诠释可持续发展价值，不仅实现了环境效益与经营效率的双赢，更在包容性服务、循环经济、生物多样性等前沿领域树立了可 借鉴的行业范式。 将"绿色"植根运营DNA 2025 年，锦江酒店（中国区）持续推进基础性绿色运营工作的 ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

元旦预订热潮持续攀升, 跨年仪式感驱动消费 [Table_Industry] 社会服务业 商社行业周报（2025.12.08-2025.12.14） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 元旦是春节前最后一个法定假期，公众的出行和休闲需求集中释放。 投资要点： [Table_Report] 相关报告 社会服务业《元旦假期临近，出行消费升温》 2025.12.08 社会服务业《冰雪经济升温，夸克 AI 眼镜正式 发布》2025.11.30 社会服务业《酒店免税数据持续改善，双十一总 额增 14.2%》2025.11.18 社会服务业《降幅收窄供给分化，龙头变革预期 改善》2025.11.11 社会服务业《最长春节利好长线游，离岛免税新 政初显成 ...

早在2004年，南方都市报就发起了"责任中国"专题研究，聚焦企业社会责任的多维表现，致敬企业社会 责任创新案例。20多年来，我们见证了ESG理念在中国从萌芽到蓬勃发展的历程，见证了ESG成为衡量 企业可持续、高质量发展的重要评判标准。将ESG与可持续发展理念融入公司发展战略与经营管理活动 中，持续加强生态环境保护、履行社会责任、健全公司治理，这不仅仅是上市公司的应尽义务，也应成 为所有市场化企业提升公司治理能力、竞争能力、创新能力的参照。 为了进一步推动经济向绿、向善发展，促进企业ESG创新实践，南方都市报"可持续创新实验室"课题组 广泛征集企业在ESG领域的优秀实践案例，聚焦环境、社会、治理领域等12个议题，梳理出《2025 ESG可持续创新趋势洞察报告》，以期给相关行业和企业提供更多有价值的借鉴及观察。 南都"可持续创新实验室"课题组联合上海财经大学富国ESG研究院、妙盈科技组织专业评审委员会，对 提交的案例进行综合评鉴，择优遴选出年度最佳实践、优秀实践案例等。12月16日，南都将举办2025可 持续发展创新生态大会，会上将正式发布《2025 ESG可持续创新趋势洞察报告》，并公布最终入围名 单，同时邀请 ...