Core Insights - The 2026 Spring Festival holiday will last for 9 days, leading to a significant increase in outbound travel compared to 2025, with hotel bookings for popular destinations more than doubling [3][5]. - Popular outbound destinations include Thailand, South Korea, and Malaysia, with a notable rise in long-distance travel to places like Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [3][5]. - The trend of segmented travel is emerging, with many travelers opting to return home before heading abroad, resulting in two peaks of outbound travel during the holiday [3]. Travel Trends - Popular low-cost destinations for outbound travel include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [4]. - Long-distance destinations such as Egypt, Spain, Australia, Turkey, and Portugal have seen hotel bookings increase by over 2 times, with Egypt leading at a 3.3 times increase [5]. - The age group of 23 to 40 years old constitutes over 55% of outbound travelers, with the 31 to 40 age group showing a 90% increase in travel intent [6]. Market Impact - The surge in travel demand has positively impacted tourism stocks, with companies like China Youth Travel (5.02% increase), Zhongxin Tourism (1.85% increase), and China Duty Free (8.25% increase) seeing significant stock price rises [8]. - The cruise industry is adapting to changes in travel patterns, with many routes originally planned for Japan being redirected to South Korea, reflecting a shift in consumer preferences [8].

Group 1 - The 2026 Spring Festival holiday will last for 9 days, marking the longest Spring Festival in history, leading to a surge in outbound travel compared to 2025 [1] - Data from Qunar indicates that outbound flight and hotel bookings for 2026 have already peaked, with hotel bookings for popular destinations increasing by over 100% [1] - Popular outbound destinations include Thailand, South Korea, and Malaysia, with long-haul travel demand also rising significantly, particularly to Norway and New Zealand, where hotel bookings increased by 1.5 times and 2 times respectively [1] Group 2 - Affordable travel options for the 2026 Spring Festival include Vietnam, South Korea, Indonesia, Thailand, and Malaysia, with one-way tickets priced below 1500 yuan [2] - Hotel bookings for popular countries during the 2026 Spring Festival have doubled year-on-year, with Southeast Asian destinations being favored due to proximity, lower travel costs, and favorable visa policies [2] - Long-haul destinations like Egypt saw hotel bookings increase by 3.3 times, with other countries like Spain, Australia, and Turkey also experiencing over 200% growth in hotel bookings [2] Group 3 - Data from Tuniu shows that popular destinations for outbound travel during New Year and Spring Festival include Indonesia, Malaysia, Singapore, and Egypt, with Russia seeing rapid growth due to visa-free policies [3] - The trend of expanding visa-free countries has increased outbound travel options, with Malaysia and Singapore being top choices for family trips [3] - International car rental bookings for the New Year have surged over 200% compared to last year, with Southeast Asia remaining the leading choice for destinations [3] Group 4 - The age group of 23 to 40 years old constitutes over 55% of outbound travelers during the 2026 Spring Festival, with the 31 to 40 age group showing the highest growth [4] - The 23 to 30 age group has seen a booking increase of over 120%, becoming a key driver of growth in the outbound travel market for the Spring Festival [4] Group 5 - Recent changes in cruise itineraries have seen many routes to Japan replaced with routes to South Korea, with full refunds offered to customers who cancel and incentives for those who retain their bookings [6] - The surge in travel demand around New Year and Spring Festival has positively impacted tourism stocks, with notable increases in share prices for companies like China Youth Travel and China International Travel Service [6]

0:00 中旅旅行总经理助理 张克雄：当前市场需求呈现鲜明的"体验深化"与"圈层分化"特征。消费者已不满足于简单冰雪观光，转而追求"冰雪+度假""冰雪+文 化""冰雪+社交"的融合体验。 从目的地来看，冬季旅游热门区域呈现"南北呼应、冷暖交织"的格局。冰雪游集中在吉林长白山、河北崇礼、黑龙江、新疆等北方区域，避寒游核心目的地 则聚焦云南、海南、福建等地。 众信旅游集团媒介公关经理 李梦然：我们今年在冰雪旅游市场推出了20多款不同的冰雪产品，比如米兰—科尔蒂纳2026年冬奥会观赛产品、"跟着赛事去旅 行"崇礼云顶的观赛产品。除此之外，我们想把很多优质的旅游资源带给国内的游客，让他们更好去体验冰雪旅游。 "主动找冷" 冬季旅游进入"主题旺季" 0:00 随着各大滑雪场陆续"开板"，冬季旅游大幕正式拉开。冰雪游与避寒游双轮驱动格局成形，消费需求向多元化、个性化、深度化升级，"淡季不淡"已成行业 常态。今年冬季旅游市场，需求端有哪些新变化，供给侧又有哪些新突破？ 综合各大旅行社及在线旅游平台数据，今年冬季出游预订人次已超去年同期，市场呈现"启动早、预订旺"的显著特征。与往年相比，年轻游客占比大幅提 升，冰雪游和避寒游 ...

随着各大滑雪场陆续"开板"，冬季旅游大幕正式拉开。冰雪游与避寒游双轮驱动格局成形，消费需求向多元化、个性化、深度化升级，"淡季不淡"已成行业 常态。今年冬季旅游市场，需求端有哪些新变化，供给侧又有哪些新突破？ 综合各大旅行社及在线旅游平台数据，今年冬季出游预订人次已超去年同期，市场呈现"启动早、预订旺"的显著特征。与往年相比，年轻游客占比大幅提 升，冰雪游和避寒游成为两大核心主题。近一周"冬季旅游"搜索热度环比上涨300%，"滑雪"平均热度涨幅超66%，"附近的滑雪场"搜索量同比增长87%。得 益于寒假、元旦、春节等关键节点加持，亲子家庭、银发族、上班族三大客群构成市场需求基本盘。 中旅旅行总经理助理 张克雄：当前市场需求呈现鲜明的"体验深化"与"圈层分化"特征。消费者已不满足于简单冰雪观光，转而追求"冰雪+度假""冰雪+文 化""冰雪+社交"的融合体验。 从目的地来看，冬季旅游热门区域呈现"南北呼应、冷暖交织"的格局。冰雪游集中在吉林长白山、河北崇礼、黑龙江、新疆等北方区域，避寒游核心目的地 则聚焦云南、海南、福建等地。 众信旅游集团媒介公关经理 李梦然：我们今年在冰雪旅游市场推出了20多款不同的冰雪产品， ...

Group 1 - The core theme of the news is the increasing consumer interest, particularly among the younger demographic, in creating a memorable and ritualistic New Year's Eve experience, which is expected to boost consumption during the 2026 New Year's holiday [1][2] - The Central Economic Work Conference has prioritized "maintaining domestic demand and building a strong domestic market" as the main task for economic work in the coming year, indicating a focus on stimulating consumption through various New Year activities [1] - Various cities are preparing unique and diverse New Year activities in key scenic spots and commercial areas to create a festive atmosphere, with specific locations in Beijing highlighted for their planned events [1] Group 2 - Major theme parks are organizing exclusive New Year fireworks shows to attract visitors, with a reported 260% week-on-week increase in search volume for locations like Shanghai Disneyland and Beijing Universal Studios [2] - The rental of vacation homes has become a significant aspect of creating a New Year experience, with a 140% year-on-year increase in bookings for standalone villas on platforms like Tujia, particularly among the post-2000 generation [2] - Concerts are another major draw for New Year celebrations, with cities like Guangzhou, Chongqing, Beijing, and Chengdu hosting events that not only enhance the festive mood but also increase hotel and vacation rental bookings in surrounding areas [2] Group 3 - Winter tourism themes such as "ice and snow travel" and "winter escape travel" continue to gain popularity during the New Year holiday, with destinations like Hainan and Yunnan being favored for warm escapes, while places like Changbai Mountain and Chongli attract young tourists for skiing [3]

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of domestic demand, innovation-driven growth, and international cooperation, aligning with the development needs of the tourism industry [1][2]. Group 1: Company Strategy - Company Chairman Feng Bin states that the conference's directives on expanding cultural and tourism consumption, enhancing inbound tourism quality, and upgrading the industry are in line with the industry's development needs [1]. - The company plans to focus on three core areas to implement the conference's directives, including innovation in domestic and outbound tourism products and service upgrades [1][2]. Group 2: Product and Service Innovation - The company will continue to enhance domestic tourism product innovation and service upgrades, launching distinctive products like "My World Puzzle" and "Zhongxin Manufacturing" to improve the quality of tourist experiences [1]. - The company is committed to advancing technology and standardization in the tourism sector, utilizing AI and VR technologies to foster high-quality development [1]. Group 3: Inbound Tourism Focus - The company aims to reshape the "China Service" brand by focusing on "convenience" and "internationalization" in the inbound tourism market, introducing international halal-friendly hotel certification standards by 2025 [2]. - The company will actively contribute to expanding cultural and tourism consumption, promoting international exchanges, and nurturing new industrial momentum in alignment with the Central Economic Work Conference's spirit [2].

Core Viewpoint - The retail sector is experiencing a structural rally, with significant capital inflow and a shift in investment logic towards quality and service-driven growth, influenced by policy direction, corporate transformation, and upgrading consumer demand [1][2]. Group 1: Policy Direction - The Ministry of Commerce has identified the retail industry as a key focus for fostering a complete domestic demand system and strengthening the domestic circulation, emphasizing a shift towards quality and service-driven transformation [1]. - Policies encourage market penetration and the integration of online and offline development, providing a clear growth path for retail enterprises capable of transformation [1]. Group 2: Corporate Transformation - Leading retailers like Yonghui Supermarket are accelerating their "product-centered" strategy, with significant improvements in store renovations and supply chain optimization, resulting in positive same-store sales growth [2]. - Yonghui has completed renovations of 222 stores by September 2025, with new "quality retail" stores expanding its network [2]. - The traditional retail model has faced challenges due to high competition and low profitability, but Yonghui's shift to a selective retail model positions it for long-term growth in the post-consumption era [2]. Group 3: Consumer Demand Upgrade - Consumer preferences are shifting from price sensitivity to a focus on quality, experience, and emotional value, with sectors like gold jewelry and cosmetics showing strong performance [2]. - Retail sales of gold and silver jewelry increased by 37.6% year-on-year in October, with brands like Lao Pu Gold and Chao Hong Ji achieving high growth through differentiated product offerings [2]. - In the cosmetics sector, companies such as Proya and Mao Ge Ping have excelled through ingredient innovation and brand upgrades, particularly during major sales events [2]. Group 4: Investment Opportunities - Investment strategies should focus on four core themes within the retail sector: 1. Brands with differentiated product offerings and consumer insights in the gold jewelry sector, including Chao Hong Ji, Lao Pu Gold, Chow Tai Fook, and Chow Sang Sang [3]. 2. Offline retail enterprises and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket, Ai Ying Shi, Ji Hong Co., and Sai Wei Times [3]. 3. Cyclical sectors poised for recovery, benefiting companies like Mixue Group, Gu Ming, Cha Bai Dao, Haidilao, Yum China, Jin Jiang Hotels, Shou Lv Hotels, Jun Ting Hotels, Keri International, Xiang Yuan Cultural Tourism, and Zhongxin Tourism [3]. 4. Domestic brands focusing on safe ingredient innovation and chain medical beauty institutions, including Ai Mei Ke, Mao Ge Ping, Proya, Shang Mei Co., Juzi Biology, Marubi, Runben Co., Ruo Yu Chen, and Shanghai Jahwa [3][4].

本报记者 许林艳 12月12日，北京迎来了今冬初雪。受此轮冷空气影响，北方多地将陆续开启降雪模式，冰雪旅游热度同步升温，严寒冬日 的消费市场"热气腾腾"。 "冬季去滑雪"已成为众多家庭休闲度假的选择之一，滑冰滑雪等冰雪运动项目正从小众消费逐步迈向大众化。当前，国内 主要冰雪游目的地的门票、民宿等预订数据持续走高，勾勒出冰雪消费的旺盛需求。 去哪儿网2026元旦出行报告显示，吉林延边长白山景区的林海雪原与滑雪体验吸引大批游客北上，门票量跻身热门景区 TOP10；黑龙江牡丹江中国雪乡、哈尔滨亚布力滑雪度假区的票量分别同比增长2.7倍和2倍。 民宿市场同样热度爆棚。据途家平台数据，新疆阿勒泰的小木屋、河北崇礼直达雪场的民宿、吉林长白山脚下的玻璃房、 山东威海"一半蓝海一半雪"的观景民宿搜索量持续领先，特色化、场景化成为民宿消费新亮点。 陕西巨丰投资资讯有限责任公司投资顾问总监郭一鸣表示，冰雪装备制造是未来产业发展的重要增长极。随着消费者对高 品质、专业化冰雪装备的需求持续释放，国内企业通过技术创新突破核心零部件瓶颈、提升产品性价比，有望在滑雪板、滑雪 服、造雪设备等领域实现突破，为冰雪产业注入更多"中国制造"的力量 ...

Core Viewpoint - The current tourism retail sector is characterized by a "relatively dispersed and low concentration" market structure, which presents challenges for growth and development [1] Group 1: Company Developments - ZHONGXIN Tourism Group's Vice President, Cao Jian, highlighted the need for a unique development model for its core retail brand, ZHONGXIN Youyou [1] - Since securing 50 million yuan in Pre-A round financing in 2024, ZHONGXIN Youyou has established over 2,500 tourism stores across 22 provinces and municipalities [1]

社会服务 | 证券研究报告 — 行业点评 2025 年 12 月 12 日 社服视角学习中央经济工 作会议精神的体会 内需主导提振消费，民生为大谋办实事 中央经济工作会议（以下简称会议）于 2025 年 12 月 10 日至 11 日在北京举 行，中共中央总书记、国家主席、中央军委主席习近平出席会议并发表重要 讲话。习总书记重要讲话主要总结了 2025 年我国经济工作，分析了当前经济 形势，部署了 2026 年经济工作。会议提出的五个"必须"是做好新形势下经 济工作新的认识和体会。结合会议确定的 2026 年"八大"经济工作重点任务， 从社会服务行业的视角，我们预计内需主导是提振消费的重要支撑动力，我 们维持行业 强于大市 评级。 支撑评级的要点 投资建议 在学习习总书记重要讲话和会议精神后，我们对 2026 年及"十五五"期 间以社会服务为主的消费恢复及发展方向更为明确，对行业及企业的进 一步深耕与供给创新更有信心。我们建议关注三条主线：一是会议明确 的稳岗就业标的科锐国际、北京人力、上海外服；二是跨境消费需求提 振后有望进一步释放业绩增量的同程旅行、岭南控股、众信旅游、长白 山、黄山旅游；三是新消费场景与 ...