万联晨会-20260105

Core Insights - The report indicates that the domestic service consumption has increased to 47% of total consumption, entering a phase of rapid growth and becoming a major component of household spending. The long-term stability and focus of policies on service consumption have been emphasized, highlighting its growing importance in policy frameworks. The current valuation of the social service sector remains below the average of the past five years, indicating potential for recovery [9][8]. Market Review - On the last trading day of 2025, the Shanghai Composite Index rose by 0.09% to close at 3968.84 points, while the Shenzhen Component Index fell by 0.58% and the ChiNext Index dropped by 1.23%. The total trading volume in the Shanghai and Shenzhen markets reached 2.05 trillion yuan. In terms of industry performance, sectors such as defense, media, and real estate led the gains, while communication, agriculture, and electronics lagged behind. Concept stocks related to Xiaohongshu, Kuaishou, and China Shipbuilding saw increases, whereas sectors like silicon energy and liquid cooling servers experienced declines [6][2]. Important News - The State Council has set a target for the comprehensive utilization of major solid waste to reach 4.5 billion tons annually by 2030, with a focus on recycling 510 million tons of major renewable resources. The plan emphasizes the elimination of outdated production capacity and the prohibition of new mining projects without supporting waste disposal facilities [7][3]. - Ctrip's report indicates a strong start for the domestic tourism market in 2026, with a fourfold increase in ticket bookings compared to the previous year. The report highlights that the post-00s generation represents the largest demographic of travelers at 39%, followed by the post-90s at 33% [7][3]. Industry Insights - The travel chain sector is expected to see marginal improvements due to the introduction of the Spring and Autumn holiday system, which will extend consumption periods and accelerate travel demand [11]. - The duty-free market at airports is undergoing significant changes, with the introduction of international retailers and investment in airport equity expected to revitalize the market. The policy benefits and the effects of duty-free shopping are anticipated to stimulate consumer interest [11]. - The restaurant industry is experiencing accelerated chain development, with leading companies expanding rapidly through standardized operations and brand recognition. The industry is expected to undergo a significant consolidation phase, with regional brands expanding nationally [11]. - Emerging consumption trends include service platforms that enhance user engagement and efficiency, concert experiences that cater to younger audiences, and sports events that leverage star athletes and strong operational models to create a sustainable ecosystem [11].