盘面上,热点板块轮动特征明显,油气、贵金属等资源类板块扛起领涨大旗,成为推动指数上行的核心力 量。而前期活跃的影视院线、AI应用等题材股则遭遇资金大幅抛售,板块内现罕见跌停潮。总体来看,市 场赚钱效应极佳,两市上涨个股数量超过4000只,涨停个股数量更是突破百只,展现出强劲的做多情绪。 截至收盘,上证综指报4117.41点,上涨0.87%；深证成指报14291.57点,上涨1.36%；创业板指报3308.26点, 上涨0.99%。在市场交投方面,全天成交额显著放大,沪深两市合计成交额达2.22万亿元,较前一交易日增 量2192亿元,显示增量资金入场迹象明显。 记者 尹睿 报道 油气、贵金属板块 携手大涨 24日盘面上最亮眼的板块非石油与贵金属莫属。受地缘政治紧张局势升级及国际大宗商品价格走强双重 因素影响,油气股全天保持强势。截至收盘,科力股份大涨超20%,通源石油、潜能恒信均录得20cm涨停, 蓝焰控股、淮油股份、中曼石油等多只个股也多股涨停。 2月24日,农历马年首个交易日,A股市场整体呈现震荡上行的红盘格局,三大指数全线走高,为全年行情开 启良好开端。 遇"倒春寒" 与资源股的火热行情形成鲜明对比的是, ...

【导读】2026年春节消费市场提"质"增"趣"，服务消费成核心增长引擎 2026年春节假期，一份超预期的成绩单勾勒出消费新图景。必选消费稳步回暖，服务消费全面爆发，文 旅、餐饮、出行服务等赛道热度攀升，消费市场不仅实现了从"量"到"质"的进阶，更涌现出文化打卡、 冰雪体验、AI+消费等多元新玩法。 根据调研数据，多位业内人士表示，2026年春节的消费数据整体上比市场预期更好，呈现出必选消费温 和复苏、服务消费如火如荼的景象。 对于今年春节消费市场的亮点，鹏扬消费主题基金经理曹敏表示，必选消费方面：白酒龙头的动销恢复 增长，速冻、调味品等餐饮链公司的出货明显复苏，餐饮连锁包括火锅龙头和快餐在节日期间的翻台率 为近两年内最佳水平。 出行服务消费方面：在各地区支持服务消费的政策加持下，热门景区（长白山（603099）、三峡、九华 等）的客流增长明显加速，国内航空客流及票价温和增长，尤为超预期的是上市酒店集团的RevPAR （衡量客房收入指标）水平回到个位数增长。 今年春节，不同消费类目表现也有所差异。汇丰晋信消费红利基金基金经理费馨涵分析指出，从大类来 看，服务性消费的表现好于商品消费，这一趋势从2025年四季度到 ...

本文来自格隆汇专栏：中信证券研究，作者：姜娅、刘济玮、蒋祎、杜一帆 马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气度，受出行分流 的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、企稳中有分化，短 期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注权益市场的财富效应传 导、供给端优化推动的率先经营拐点机会，长期配置继续重视结构变化。 ▍出行：旅游市场高景气，酒店板块超预期。 2026年马年春节假期9天连休，且存"请5休15"拼假可行性，为"史上最长春节"，催生"先返乡、后出 游"或多地游多段式旅行。此外，此次春节假期期间大部地区气温较往年偏高，气象条件总体适宜出 行。根据交通运输部，春运前20天全社会跨区域累计人员流动量同比增长5.2%，其中民航、铁路、公 路分别同比增长5.4%、4.9%、5.4%，好于预期。根据酒店之家，基于上年农历同期口径，春节9天假期 中前8天平均Occ为51.4%/同比+3.3ppts，平均ADR为293.1元/同比+10.1%，平均RevPAR为150.1元/同比 +17.6%，显著优于节前我们的预期（ ...

Investment Rating - The report rates the cultural tourism infrastructure and operations industry as stable for 2025 and 2026, indicating a positive outlook for growth and development in the sector [1]. Core Insights - Since 2025, the domestic tourism market has transitioned from recovery to a healthy development phase, with high consumer willingness to travel, primarily focusing on local and nearby tourism, leading to increasingly rigid consumption demands [1][15]. - The international tourism market is entering a high-quality growth phase driven by policy releases and payment facilitation, with expectations for inbound tourism to become a new growth point for the industry [5][18]. - The industry is experiencing a transformation towards quality and immersive experiences, particularly in traditional scenic areas, which are facing capacity constraints and intensified competition [1][42]. - The hotel industry is undergoing a deep adjustment phase, with ongoing brand and chain development, but still facing pressure from soft growth in room prices and rising operational costs [1][2]. Summary by Sections Industry Overview - The cultural tourism infrastructure and operations industry aims to meet public cultural and tourism demands, encompassing the development and provision of related material facilities and services [7]. - The industry is characterized by a deep integration of cultural and tourism resources, focusing on comprehensive services for tourists, including travel, accommodation, dining, and entertainment [7][8]. Market Dynamics - The report highlights that the tourism industry is a strategic pillar of the national economy, contributing over 10% to the national economic growth during the "14th Five-Year Plan" period [10]. - The domestic tourism market is expected to continue supporting economic and social development, with a projected increase in domestic travel demand due to favorable policies and extended holiday periods [5][15]. Financial Performance - Revenue growth in the industry has slowed since 2025, but the operational resilience is expected to persist due to policy support and fundamental supply-demand dynamics [2][4]. - The financial structure of the industry shows a high reliance on debt financing, with a notable increase in overall debt levels and a rising proportion of rigid debt [4][36]. Future Outlook - For 2026, the report anticipates that policy dividends and new holiday regulations will further stimulate tourism consumption demand, with a steady development trend expected in the industry [5][16]. - The integration of AI and data processing technologies is expected to enhance tourism services, leading to a more refined transformation in the sector [5][30]. Sub-industry Analysis - The leisure facilities and cultural tourism infrastructure sector is characterized by high capital barriers and varying profitability across sub-sectors, with leisure facilities maintaining strong profitability due to resource scarcity [9][36]. - The report notes that the competitive landscape is dominated by state-owned enterprises, particularly in economically developed eastern regions, which exhibit significant scale advantages [2][4].

史上最长春节假期交出亮眼文旅成绩单，2026年春节旅游市场呈现"传统年味回归、科技赋能出行、双 向流动活跃、国内外全域爆发"的显著特征。 深圳市文化广电旅游体育局透露，据初步测算，2026年春节假期九天（2月15日至2月23日），全市接待 游客1054.97万人次，较2025年春节假期八天增长17.9%；实现旅游收入118.45亿元，增长19.8%。 同程旅行发布的《2026春节假期旅游消费盘点报告》显示，广东年俗游领跑全国，海南、冰雪文旅热度 高涨，县城游成增长黑马，AI成为年轻人出行的"年俗管家"，长线出境游更是凭借冬奥会效应爆发式增 长。而作为大湾区核心城市的深圳，凭借"反向团圆"热潮与国际化文旅体验，成为春节旅游市场中极具 代表性的亮眼城市。 年俗游成春节主流，广东汕头热度增幅超80% 传统年俗文化仍是春节旅游市场的核心IP，追寻"年味儿"成为国内游主流趋势。同程旅行平台数据显 示，汕头、福州、北京、赣州、苏州等十大目的地位列年俗游热门榜单，年俗活动带动多地旅游预订量 大幅攀升。 广东无疑是今年春节"年味儿"旅游热的大赢家，其中"汕头酒店预订热度同比增长超80%"，增幅居全国 前列。以"请到广东过大年 ...

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 ...

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 社会服务业 [Table_Industry] /社会服务 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 28.80 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.13-18.71 | | --- | --- | | 总市值(百万元) | 3,190 | | 总股本/流通A股(百万股) | 177/138 | | 流 ...

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 ...

Core Insights - The 2026 Spring Festival holiday, known as the "longest ever," saw a record high in travel activity, with a significant increase in both traditional homecoming and tourism [1][3] - The trend of "reverse reunion," where young people invite their parents to urban areas for the holiday, has gained popularity, leading to substantial savings on travel costs [4] Group 1: Travel Trends - The overall travel enthusiasm during the Spring Festival reached historical highs, with both major tourist attractions and local county-level destinations experiencing unprecedented visitor numbers [1] - Hotel bookings in non-tourist county areas surged over 60% during the holiday, with specific counties like Anhui's Fuyang and Hunan's Changde seeing booking increases of 140% and 130% respectively [2] - The trend of combining family visits with tourism has become a new standard, with early travel departures observed, particularly on the first day of the festival [3] Group 2: Cultural and Thematic Travel - The three main themes driving domestic tourism during the Spring Festival were traditional cultural experiences, ice and snow tourism, and warm-weather retreats [5][6] - Popular cultural activities included visiting historical cities and participating in traditional events, which attracted significant tourist interest [6] - Ice tourism saw a notable increase, particularly among southern tourists, with destinations like Harbin and other northeastern cities becoming hotspots [6] Group 3: International Tourism - There was a 20% increase in foreign visitors booking domestic flights in China during the Spring Festival, with major cities like Shanghai and Beijing being the top destinations [8] - Foreign tourists are increasingly exploring multiple cities rather than staying in one, with a notable interest in culturally rich and unique local experiences [8]

公 司 研 国资入主理顺机制，增量项目打开空间 三特索道(002159) 三特索道首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 核心项目盈利强劲，国资入主理顺机制，新增项目及存量改造进一步打 开成长空间 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 719 | 692 | 660 | 748 | 882 | | (+/-)% | 180.7% | -3.7% | -4.7% | 13.4% | 17.9% | | 净利润(归母) | 128 ...