每经AI快讯，2月6日，免税店指数盘中下跌2%，成分股多数走低。友好集团跌超9%，海汽集团、众信 旅游、中国中免、武商集团均跌超2%。 （文章来源：每日经济新闻） ...

另外，记者从香港中旅国际投资有限公司获悉，2月15日至3月3日，该公司联合旗下八大特色景区推出生肖及姓氏专属优 惠，生肖属马或姓氏为"马"的游客可享门票五折优惠，生肖与姓氏均为"马"的游客可免票入园。 旅行社方面，众信旅游集团股份有限公司（以下简称"众信旅游"）聚焦春节旅游市场，将春节元素同时融入国内游以及出 境游产品。"产品丰富度较去年同期增长50%。"众信旅游媒介公关经理李梦然告诉《证券日报》记者，在国内游方面，众信旅 游将民族服饰旅拍、制陶、藏香制作等非遗体验融入行程；在出境游方面，将定制年夜饭、团圆饺子、派发压岁红包、观看舞 狮表演等项目融入行程。 酒店方面，北京首旅酒店（集团）股份有限公司旗下品牌结合区位特点，除酒店产品外，还推出鸟巢演出赠票、景点赠 票、当地特色餐饮等增值服务，部分酒店还同步举办观看春晚、财神送福、包福饺等新春主题活动。华住集团有限公司旗下部 分酒店品牌则面向住客推出非遗窗花礼袋、新年橘子礼盒等定制化新春礼遇。 众信旅游数据显示，当前，长线出境游产品预订人数较去年同期增长60%；国内游产品预订人数较去年同期增长300%。另 据飞猪数据，春节假期的高星级酒店预订量同比大增近70%；含 ...

（编辑 袁冠琳） 证券日报网讯 2月5日，众信旅游在互动平台回答投资者提问时表示，股权关系方面，阿里为公司的战 略投资者，现持有公司10.20%股份；公司决策方面，阿里委派周晓晨先生担任公司董事，参与公司日 常重要决策部署工作；业务合作方面，双方致力于"资源+渠道+技术"的产业链共建，进一步增强线上 线下一体化的业务模式与服务体系，打造行业生态新范式，释放行业增长新动能。 ...

| | | | | 旅游概念板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | . | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 002627 | 三峡旅游 | 1 | 10.00 | 72.53亿 | 34.91 | | 2 | 603402 | 陕西旅游 | 演 | 8.89 | 129亿 | 107.61 | | 3 | 600054 | 黄山旅游 | 1 | 7.16 | 106亿 | 29.02 | | ব | 600693 | 东百集团 | 1 | 6.03 | 147亿 | -5.33 | | 5 | 300144 | 宋城演艺 | | 4.47 | 239亿 | 11.36 | | 6 | 603843 | *ST正平 | + | 4.16 | 42.05 Z | 5.07 | | 7 | 000796 | 凯撒旋业 | 演 | 3.86 | 108亿 | -6.67 | | 8 | 301262 | 海着股份 | | 3.52 | 116亿 | 14.30 | | ರಿ | 0027 ...

证券之星消息，2月4日旅游及景区板块较上一交易日上涨0.71%，凯撒旅业领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。旅游及景区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) | | | --- | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旅业 | 6.47 | 3.69% | 106.63万 | | 6.83亿 | | 000610 | 西安旅游 | 10.53 | 3.54% | 49.51万 | | 5.06亿 | | 600054 | 黄山旅游 | 13.55 | 2.19% | 21.72万 | | 2.94亿 | | 600706 | 曲江文旅 | 10.82 | 2.08% | 7.31万 | | 7851.94万 | | 000888 | 峨眉山Ａ | 13.98 | 1.97% | 18.82万 | | 2.62亿 | | 002159 | 三特索道 | 16.36 | 1.93% | 4.53万 | | 7402.42万 ...

证 券 研 究 报 告 消费者服务行业周报（20260126-20260130） 各地政府发力消费政策，看好春节服务消费 推荐（维持） 开门红 ❑ 核心观点：本周，春节消费旺季大幕拉开，各地促消费政策密集出台，为全年 消费市场的"开门红"注入强劲动力。我们通过梳理全国各地的春节促消费活 动，观察到本轮活动呈现出"政府主导、多方联动、全域覆盖"的鲜明特征，其 核心在于通过"政策+活动"的双轮驱动，深度融合商、文、旅、体、展等多元 业态，旨在激发消费潜力、优化消费供给、营造浓厚节日氛围。 ❑ 我们认为，本轮春节促消费活动呈现三大亮点： 1. 补贴力度空前，精准直达消费终端：各地普遍推出亿元级别的消费券及补 贴，覆盖零售、餐饮、文旅、汽车、家电等多个领域。例如，浙江、山东、河 南等省份均有上亿元的资金投入。这种"真金白银"的投入，叠加消费品"以旧 换新"政策的延续，有望直接转化为居民的购买力，有效提振大宗消费和即期 消费。 2. 场景创新深化，商文旅体融合成为主线：活动设计不再局限于传统的打折 促销，而是更加注重消费场景的创新和体验的提升。从北国的冰雪节到南国的 避寒游，从"非遗+年货"的文化市集到"赛事+旅游"的 ...

(众信旅游) 报告显示，业绩下降一是因使用公积金弥补亏损，终止确认账面递延所得税资产致利润减少7151.38万 元；二是受国际局势、市场竞争等影响，收入规模增速放缓，毛利率和盈利水平下降。 据众信旅游（002707）2025年度业绩预告显示，报告期内，众信旅游预计归属于上市公司股东的净利润 500万元，同比下降95.28%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

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 ...