证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 河南发布数据显示，春节假期，河南省接待国内游客 6281 万 人次，旅游收入 376.3 亿元，按可比口径接待人次同比增长 9.1%，旅游收入同比增长 9.6%。 四川省文化和旅游厅数据显示，春节假期，全省共接待游客 5860.97 万人次、旅游总花费 445.74 亿元，同比分别增长 14.68%、13.35%。 海南省旅游和文化广电体育厅数据显示，春节假期，海南接 待游客 1232.05 万人次，实现游客总花费 183.66 亿元，同比 分别增长 28.9%、30.7%。 吉林发布数据显示，据银联商务公司大数据测算，春节假 期，全省接待国内游客量、国内游客出游总花费较 2025 年春 节假期分别增长 26.9%、24.9%，日均分别增长 11.1%、 10.9%。 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984.3 万人次，实现旅游总花费 331.4 亿元。 上海市文化旅游局数据显示，据上海旅游大数据监测，春节 假期，全市共接待游客 2167.21 万人次，同比增长 8.36%（按 可比口径，下同）；上海地区含吃、住、行、游、购、娱等全 要素旅游消费交易总金额为 256.14 亿元，同比增长 20.90%； 全市宾旅馆平均客房出租率为 50.60%，同比增长 3.10 个百分 点。 重庆市文化旅游委数据显示，春节假期，全市重点监测的 130 家 A 级景区累计接待游客 1260 万人次，同比增长 5.6%；重点 监测的 10 家旅游休闲街区累计接待游客 492.5 万人次，同比 增长 19.3%。 湖南省文旅厅数据显示，根据手机信令大数据建模统计，春 节假期全省累计接待游客 ...

Market Overview - Cooling inflation signals have led to a valuation recovery in overseas consumer assets, with the U.S. bipartisan push for credit card interest rate cap legislation creating uncertainty in the credit card sector[1] - Weekly performance of sectors shows U.S. hotels leading with a 3.1% increase, followed by overseas sportswear at 2.5% and luxury goods at 2.2%[11] Sector Performance - The U.S. hotel sector's strong performance is attributed to Marriott and Hilton, with Marriott's Q4 2025 adjusted EBITDA exceeding market expectations, reaching $5.84 billion to $5.93 billion[6] - Overseas sportswear saw a 2.5% increase, driven by a lower-than-expected January CPI of 2.4%, enhancing Fed rate cut expectations[13] - Luxury goods increased by 2.2%, with Hermès up 4.5% due to better-than-expected FY2025 results, while LVMH fell by 4.1% due to disappointing performance in key segments[8] Consumer Trends - The jewelry sector has shown resilience, with a year-to-date increase of 13.7%, outperforming other sectors[11] - Domestic sportswear increased by 0.3%, with Anta Sports rising 4.6% following the acquisition of a stake in PUMA[13] Challenges - The credit card sector faced a significant decline of 5.5%, influenced by proposed legislation to cap interest rates, which could severely impact profitability[14] - The snack sector dropped by 4.6%, with companies like Three Squirrels experiencing a 6.2% decline due to substantial drops in e-commerce sales across major platforms[14] Valuation Insights - Valuations across various sectors remain below the historical five-year averages, with overseas sportswear expected PE at 30.1x, only 57% of the past average[9] - The luxury sector's expected PE is 26.2x, representing 49% of its historical average, indicating potential for future growth as market conditions stabilize[9]

"世界超市"义乌，持续释放春晚磁力效应。 今年除夕夜，义乌分会场用短短八分钟，在总台2026年春晚征服全球亿万观众。而今，春晚落幕，"世 界超市"义乌将荧幕上的视听盛宴，转化为触手可及的假日文旅消费。 2月21日，恰逢农历大年初五，是传统民俗中的"迎财神、纳吉祥"的好日子。当天，在春晚中惊艳亮相 的义乌佛堂古镇，张灯结彩、喜气洋洋，"财神爷"天团、舞龙队巡游表演热闹上演，将古镇的春节氛围 推向了高潮。 在总台春晚分会场的加持下，义乌佛堂旅游度假区火力全开，自除夕以来，日均游客数超10万人次，累 计带动文旅消费超3300万元。 （上图为春节假期的义乌佛堂） 实际上，这只是春晚效应在义乌文旅市场的一个缩影。 春节以来，义乌全市累计全域旅游人数267.57万人次，同比增长30.87%；实现全域旅游综合收入24.08 亿元，同比增长28.43%。其中，义乌全市10个春晚打卡点，截至正月初四，累计客流已超65万人次的 市民游客争相"与春晚同框"。 比如说，作为总台春晚义乌分会场的主舞台，小商品城（600415）旗下义乌全球数贸中心在开放首日， 吸引的客流达6.19万人次，带动现场新春市集消费近100万元。西门老街复原春 ...

Core Viewpoint - The selection of Yiwu as a sub-venue for the 2026 CCTV Spring Festival Gala signifies a significant shift in national narrative focus towards grassroots vitality, highlighting the city's role as a microcosm of China's economic drivers and individual aspirations [1]. Group 1: Cultural and Economic Impact - Yiwu achieved the highest viewership ratings among the four sub-venues, with over 100 trending topics and nearly 200 million views on the "World Yiwu Shines at Spring Festival Gala" topic, indicating the city's growing cultural significance [4]. - The Spring Festival Gala serves as a unique opportunity for Yiwu to transform short-term attention into long-term urban development momentum, emphasizing the importance of converting "super traffic" into sustainable growth [4][10]. - The city is leveraging the Spring Festival Gala to reshape its brand from merely a "global factory" to a "cultural value exporter," showcasing its open and inclusive spirit to a global audience [9]. Group 2: Tourism and Experience Enhancement - Yiwu is developing a panoramic tourism experience, with 166 cultural and tourism activities planned, and over 70 international restaurants operating during the Spring Festival, creating a "global culinary journey" [7][9]. - The city is transitioning from a "shopping-focused" experience to a deeper cultural engagement, allowing visitors to explore Yiwu's cultural heritage alongside its commercial offerings [9]. - The Spring Festival Gala has catalyzed a shift in consumer behavior, with local merchants adapting to attract tourists rather than just buyers, enhancing the retail experience [13]. Group 3: Industry Advancement - The Spring Festival Gala is seen as a catalyst for the advancement of Yiwu's trade industry, with local businesses actively participating in international exhibitions and expanding their global reach [15]. - Yiwu's export value reached 836.5 billion yuan in 2025, a 25.1% increase year-on-year, maintaining its position as a leader in foreign trade among county-level cities [15]. - The city is focusing on integrating cultural creativity with commercial products, resulting in a diverse range of innovative items that reflect both local culture and high-quality manufacturing [12]. Group 4: Governance and Service Improvement - Yiwu has implemented a comprehensive service guarantee system to manage the expected influx of visitors, focusing on safety, service quality, and market order [16]. - The city has established multilingual services to enhance communication and ensure a welcoming experience for international visitors, aligning with its cultural brand of warmth and inclusivity [18]. - The governance improvements have been recognized nationally, with Yiwu consistently ranking among the top counties for social governance, demonstrating its capability to manage increased traffic effectively [18]. Group 5: Long-term Legacy - The Spring Festival Gala has left Yiwu with a sustainable narrative resource and institutional achievements that can be reused, fostering a deeper integration of major events with urban development [19]. - The essence of Yiwu's experience during the Spring Festival Gala is not just in the immediate attention but in the ongoing transformation of the city into a globally recognized hub for commerce and culture [20].

Market Performance - The three major indices rose this week, with the Shanghai Composite Index increasing by 0.41%, the Shenzhen Component Index rising by 1.39%, and the ChiNext Index gaining 1.22% [1] Stock Performance - A total of 7 stocks saw price increases exceeding 40%, with 22 stocks rising over 30%. The top performer was Zhangyue Technology, which surged by 61.11%. Other notable gainers included Dinggu Jichuang (60.47%), Xinyuan Technology (43.71%), and Capital Online (41.99%) [2] - On the downside, 7 stocks experienced declines over 20%, with *ST Lifang leading the drop at 32.73%, followed by *ST Yunchuang (29.60%) and Juliy Suoj (24.24%) [2] Trading Activity - This week, 53 stocks had a turnover rate exceeding 100%, with C Linping leading at 218.78%, followed by Aide Technology at 200.97% and C Electric Science at 196.21%. The majority of these stocks belonged to the media, computer, and defense industries [3][4] Capital Flow - The computer, real estate, transportation, construction materials, and comprehensive sectors attracted significant capital inflow, while the electric equipment, non-ferrous metals, telecommunications, media, biomedicine, defense, and machinery sectors faced net outflows. The electric equipment sector saw over 15 billion yuan in sell-offs [5] - Dongshan Precision received the highest net inflow of 1.948 billion yuan, with a weekly increase of 7.60%. Other stocks with notable inflows included Deep Technology and Huasheng Tiancai, with net inflows of 1.857 billion yuan and 1.644 billion yuan, respectively. Conversely, BlueFocus, Zhongji Xuchuang, and Xiexin Integration faced significant sell-offs of 3.294 billion yuan, 2.741 billion yuan, and 2.637 billion yuan, respectively [5] Financing Activity - A total of 1,146 stocks received net financing purchases this week, with 551 stocks having net purchases exceeding 10 million yuan. 83 stocks had net purchases over 100 million yuan. Kunlun Wanwei topped the list with a net purchase of 651 million yuan and a weekly increase of 10.20% [6] Institutional Research - A total of 71 listed companies were researched by institutions this week, with Tian Shun Wind Power receiving the most attention from 237 institutions. Other companies like Nankuang Group, Guoneng Rixin, and Doli Technology were researched by 51, 39, and 35 institutions, respectively [7] - Institutions continued to focus on sectors such as industrial machinery, automotive parts and equipment, and non-metallic metals [9] New Institutional Interest - Institutions showed first-time interest in 68 stocks this week, with 17 stocks receiving target prices. Notable mentions include Ruixin Microelectronics, which was rated "Overweight" by Tianfeng Securities with a target price of 200.33 yuan, and China Uranium Industry, rated "Outperform" by Guoxin Securities with a target price range of 108.30 to 120.90 yuan [10][11][12]

Market Performance - The three major indices rose this week, with the Shanghai Composite Index increasing by 0.41%, the Shenzhen Component Index rising by 1.39%, and the ChiNext Index gaining 1.22% [1][2]. Stock Performance - A total of 7 stocks saw gains exceeding 40%, with 22 stocks rising over 30%. The top performer was Zhangyue Technology, which surged by 61.11% [3][4]. - On the downside, 7 stocks experienced declines over 20%, with *ST Lifang leading the drop at 32.73% [3][4]. Trading Activity - 53 stocks had a turnover rate exceeding 100%, with C Linping leading at 218.78%, followed by Aide Technology at 200.97% and C Electric Science at 196.21% [5][6]. Capital Flow - The computer, real estate, transportation, construction materials, and comprehensive sectors attracted significant capital inflows, while the electric equipment sector faced over 15 billion yuan in net outflows [8]. - Dongshan Precision received the highest net inflow of 1.948 billion yuan, with a weekly increase of 7.60% [9]. Margin Trading - Kunlun Wanwei topped the list for financing net purchases, with a net buy of 651 million yuan and a weekly increase of 10.20% [10][11]. Institutional Research - Tian Shun Wind Energy was the most researched stock, attracting attention from 237 institutions, while other companies like Nanmin Group and Guoneng Rixin received interest from 51 and 39 institutions, respectively [12][13]. New Institutional Interests - 68 stocks were newly favored by institutions, with 17 receiving target prices. For instance, Ruixin Micro was rated "Buy" with a target price of 200.33 yuan, while China Uranium Industry was rated "Outperform" with a target price range of 108.30 to 120.90 yuan [14][15].

Core Viewpoint - The company has successfully developed and implemented 13 AI application tools through collaboration with Alibaba Cloud, significantly enhancing merchant operational efficiency and serving over 280,000 users [1] Group 1: AI Development and Applications - The company has launched 13 AI application tools as part of the "World Yiwu" trade model in partnership with Alibaba Cloud [1] - These AI tools have cumulatively served more than 280,000 users, indicating a strong adoption rate [1] Group 2: Digital Trade Ecosystem - The company is focused on deepening its digital trade ecosystem by improving cross-border payment networks and global expansion [1] - The efforts aim to provide digital empowerment for small commodity trade [1]

Group 1 - The core viewpoint of the article is that the company, Xiaogoods City, is operating normally and is committed to enhancing its core competitiveness through effective management [2] Group 2 - The company has responded to investor inquiries on an interactive platform, indicating a focus on continuous improvement in its operations [2] - Xiaogoods City emphasizes its ongoing efforts to strengthen its management practices [2]

证券之星消息，2月13日地摊经济板块较上一交易日上涨0.27%，千里科技领涨。当日上证指数报收于 4082.07，下跌1.26%。深证成指报收于14100.19，下跌1.28%。地摊经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601777 | 千里科技 | 11.39 | 10.05% | 112.29万 | 12.49亿 | | 002768 | 圖恩股份 | 53.30 | 3.39% | 3.70万 | 1.96亿 | | 300094 | 国联水产 | 3.90 | 2.90% | 146.06万 | 5.74亿 | | 002069 | 獐子鸟 | 3.96 | 1.28% | 16.25万 | 6462.41万 | | 600712 | 南宁自货 | 6.42 | 0.63% | 8.55万 | 5513.79万 | | 600415 | 小商品城 | 15.09 | 0.60% | 79.50万 | 12.09亿 | | 600113 | 浙江东日 | ...