Group 1 - The Jilin Provincial Meteorological Station issued a blue snowstorm warning on January 9, 2026, at 15:35 [1] - It is expected that within the next 24 hours, significant snowfall will occur in areas including southern Liaoyuan, southern Jilin, Tonghua, Baishan, Yanbian, and the Changbai Mountain Development Zone [1]

Core Viewpoint - Dongwu Securities highlights four marginal changes in the tourism and retail sectors that could activate their investment value, focusing on equity, management, licenses, and new economic models, supported by top-down policies promoting consumption [1]. Group 1: Asset Characteristics - Tourism and retail companies possess unique asset characteristics, with high replacement costs and relatively lower profit performance, indicating a special asset profile that combines high asset replacement value with low profit growth [2]. - Most tourism and retail companies have state-owned backgrounds, providing a strong safety margin for their assets [2]. Group 2: Alignment with Quantitative Investment - The characteristics of tourism and retail companies align with quantitative investment aesthetics, including high replacement costs, actual asset value, low stock prices, low institutional holdings, and ongoing policy support, leading to significant stock price elasticity and substantial total profit capacity [3]. Group 3: Broader Definition of Fundamentals - The concept of "fundamentals" extends beyond profit statements; the actual revaluation of assets in tourism and retail companies is a fundamental aspect that may not be reflected in profit statements but is evident in actual equity transaction cases, such as those involving Sanjiang Shopping and Yonghui Supermarket [4]. Group 4: Policy Impact on Consumption - Since 2023, multiple top-down policies have been introduced to promote consumption, emphasizing the importance of the consumption sector. The most direct implementation of these policies occurs in tourism and retail, exemplified by new consumption models or brands, referred to as "first-launch economy," which can be seen in scenarios like supermarket adjustments and the ice and snow economy [5]. - Investment recommendations include continuous attention to the four marginal changes in tourism and retail: equity changes, management changes, license changes, and new economic model changes, with specific company recommendations such as Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, while also monitoring companies like Three Gorges Tourism, Tianfu Cultural Tourism, and Yinzhu Co. [5].

Core Insights - The report emphasizes the unique characteristics of tourism and retail companies, highlighting their high asset replacement costs and low profitability, which makes them attractive for quantitative investment strategies [5][10][14] - It identifies the significant role of government policies in promoting consumer spending, particularly in the tourism and retail sectors, as a key driver for investment opportunities [5][21][22] - The report suggests that the potential investment value of tourism and retail companies is being activated by changes in equity, management, licenses, and new economic models [5][6] Group 1: Characteristics of Tourism and Retail Companies - Tourism and retail companies are primarily state-owned, with 45 out of 92 companies being local state-owned enterprises, which provides a strong safety margin for investments [11][12] - These companies generally have replacement costs that exceed their market value, indicating substantial underlying asset value that is not reflected in their financial statements [14][15] - The average stock price of these companies is relatively low, with 12 companies priced below 5 yuan and 49 below 10 yuan, making them appealing for quantitative investors [17][18] Group 2: Policy Support and Economic Models - Since 2023, numerous policies have been introduced to stimulate consumption, reflecting a high-level commitment to boosting the consumer sector [21][22] - The concept of "first-release economy" is highlighted as a direct application of these policies, with examples including supermarket adjustments and the promotion of winter sports and low-altitude economies [5][21] - The report notes that the low institutional ownership in these companies, with 67 having less than 5% institutional holdings, aligns with the aesthetic preferences of quantitative investors [24][25] Group 3: Investment Recommendations - The report recommends focusing on four key areas of change: equity, management, licenses, and new economic models, which are expected to enhance the investment potential of tourism and retail companies [5][6] - Specific companies to watch include Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, with additional attention on Sanxia Tourism and Tianfu Culture and Tourism [5][6]

Group 1 - The first Changbai Mountain Ice Skating Challenge is scheduled for January 10 at the Changbai Mountain Xiyou Paradise Ice Rink, aimed at enriching the ice and snow sports industry and promoting the integration of sports and tourism [1] - The competition will feature a short track speed skating 500-meter time trial, with separate categories for men and women, including various age groups [3] - The total number of participants is capped at 200, with specific rules for determining winners based on the number of participants in each group [3] Group 2 - The ice rink at Changbai Mountain Xiyou Paradise is built to professional standards, ensuring a smooth ice surface and complete facilities [5] - The organizing committee will provide insurance for participants and has arranged for a professional medical support team to ensure safety during the event [5] - Participants must be in good health and possess a certain level of skating ability, with options for technical training available for beginners [5]

Investment Rating - The report maintains a "Positive" outlook for the social services industry [4] Core Insights - The Ministry of Culture and Tourism data aligns with expectations, highlighting strong performance in duty-free shopping, inbound tourism, and leading mountain scenic spots. The upcoming long Spring Festival holiday and supportive tourism policies are expected to boost domestic consumption, leading to a favorable outlook for the social services industry in 2026 [3][7] Summary by Sections Domestic Tourism Demand - Domestic travel demand is steadily increasing, with 142 million domestic trips taken during the New Year holiday, a 5.2% increase compared to 2024. Total domestic travel expenditure reached 84.79 billion yuan, up 6.3% year-on-year, with per capita spending increasing by 1.1% [7] Duty-Free Shopping - Duty-free sales in Hainan during the New Year holiday showed significant growth, with 442,000 items sold, a 52.4% increase year-on-year. The number of shoppers reached 83,500, up 60.6%, and total spending was 712 million yuan, a 128.9% increase. This growth is attributed to the official launch of duty-free operations, new policies, and promotional activities [7] Scenic Spots - Leading mountain scenic spots demonstrated strong visitor elasticity, with Huangshan receiving over 75,000 visitors (up 76.5% year-on-year), Emei Mountain hosting 126,200 visitors (up 20.9%), and Changbai Mountain seeing a 41% increase in visitors compared to 2025. The expansion of high-speed rail and airports contributed to this growth [7] Online Travel Agencies (OTAs) - Inbound tourism and winter sports are emerging as key growth drivers, with a 110% year-on-year increase in inbound ticket bookings and a more than 30-fold increase in experiential product bookings. Domestic winter sports continue to be a central theme for growth in 2026 [7]

Core Insights - The tourism market in Changbai Mountain is experiencing a steady operation and increasing popularity during the 2026 New Year holiday, with a total of 36,600 visitors, representing a year-on-year growth of 40.77% [1] - According to UnionPay Business data, the Changbai Mountain Management Committee received 178,700 domestic tourists during the holiday, marking a year-on-year increase of 74.34% [1] - The total spending by domestic tourists reached 201 million yuan, which is a 70.34% increase compared to the previous year [1] Group 1 - Changbai Mountain has implemented multiple strategies in online marketing, product supply, special activities, and service assurance to enhance its tourism offerings [1] - The combination of rich cultural tourism products and high-quality service experiences has contributed to a successful start to the New Year tourism season [1]

人民财讯1月4日电，"长白山（603099）文旅"1月4日消息，2026年元旦假期（1月1日—3日），长白山 文旅市场运行平稳、热度攀升，长白山景区累计接待游客3.66万人，同比增长40.77%。据银联商务大数 据测算，2026年元旦假期，长白山管委会接待国内游客17.87万人次，同比增长74.34%；国内游客出游 总花费2.01亿元，同比增长70.34%。长白山在线上引流、产品供给、特色活动、服务保障等方面多点发 力，以丰富的文旅产品和优质的服务体验，实现新年旅游"开门红"。 ...

Investment Rating - The report assigns an "Accumulate" rating for the social services industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The tourism market is showing a strong start in 2026, with expectations for continued growth as the Spring Festival approaches. The report highlights several recommended stocks in the OTA, hotel, and scenic area sectors [4]. - There is a significant increase in duty-free sales in Hainan, driven by the appreciation of the RMB, with a recommendation for China Duty Free Group [4]. - The report notes a substantial rise in domestic travel during the New Year holiday, with 142 million trips taken, reflecting a 5.19% increase compared to 2024 [4]. Summary by Sections Tourism Market - The report indicates that 142 million domestic trips were made during the New Year holiday, with total spending reaching 84.789 billion yuan, a 6.35% increase from 2024. The average spending per trip was 597.1 yuan, up by 1.1% [4]. - Recommended stocks in the OTA sector include Trip.com Group and Tongcheng Travel, while hotel recommendations include Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [4]. Duty-Free Sales - Duty-free shopping in Hainan saw a remarkable increase, with sales of 307,000 items from January 1 to 2, 2026, marking a 48.3% year-on-year growth. The number of shoppers reached 65,000, up 60.9%, and total spending was 505 million yuan, a 121.5% increase [4]. Transportation - The report highlights that from January 1 to 3, 2026, the total inter-regional passenger flow is expected to reach 590 million, averaging 198 million per day, a 19.5% increase year-on-year. Railway passenger volume is projected at 48.223 million, with a 53.1% increase [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The travel industry is expected to continue outperforming expectations, with a positive outlook on the travel chain including OTA (Ctrip, Tongcheng), hotels (Atour, Huazhu, Jinjiang, Shoulv), duty-free (China Duty Free), and scenic spots (Emei Mountain, Three Gorges Tourism, Changbai Mountain) [4]. - The competitive landscape has significantly improved, particularly for companies like Huatu Mountain Ding, Caibai Co., and Laopu Gold [4]. - Notable dividend stocks include Sumida, Action Education, and Chongqing Department Store [4]. - The AI+ sector shows promise with companies like Konnate Optical, Fenbi, Tianli International Holdings, Kevin Education, and Doushen Education [4]. - Oversold stocks identified include China Oriental Education, Guoquan, Gaoxin Retail, and Junting Hotel [4]. Industry Updates - In the social service industry, Sanya's duty-free sales reached 163 million yuan on January 1, 2026, marking an 83.2% year-on-year increase, indicating a strong start for duty-free sales in 2026 [4]. - Ctrip's New Year travel report indicates that domestic scenic spot ticket bookings have increased over fourfold year-on-year, with significant growth in inbound travel bookings, sparking the first consumption boom of 2026 [4]. - Tongcheng Travel's report highlights a surge in travel demand during the New Year holiday, driven by a three-day holiday and the "request 3 days off for 8 days" trend, leading to increased bookings for flights, hotels, and homestays [4]. - Retail sector updates include: - Pang Donglai Group's sales in 2025 reached 23.531 billion yuan, a 39% increase from 16.9 billion yuan in 2024 [4]. - Hema's overall revenue growth exceeded 40% in 2025, with its core formats serving over 100 million consumers [4]. - Sam's Club in China surpassed 140 billion yuan in sales in 2025, with a year-on-year growth of approximately 40% [4]. Company Announcements - Kid King announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 275 million to 330 million yuan, representing a year-on-year growth of 51.72% to 82.06% [4]. - Qingmu Technology's chairman reduced his stake by 464,100 shares, accounting for 0.50% of the company's total share capital, with a reduction price of 59.68 yuan [4].

Group 1: Domestic Tourism Market Performance - The domestic tourism market experienced a strong start in 2026, with ticket bookings for scenic spots increasing over four times year-on-year [1] - Jiangsu province stood out with a 97% increase in overall travel orders compared to the same period last year, with top attractions including Suzhou's Humble Administrator's Garden and Nanjing's Qinhuai Scenic Area [1] Group 2: Young Travelers and New Travel Trends - Young people, particularly those born after 2000, dominated the travel market, accounting for 39% of travelers, while those born in the 1990s made up 33% [2] - The concept of "self-care travel" gained popularity, with a 125% increase in searches related to "New Year travel," reflecting a shift towards more personalized and meaningful travel experiences [2] Group 3: Popular Destinations and Growth in Orders - Major tourist destinations included Beijing, Shanghai, and Guangzhou, with provinces like Guangxi and Jiangsu seeing order growth of over 100% [5] - Guangxi's introduction of over 400 cultural and tourism activities led to a 170% increase in travel orders, while lesser-known destinations like Anji and Qingyuan saw orders rise by 930% and 774%, respectively [5] Group 4: Snow and Mountain Tourism - The initial snowfall of the year significantly boosted mountain tourism, with ticket bookings for mountain attractions increasing by over 150% [6] - Huangshan saw a remarkable 544% increase in orders, while other mountains like Lushan and Emei also experienced substantial growth [6] Group 5: Ice and Snow Activities - The trend of "ice and snow tourism" broke regional barriers, with southern regions like Anji experiencing a 930% increase in orders for outdoor snow activities [8] - Northern regions offered unique experiences such as ice fishing and traditional fishing culture, appealing to young travelers seeking adventurous activities [9] Group 6: Concerts as Tourism Drivers - Concerts became a significant driver of tourism, with cities like Harbin and Zhuji seeing order increases of 82% and 2544%, respectively, due to major events [12] - The phenomenon of traveling to a city for a concert highlights the growing importance of live events in boosting local tourism [12] Group 7: Growth in Inbound Tourism - The inbound tourism market showed strong growth, with ticket bookings increasing by 110% and experience-based product bookings rising over 30 times [15] - Popular inbound destinations included major cities like Shanghai and Beijing, with Sanya seeing a 170% increase in orders due to its duty-free shopping and beach vacation appeal [15]