Core Viewpoint - The "2026 Beijing Online New Year Goods Festival" has commenced, running until March 4, featuring participation from multiple platforms and companies to create a consumer event for citizens [1] Group 1: Event Overview - The festival is organized by platforms such as Meituan, JD.com, Douyin, Taobao, and Wangfujing Global Purchase, utilizing both online and offline strategies to enhance consumer engagement [1] - Meituan's "2026 National Online New Year Goods Festival" features over one million merchants and has invested over 100 million yuan in subsidies [1] - JD.com's New Year Goods Festival will last until February 23, offering various products and integrating resources to meet New Year shopping needs [1] Group 2: Promotions and Activities - Douyin's "Douyin Mall New Year Goods Festival" runs until February 10, providing discounts starting at 15% and offering stackable platform consumption vouchers [1] - Wangfujing Global Purchase's New Year activities will continue until February 8, featuring promotions on beauty, skincare, and food products, with limited-time welfare vouchers available [1]

作为全国第一个实现减量发展的超大城市，北京的城市更新进程成为城市向内涵式发展转型的重要抓 手。实施市属老旧小区改造7800万平方米，启动危旧房改建104万平方米，完成西单、王府井 （600859）等40个传统商圈改造提升……"十四五"时期，北京在住有所居、城市更新等方面取得了阶段 性成效。"十五五"时期，北京将持续提速城市更新。 1月26日，在市十六届人大四次会议"解读北京市国民经济和社会发展第十五个五年规划纲要"专题新闻 发布会上，北京市住房城乡建设委党组成员、副主任马綮鸿介绍了北京在"十五五"期间城市建设更新方 面的规划。 推进城市更新条例实施 据了解，"十五五"时期，北京将推进完整社区建设，并完善一刻钟便民生活圈，打造一批完整社区示范 项目，同时北京将开展老旧街区改造、老旧产业园区腾笼换鸟，推动100处以上老旧厂房和低效产业园 区更新。北京商报记者了解到，北京还将以保护传承城市历史文化，推进文物和文化遗产保护利用、文 化街区修复和修缮，带动老城整体保护更新。 改造的同时，北京将打造一批活力组团，为城市塑造更新标杆。马綮鸿介绍称，北京将谋划建设一批功 能复合、便捷可达、多元时尚、特色鲜明的综合化城市更新组 ...

Investment Rating - The industry is rated as "Outperforming the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [2][49]. Core Insights - The social service sector has shown steady growth in consumer retail sales, with a 3.7% year-on-year increase in 2025, reaching a total of 50.12 trillion yuan. Urban retail sales grew by 3.6%, while rural sales increased by 4.1% [5][30]. - The sector experienced a 4.78% increase in the first two trading weeks of 2026, ranking 8th among 31 industries in the Shenwan classification [2][13]. - The introduction of duty-free shops at 41 ports is expected to enhance consumer spending and support the recovery of the tourism and retail sectors [5][30]. Summary by Sections Market Review & Industry Dynamics - The social service sector outperformed the CSI 300 index by 5.97 percentage points during the first two weeks of 2026, with notable increases in sub-sectors such as professional services (+7.65%) and hotel and catering (+4.75%) [2][13][17]. - The overall consumer spending and income levels are on the rise, with per capita disposable income reaching 43,377 yuan, a 5.0% increase year-on-year [5][30]. Investment Recommendations - Companies with strong growth potential in the travel and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co. [5][42]. - The report suggests focusing on hotel brands like Jinjiang Hotels and ShouLai Hotels, which are expected to benefit from the recovery of business travel and increased market share [5][42]. - Companies in the cross-border tourism market, such as China Duty Free Group and Wangfujing, are also highlighted due to the anticipated recovery in airport duty-free sales [5][42]. Company Dynamics & Announcements - The report notes significant developments, such as the establishment of new duty-free shops at 41 ports, which is expected to boost consumer spending [30]. - Other company-specific news includes the restructuring plans of Huazhong Hotel and the financial support initiatives by Lingnan Holdings to enhance operational capabilities [30].

Core Insights - The luxury brand presence in Sanlitun Taikoo Li has significantly increased, with major brands like Dior, Louis Vuitton, and Tiffany & Co. establishing flagship stores, enhancing the area's appeal to younger consumers [2][3] - The strategic upgrade of Sanlitun Taikoo Li, initiated in 2022, aims to optimize brand offerings and improve the overall shopping experience, with nearly half of the commercial space in the North District already renovated [3][4] - The transformation reflects a broader trend in the retail industry, emphasizing the shift from functional consumption to experiential consumption, which is crucial for the survival of physical retail in the face of online competition [5][6] Company Developments - The North District of Sanlitun Taikoo Li is set to feature flagship stores from top luxury brands, with all major openings scheduled for December 2025, indicating a significant investment in high-end retail [3][4] - The ongoing renovations include the reconstruction of the N1 building and enhancements to surrounding community spaces, aiming to solidify Sanlitun Taikoo Li's status as a cultural and shopping landmark [5] - The management emphasizes the need to adapt to changing consumer demographics and preferences, recognizing that the original target audience has evolved over the 17 years since the project's inception [4] Industry Trends - The retail sector is undergoing structural adjustments, with major players like Beijing SKP and Wangfujing also pursuing transformation strategies to remain competitive [5][6] - Experts suggest that the success of Sanlitun Taikoo Li's upgrade serves as a model for other retail spaces, highlighting the importance of lifestyle-oriented transformations and continuous content updates to attract consumers [6] - The shift towards creating experiential environments rather than merely transactional spaces is seen as essential for engaging modern consumers and meeting their emotional and social needs [6]

2026 年 01 月 26 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：73 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 73 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：商业航天、银行、消费 1、商业航天主题：埃隆·马斯克正积极推进 SpaceX 的 IPO 计划，目标在今年 7 月前完成。作为行业标杆，其上市预期 极大地提振了全球市场对整个商业航天赛道的关注与信心。 另外，低轨轨道和频谱资源遵循"先占先得"的国际规则。 数据显示，可用轨位空间已十分紧张，中国已申请超 20 万颗 卫星的轨道频率，这直接倒逼各国加快卫星制造与发射节奏 以抢占资源，是行情核心驱动力。相关标的：中国卫星 （600118）、航天电子（600879） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6. ...

Group 1 - The article highlights the transformation of Tongzhou into a vibrant commercial hub, with new high-quality projects enhancing local consumer experiences and reducing the need for residents to travel to the city center for shopping and entertainment [1][23]. - The Bay Area micro-vacation complex, set to open by the end of 2025, features notable attractions such as the largest outlet in North China and a unique hotel, quickly becoming a popular destination in Beijing [2][9]. - The Wangfujing WellTown has seen significant foot traffic and sales, with over 2 million visitors and sales exceeding 200 million yuan during its initial opening period [9]. Group 2 - The Canal West Riverside District, which opened on May 31, 2025, offers a blend of ecological scenery and leisure activities, attracting visitors with its unique dining and shopping experiences [10][12]. - The Shoukai Tongzhou Wanxianghui, which opened in September 2024, has become a community hub with over 200 stores, including more than 100 regional first stores, and has recorded over 10 million visitors and nearly 1.2 billion yuan in sales since its opening [14][18]. - The D.P.ONE Yuan·Heart cultural space, which opened at the end of 2023, integrates dining and cultural experiences, enhancing visitor engagement with the nearby cultural facilities [19][21]. Group 3 - The article notes that Tongzhou has developed 17 large commercial facilities covering nearly 1.28 million square meters, with an additional 13 projects under construction, indicating a robust growth trajectory in the region's commercial landscape [23].

Core Viewpoint - The establishment of new duty-free shops at entry ports is expected to collaborate with city duty-free shops to expand the domestic duty-free market scale [2][3]. Group 1: Policy Changes - Recently, multiple government departments including the Ministry of Finance and the Ministry of Commerce issued a notice to establish and adjust a number of entry port duty-free shops [2]. - A total of 41 entry port duty-free shops will be newly established, including one at Wuhan Tianhe International Airport, facilitating duty-free shopping for incoming travelers [2]. - The Hengqin entry port duty-free shop will allow residents from Macau to purchase duty-free goods up to 15,000 yuan [2]. Group 2: Market Expansion - Starting from November 1, 2025, the categories of goods available at entry and exit duty-free shops, as well as city duty-free shops, will be expanded to include mobile phones, micro drones, sports goods, health foods, over-the-counter drugs, and pet foods [3]. - Travelers will be allowed to reserve items at city duty-free shops and pick them up at entry port duty-free shops, enhancing the synergy between these retail formats [3].

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Insights - The report highlights structural opportunities in service consumption, particularly in the jewelry market during the Spring Festival season. It emphasizes the strong performance of high-end beauty brands and the recovery of high-end consumption trends [2][4][41]. Summary by Sections Tourism and Cultural Services - During the New Year's holiday, domestic travel reached 142 million trips, with total spending of 84.789 billion yuan, indicating a robust recovery in the tourism sector. The report suggests focusing on companies benefiting from the winter tourism peak, such as Changbai Mountain and Emei Mountain tourism [3][35]. Beauty and Personal Care - The K-shaped consumption trend is evident, with a growing demand for high-end beauty products and an increase in the penetration of OTC retail channels. The online sales of beauty products are projected to reach approximately 217.08 billion yuan in 2025, with a year-on-year growth rate of 6.1% [4][26]. Retail and Trendy Toys - The high-end consumption recovery is expected to extend to high-end beauty, luxury apparel, and high-end services. The trendy toy sector is projected to see online sales of approximately 72.2619 billion yuan in 2025, with a year-on-year growth rate of 40% [4][12]. Gold and Jewelry - Gold prices are expected to remain strong during the Spring Festival, with limited declines in consumption volume. The report anticipates significant growth for major brands during this period, recommending companies with a high proportion of fixed-price products [4][43].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [36]. Core Insights - The report emphasizes that the Chinese duty-free policy is a strategic tool for economic regulation, industrial upgrading, and cultural confidence, significantly impacting both domestic and international markets [7][11]. - The Hainan duty-free model is highlighted as a key experimental area, transitioning from a focus on shopping to a broader trade and logistics framework, enhancing its role as a new offshore trade and financial hub [15][19]. - The competitive landscape of the duty-free market is shifting from monopolistic competition to diversified competition, with China Duty Free Group (CDFG) maintaining a dominant position while new entrants and foreign operators are emerging [23][24]. Summary by Sections 1. Duty-Free Market Development - The Chinese duty-free market has evolved from serving specific groups to becoming a strategic tool for stimulating consumption and promoting openness, with significant policy support since 2000 [8][9]. - The introduction of the Hainan duty-free policy in 2011 marked a significant step towards international market integration, with the market becoming a major growth engine post-COVID-19 [8][9]. 2. Hainan Duty-Free System - Hainan has established a comprehensive duty-free system, including "offshore duty-free" and "processing and value-added duty-free" policies, aimed at attracting high-end consumption back to China [15][16]. - The duty-free sales in Hainan reached 206.9 billion yuan from 2020 to August 2025, accounting for over 8% of the global duty-free market [16]. 3. Competitive Landscape - The current market structure is characterized by "one strong player and many strong competitors," with CDFG holding a significant market share and operational advantages [23][25]. - The recent bidding for duty-free operations at major airports indicates a shift in competitive dynamics, with CDFG securing key contracts and new players like Dufry entering the market [24][25]. 4. International Comparisons - The report compares the Chinese duty-free market with those in South Korea and Europe, highlighting China's strategic, policy-driven growth model versus South Korea's reliance on a purchasing agent model and Europe's mature, market-driven approach [31][32]. - China's duty-free market is positioned to leverage its domestic consumption potential and policy support, while South Korea faces challenges due to over-reliance on Chinese consumers [28][32].

行 华福证券 社会服务 2026 年 01 月 23 日 业 研 究 社会服务 关注服务消费结构性机会，及春节旺季珠宝行情 投资要点： 行 业 定 期 报 告 文旅：元旦假期出行链数据超预期。海南离岛免税方面，元旦假期期 间，海口海关共监管离岛免税商品销售 44.2 万件，同比增长 52.4%；购物 人数 8.35 万人次，同比增长 60.6%；购物金额 7.12 亿元，同比增长 128.9%。 旅游出行方面，经文化和旅游部数据中心测算，元旦假期 3 天，全国国内 出游 1.42 亿人次，国内出游总花费 847.89 亿元，建议关注四季度冰雪游旺 季公司长白山、大连圣亚，寺庙游标的九华旅游、峨眉山 A 等。 黄金珠宝：金价高位走强，关注春节旺季销售。春节旺季金价走强， 民众基于"买涨"心理，旺季期间预计行业消费量下降有限，而金价同比 大幅上涨，主要品牌 1-2 月同店有望保持较快增长。建议关注一口价产品 占比高的潮宏基、老铺黄金、周大福，其他建议关注高股息的周大生、菜 百股份。 华福证券 风险提示 宏观经济波动；需求不及预期；行业竞争加剧。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： ...