证券分析师 证券研究报告 社会服务 | 旅游及景区 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 请务必仔细阅读正文之后的评级说明和重要声明 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 李禹蒙 liyumeng@huayuanstock.com 市场表现： | 基本数据 | | | | 02 | 年 | 月 | 02 | 日 | | 2026 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 42.47 | | | | | | | | | 年 内 最 低 | 最 | 高 | / | | | | | | 60.33/29.73 | | 一 | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 11,566.95 | | | | 流通市值（百万元） | | | | | | | | | 11,325.47 | | | | 总股本 ...

作者：刘姗姗 长白山拥有"世界生物圈保护区""世界最佳自然保护地""世界地质公园"三张国际名片，是吉林冰雪经济 核心引擎；上海作为华东地区经济文化中心和重要旅游客源地，冰雪旅游需求旺盛。此次航线开通，不 仅是长白山机场织密全国"空中廊道"、优化冬航季布局的重要一步，更推动了"冰雪+文旅"融合发展。 目前，长白山机场至上海浦东航线日均运营达10班，上海至长白山航班覆盖6:35-19:10全时段，长白山 至上海返程运营至22:30，构建起"早出晚归"的便捷出行圈，为长三角旅客提供灵活出行选择。 据悉，长白山机场与上海航空将持续深化合作，优化运营服务品质，探讨拓展更多合作航线，进一步完 善航空网络布局，助力长白山打造世界级旅游目的地。 来源：彩练新闻 春雪映长空，新航启新程。2月2日13时27分，上海航空FM7293航班平稳降落在长白山机场，标志着长 白山—上海航线正式投入运营，上海本土航空品牌首次进驻长白山雪域，为当地冰雪经济发展注入新动 能。 该航线是长白山机场完善航线布局的关键举措，执行期为2月2日至3月13日，实行每日一班常态化运 营。具体时刻为：10:35从上海浦东起飞，13:00抵达长白山机场；13:4 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].

Core Viewpoint - The strategic cooperation agreement between Jilin Province and Swiss Dong Doctor Group aims to enhance the international presence of Changbai Mountain ginseng, establishing a cultural display and product experience platform in Geneva, Switzerland, to serve as a key showcase for the product in the Swiss and EU markets [1][3]. Group 1: Strategic Cooperation - Jilin Province's high-quality development work team for the ginseng industry signed a strategic cooperation agreement with Swiss Dong Doctor Group [1]. - The agreement includes the establishment of a permanent "Changbai Mountain Ginseng" cultural display and product experience platform in Geneva [1]. - The Swiss Dong Doctor Group will assist in introducing Changbai Mountain ginseng products to the Swiss and EU markets, aiming to deepen market recognition [1]. Group 2: Market Goals - Jilin Province aims for the ginseng industry to achieve a historical output value exceeding 100 billion yuan by 2025, with a year-on-year growth of 30.5% [1]. - The goal is to become a major supplier of high-end ginseng products in the Swiss and EU markets within three years [1]. - Jilin Province is also expanding its market presence by establishing experience outlets in major sales areas outside the province and in Hong Kong and Macau [3]. Group 3: Sales Strategy - The sales strategy will involve a dual approach of cross-border e-commerce and physical channels [1]. - The initiative aims to build an integrated online and offline channel to expand into high-end markets [3].

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The strategic positioning of "service consumption" has been enhanced, expected to become a core engine for driving domestic demand. The State Council's meeting on January 16 emphasized the implementation of consumption-boosting actions and the cultivation of new growth points in service consumption, providing a clear direction for consumption development in 2026 and the 14th Five-Year Plan [6] - During the Spring Festival travel season (February 2 - February 14, 2026), domestic flight ticket bookings exceeded 7.54 million, a year-on-year increase of 12%. The total expected passenger transport volume for civil aviation during the Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [6] - The recovery of dining consumption in Q4 2025 was significantly stronger than that of retail goods, indicating a resurgence in service consumption. From October to December 2025, the year-on-year growth rates for dining revenue were 3.8%, 3.2%, and 2.2%, respectively, while retail goods growth rates were 2.8%, 1.0%, and 0.7% [6] Summary by Sections - **Recent Industry Performance**: Over the past 12 months, the industry has shown relative returns of 5.35% over one month, 7.38% over three months, and a decline of 3.0% over twelve months. Absolute returns were 6.42%, 8.38%, and 19.81% respectively [4] - **Policy Support**: The government has introduced policies to encourage service consumption, including optimizing school holiday arrangements to promote student well-being, which is expected to boost service consumption growth [6] - **Investment Recommendations**: The report suggests focusing on listed companies in the dining, hotel, and tourism sectors, including China Duty Free Group, Shouhang Hotel, Jinjiang Hotels, and others, as they are likely to benefit from the positive trends in service consumption [6]

Group 1 - The article emphasizes the transformative power of a new technological revolution reshaping the global industrial landscape amidst geopolitical fluctuations and supply chain restructuring [1] - It highlights the integration of capital, technology, and consumption in China, leading to cross-industry innovation and the pursuit of high-quality economic development [1] - The Northeast revitalization strategy is entering a new phase, leveraging its industrial foundation, natural resources, and unique geographical advantages to seek new growth engines [1] Group 2 - The upcoming 2026 Changbai Mountain Forum aims to explore investment trends and the future of industries in the post-pandemic era, focusing on themes of investment empowerment and cultural tourism coexistence [1] - The forum will gather experts and entrepreneurs from capital markets, technological innovation, and the cultural tourism industry to discuss topics such as AI-driven new productivity and diverse paths for corporate capital operations [8] - A closed-door meeting led by economist Fu Peng will delve into the impact of AI technology on global productivity and investment opportunities arising from industrial transformations [9]

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]