两会聚焦服务类消费提质，关注政策受益标的

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Key policy points from the Two Sessions include: 1) issuance of 250 billion yuan in ultra-long special government bonds to support the replacement of consumer goods; 2) establishment of a 100 billion yuan fiscal-financial collaboration fund to promote domestic demand; 3) implementation of actions to enhance service consumption and create new consumption scenarios, stimulating consumption in lower-tier markets. The impact on the commercial sector includes a short-term boost in demand for durable consumer goods due to the replacement policy, benefiting retail, home appliance chains, and brand merchants with channel advantages. In the medium to long term, service consumption and new consumption types are expected to become new growth points, driving the transformation of commercial entities from product sales to integrated service providers. The policy implementation is more favorable for leading enterprises with supply chain integration and digital operation capabilities, indicating a potential improvement in supply structure [1][13]. Industry Data Tracking - GMV performance: In the fourth week of January, the overall GMV of Tmall and JD.com increased by 81.52% year-on-year, likely influenced by the timing of the New Year goods festival. The top five categories in terms of growth were automotive and bicycles, home decoration, books and audio-visual products, watches, and outdoor sports [3][23]. - Hotel industry: In the 9th week of 2026, the national hotel RevPAR increased by 6.0% year-on-year, with an occupancy rate of 55.1%, a slight decline of 1.8 percentage points year-on-year. The ADR and RevPAR were 198.3 yuan and 109.2 yuan, respectively, reflecting a year-on-year increase of 9.5% and 6.0% [2][19]. Market Review - In the week from March 2 to March 6, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index decreased by -0.93%, -2.22%, -1.07%, -3.28%, and -3.70%, respectively. The commercial retail sector saw a decline of -3.91%, ranking 8th among the nine major consumption sectors. Notable stock performances included Sumeida and Hemei Group with significant gains, while companies like Jinheshangguan and Haiziwang experienced notable declines [4][28][30]. Investment Recommendations - Gold and jewelry: The report suggests a continued recommendation for brands like Laopu Gold, which has shown strong consumer acceptance of price increases, leading to improved gross margins. The company is expected to benefit from store optimization and high customer operation strategies. Additionally, Chaohongji is recommended due to its product launches driving franchisee performance and expected store openings exceeding forecasts [6][37]. - The report also highlights the potential of the duty-free sector, particularly with the official launch of the Hainan Free Trade Port, which is expected to significantly boost local and national duty-free businesses, alongside a recovery in high-end consumption trends [6][40].