| 代码 | 名称 | 9 | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 600185 | 珠免集团 | + | 9.96 | 156亿 | 21.59 | | 601888 | 中国中免 | + | 5.52 | 2016亿 | 3.06 | | 600859 | 王府井 | | 2.69 | 167亿 | -4.19 | | 002320 | 海峡股份 | 1 | 2.29 | 239亿 | -12.00 | | 002163 | 海南发展 | 1 | 1.94 | 142亿 | -29.45 | | 600029 | 南方航空 | + | 1.82 | 1517亿 | 4.49 | | 000524 | 岭南控股 | | 1.34 | 86.32亿 | 7.42 | 格隆汇2月9日｜A股市场免税股走强，其中，珠免集团（维权）涨停，中国中免涨超5%，王府井、海 峡股份涨超2%。 ...

（文章来源：每日经济新闻） 每经AI快讯，2月9日，免税店板块震荡走高，珠免集团涨停，中国中免、王府井、海汽集团、海南发 展、岭南控股跟涨。 ...

Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

Strategy Overview - The core strategy indicates that Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman suggests a hawkish policy stance, advocating for balance sheet reduction and cautious interest rate cuts, which may reverse market expectations for continued liquidity easing and strengthen the dollar, leading to a global tightening of dollar liquidity expectations and asset price reassessment [4][2] - In the short term, after a strong spring rally, the market may enter a rhythm adjustment period due to proactive policy guidance and increased overseas disturbances, presenting rotation opportunities for previously stagnant sectors [4][2] Real Estate Sector: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions, with a settlement area of 814,000 square meters, up 20.8% year-on-year, and a settlement amount of 17.37 billion yuan, up 52.5% year-on-year [8] - Despite revenue growth, the net profit attributable to shareholders decreased by 44.3%, primarily due to a negative investment income of 950 million yuan and an increase in minority shareholder losses [8] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while the net profit margin decreased to 1.3%, down 0.7 percentage points year-on-year [8][9] - The company’s debt structure improved, with interest-bearing debt down 8.6% year-on-year to 68.2 billion yuan, and the average financing cost decreased by 48 basis points to 2.90% [9] - The company’s sales ranking improved to 15th in the industry, with a sales amount of 29.5 billion yuan in the first seven months of 2025, despite a 13.5% year-on-year decline [10] Transportation Sector: CITIC Offshore Helicopter - CITIC Offshore Helicopter is a leading player in China's general aviation sector, operating the largest civil helicopter fleet in Asia with 84 advanced model helicopters [13] - The company has a strong revenue stream from offshore oil services, with nearly 70% of its revenue derived from this segment, and maintains a market share of over 60% in the offshore helicopter service market [14] - The general aviation market in China is expected to grow steadily, supported by policy guidance, with the number of general airports reaching 475 and the number of general aviation enterprises reaching 760 by 2024 [14] Transportation Sector: Air China - Air China is the only flag carrier in China, with passenger transport services accounting for nearly 91% of total revenue in 2024 [16] - The company reported a revenue of 166.7 billion yuan in 2024, up 18.14% year-on-year, with a sales gross margin of 5.11% [16] - The domestic passenger transport volume reached 730 million in 2024, a 17.86% increase year-on-year, marking a historical high [17] Chemical Sector: Zhejiang Longsheng - The company reported a 6.47% year-on-year decline in revenue to 6.505 billion yuan in the first half of 2025, with a gross margin of 29.80%, up 1.87 percentage points year-on-year [19][20] - The dye business saw a slight revenue decline of 3.17% to 3.632 billion yuan, but the gross margin improved by 4.40 percentage points to 34.17% [19] - The company is focusing on cost reduction and efficiency improvements to maintain stable development amid industry challenges [19] Chemical Sector: Yake Technology - The company achieved a revenue growth of 15.37% in the electronic materials segment, with a total revenue of 2.573 billion yuan in the first half of 2025 [24] - The company is actively developing new technologies and products in the LNG and electronic materials sectors, with a focus on semiconductor chemical materials [23] New Energy Sector: Foster - Foster is a leading player in the photovoltaic encapsulation materials market, maintaining a market share of around 50% [27] - The company is exploring new solutions for space environment applications, leveraging its existing technology in photovoltaic materials [28] Medical Sector: Mindray Medical - The company faced revenue pressure in the first half of 2025, with a 23.77% year-on-year decline in Q2 revenue to 8.506 billion yuan [29] - International business revenue increased by 5.39%, accounting for about 50% of total revenue, indicating a growing presence in the global market [30] - The company is focusing on building a digital healthcare ecosystem through the integration of devices, IT, and AI technologies [31] Food and Beverage Sector: Kweichow Moutai - The company is navigating a challenging environment in the liquor industry, focusing on quality and long-term value rather than short-term performance metrics [33] - In Q3 2025, the company reported a revenue of 39.06 billion yuan, a slight increase of 0.6% year-on-year, with a gross margin of 91.3% [34] Social Services Sector: Lingnan Holdings - The company achieved a revenue of 2.09 billion yuan in the first half of 2025, up 8.52% year-on-year, with a net profit of 50 million yuan, up 24.39% [36] - The company is expanding its travel agency and hotel management services, with a focus on enhancing its operational capabilities [38] Electronics Sector: Zhaoyi Innovation - The company expects a revenue of approximately 9.203 billion yuan in 2025, a 25% year-on-year increase, driven by demand from AI computing and the storage industry [39]

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 ...

北京商报讯（记者 吴其芸）1月30日，岭南控股发布2025年度业绩预告，报告期内，岭南控股预计归属 于上市公司股东的净利润7000万—7500万元，同比下降50.05%—53.38%。 ...

经济观察网 2026年1月30日，岭南控股(000524)发布2025年度业绩预告，预计2025年净利润7000万元至 7500万元，同比下降50.05%至53.38%；扣除非经常性损益后的净利润6050万元至6650万元，同比增长 0.05%至9.97%。 ...

南财智讯1月30日电，岭南控股发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 7000万元—7500万元，同比预减50.05%—53.38%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为6050万元—6650万元，同比预增0.05%—9.97%。业绩变动原因说明：2025年度，公 司整体经营发展呈现"稳中有进、进中提质"的良好态势，但受到非经常性损益变动影响，预计实现归属 于上市公司股东的净利润比上年同期下降50.05%—53.38%。上述非经常性损益变动为公司于上年获得 参股企业（持股3.92%）广州世界大观股份有限公司现金分红款等款项共计7606.68万元并计入非经常性 损益，而2025年度无此项非经常性收益。得益于整体经营态势良好，公司实现扣除非经常性损益后的净 利润预计比上年同期增长0.05%—9.97%。主要原因为公司积极把握国家全方位扩大内需、提振消费政 策利好机遇，大力拓经营、强管理、深融合、促创新、育文化、提效能。其中，住宿（酒店）业务聚焦 品牌拓展及业态创新，持续深化"南北协同"战略布局，品牌辐射力与市场影响力持续攀升；餐饮业务方 面，积极推动营销模式 ...

证券代码：000524 证券简称：岭南控股 公告编号：2026-005 号 广州岭南集团控股股份有限公司 2025 年度业绩预告 2025年度，公司整体经营发展呈现"稳中有进、进中提质"的良好 态势，但受到非经常性损益变动影响，预计实现归属于上市公司股东的 净利润比上年同期下降50.05%-53.38%。上述非经常性损益变动为公司 于上年获得参股企业（持股3.92%）广州世界大观股份有限公司现金分 红款等款项共计7,606.68万元并计入非经常性损益，而2025年度无此项 非经常性收益。 得益于整体经营态势良好，公司实现扣除非经常性损益后的净利润 预计比上年同期增长0.05%-9.97%。主要原因为公司积极把握国家全方 位扩大内需、提振消费政策利好机遇，大力拓经营、强管理、深融合、 促创新、育文化、提效能。其中，住宿（酒店）业务聚焦品牌拓展及业 态创新，持续深化"南北协同"战略布局，品牌辐射力与市场影响力持 续攀升；餐饮业务方面，积极推动营销模式创新与业态深度融合，月饼 等节令食品的销售及餐饮创新业务表现亮眼；依托促消费和免签等政策 利好持续释放，公司的商旅出行（旅行社）业务精准发力假日旅游、体 育旅游、银发 ...