Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The domestic tourism sector has shown a strong start in 2026, with 142 million domestic trips taken during the New Year holiday, resulting in a total expenditure of 84.789 billion yuan, reflecting a slight year-on-year increase compared to the same period in 2024 [20][31]. - The report highlights a growing trend among young consumers who prioritize personal enjoyment, enhancing the cultural significance of holidays and driving the rapid growth of niche tourism sectors such as ice and snow tourism, migratory tourism, and performance + tourism [31]. - The China Tourism Research Institute projects that the winter ice and snow tourism revenue will reach 450 billion yuan, with an estimated 360 million participants during the 2025-2026 winter season [24][31]. - Policy support is shifting towards service consumption, with measures introduced in Shanghai to enhance cultural and tourism service consumption capabilities [22][31]. - The report indicates that while the long-term outlook for the cultural tourism industry is positive, there are still short-term performance pressures, suggesting a focus on themes like ice and snow tourism and duty-free shopping as potential catalysts [31]. Summary by Sections Market Review - The CITIC consumer services industry index rose by 4.39% from December 26, 2025, to January 8, 2026, outperforming the CSI 300 index by approximately 2.34 percentage points [8][9]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 5.58% [9]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers including BoRui Communication and China Duty Free, while 15 companies reported negative returns [13][31]. Industry News - Key announcements include the record 142 million domestic trips during the New Year holiday and the launch of Shaanxi Tourism's IPO on the Shanghai Stock Exchange [20][21]. - The report notes the encouragement of seasonal tourism activities and the issuance of cultural and tourism consumption vouchers by various government departments [25][31]. Company Announcements - Notable company updates include the resignation of the vice chairman of Huazhen Hotel and significant growth in visitor numbers and revenue for Xiangyuan Cultural Tourism during the New Year holiday [26][27]. - China Duty Free announced a contract for a major project at Beijing Capital International Airport, indicating ongoing expansion in the duty-free sector [30]. Investment Recommendations - The report suggests focusing on specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, and China Duty Free, which are expected to benefit from the recovery in leisure tourism demand [32][31].

Core Insights - The domestic consumption market in China showed strong performance during the 2026 New Year holiday, with a total of 590 million cross-regional trips made, averaging 198 million per day, representing a year-on-year increase of 19.62% [1] - Domestic travel reached 142 million trips, with total spending amounting to 84.789 billion yuan [1] Group 1: Consumption Trends - The "ice and snow economy" was a significant highlight, with approximately 40% of the top 20 popular travel routes during the holiday being ice and snow destinations [2] - The trend of attending concerts as a reason for travel was notable, with ticket bookings for events like the "Song of the Journey" concert in Harbin increasing by 82% and hotel bookings rising by 81% [3] - Young people, particularly those born after 2000, represented 39% of travelers, while those born in the 1990s accounted for 33%, indicating a shift towards more personalized and experiential travel [4] Group 2: Policy and Economic Support - The launch of 625 billion yuan in subsidies for replacing old consumer goods provided a boost to consumer confidence and spending [6] - Various cities implemented additional financial incentives, such as consumption vouchers, to stimulate local economies, with Guangzhou's initiatives leading to significant consumer engagement [6] Group 3: Local Consumption and Services - The restaurant industry saw a daily sales increase of 4.6% during the holiday, with traditional family gatherings becoming a key consumption driver [7] - Local consumption upgrades, such as extended business hours and enhanced community services, contributed to a more convenient shopping experience [8] - The inbound tourism market experienced robust growth, with ticket bookings for attractions increasing by 110% and a notable rise in demand for duty-free shopping experiences [8]

Core Viewpoint - Dongwu Securities highlights four marginal changes in the tourism and retail sectors that could activate their investment value, focusing on equity, management, licenses, and new economic models, supported by top-down policies promoting consumption [1]. Group 1: Asset Characteristics - Tourism and retail companies possess unique asset characteristics, with high replacement costs and relatively lower profit performance, indicating a special asset profile that combines high asset replacement value with low profit growth [2]. - Most tourism and retail companies have state-owned backgrounds, providing a strong safety margin for their assets [2]. Group 2: Alignment with Quantitative Investment - The characteristics of tourism and retail companies align with quantitative investment aesthetics, including high replacement costs, actual asset value, low stock prices, low institutional holdings, and ongoing policy support, leading to significant stock price elasticity and substantial total profit capacity [3]. Group 3: Broader Definition of Fundamentals - The concept of "fundamentals" extends beyond profit statements; the actual revaluation of assets in tourism and retail companies is a fundamental aspect that may not be reflected in profit statements but is evident in actual equity transaction cases, such as those involving Sanjiang Shopping and Yonghui Supermarket [4]. Group 4: Policy Impact on Consumption - Since 2023, multiple top-down policies have been introduced to promote consumption, emphasizing the importance of the consumption sector. The most direct implementation of these policies occurs in tourism and retail, exemplified by new consumption models or brands, referred to as "first-launch economy," which can be seen in scenarios like supermarket adjustments and the ice and snow economy [5]. - Investment recommendations include continuous attention to the four marginal changes in tourism and retail: equity changes, management changes, license changes, and new economic model changes, with specific company recommendations such as Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, while also monitoring companies like Three Gorges Tourism, Tianfu Cultural Tourism, and Yinzhu Co. [5].

Core Insights - The report emphasizes the unique characteristics of tourism and retail companies, highlighting their high asset replacement costs and low profitability, which makes them attractive for quantitative investment strategies [5][10][14] - It identifies the significant role of government policies in promoting consumer spending, particularly in the tourism and retail sectors, as a key driver for investment opportunities [5][21][22] - The report suggests that the potential investment value of tourism and retail companies is being activated by changes in equity, management, licenses, and new economic models [5][6] Group 1: Characteristics of Tourism and Retail Companies - Tourism and retail companies are primarily state-owned, with 45 out of 92 companies being local state-owned enterprises, which provides a strong safety margin for investments [11][12] - These companies generally have replacement costs that exceed their market value, indicating substantial underlying asset value that is not reflected in their financial statements [14][15] - The average stock price of these companies is relatively low, with 12 companies priced below 5 yuan and 49 below 10 yuan, making them appealing for quantitative investors [17][18] Group 2: Policy Support and Economic Models - Since 2023, numerous policies have been introduced to stimulate consumption, reflecting a high-level commitment to boosting the consumer sector [21][22] - The concept of "first-release economy" is highlighted as a direct application of these policies, with examples including supermarket adjustments and the promotion of winter sports and low-altitude economies [5][21] - The report notes that the low institutional ownership in these companies, with 67 having less than 5% institutional holdings, aligns with the aesthetic preferences of quantitative investors [24][25] Group 3: Investment Recommendations - The report recommends focusing on four key areas of change: equity, management, licenses, and new economic models, which are expected to enhance the investment potential of tourism and retail companies [5][6] - Specific companies to watch include Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, with additional attention on Sanxia Tourism and Tianfu Culture and Tourism [5][6]

1月7日，A股市场主要指数整体上涨。 截至收盘，上证指数收报4085.77点，上涨0.05%，深证成指收报14030.56点，上涨0.06%，创业板指收报3329.69点，上涨0.31%，北证50指数上涨0.22%， A股市场合计成交约2.88万亿元，已连续两个交易日超过2.8万亿元。 1.A股市场全天主力资金净流出471.98亿元 今日A股市场主力资金开盘净流出191.26亿元，尾盘净流入8.31亿元，A股市场全天主力资金净流出471.98亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2026-1-7 | -471.98 | -191. 26 | 8. 31 | -213.68 | | 2026-1-6 | -176. 68 | -147.71 | 18. 05 | 33. 67 | | 2026-1-5 | -62.98 | -54. 18 | 17. 34 | 90. 80 | | 2025-12-31 | -270. 79 | - ...

1月7日，A股市场主要指数整体上涨。 截至收盘，上证指数收报4085.77点，上涨0.05%，深证成指收报14030.56点，上涨0.06%，创业板指收报3329.69点，上涨0.31%，北证 50指数上涨0.22%，A股市场合计成交约2.88万亿元，已连续两个交易日超过2.8万亿元。 今日A股市场主力资金开盘净流出191.26亿元，尾盘净流入8.31亿元，A股市场全天主力资金净流出471.98亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2026-1-7 | -471.98 | -191. 26 | 8. 31 | -213.68 | | 2026-1-6 | -176. 68 | -147.71 | 18. 05 | 33. 67 | | 2026-1-5 | -62.98 | -54. 18 | 17. 34 | 90. 80 | | 2025-12-31 | -270. 79 | -129.42 | -36. 63 | -63.8 ...

Group 1 - The company, Shaanxi Tourism (C陕旅), currently does not operate in the ice and snow industry [1] - Investors inquired about the company's involvement in the ice and snow industry, similar to other companies like Xiyu Tourism, Dalian Shengya, and Changbai Mountain [1] - The inquiry was made on an investor interaction platform, indicating investor interest in the company's potential expansion into this sector [1]

沈白高铁让远方变成了近郊，在激活了游客出游热情的同时，更让吉林的冰雪旅游从往日的长途跋涉转 向随时随地的短途游。通车后首个国庆假期，实现了游客接待量同比增长67%、收入增长超110%，这 辉煌成绩的背后，离不开沈白高铁对出行半径的拓展，同时也释放出旅游消费潜力，满足了人们游赏祖 国大好河山的精准需求。 体验迭代，让冰雪旅游更有质感。交通出行的便利化，为文旅产品向精向深发展注入强劲动力。吉林各 地文旅和相关部门顺势推出差异化、高品质的冰雪盛宴。从冰雪游乐到特色美食，从点对点游览到点对 面悠游，吉林冰雪旅游的升级，本质上是对游客需求的贴心回应。"交通+产品+服务"的联动，让游客 来得方便，玩得尽兴，让吉林粉雪在口口相传中成为越来越多其它省份游客冬季限定的"心头好"。 沈白高铁作为"八纵八横"高铁网的关键延伸，冲破林海雪原，一路向着长白山（603099）疾驰，不仅缩 短了全国各地到白山的时空距离，更让吉林的粉雪变成了人人可及的旅游热词。沈白高铁的开通，在交 通干线普适性意义之外，还多了许多内涵。 沈白高铁奔驰在漫天飞雪之间，以速度为笔、以冰雪为墨，在东北大地上勾勒出民生向好、文旅兴旺、 产业崛起的生动画卷，让"半日 ...

Group 1 - The first Changbai Mountain Ice Skating Challenge is scheduled for January 10 at the Changbai Mountain Xiyou Paradise Ice Rink, aimed at enriching the ice and snow sports industry and promoting the integration of sports and tourism [1] - The competition will feature a short track speed skating 500-meter time trial, with separate categories for men and women, including various age groups [3] - The total number of participants is capped at 200, with specific rules for determining winners based on the number of participants in each group [3] Group 2 - The ice rink at Changbai Mountain Xiyou Paradise is built to professional standards, ensuring a smooth ice surface and complete facilities [5] - The organizing committee will provide insurance for participants and has arranged for a professional medical support team to ensure safety during the event [5] - Participants must be in good health and possess a certain level of skating ability, with options for technical training available for beginners [5]

Core Insights - The report emphasizes the strong growth potential in the electronic materials sector, driven by rapid advancements in downstream industries, continuous technological iterations, and the backdrop of domestic substitution [2][6][10] - The mechanical equipment industry is expected to benefit from structural technological growth, particularly in high-end manufacturing, with a focus on sectors like controlled nuclear fusion and humanoid robots [12][14][17] Electronic Materials Sector - The semiconductor materials market is projected to reach $67.5 billion in sales by 2024, with a year-on-year growth of 3.8%, and is expected to exceed $87 billion by 2029, reflecting a CAGR of 4.5% from 2024 to 2029 [7] - The PCB materials segment is experiencing a shift towards high-frequency and high-speed applications, with the global market for electronic resins and fabrics estimated at approximately $33.02 billion and $24.13 billion respectively in 2023 [8] - The OLED materials market is anticipated to grow significantly, with global sales expected to reach $2.44 billion in 2024 and $8.498 billion by 2031, representing a CAGR of 19.8% from 2025 to 2031 [9] Mechanical Equipment Sector - The controlled nuclear fusion sector is entering a phase of accelerated commercialization, with significant government support and technological breakthroughs expected to drive growth [13][17] - The liquid cooling market is set to expand rapidly due to increasing demands for AI computing power, with liquid cooling becoming essential for future AI servers and data centers [14][17] - The humanoid robot industry is transitioning into mass production, with several companies achieving order and delivery milestones, indicating a growing market for related components [15][17] Tourism and Social Services - Domestic tourism showed strong growth during the New Year holiday, with 142 million domestic trips taken, reflecting a 5.2% increase year-on-year, and total spending reaching approximately 84.79 billion yuan, up 6.3% [20][22] - The cross-border travel market is also experiencing significant growth, with a 28.6% increase in the number of people entering and exiting the country during the holiday period [23] Medical and Biological Sector - The brain-computer interface market is gaining traction, with companies like Neuralink planning large-scale production of devices by 2026, indicating a growing interest in this emerging field [26][28][30] - Domestic companies are making strides in the brain-computer interface space, with over 200 firms reported to be involved, highlighting the potential for significant advancements in this technology [29][30]