社会服务 | 证券研究报告 — 行业点评 2026 年 1 月 31 日 强于大市 服务消费领域再迎政策利 好 优化扩大服务供给、培育服务消费新增长点 2026 年 1 月 29 日，国务院办公厅发布关于印发《加快培育服务消费新增长 点工作方案》的通知，《方案》包含 3 方面 12 条举措，聚焦重点领域与潜力 领域双轮驱动，通过供给侧结构性改革优化和扩大服务供给，覆盖交通、家 政、文旅、体育、汽车后市场等九大领域。《方案》意在优化和扩大服务供 给，促进服务消费提质惠民，为经济发展提供支撑，也是前期多类促消费政 策的进一步延续和深化。我们维持行业 强于大市 评级。 支撑评级的要点 投资建议 ◼ 服务消费再迎政策红利，其重要性不断提升，相关行业体量有望持续增 长，扶持政策也有望延续。我们建议关注同庆楼、锦江酒店、首旅酒店等 餐饮酒店标的；建议关注科锐国际、北京人力等就业相关标的；建议关注 同程旅行、岭南控股、众信旅游、长白山、黄山旅游、中青旅等文旅消费 标的；建议关注中体产业、力盛体育、舒华体育、兰生股份等体育赛事标 的；建议关注豫园股份、大丰实业、锋尚文化等文化创意消费类标的。 评级面临的主要风险 ◼ 政策实施 ...

中新网长春1月30日电 (记者 吕盛楠)30日，长白山人参吉瑞合作启动会暨签约仪式在长春举行。吉林省 推动人参产业高质量发展工作专班与瑞士董博士集团签署战略合作协议，双方将在瑞士日内瓦建设永久 性的"长白山人参"文化展示与产品体验平台，将其打造为长白山人参在瑞士和欧盟市场的重要展示窗口 和交流中心。 签约仪式 瑞士董博士集团是在瑞士日内瓦设立、拥有瑞士市场网络与国际品牌运营经验的实体。签署协议后，该 集团将协助长白山人参产品进入瑞士和欧盟市场，深化市场认知，建立跨境电商与实体渠道双轮驱动的 销售模式，力争三年内成为瑞士和欧盟市场高端人参产品的主要供应商。 另据记者了解，吉林省还在省外主销区及港澳地区设立长白山人参体验网点，扩大吉粤合作"四个共 享"朋友圈，构建线上线下融合渠道，拓展高端市场。(完) 吉林省多家长白山人参头部企业负责人参加了会议。吉林省长白山人参有限公司董事长王淑范认为，接 下来会有更多切实有效的举措帮助吉林人参走出国门。 长白山人参是吉林的金色名片。2025年，吉林省人参产值历史性突破千亿元，同比增长30.5%。 现场。吕盛楠 摄 ...

证券研究报告·行业点评报告 2026 年 1 月 28 日 江海证券研究发展部 "服务消费"战略定位提升，春运阶段 开启 投资要点： 消费行业研究组 分析师：黄燕芝 执业证书编号：S1410525120001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 5.35 7.38 -3.0 绝对收益 6.42 8.38 19.81 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-社会服务行 业：海南自由贸易港全岛封关完成，元旦 出行假期将至 – 2025.12.23 2. 江海证券-黑龙江产业研究系列报告： 进入冰雪季，冰雪旅游逐步升温 – 2025.11.05 业：冰雪经济迎来快速增长期 – 2025.09.23 4. 江海证券-行业点评报告-商业零售：离 境退税"即买即退"利好百货和出行链 – 2025.04.14 事件： 投资评级说明 | 投资建议的评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | | | 买入 | 相对同期基准指数涨幅在 15%以上 相对同期基准指数涨幅在 5%到 15%之间 | | ...

于国内而言，经济正稳步迈向高质量发展深化阶段。资本、科技与消费的融合壁垒加速消融，催生出跨界创新的无限可能。在"十五五"开局之年，宏观政策 更加强调系统性布局与内生动力培育。而东北全面振兴战略正进入乘势而上的新阶段，依托其深厚的工业基底、丰富的自然资源与独特的区位优势，在新格 局中寻找"新引擎"。 在全球经济"慢全球化"与高波动性并存的时代，如何穿透迷雾，把握确定性增长？"十五五"开局年，有哪些政策红利与区域动能？作为国家重大区域战略， 东北振兴政策有何新内涵、新举措？在新质生产力驱动下的产业革新，人工智能、新能源、生物技术等前沿科技如何与传统产业深度融合？超越传统旅游， 文化IP、数字技术、体验经济又将如何重塑文旅产业链？ 值此关键时点，为精准把握新时代投资趋势、高效赋能资本市场高质量发展，2026（第四届）长白山论坛暨中国旅游论坛将于3月5日在吉林白山市隆重举 行。本届论坛以"投资赋能·文旅共生"为主题，由吉林省白山市政府指导，凤凰网财经、中国旅游论坛组委会联合主办。论坛旨在汇聚远见，凝聚共识，于 巍巍长白之巅，共同擘画后疫情时代全球经济脉络下的投资新图谱与产业新未来。 当世界经济的齿轮在不确定性中咬合前 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Core Viewpoint - The new train operation schedule implemented by China Railway Beijing Group will enhance transportation efficiency and connectivity between regions, particularly benefiting the Northeast and the integration of the Beijing-Tianjin-Hebei and Yangtze River Delta areas [1] Group 1: New Train Services - Two pairs of high-speed trains will be added from Beijing Chaoyang to Changbai Mountain, facilitating personnel exchanges and economic interactions in the Northeast [1] - The Beijing-Shanghai high-speed railway will see an increase of five pairs of passenger trains, with the number of trains extending to Beijing Station rising from four to six pairs, improving interconnectivity [1] Group 2: Operational Enhancements - The introduction of 5.5 pairs of benchmark trains on the Beijing-Shanghai high-speed railway and 3.5 pairs on the Beijing-Guangzhou high-speed railway will enhance travel efficiency through a "fewer stops, higher speed" model [1] - The G375/80 train service from Shijiazhuang to Shanghai Hongqiao will be adjusted to G1211/20, achieving a high-speed operation of 350 km/h on the Beijing-Shanghai segment, allowing for a travel time of 4 hours and 56 minutes, marking the first time this route can be completed in under five hours [1] Group 3: New Connections - With the full opening of the Baoyin high-speed railway, the Beijing Railway Bureau will add 8.5 pairs of passenger trains via the Beijing-Baotou passenger dedicated line and Baoyin high-speed railway, reducing travel time from Beijing North to Yinchuan to 6 hours and 22 minutes [1] - New high-speed train services will also connect Beijing North to Xining, further strengthening ties between North China and Northwest regions [1]

Group 1 - The snow industry sector is undergoing adjustments, leading to a significant drop in the stock price of Xue Ren Group, which hit the daily limit down [1] - Other companies in the sector, including Dalian Shengya, Changbai Mountain, Overseas Chinese Town A, and Jingxue Energy, also experienced declines in their stock prices [1]

Group 1 - The concept of "Characteristic Towns" has seen a decline of 1.00%, ranking among the top declines in concept sectors, with notable stocks like Huaxia Happiness and *ST Zhengping hitting the daily limit down [1] - Within the "Characteristic Towns" sector, major stocks such as Chengbang Co., Binjiang Group, and Palm Co. have also experienced significant declines, while only six stocks saw price increases, with Changbai Mountain, Haining Picheng, and Guai Bao Pet rising by 3.66%, 1.60%, and 1.47% respectively [1][2] Group 2 - The "Characteristic Towns" sector experienced a net outflow of 984 million yuan from main funds today, with 27 stocks seeing net outflows, and seven stocks exceeding 30 million yuan in outflows [2] - The stock with the highest net outflow was Salt Lake Co., which saw a net outflow of 428 million yuan, followed by China Railway Construction and Suzhou Gaoxin with net outflows of 172 million yuan and 76 million yuan respectively [2][3] - Stocks with the highest net inflows included Changbai Mountain, Haining Picheng, and Guai Bao Pet, attracting net inflows of 52 million yuan, 31 million yuan, and 15 million yuan respectively [2][3]

Group 1 - The core viewpoint of the news is that Changbai Mountain's stock has experienced a significant increase, with a 3.66% rise on January 14, reaching a price of 47.60 yuan per share, and a total market capitalization of 12.964 billion yuan [1] - Changbai Mountain Tourism Co., Ltd. is located in Jilin Province and was established on December 8, 2010, with its main business in the tourism service industry, including tourist transportation, travel agency services, and hot spring water development [1] - The revenue composition of Changbai Mountain includes 66.82% from tourist transportation, 24.09% from hotel services, 6.82% from other businesses, and 2.28% from travel agency services [1] Group 2 - From the perspective of the top ten circulating shareholders, the Fuqua Fund's ETF has increased its holdings in Changbai Mountain by 847,100 shares, totaling 2.2246 million shares, which represents 0.83% of the circulating shares [2] - The Fuqua China Securities Tourism Theme ETF has generated a floating profit of approximately 3.7373 million yuan today and a total of 6.9852 million yuan during the four consecutive days of stock price increase [2] - The Fuqua China Securities Tourism Theme ETF was established on July 15, 2021, with a current scale of 4.927 billion yuan, and has experienced a year-to-date loss of 0.35% [2]