Group 1 - The report highlights that the new consumption sector performed well, with service consumption policies expected to continue catalyzing growth in 2026 [2][27] - In 2025, the overall performance of the optional consumption sector was weak, but sub-sectors like new consumption showed significant gains, particularly in the first half of the year [16][21] - The retail sales of consumer goods grew moderately, with service retail growth outpacing that of goods retail, indicating a shift towards service consumption [21][27] Group 2 - The tourism sector is expected to benefit from extended holiday periods and improved vacation policies, with companies like Trip.com and Tongcheng Travel being key focuses [3] - The hotel market is showing signs of recovery, with a narrowing decline in RevPAR and increasing leisure demand, highlighting companies like Jin Jiang Hotels and Huazhu Group [3] - The duty-free sector is experiencing a boost from new policies, particularly in Hainan, with a focus on high-end consumption recovery [3] Group 3 - The cosmetics industry saw a slight growth of 6.18% in 2025, with domestic brands continuing to gain market share [4][30] - The medical beauty market is projected to reach approximately 366.6 billion in 2025, with a K-shaped consumption differentiation emerging [4][30] - Innovations in core ingredients and the integration of biotechnology are driving brand growth in the cosmetics sector [4][36] Group 4 - The IP derivative market is expanding due to a flourishing supply of IP and commercial operations, with domestic policies expected to further mature the industry ecosystem [5] - Key players in the IP space include Shanghai Film, Light Media, and Pop Mart, with a focus on both domestic and international market expansion [5] Group 5 - The gold and jewelry sector saw a cumulative growth of 12.78% in retail sales from January to December, with a focus on brand premium capabilities and international expansion [6][9] - The rise of "self-wearing" scenarios is driving gold jewelry sales, with brands like Chao Hong Ji and Lao Pu Gold being highlighted for their international strategies [9]

Core Viewpoint - The tourism ETF (562510) experienced a significant rise, with a peak increase of over 2% during early trading on February 4, driven by strong performance from China Eastern Airlines and other companies in the sector [1] Group 1: Company Developments - China Eastern Airlines announced it will provide free 4.5-hour high-speed Wi-Fi for all international and Hong Kong, Macau, and Taiwan inbound flights operated by wide-body aircraft on February 16, coinciding with the Lunar New Year [1] - This initiative continues China Eastern's leading position in onboard Wi-Fi services, having achieved full coverage of free basic Wi-Fi on domestic flights with wide-body aircraft since January 2026 [1] Group 2: Industry Trends - Analysts believe that the tourism sector is poised for growth due to positive expectations for the Spring Festival and the ongoing popularity of cross-border travel [1] - As the "longest Spring Festival in history" approaches, there is an anticipated surge in travel demand, supported by service innovations and policy backing, which may sustain the momentum in the tourism and aviation sectors [1]

2026年春节长假渐行渐近，全民出行热潮开启，资金布局热情高涨。根据深圳证券交易所于2026年2月4 日公布的数据，截至2月3日，富国基金旗下旅游ETF（159766）的最新份额已达到1073364.09万份，突 破百亿份关口。这体现出市场对旅游出行板块的高度认可，资金"抢筹"迹象明显。 业内机构指出，当前旅游板块的配置价值兼具短期爆发力与中长期确定性，资金的大幅流入反映了市场 对服务消费复苏的强烈信心。从基本面看，航空运输的运力恢复、酒店餐饮的入住率回升以及景区客流 的爆发，都为板块业绩提供了坚实支撑。在当前时点，旅游板块不仅具备短期假期催化的爆发力，更具 备中长期业绩修复的确定性，估值性价比逐步凸显。 这背后是政策暖风与节日效应的共振。2026年开年以来，服务消费领域持续迎来政策支持，多部门相继 推出的促消费举措为行业注入强心剂。同时，春运大幕正式拉开，全国铁路、民航、公路客流持续攀 升，春节"黄金周"的催化作用正在兑现；"返乡潮"叠加"避寒游"、"冰雪游"双轮驱动，引爆出行链热 度。 （文章来源：每日经济新闻） 富国基金旗下的旅游ETF（159766）紧密跟踪中证旅游主题指数（930633.CSI），成 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/4 隔夜夜盘市场走势 1. 国内商品期市日盘多数收跌，贵金属走势分化，沪银跌 16.71%，钯涨 8.62%； 基本金属跌幅居前，沪锡跌 6.7%；能源品全部下跌，原油跌 4.93%。贵金属、基 本金属夜盘反弹，沪银涨 5.93%，沪金涨 4.2%，沪锡涨 6.64%。 2.国际贵 ...

26年1月海南客流及离岛免税销售更新 美兰机场（1.1-1.31，春节错位） 1）旅客吞吐量274.6万人次，同比-5.4%；航班起降架次1.9万架次，同比-7.2%。 全月同比增速放缓主要受去年同期包含春节假期错位影响（25年春节假期为1月28-2月4日共8天）。 2）2025年累计旅客吞吐量2685.1万人次，同比-6.4%；累计起降架次18.4万架次，同比-0.5%。 凤凰机场（1.1-1.31，春节错位） 1）旅客吞吐量244.8万人次，同比-1.0%；航班起降架次1.4万架次，同比+1.7%。 2）2025年累计旅客吞吐量2268.6万人次，同比+5.9%；起降架次13.8万架次，同比+5.4%。 # 春节临近三亚酒店涨价趋势已现 春节前第二/三/四周（25.12.29~26.1.25）三亚酒店每晚均价——五星级同比+20%/+8%/+16%，四星级同比 +9%/+6%/-3%，三星级同比+23%/+22%/+20%，三星级以下同比+57%/+29%/+32%。 # 验证旅游景气向上趋势 # 中免销售额： 26年1月预计中免各店铺销售额约50亿元，同比+10%左右，折扣力度82折左右。 2）2025 ...

Group 1 - International crude oil experienced significant fluctuations in early February, leading to a surge in oil and gas-themed LOF, with premium rates exceeding 20% at one point [1] - Major public funds such as E Fund, GF Fund, Huaan Fund, and Harvest Fund announced suspensions or restrictions on purchases, with the maximum subscription amount reduced to 100 yuan, highlighting the high premium risk [1] - The price of LOF is driven by sentiment, which can lead to distortions; investors are advised to avoid chasing premiums and focus on net value and actual oil price performance [1] Group 2 - On February 3, A-shares saw the three major indices initially rise and then pull back, ultimately closing with the Shanghai Composite Index up 1.29% at 4067.74 points, the Shenzhen Component Index up 2.19% at 14127.11 points, and the ChiNext Index up 1.86% at 3324.89 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, with over 4800 stocks rising across the market [1] Group 3 - On February 3, three new funds were launched, primarily focusing on fund of funds (FOF) and mixed funds, with the Baodao Xinghang Mixed Fund targeting a fundraising amount of 3 billion yuan [2] - A total of 11 funds announced dividends, with the highest dividend payout being 3.00 yuan per 10 fund shares from the Xingquan Sustainable Investment Three-Year Regular Open Mixed Securities Investment Fund [2] - In January, 48 funds were closed early, with 16 being "daylight" funds, focusing on growth sectors such as non-ferrous metals, chips, and new energy batteries, indicating a proactive approach to lock in investment opportunities [2]

Key Insights - The report highlights the acquisition of xAI by SpaceX, with a projected valuation of $1.25 trillion post-merger, indicating significant growth potential in the AI and aerospace sectors [5][8] - The report notes a rise in domestic fuel prices, with gasoline and diesel prices increasing by 0.16 yuan and 0.17 yuan per liter respectively, reflecting ongoing inflationary pressures in the energy sector [5][8] - The macroeconomic analysis indicates that China's GDP for 2025 reached 14,018.79 billion yuan, growing by 5.0%, with a notable contribution from the tertiary sector [13] - The report emphasizes the strong performance of the new materials sector, which outperformed the broader market indices, suggesting a growing demand for innovative materials in various industries [20][22] - The communication industry is experiencing supply constraints in key materials, particularly optical chips, which may impact growth in the optical communication market [29][31] Domestic Market Performance - The Shanghai Composite Index closed at 4,067.74, up by 1.29%, while the Shenzhen Component Index rose by 2.19% to 14,127.11, indicating a positive trend in the domestic equity market [4] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.49 and 51.57 respectively, suggesting a favorable environment for medium to long-term investments [9][11] Industry Analysis - The report discusses the strong rebound in the photovoltaic industry, with a 15.65% increase in the photovoltaic index, driven by developments in space solar power technology [23][24] - The semiconductor market continues to grow, with global sales reaching $75.28 billion in November 2025, a 29.8% year-on-year increase, highlighting the sector's resilience [21] - The report indicates a significant increase in the agricultural communication sector, which has led the A-share market in recent weeks, reflecting robust demand in this niche [10] Investment Recommendations - The report suggests focusing on sectors such as AI, high-end manufacturing, and consumer goods, which are expected to yield substantial investment opportunities in the near future [8][9] - It recommends monitoring the performance of leading companies in the new materials and communication sectors, as they are poised for growth amid ongoing technological advancements [20][29]

一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净使 !! 手의则面原因人 | | | | --- | --- | --- | --- | --- | --- | | 1 | 银河核心优 ... C | 1.1329 | | 9.86% | 8 | | | 016981 | 2026-2-3 | | | | | 2 | 银河核心优 ... A | 1.1458 | | 9.86% | 8 | | | 011629 | 2026-2-3 | | | | | 3 | 银华成长智... A | 1.3371 | | 8.96% | 8 | | | 024455 | 2026-2-3 | | | | | 4 | 银华成长智 ... C | 1.3328 | | 8.96% | 27 | | | 024456 | 2026-2-3 | | | | | 5 | 广发上海金E ... C | 2.3002 | | 8.40% | 7 | | | 008987 | 2026-2-3 | | | | | 6 | 广发上海金E ... A | 2.3448 | 8.40 ...

截至月份: 2026年1月31日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中國旅遊集團中免股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01880 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 116,383,500 | RMB | | 1 RMB | | 116,383,500 | | 2. 股份分類 | 普通股 | A 股份類別 ...

证券之星消息，2月3日旅游零售板块较上一交易日上涨2.98%，中国中免领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。旅游零售板块个股涨跌见下表： | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 4.65 亿 | 11.17% | -1.91亿 | -4.59% | -2.74亿 | -6.58% | | WILL - A TT WILL CLASS | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日旅游零售板块主力资金净流入4.65亿元，游资资金净流出1.91亿元，散户资金净 流出2.74亿元。旅游零售板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | ...