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 ...

一次超前的换道或许能够暂时保持领先，但深耕品质才能让企业在激烈的市场竞争中持续领跑。越汇食 品深谙此道，选择在"小禽调理品"赛道做精、做深。 乌鸡卷里到底有没有乌鸡，一度备受消费者质疑，这也成为行业普遍面临的信任难题。"我们一直坚持 用真乌鸡，而且用大块鸡肉，并和国内一线原料供应商进行战略合作，从源头把好入口关。"葛晨阳拿 起一盒产品说，"在外包装上，我们就把乌鸡肉含量标注清楚，从30%到100%，一目了然，方便消费者 按需选购。" 核心提示 去年以来，新消费赛道上河南频频"出圈"。不少企业深耕市场、做精产品，不仅在细分市场拔得头筹， 更逐渐成长为豫企新名片。它们是如何跻身行业头部的？其成长路径能为其他企业提供哪些借鉴？今日 起，河南日报开设"春天里探新潮"栏目，推出"'这些冠军是豫企'之新消费领跑者系列报道"，为河南新 春发展营造拼搏、向新的良好氛围。 一家来自河南的食品企业，让乌鸡卷在火锅界涮出了"热辣滚烫"。2025年，该企业的乌鸡卷销量居全国 第一，市场占比超过60%。 2月23日，尽管还在春节假期，位于鹤壁淇县的河南越汇食品科技有限公司办公楼里，已经聚起了"人 气"。评估市场需求、制订生产计划、确定 ...

今天分享的是：西南证券：新经济、新动能行业洞察系列（二）：新消费演进中的价格与产业洞察 报告共计：26页 本报告为西南证券新经济新动能行业洞察系列第二篇，聚焦新消费演进对宏观经济、价格体系及产业发展的多维影响，指出新消费以信 息技术为驱动、以品质化个性化为导向，是内需大循环的战略支柱，其战略地位随政策持续加码不断提升。 新消费成为宏观经济结构升级的核心动力，2023年以来最终消费支出对GDP贡献率稳居首位，2025年我国消费对GDP拉动率稳定在3%左 右，显著高于发达经济体。服务消费增长动能突出，2025年服务零售额增速超商品零售额1.7个百分点，商品零售中通讯器材、文化办公 用品等新消费品类增速领跑，旅游、观影等服务消费呈现节日爆发式增长特征。同时，新消费推动传统职业迭代，2025年新增多个消费 升级相关职业与工种，灵活就业成为就业增收重要途径，且灵活就业群体消费倾向更高，形成就业与消费的良性互动。 新消费推动CPI权重重构与价格结构性修复，2021-2025年居住、交通通信CPI权重显著提升，食品烟酒、生活用品及服务权重下降，反映 居民消费从基础刚需向品质升级转变。CPI品类价格呈现分化修复态势，衣着、医 ...

提起这一地名，本地有"新郑不新"之说，春秋时期郑国迁都于此，相对旧都故称"新郑"。但这片土地又 不断创造着新事物，她见证了2700多年前那次新旧"国际秩序"交替的开端，因此中学课文中大家所熟知 的《左传》开篇故事就发生在这里。此后，这里走出了战国时期变法图强的理论先驱韩非子、唐代诗歌 革新运动旗手白居易、明末为张居正改革提前铺垫的高拱（影视剧《大明王朝1566》中的高阁老原 型）…… 开拓创新因而也一直刻在河南人民的基因里。当今在"新消费"和"新质生产力"领域勇立潮头的创业者 们，正立足河南、走向世界。 一、河南新消费三杰：胖东来、蜜雪、泡泡玛特 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：申万宏源策略冯彧 前方从中原大地发来马年祝福~ 今年春节回到河南省新郑市。来豫的投资人可能并不陌生，大多第一站会落地郑州新郑国际机场。这次 我也从这里开启"老家河南"之旅。 从舌尖上的性价比到情绪消费，三个河南人掌控了中国年轻人的吃喝玩乐。 新年腊月二十八，正是居民采买年货旺季。为应对客流压力，胖东来许昌时代广场店开启"迪士尼"模 式：外墙大屏幕上清晰地列示功能分区，商场和超市进行分隔管 ...

Core Viewpoint - The first pet-themed Spring Festival temple fair in China, held at Beijing's Shichuang Langyuan Station from February 18 to 23, aims to integrate traditional festive elements with pet interaction experiences, injecting new vitality into the Spring Festival consumer market through the "pet economy" [1]. Group 1 - The central station of the park will transform into a pet paradise during the fair, featuring events such as working dog meet-and-greets, dog competitions, knowledge lectures, and a dedicated souvenir workshop, providing both benefits and entertainment [3]. - Attendees can receive free pet-themed Spring Festival gift bags, and families without pets can obtain a special "pet" for the event, along with opportunities for free family photos with pets [3]. - Five major pet competitions will be available for free participation with tickets, alongside pet-themed blind boxes, scheduled lotteries, and a lucky wheel offering multiple rewards for pet fans [3]. Group 2 - The fair retains the rich traditional atmosphere of the festival while inviting Southern handcraft artists to showcase their work, blending intangible cultural heritage, pet consumption, and specialty food into a multi-faceted experience [7]. - The event aims to create a one-stop experience for pet services, cultural creativity, and food enjoyment, enhancing immersive human-pet interactions to establish new consumer scenarios for the Spring Festival [7]. - The collaboration between the station and Wancheng Culture focuses on deepening the pet economy and innovating consumer scenarios, creating a pet-friendly consumption space that meets diverse consumer needs in Beijing's Spring Festival market [9].

这是乐信开年以来第二个8%以上的股价上涨，上一次达到这一指标是2月9日。收盘数据亦显示，乐信 股价再上涨0.33%。 当日美股低开高走，三大指数集体小幅收升。截至收盘，道琼斯指数涨0.07%，报49533.19点；标普500 指数涨0.1%，报6843.22点；纳斯达克综合指数涨0.14%，报22578.38点。 (资料图片) 智通财经APP获悉，美东时间周二(2月17日)美股收盘，受美股小幅拉升、春节消费旺季大幕拉开等带动 下，中国领先的新消费数字科技服务商乐信(LX.US)上涨8.7%，收盘价3美元；当日成交额577.91万美 元，成交额持续放大。 中概股涨跌不一，利弗莫尔中概股龙头指数涨0.12%，纳斯达克中国金龙指数跌0.10%。个股方面禾赛 科技涨近4%，华住集团涨近3%，中通快递涨超2%。乐信在消费类中概股中表现亮眼。 乐信于2013年8月成立并立足于中国深圳，一直以来积极通过旗下平台打通线上与线下广阔消费场景， 以"轻松消费、灵活周转"的品牌理念连接亿万中国年轻消费者与新消费品牌。2017年12月，乐信正式登 陆美国纳斯达克。 ...

中概股涨跌不一，利弗莫尔中概股龙头指数涨0.12%，纳斯达克中国金龙指数跌0.10%。个股方面禾赛 科技涨近4%，华住集团涨近3%，中通快递涨超2%。乐信在消费类中概股中表现亮眼。 乐信于2013年8月成立并立足于中国深圳，一直以来积极通过旗下平台打通线上与线下广阔消费场景， 以"轻松消费、灵活周转"的品牌理念连接亿万中国年轻消费者与新消费品牌。2017年12月，乐信正式登 陆美国纳斯达克。 这是乐信开年以来第二个8%以上的股价上涨，上一次达到这一指标是2月9日。收盘数据亦显示，乐信 股价再上涨0.33%。 当日美股低开高走，三大指数集体小幅收升。截至收盘，道琼斯指数涨0.07%，报49533.19点；标普500 指数涨0.1%，报6843.22点；纳斯达克综合指数涨0.14%，报22578.38点。 智通财经APP获悉，美东时间周二(2月17日)美股收盘，受美股小幅拉升、春节消费旺季大幕拉开等带动 下，中国领先的新消费数字科技服务商乐信(LX.US)上涨8.7%，收盘价3美元；当日成交额577.91万美 元，成交额持续放大。 ...

陈良飞 一台春晚，几多解读。 一台春晚，承载几多希冀与梦想。 除了人工智能、机器人技术的集中展示，谋求新消费的"破圈"也成为春晚与中国经济社会发展阶段同频 共振的新发力点。 "去年春晚转手绢，今年已能秀武术，进化太快了。"这是一家主流媒体给出的评价。在社交平台上，也 有文章认为，今年春晚上成群结队出现的多品牌人形机器人是中国机器人公司在春晚上向全世界的一次 集中展示，"已经从软硬件、算法、应用、生态和产业链上达到了各自顶峰"。 春晚还进行正酣时，来自央视新闻的官方解读已经刊发。宇树科技创始人王兴兴告诉央视新闻，今年机 器人在快速奔跑中完成了穿插变阵和武术动作，这种高动态、高协同的集群控制技术是全球首次亮 相，"这个动作非常实用，为后续机器人在其他场景集群或单台机器人调度做好了铺垫"。 当晚，社交平台上的文章给出了展望："量产通用型机器人的能力广度被拓宽，一定是规模化落地商用 的第一步。如此硬核的科技能力展示，也许意味着，一个科技大年就在前方。" "科技大年"的期许已成为当前我国经济工作的既定战略——实施新一轮重点产业链高质量发展行动，推 动传统产业改造升级，打造集成电路、航空航天、生物医药等新兴支柱产业，培育 ...

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]

Core Viewpoint - The article discusses the rebound of Pop Mart's stock price and highlights the broader recovery trend in the new consumption sector, emphasizing the importance of overseas expansion for Chinese consumer companies to overcome domestic demand bottlenecks [1][4]. Group 1: Pop Mart's Stock Performance - Pop Mart's stock price rebounded by 38% as of February 13, following a decline that saw it drop over 46% to a low of 174 HKD per share on January 19 [2][3]. - In the fourth quarter of 2025, public funds reduced their holdings in Pop Mart, with the number of shares decreasing from approximately 46.35 million to 37.59 million, and the number of funds holding the stock dropping from 180 to 123 [2]. - Some funds, such as Ruifeng Hong Kong Stock Core Value, increased their positions significantly, indicating potential gains if they do not reduce their holdings in the near future [2][3]. Group 2: New Consumption Sector Recovery - The new consumption sector is showing signs of recovery, with several stocks, including Luk Fook Holdings and Kweichow Moutai, experiencing significant price increases [4]. - The Chinese government's macroeconomic policies, focusing on expanding domestic demand and boosting consumption, are expected to provide strong support for the recovery of the consumption sector [4][5]. Group 3: Overseas Expansion as a Trend - The article highlights a consensus among fund managers regarding the importance of overseas expansion for consumer companies, viewing it as a key investment direction alongside AI technology [7]. - Companies that can enhance their value, brand strength, and global competitiveness are increasingly seen as worthy of attention in the current economic landscape [7][8]. - The ability to expand production capacity, technology, and cultural influence abroad is crucial for new consumer enterprises to succeed in international markets [8].