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].

2026 年春节社服行业数据点评 20260223 具体子行业在 2026 年春节期间有哪些亮点？ 在交通出行方面，与之密切相关的酒店业在 2025 年双位数下滑的低基数上实 现显著正增长。限时饮品方面，如茶百道和沪上阿姨分别实现双位数和高个位 数的单店或同店增长。此外，海南离岛免税销售额同比增长 19%，虽然较 1 月 日本通过短期直接刺激与中长期制度优化相结合的综合政策路径提升服 务消费发展，如 Go To Campaign 和完善休假制度，为中国当前服务 消费政策提供了参考借鉴意义。 餐饮行业重点推荐瑞幸、古茗、蜜雪和百胜。海底捞创始人回归，推动 红石榴计划。九毛九旗下太二餐厅调改效果逐渐显现。建议关注陕西旅 游，主要项目包括长恨歌演艺和华山索道。 份 40%的增速有所放缓，但仍表现良好。 你们对社服行业未来发展的总体观点是什么？ 摘要 春节期间社服行业复苏明显，交通出行提速，铁路增速达 10.7%，民航 增长 8%，酒店业在低基数上实现显著增长，海南离岛免税销售额同比 增长 19%，表明消费环境企稳，休闲需求强劲。 看好社服行业配置价值，政策刺激效果尚未完全显现，但需求已呈现企 稳回升迹象，政策支持服 ...

摘要 春节期间高端酒店和旅游需求超预期，出行相关消费显著受益，酒店 RevPAR 大幅提升，如华住、锦江、首旅等头部酒店集团均实现显著增 长，价格贡献是主要驱动力。 餐饮行业持续升温，全国重点零售和餐饮企业日均销售额同比增长 8.6%，火锅龙头企业翻台率和接待量均有所增加，预定量显著提升，表 明外出就餐比例增加带动餐饮业增长。 免税板块总体符合预期，但海南地区三亚增速优于海口，表明区域市场 存在差异。政府消费券有效拉动海南离岛免税增长，预计全年海南离岛 免税销售增速将维持在 20%左右。 珠宝零售市场分化，高端奢侈品珠宝消费较好，但金价高位对投资金需 求未直接拉动，首饰消费需求集中释放。部分品牌如潮宏基、周大福等 在高金价背景下表现强劲。 医美领域客流双位数增长，但单价有所下降。重组胶原蛋白类产品增速 亮眼，童颜水光类产品通过走量模式销售。预计 2026 年医美行业将比 2025 年更乐观，新技术与新成分加快获批。 春节消费观察总结 20260223 Q&A 今年春节期间消费市场的整体表现如何？有哪些主要趋势？ 今年春节期间，消费市场表现出三大主要趋势。首先，高端消费复苏明显，且 呈现 K 型分化。例如，大众 ...

春节假期酒店专家交流 20260223 摘要 2026 年春节期间，酒店业受益于天气、假期延长及旅游过年趋势，家 庭游、银发族和情侣成为主要客群，国内游替代部分出境游，入境游显 著增加，锦江酒店受益于低基数和收益管理优化，RPA 同比提升 31 个 点，其中价格贡献 21 个点。 展望全年，锦江酒店若能保持稳定，专注于业务提升和产品升级，业绩 增速有望维持良好水平，过去两年动荡使其基数较低，规模和选址具备 议价能力，全年业绩增速预期乐观。 2026 年酒店市场供给侧放缓，预计小幅增长 1-2 个百分点，但连锁化 率将提升，连锁酒店增速高于行业平均水平，单体酒店数据不佳，连锁 品牌强化下沉市场渗透率。 2026 年商务客源需求预计稳定增长 3-5 个百分点，尽管部分公司管控 高消费酒店，但整体出差预算和频次未大幅下降，部分公司甚至提高报 销标准。 旅游业前景持续向好，人们更多将资金投入旅游消费，游客更倾向于选 择连锁酒店，展会和文娱活动对酒店业需求有积极影响，入境游显著增 加，2026 年预计达 1 亿人次。 Q&A 截至 2026 年 2 月 21 日，同店销售同比提升约 15%，老店受新竞争对 手影响，价格 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the performance of the domestic travel and hotel industry during the 2026 Spring Festival, highlighting significant trends in both domestic and outbound tourism [1][2][3][6]. Key Points on Domestic Air Travel - Domestic flight supply during the 2026 Spring Festival contracted by 2%-3% year-on-year, which contributed to a demand increase [1][2]. - Air travel volume increased by approximately 14%-15% compared to the previous year, outperforming the overall market growth of 8%-9% [2][9]. - Ticket prices peaked around the seventh day of the festival, with a year-on-year increase of 6%-7%, and a maximum increase of 10% in the two weeks leading up to the festival [1][2]. Key Points on Domestic Hotel Industry - Hotel occupancy rates during the 2026 Spring Festival rose by about 17%-18% year-on-year, while prices slightly decreased by 1%-2% [1][3]. - High-star and mid-high star hotels achieved occupancy rates exceeding 75%, while budget hotels faced lower occupancy due to intense competition [7][17]. - The market is experiencing structural adjustments, with increased hotel supply in smaller cities and surrounding areas of major cities to meet dispersed demand [1][5]. Key Points on Outbound Tourism - The outbound tourism market showed significant recovery, with transportation and hotel volumes increasing by nearly 30% year-on-year [1][6]. - Airfare for outbound flights decreased by approximately 5% year-on-year, particularly for short-haul destinations in Southeast Asia, which have returned to 2019 levels [6][11]. - Hotel prices for outbound travel increased by about 5% year-on-year, indicating a recovery in the market [6]. Key Points on Market Trends and Consumer Behavior - The extension of the Spring Festival holiday by one day positively impacted service consumption, with a notable increase in travel, accommodation, and transportation sectors [1][8][9]. - The overall booking volume increased by around 20% compared to the previous year, with a clear trend of staggered travel before and after the holiday [12]. Key Points on Future Outlook for the Hotel Industry - The hotel supply growth rate is expected to stabilize between 3%-5%, with a cautious outlook on new supply due to market saturation [4][13]. - Hotel prices are anticipated to stabilize and show positive growth starting from March 2026 or during the summer peak season [4][13]. - Structural issues persist in the low-star hotel segment, which faces significant competition and operational challenges, particularly in regions like Yunnan and Guizhou [14]. Key Points on Regulatory Environment and Competition - Ongoing government investigations into environmental practices may impact operators, with potential adjustments in exclusivity, pricing tools, and commission structures [15][16]. - Despite these regulatory challenges, major platforms are expected to maintain their market positions due to structural advantages [16]. - Hotel operators like Huazhu and Atour have shown stable performance during the festival, with cautious strategies in response to regulatory uncertainties [17].

证券研究报告·行业点评报告 2026 年 2 月 24 日 江海证券研究发展部 社会服务行业 春节期间出行和餐饮链表现相对突出 事件： 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 业：冰雪经济迎来快速增长期 – 2025.09.23 5. 江海证券-行业点评报告-商业零售：离 境退税"即买即退"利好百货和出行链 – 2025.04.14 ◆商务大数据显示，假期前四天，全国重点零售和餐饮企业日均销售额较 2025 年 假期前四天增长 8.6%。假期前三天，商务部重点监测的 78 个步行街（商圈） 客流量、营业额比去年假期前三天（下同）分别增长 4.5%和 4.8%。 ◆商品消费方面，以旧换新持续释放消费需求，智能产品需求旺盛。截至 2 月 18 日，2026 年消费品以旧换新惠及 2843.9 万人次，带动销售额 1963.9 亿元。 ...

Market Overview - Hong Kong stocks opened higher, with the Hang Seng Index rising by 2.53% to 27,081.91 points, driven by a rebound in the technology sector[13] - European markets showed mixed results, with the Euro Stoxx 600 index down 0.5%, while the UK FTSE 100 index remained relatively stable, closing at 10,684.74 points[11] - US markets faced significant declines, with the Dow Jones dropping 1.7% to 48,804.1 points, marking its largest single-day drop since January 20[11] Economic Indicators - China's GDP is projected to grow by 4.7% year-on-year in Q1 2026, benefiting from a high base effect and increased consumer spending during the extended Spring Festival holiday[6] - The average daily cross-regional flow of people during the Spring Festival increased by nearly 9% compared to the previous year, boosting hotel and flight prices[6] Commodity and Currency Trends - Gold prices surged by 2.87%, closing at $5,204.7 per ounce, driven by increased demand for safe-haven assets amid geopolitical tensions and tariff uncertainties[32] - The US dollar index fell by 0.1%, with the euro and yen appreciating against the dollar[32] Fixed Income Market - US Treasury yields declined, with the 2-year yield down 4 basis points to 3.44%, reflecting heightened risk aversion in the market[35] - Asian credit markets remained stable, with spreads narrowing by 1 basis point, as investors cautiously monitored US tariff developments[35] Sector Performance - In the US, technology and software stocks were heavily sold off, with IBM experiencing a drop of over 13%, while major tech stocks like Microsoft and Meta fell by approximately 3%[11] - In Hong Kong, the materials sector led gains with a 4.3% increase, while the energy sector saw minimal growth of 0.2%[14]

2026春节假期社服零售数据一览(持续更新中) # 免税： 销售额：春假前五日，海南离岛免税购物金额达13.8亿元，免税购物人数17.7万人次，比去年春节假期前五天分别 增长19%和24.6%。 海南客流：26年春节（15-23日）海口美兰、三亚凤凰、琼海博鳌等岛内三大机场预计旅客吞吐量预计达到191.5万 人次，与去年相比增长5.4%。 口岸客流：假期前五天，珠海边检 2026春节假期社服零售数据一览(持续更新中) # 免税： 销售额：春假前五日，海南离岛免税购物金额达13.8亿元，免税购物人数17.7万人次，比去年春节假期前五天分别 增长19%和24.6%。 海南客流：26年春节（15-23日）海口美兰、三亚凤凰、琼海博鳌等岛内三大机场预计旅客吞吐量预计达到191.5万 人次，与去年相比增长5.4%。 口岸客流：假期前五天，珠海边检总站查验经拱北、港珠澳大桥、横琴、青茂等口岸出入境客流量285万人次，同 比增长约4%。 # 景区： 长白山：春节假期前四天（2月15-18日），累计游客3.9万人次，同比增长 77.5%。 预计整体假期增长超20%。 宋城演艺：千古情9天演出576场，日均场次相比25年下降5 ...

Key Points Summary Industry Overview - The report focuses on the internet and hospitality sectors, highlighting key companies such as Alibaba, Meituan, Ctrip, and various hotel chains [1][2]. Core Insights and Arguments - **Alibaba**: Continued recommendation based on positive outlook for its cloud services and Q&A development prospects [1]. - **Meituan**: No significant changes in fundamentals; stock price correction before the Spring Festival has made its valuation more attractive, thus maintaining a recommendation [1]. - **Hospitality Sector**: The revenue per available room (RevPAR) for hotels exceeded expectations during the Spring Festival, leading to recommendations for Atour Hotel, Huazhu Group, and Ctrip [1]. - **Ctrip's Earnings Call**: Important to monitor Ctrip's upcoming earnings call for insights on regulatory perspectives and agent-related issues [1]. Additional Important Content - A diverse range of companies is recommended across various sectors, including internet (Alibaba, Meituan, Ctrip, Pinduoduo, Kuaishou, Didi Chuxing, JD.com), social services (Atour Hotel, Huazhu Group, Luckin Coffee), and retail (Wancheng Group, Mingming Hen Mang, Miniso, Yonghui Supermarket) [2].

行业动态报告 · 社会服务行业 假期安排优化推动景气回升，免税高增延续 —— 2026 年春节假期数据点评 2026 年 02 月 22 日 核心观点 社会服务行业 | | | 分析师 顾熹闽 ：18916370173 ：guximin_yj@chinastock.com.cn 分析师登记编码：S0130522070001 研究助理：邱爽 ：qiushuang_yj@chinastock.com.cn 相对沪深 300 表现图 2026 年 02 月 13 日 -20% -10% 0% 10% 20% 30% 2025/2/24 2025/3/24 2025/4/24 2025/5/24 2025/6/24 2025/7/24 2025/8/24 2025/9/24 2025/10/24 2025/11/24 2025/12/24 2026/1/24 SW社会服务 沪深300 资料来源：中国银河证券研究院 相关研究 1.【银河社服】CPI 专题报告：服务消费 CPI 能否 重回增长？ 2.【银河社服】2 月投资月报：超长假期赋能，平台 与免税赛道迎红利 3.【银河社服】1 月投资月报：旺季更旺，1 月布局 高 ...