战鼓擂响，48队逐鹿，一场牵动全球商业神经的超级赛事进入倒计时。2026 FIFA世界杯 创下历史纪 录，由美国、加拿大、墨西哥三国联合主办，48支球队、104场比赛横跨北美16座城市，赛期长达39天 （2026年6月11日至7月19日），总奖池高达20亿美元，全球观众预计超过50亿人次。 面对世界杯票价高企、全球航空业尚未完全复苏等现实挑战，市场究竟会作何反应？作为FIFA世界杯 2026 中国官方销售代理，全旅达早在2025年初便启动了与FIFA（国际足联）的接洽，其决策本身即是 对赛事经济前景的一次重要押注。 南方财经 21世纪经济报道记者吴斌 上海报道 初步市场反馈比预想的更为热烈。CSTS Enterprises行政总裁暨执行董事赵健鹰近日在接受21世纪经济 报道记者专访时表示，无论是企业端（To B）还是个人端（To C），咨询与销售势头均"比预期更加猛 烈"。 在票务策略上，本届世界杯首次引入动态定价机制，价格会根据市场供需每周浮动。赵健鹰坦言，这给 销售带来一定挑战，但也从侧面印证了市场的活力和票务价值的弹性。他特别指出，包含VIP体验的款 待票与普通门票是两套体系，前者提供确定性的席位、优质 ...

1、期货价格：铁矿石期货主力合约日内走弱，收于 784.5 元/吨，较前一 个交易日收盘价下跌-10.5 元/吨，跌幅-1.32%，成交 26.2 万手，持仓量 56.8 万手，沉淀资金 98.06 亿。期货今日在 800 整数关口压力附近承压回落，短期 震荡稍显偏弱，关注下方 780 短期支撑附近进一步测试。 2、现货价格：港口现货主流品种青岛港 PB 粉 804 涨+0，超特粉 682 涨 +0，掉期主力 103.5(-0.8)美元/吨。现货价格持稳、掉期价格小幅回落。 3、基差价差端：青岛港 PB 粉折盘面价格 838.9 元/吨，基差 54.4 元/吨， 基差走扩；铁矿 5-9 价差 18.5 元，铁矿 9-1 价差 11 元，铁矿期货合约呈现 back 结构+正基差，短期偏弱，下方空间暂且有限。 二、基本面梳理 【冠通期货研究报告】 铁矿日报：库存持续累积，发运逐步减量 发布日期：2026 年 1 月 26 日 一、市场行情态势回顾 国内宏观，国家统计局显示，2025 年消费市场规模破 50 万亿增 3.7%，服 务零售额增 5.5%（快于商品零售 1.7 个百分点），占整体零售比重提升，最终 消费 ...

所有人都会老，而步入老年后的困惑与挑战，有时可以从找不到一款适口面包这样的"小事"开始。 老人如何居家养老？如何轻松看病？如何满足消费？如何防范电诈？……在今年的北京两会上，来自不 同界别的多位政协委员紧盯养老议题，带着提案为老年人纾困解难，为城市的养老服务建言献策。 养老话题，有很多"小事"可聊，可放大到一座城市里，就是实打实的"大事"。近年来，北京市老龄化趋 势明显。官方数据显示，截至2024年底，北京60岁及以上常住人口达514万人，占常住总人口的 23.5%，首次突破500万大关。应对老龄化挑战是城市发展的应有之义。今年的北京市政府工作报告指 出，要加大对健康、养老等服务消费政策支持，还包括实施好养老服务条例、健全长期护理保险制度、 新建区域养老服务中心、新增家庭养老床位等。 如何消费适老？ 打造银发金街，让老人购物"看得见、摸得着、问得清" 这两年，北京又增加了不少时尚商圈、活力街区、网红打卡地。为吸引年轻人，商家使出了不少创意， 深挖了很多需求，整合打包了各种资源。不过，似乎唯独忘了"深挖"与"整合"一下京城500多万老年人 群体的消费诉求、购物偏好。有时候，一件衣服、一部手机、一场讲座甚至一口面 ...

仍处于初级阶段 在今年的广东两会上，记者留意到，多位政协委员聚焦养老服务机器人产品建设的小切口，围绕场景对 接、标准制定、数据治理、产业链强化和人才培养等维度，为养老服务高质量发展建言献策，希望智能 化养老服务机器人拓宽实际应用场景，推动养老服务机器人产业在银发经济领域激发更多活力。 根据广东省工业和信息化厅的数据，广东共有规上老年用品企业6814家，2024年营收规模超6500亿元， 形成了相对完整的产业链。 要回应真实需求 养老服务机器人如何才能让老人"用得好"？在行业人士看来，问题并不是"老人需不需要养老服务机器 人"，而是"养老服务机器人设备如何实现供需的有效对接"。广东省民政厅的数据显示，截至2024年年 底，全省60岁及以上常住老年人口达1899万人，预计2030年将进入中度老龄化社会。民盟广东省委员会 认为，面对庞大的养老服务需求以及有限的养老服务人力资源，发展有效适应养老服务各类应用场景的 养老服务机器人产业十分必要，而且也有着广阔的产业发展前景。 民盟广东省委员会认为，接下来应当结合养老服务需求，制定广东省养老服务机器人的技术能力分级标 准(按用户状态、场景复杂度)，明确不同等级产品的核心功 ...

1月26日，新东方创始人俞敏洪发布声明称：近日，我们发现有个别人士在互联网平台上，恶意拼接中国食品安 全报社与新东方教育科技集团总公司或其下属机构存在间接股权投资关系的信息。此事严重失实，纯属谣言。公 司将采取法律手段追究造谣者的法律责任，绝不姑息。 俞敏洪曾因在南极旅游时发布一封全员信陷入舆论漩涡。2025年11月16日，新东方迎来32周年，创始人俞敏洪身 处南极向全体员工发出一封全员信。信中提到，"此刻，我正站在南极的冰雪世界中。在这片远离尘嚣的纯净之 地，热烈祝贺新东方32周年的生日快乐！" 11月23日，俞敏洪又写了一封主题为"让我们一起努力"的全员信，向员工道歉，并详细解释了自己南极写信的缘 由和初衷。 俞敏洪在信中表示，若员工未放弃新东方工作，就有责任维护公司发展与形象。遇到不公平待遇或受欺负，应优 先通过内部渠道解决。公司鼓励公开吐槽，但发表到自媒体上的极端言论需慎重，毕竟公司正常发展是员工安心 工作的前提。 新东方近年来还开始介入银发经济赛道。1月，"北京新东方退休俱乐部"账号在社交平台上线，其主要面向北京 50-75岁退休人群推出兴趣课程与本地社交活动，学员可领取0元线上课或以19.9元体验 ...

曲子恒表示，养老服务既是重要的民生保障内容，也是银发经济发展的重要载体。当前，养老服务面临 的关键问题，已从"能否覆盖"转向"是否具备高质量、可持续、稳定的供给能力"。为此，他建议通过政 策引导、金融支持和标准建设等方式，加快培育一批具有品牌影响力、服务能力和组织化水平的平台和 企业主体，推动北京养老服务产业实现规模扩张、质量提升和效能增强。 1月25日，北京市十六届人大四次会议开幕。市人大代表、58同城副总裁曲子恒围绕养老服务供给与民 生服务场景创新提交了两份建议，重点关注老龄化背景下服务供给能力的提升，以及数字技术助力民生 服务提质增效的实现路径。 加快培育养老服务主体，提升供给质效 随着人口结构深度变化，居家养老服务需求持续增长，对服务的专业化、规范化和稳定性提出了更高要 求。数据显示，2024年北京市60岁以上常住人口已达514万人，占常住人口的23.5%。 围绕民生服务的中长期发展，曲子恒表示，在民众服务需求提质增量与数智技术迭代的"双轮驱动"下， 生活服务业正迎来新一轮场景拓展和模式创新的重要窗口期。他建议北京进一步发挥政策引导作用，推 动人工智能、大模型和智能装备在养老、家政、社区服务、就业匹配 ...

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [3][28]. Core Insights - The report highlights the acceleration of investments in the silver economy, driven by recent government policies aimed at fostering the development of elderly care services and related sectors [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52% during the review period, surpassing the broader market by 2.71 percentage points [1][12]. Summary by Sections Industry and Company Dynamics - Recent policies from eight government departments aim to cultivate elderly care service providers, enhancing the silver economy's growth potential [2][17]. - New Oriental has launched a "Retirement Club" to offer local interest courses and social activities for seniors, while China Travel Group has introduced a wellness tourism brand [2][18]. - The Spring Festival travel period is expected to see a surge in passenger numbers, with a projected 5% increase in rail travel and a similar growth in air travel [2][20]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones [2][21]. Stock Performance - During the review period, notable stock performances included Tongdao Liepin (+26.86%), Keri International (+17.50%), and Zhongxin Tourism (+15.91%) [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, and Huatu Shanding dropped by 11.55% [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip, among others, for potential investment opportunities [3][28]. - Long-term recommendations include China Duty Free, Meituan, and various educational and hospitality companies, indicating a diverse investment strategy across sectors [3][28].

Investment Rating - The report indicates that the home textile industry is currently in a mature phase with a low market concentration, as evidenced by a CR5 of only 3.7% in 2024, suggesting potential for growth in market share among leading brands [30]. Core Insights - The market size of China's home textile industry is projected to reach 327.9 billion yuan in 2024, with bedding products accounting for approximately 72% of the market share [4][33]. - The industry is transitioning from a traditional channel-driven model to a dual-driven model focusing on products and brands, with profit sources shifting from scale effects to technological added value and brand premiums [4][20]. - The emergence of the sleep economy and technological innovation is driving new growth, with consumer decision-making shifting from aesthetic to experiential factors [4][39]. - Government policies, including "old-for-new" exchange and subsidies, are stimulating demand, particularly in online channels, with subsidies typically set at 15% of the sales price and a maximum of 2,000 yuan per product [18][19]. Summary by Sections Industry Definition - Home textiles encompass a consumer-oriented industry centered around textile products for living environments, including bedding, bath textiles, and living room textiles, with bedding being the core segment [5][8]. Market Structure - The home textile market is primarily composed of bedding (72%), living room textiles (14%), and bath textiles (9%) [7]. Industry History - The development of the home textile industry can be divided into three phases: 1. Growth driven by real estate and weddings (before 2015) 2. Market adjustment driven by daily replacements (2015-2024) 3. New growth driven by the sleep economy and technological innovation (2025 onwards) [11][13][15][17]. Policies - Recent government initiatives, including consumption subsidies and "old-for-new" policies, have significantly stimulated demand, especially in online channels [18]. Business Model - The core business logic of the home textile industry involves R&D and supply chain integration to produce textile products that meet consumer needs, transitioning from traditional channel-driven to a dual focus on product and brand [20]. Industry Chain Analysis - The industry chain includes upstream raw material supply, midstream product design and manufacturing, and downstream sales channels, with midstream being the core value-creating segment [23]. Upstream Analysis - Raw material prices are volatile, significantly impacting production costs, with materials accounting for over 80% of total costs for companies like Fuanna [26][27]. Downstream Analysis - The home textile industry is expected to maintain a stable growth rate of approximately 1.5% from 2025 to 2029, with online sales channels accounting for 34.4% of the market [33][36]. Future Prospects - The report highlights opportunities in health-functional textiles, the aging population market, and the benefits of cross-border e-commerce, which can enhance market reach [44][45][46].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The silver economy is gaining traction with active policy support from multiple government departments aimed at fostering the development of elderly care services and enhancing consumption potential [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52%, surpassing the market by 2.71 percentage points during the review period [1][12]. Industry Dynamics - Recent policies have been introduced to cultivate elderly care service providers, with companies like New Oriental and China Travel Group launching initiatives targeting the silver economy [2][17][18]. - The Spring Festival travel period is expected to see a substantial increase in passenger numbers, with a forecast of 22.4 million travelers in Hainan, marking a 5.3% increase year-on-year [2][19]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones in store openings and financial performance [2][21]. Stock Performance - Notable stock performances in the social services sector include increases of 26.86% for Tongdao Liepin and 17.50% for Keri International during the review period [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, indicating volatility within the sector [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip Group, among others, as potential investment opportunities [3][28]. - Long-term recommendations include companies like Meituan, Mijia Group, and various educational and travel service providers, reflecting a diversified approach to investment in the sector [3][28].

Core Insights - The event in Shenzhen's Luohu District showcased a blend of traditional culture, youth energy, and advanced technology through activities like AI chess with seniors and youth [1] - The Shenzhen Municipal Civil Affairs Bureau launched the Silver Economy Promotion Initiative, signaling a systematic approach to enhance the silver economy through government and enterprise collaboration [1][3] Group 1: Silver Economy Trends - The "2025-2026 Silver Consumption Trend Insight Report" identified ten trends in silver consumption, including a shift towards "practical self-enjoyment" and "proactive health management" [3] - The report emphasizes the importance of "unobtrusive intelligence" and "technological equity" in consumer preferences, alongside a focus on "value for money" and "cultural experiences" in services [3] Group 2: Industry Development and Support - The event marked a significant step in Shenzhen's silver technology incubation and industry chain integration, with AgeClub signing agreements with five companies to enhance the sector [3] - Starting January 2026, Shenzhen will provide subsidies of up to 800 yuan per month for eligible seniors to purchase home or institutional elderly care services, promoting market incentives [3] Group 3: Technological Integration - Shenzhen is integrating cutting-edge technologies like AI and IoT into the silver economy, with around 9,000 companies involved, over 60% of which focus on smart elderly care [5] - The event featured nearly 200 companies showcasing innovative products, including AI health monitoring devices and cultural service platforms, enhancing the elderly's quality of life [5][8] Group 4: Future Directions - Over the next five years, Shenzhen aims to focus on three core areas: silver tourism, cultural and social engagement, and diverse consumption scenarios, transitioning the silver economy from a "livelihood project" to a "golden track" [9] - Plans include developing a "tourism launch site" for seniors, enhancing social ecosystems through AI education platforms, and creating immersive consumption experiences [9]