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 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2026-001 锋尚文化集团股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2.业绩预告情况：预计净利润为负值 单位：万元 | 项 目 | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | -1,800 | ～ | -1,200 | 4,177.25 | | 扣除非经常性损益后的净利润 | -5,800 | ～ | -5,200 | -948.47 | 二、与会计师事务所沟通情况 本次业绩预告相关数据未经会计师事务所审计，公司已就业绩预告有关重大事项与会 计师事务所进行了预沟通，公司与会计师事务所在业绩预告方面不存在分歧，具体数据以 审计结果为准。 三、业绩变动原因说明 报告期内，公司整体业绩相比上年下降，主要原因如下： 2.报告期内，预计非经常性损益对净利润的影响金额约为 4 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Group 1 - The professional services sector saw a slight increase of 0.04% on January 20, with Huace Testing leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Huace Testing's stock price rose by 7.89% to 16.41, with a trading volume of 1.52 million shares and a transaction value of 2.528 billion [1] Group 2 - The professional services sector experienced a net outflow of 223 million in main funds, while retail investors saw a net inflow of 242 million [2] - The stock of Puni Testing fell by 5.45% to 12.49, with a trading volume of 311,900 shares and a transaction value of 402 million [2] - The stock of Xigao Institute decreased by 4.90% to 25.99, with a trading volume of 240,800 shares and a transaction value of 626 million [2] Group 3 - The main fund inflow for Electric Institute was 18.118 million, while retail investors had a net outflow of 13.456 million [3] - The main fund inflow for Beikang Testing was 9.21 million, with a retail net outflow of 336,900 [3] - The main fund inflow for Guojian Group was 7.0317 million, while retail investors had a net outflow of 415,000 [3]

Group 1 - The core point of the article is that Fengshang Culture reported its number of shareholders as of January 9, which stands at 14,517 households [2]

Core Viewpoint - Fengshang Culture (300860) announced on an interactive platform that the number of shareholders is expected to reach 13,715 by December 31, 2025 [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The projected number of shareholders indicates potential growth and interest in the company [1]

Group 1 - The core point of the article is that Fengshang Culture (300860.SZ) has not yet established a partnership with Xiaohongshu [1] Group 2 - The company has communicated this information through its interactive platform [1]

Group 1 - The cultural export has become an inevitable choice and development trend for Chinese brands, showcasing China's diverse strengths on the global stage [1] - The 2026 Spanish Super Cup will take place in Jeddah, Saudi Arabia, attracting global attention and marking a significant event in international sports [1] - The event represents a milestone for Fengshang Culture, demonstrating its creative capabilities and execution strength on an international level [2][4] Group 2 - The success of this event signifies a major breakthrough for Fengshang Culture in the international sports performance market, validating its core creative model's competitiveness [4] - The international sports performance market is expected to become a new high-potential growth point for Fengshang Culture, supporting its long-term development [4] - China's cultural export is thriving, with various forms such as games and films gaining popularity overseas, emphasizing the importance of emotional connections in cross-cultural exchanges [5] Group 3 - Fengshang Culture collaborates with Sela, the largest cultural entertainment partner in the Middle East, to create a unique blend of Eastern creativity and local execution [7] - The event's innovative core combines technology and creative performance, focusing on the spirit of football, and aims to resonate with global audiences [7] - The integration of technology and art in the event provides an immersive experience, setting new visual standards for international sports events and showcasing China's technical prowess [8]

Group 1 - The professional services sector increased by 0.33% on December 31, with Beijing Human Resources leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the professional services sector showed varied performance, with Beijing Human Resources closing at 18.34, up 3.62%, and other notable stocks like Guolan Testing and Steel Research Nake also showing positive gains [1] Group 2 - The professional services sector experienced a net outflow of 225 million yuan from institutional investors, while retail investors saw a net inflow of 220 million yuan [2] - The trading volume and turnover for key stocks varied, with notable transactions such as Beijing Human Resources achieving a turnover of 174 million yuan [1][2] - The data indicates a mixed sentiment in the market, with institutional investors pulling back while retail investors remained active [2][3]

关于部分募集资金专户注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 锋尚文化集团股份有限公司（以下简称"公司"）已办理完成募集资金投资 项目"创意研发及展示中心建设项目"和"补充流动资金项目"对应的募集资金 专用账户注销手续，现将相关内容公告如下： 证券代码：300860 证券简称：锋尚文化 公告编号：2025-061 锋尚文化集团股份有限公司 一、募集资金基本情况 为规范公司募集资金的管理与使用，切实保护中小投资者的合法权益，依据 《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》等相关法律法规、规范性文件以及公司《募集资 金管理办法》的有关规定，公司对募集资金实行专户存储，在募集资金到账后， 将其全部存放于经公司董事会批准开设的募集资金专项账户内，并与保荐机构、 存放募集资金的商业银行签署了《募集资金专户存储三方监管协议》。 三、本次注销的募集资金专户情况 公司本次注销的募集资金专户信息如下： | 专户银行 | 专户账号 | 用途 | 状态 | | --- | --- | --- | - ...