Core Viewpoint - Chinese assets experienced a strong start in 2026, with significant gains in various indices and stocks, indicating a continuation of the structural bull market from 2025 and a clear investment theme for the year ahead [1][2]. Group 1: Performance of Chinese Assets - The Nasdaq Golden Dragon China Index surged nearly 4%, while leveraged ETFs for Chinese stocks saw increases of over 10% and 8% respectively [2]. - Major Chinese stocks performed well, with Baidu Group rising over 12%, and other notable gains from companies like WanGuo Data and JinkoSolar, which increased by over 8% and 7% respectively [2]. - The Hong Kong market also showed strong performance, with the Hang Seng Index up 2.76% and the Hang Seng Technology Index up 4% [2]. Group 2: Currency Movements - The offshore RMB/USD exchange rate broke above 6.97, reaching a high of 6.9662, marking the strongest level since May 2023 [3]. - Factors contributing to the RMB appreciation include a strong Chinese stock market, increased demand for currency conversion from export companies, and a weakening US dollar [4]. Group 3: Global Market Trends - Global markets continued their strong performance from 2025, with Asian markets achieving their best opening since 2012, led by gains in AI and semiconductor stocks [5]. - Major US tech stocks also saw gains, with the Philadelphia Semiconductor Index rising over 4% and ASML ADR increasing by over 8% [6]. - Investor sentiment remains optimistic, with significant net inflows into global equity funds, totaling $26.54 billion in the last week of 2025 [6].

客户端 携程集团-S（09961）午后股价上涨4.96%，现报581.50港元，成交额5.51亿港元。 中国交通运输部最新发布的数据显示，2025年12月31日，元旦假期前一天，全社会跨区域人员流动量 20776.3万人次，环比增长33.7%，同比增长25.4%。1月1日，预计全社会跨区域人员流动量20813万人 次，环比增长0.2%，同比增长21%。 国信证券发布研报称，展望后续，旅游需求预计整体仍将稳健释放，携程凭借完善的产品供给与优质服 务，国内主站基本盘稳健且护城河深厚，份额还在持续增加，利润率有望逐步优化。同时把握出海发展 窗口期及入境政策红利，国际平台以规模为先战略下保持较快扩张，已经逐步在多个区域得到验证，带 动总体收入维持15%以上增速；此外公司大额回购计划与常规股息安排彰显股东回报端积极姿态。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 携程集团-S（09961）午后股价上涨4.96%，现报581.50港元，成交额5.51亿港元。 中国交通运输部最新发布的数据显示，2025年12月31日，元旦假 ...

Core Viewpoint - The article discusses the performance and market dynamics of China's top internet companies in 2025, highlighting a clear differentiation among them in terms of market capitalization, profitability, and strategic direction as they transition from rapid expansion to a focus on quality growth [5][14]. Group 1: Market Capitalization and Rankings - The top 10 internet companies in China by market capitalization at the end of 2025 show stability in rankings, with Tencent, Alibaba, and Pinduoduo maintaining their positions, while other companies like Xiaomi and NetEase have seen upward movement [6][12]. - Tencent leads with a market cap of $728.7 billion, followed by Alibaba at $351.6 billion and Pinduoduo at $161.6 billion, with significant year-to-date stock price increases of 45%, 77%, and 17% respectively [9][10]. - The second tier includes Xiaomi, NetEase, and Meituan, with Xiaomi's market cap at $131.5 billion and a stock price increase of 14%, while Meituan's market cap has decreased by 32% [11][13]. Group 2: Revenue and Profitability Trends - Revenue growth is observed across the top companies, with only Baidu experiencing a slight decline, while Xiaomi leads with a 32.5% revenue increase [18]. - Profitability shows a stark contrast, with companies like Alibaba, Meituan, and JD.com facing pressure due to high marketing costs, particularly in the competitive food delivery sector, leading to "increased revenue without increased profit" [18][19]. - In contrast, companies like Tencent and NetEase have maintained strong profit margins through their gaming and social media ecosystems, with Tencent's gaming revenue exceeding $180 billion in the first three quarters of 2025 [20]. Group 3: Emerging Players and Market Dynamics - The mid-tier companies ranked 11th to 20th have shown significant stock price increases, indicating market recognition of their potential, with Giant Network leading with a 245% increase [23][24]. - Companies like Tencent Music and Kingsoft Office are highlighted as having potential for upward movement into the top tier, driven by their stable business models and market opportunities [25]. - The article emphasizes that while the top tier remains stable, the mid-tier companies are crucial to watch for future market shifts, as they may capitalize on emerging trends and niche markets [26].

每经AI快讯，携程集团-S(09961.HK)盘中涨近5%，截至发稿，涨4.33%，报578港元，成交额4.24亿港 元。 （文章来源：每日经济新闻） ...

消息面上，中国交通运输部最新发布的数据显示，2025年12月31日，元旦假期前一天，全社会跨区域人 员流动量20776.3万人次，环比增长33.7%，同比增长25.4%。1月1日，预计全社会跨区域人员流动量 20813万人次，环比增长0.2%，同比增长21%。 国信证券发布研报称，展望后续，旅游需求预计整体仍将稳健释放，携程凭借完善的产品供给与优质服 务，国内主站基本盘稳健且护城河深厚，份额还在持续增加，利润率有望逐步优化。同时把握出海发展 窗口期及入境政策红利，国际平台以规模为先战略下保持较快扩张，已经逐步在多个区域得到验证，带 动总体收入维持15%以上增速；此外公司大额回购计划与常规股息安排彰显股东回报端积极姿态。 智通财经APP获悉，携程集团-S(09961)盘中涨近5%，截至发稿，涨4.33%，报578港元，成交额4.24亿 港元。 ...

2025年12月31日，携程集团发布《2025年度旅行报告》显示，旅游市场呈现需求多元化、体验深度化、 场景融合化特征，年轻群体主导的"回旋镖式"航线、自然疗愈导向的"沉浸走廊"等新业态加速涌现，推 动行业进入"情绪经济"新阶段。 2025年，"松弛感""反内卷"相关搜索量同比激增7倍，周一上午59%用户通过AI查询祈福目的地，"求治 愈""想发呆"成年度热词。报告指出，旅行已从"打卡消费"转向"心灵处方"，Z世代重视情绪价值与身份 认同，在节演展赛场景中客流占比超80%，热衷"搭子出游""拼小团"等社交化产品。 报告显示，2025年热门目的地呈现出多元化的特征。北京、上海作为国际文化与现代都市的代表持续受 到关注；西安、南京、成都等城市凭借深厚的历史底蕴与生活哲学吸引大量游客；重庆、长沙则以立体 魔幻的城市体验与活跃的夜经济成为"感官体验窗口"。此外，广州、深圳、杭州等地依托大湾区活力与 数字智能发展，成为"数智活力窗口"的典范。 银发族追求兴趣与温度，通过摄影、歌舞、非遗体验等活动丰富其精神生活；外国游客则通过味觉与视 觉沉浸式体验中国，如上海"TASTE OF CHINA 味"沉浸式餐厅广受欢迎。 西南 ...

①美国三大股指全线收跌，道指跌0.63%报48063.29点，标普500指数跌0.74%报6845.5点，纳指跌0.76% 报23241.99点； ⑧伦敦基本金属多数下跌，LME期锡跌3.54%报40470.0美元/吨，LME期铜跌0.49%报12496.5美元/吨， LME期镍跌0.46%报16750.0美元/吨，LME期铅跌0.22%报2005.5美元/吨，LME期铝涨0.57%报2997.0美 元/吨，LME期锌涨0.06%报3126.0美元/吨； ②热门中概股普跌，阿里巴巴跌0.52%，拼多多跌0.39%，网易跌2.01%，携程跌0.57%，百度跌1.30%， 京东跌0.03%； ⑨美债收益率集体上涨，2年期美债收益率涨2.67个基点报3.475%，3年期美债收益率涨3.65个基点报 3.536%，5年期美债收益率涨5.19个基点报3.725%，10年期美债收益率涨5.49个基点报4.175%，30年期 美债收益率涨4.67个基点报4.852%； ③大型科技股集体下跌，蔚来跌超7%，网易跌2%，百度跌超1%；哔哩哔哩微涨； ⑩英国10年期国债收益率跌2.3个基点报4.473%。 ④欧洲主要股指收盘小幅 ...

社服行业 2026 年度投资策略 20251230 摘要 国家政策支持内需扩张，老龄化和 Z 世代崛起驱动体验式、个性化消费， 康养旅游和新消费成投资重点。 旅游出行行业持续复苏，各地促销活动显著推动，景区产业资源整合加 速，行业向高质量发展。 OTA 平台占据旅游产业链重要地位，美团、携程等通过差异化竞争提升 盈利能力并巩固核心竞争力。 酒店行业与经济状况密切相关，需求分化下供给降速，头部企业具备溢 价能力，建议关注首旅锦江、华住及亚朵等龙头企业。 免税行业关注度提升，低基数效应下数据转正，高货值商品比例提升客 单价，海南封关及新政带来增长空间，关注中免、王府井及珠海免税。 本地生活领域竞争激烈，美团面临京东、阿里等竞争对手，长期价值回 归存在分歧，但仍是值得关注的重要标的。 K12 教育领域政策逐步稳定和市场复苏，龙头企业如好未来、新东方等 受益于品牌力、教学质量和扩张能力。 Q&A 2026 年服务业消费的投资机会有哪些？ 旅游出行行业在 2026 年的发展趋势如何？ 随着全球重新开放及复苏，旅游出行行业将继续回暖。无论是出境游还是国内 游，都处于持续复苏状态。各地文旅部门和 OTA 平台（如美团、携程 ...

Core Insights - The outbound tourism market in 2025 has shown robust growth, with double-digit year-on-year increases in orders for various travel products, including tours, local experiences, and cruise services [3][4] - Inbound tourism has also surged, with ticket orders for inbound flights from overseas users increasing by over 100% year-on-year, particularly for flights to Shanghai, which saw a nearly 600% increase [3][8] Outbound Tourism Trends - Consumer preferences for outbound travel have become more diversified and personalized, with families preferring comfortable services like cruises and Z-generation consumers spending more on unique experiences [5][6] - Free independent travel remains the mainstream mode of outbound tourism, with a notable increase in small group tours that offer better value and experience compared to traditional large group tours [6] - Emerging destinations such as Sweden and Iceland have gained popularity, particularly for their unique attractions like the Northern Lights, indicating a shift in travel patterns [6][7] Inbound Tourism Growth - Inbound tourism has experienced significant growth, with a 100% increase in bookings for the first three quarters of 2025, and orders from visa-exempt countries rising by an average of 153% [8][9] - The Chinese government is enhancing the convenience and internationalization of inbound tourism, with measures such as extending transit visa exemptions and expanding applicable ports [8][11] - Key travel periods for inbound tourists include spring and autumn, with a trend of early bookings observed among travelers from Asia, Europe, and Australia [8][9] Market Potential - Currently, inbound tourism revenue accounts for less than 0.5% of China's GDP, compared to over 10% in Thailand and 1-2% in many Western countries, indicating a significant potential market increase of approximately 1 to 2 trillion yuan if it reaches comparable international levels [11][12] - The upcoming New Year and Spring Festival holidays are expected to further boost both outbound and inbound tourism, with many popular long-haul outbound tours already sold out [11]

2025年出入境旅游市场表现活跃，出境游保持高质量增长，入境游迎来爆发式增长。 2025年即将过去，在这一年里，出入境旅游市场热闹非凡。根据各大旅游企业和平台反馈，2025年出境游继续保持高质量增长，包括线路游、当地玩乐、 景区门票、出境邮轮、签证通讯服务等在内的出境旅游度假类商品订单量同比双位数增长，人均购买件数在去年的基础上有所增加。入境游迎来爆发，海 外用户入境机票订单量同比去年增长超1倍，其中以上海为目的地的机票预订增长接近6倍。 出境游更多元化 第一财经记者采访了解到，2025年不同类型消费者的出境旅行消费倾向进一步分化，呈现高度个性化、多元化的特质。以亲子家庭和Z世代消费者为例， 前者更愿意购买舒适、省心的服务，如邮轮、包车；后者则更愿意把钱花在新奇的体验上。飞猪数据显示，平台上带娃家庭预订的出境邮轮、出境包车游 订单增速均大幅超越大盘；Z世代消费者在境外当地玩乐服务上的平均客单价同比去年增长近20%。 从出游方式来看，出境游方面自由行是主流，并仍以更高的增速领涨大盘。自己动手预订机票、酒店、景区门票，安排游玩项目，对出境旅游消费者来说 已成新常态。"跟团游的需求没有消失，只是形态发生了变化。在一 ...