具体而言，铁路旅游化改造、邮轮游艇发展等将拓宽文旅消费场景，优质的旅游及演艺龙头公司有望受 益于市场扩容与产品创新;入境消费便利化，发展演出、体育赛事、情绪式体验式服务有望拉动酒店餐 饮等配套消费;演出审批优化、汽车后市场试点，为相关服务领域的规模化、专业化发展提供政策支 持。当前文旅促消费政策初见成效，如河南发放1.3亿元文旅住宿消费券，带动消费近5亿元。 看好休闲旅游需求释放，关注假期增多平滑(春秋假、最长春节、多地发文鼓励2.5天休假模式)及优质供 给升级的带动效应 1)春节预订景气及政策刺激延续，飞猪显示截至1/29春节假期旅游/酒店预订量同比增长30+%/71%，航 旅纵横显示截至1/21春节机票日均预订量同比+22%;文旅部开启消费月系列活动，文旅部预计将举办约3 万场次文旅消费活动，发放超3.6亿元消费券等消费补贴;2)入境游延续较快增速，据移民管理局，2025 年入境游/免签入境游8,200/3,008万人次(同比+26.4%/49.5%)，该行预计，配套设施的完善将推动增量沉 淀与供给提质。 中金主要观点如下： 行业近况 2026年1月29日，国务院办公厅印发《加快培育服务消费新增长点工作方 ...

Industry Overview Upstream - International oil prices improved compared to last week, and prices of eggs, palm oil, copper, and zinc continued to rise [2] Midstream - PX and urea prices remained high, power plant coal consumption was low, and road asphalt construction was at a low level [3] Downstream - Commercial housing sales in first, second, and third-tier cities declined seasonally, while domestic flight frequencies increased [3] Industry Events Production Industry - The Commercial Spacecraft and Application Industry Chain Co-chain Action Conference announced that China will layout more "space +" future industries, and China Aerospace Science and Technology Group will implement five major projects during the 15th Five-Year Plan period [1] Service Industry - The State Council issued a work plan to support service consumption, focusing on key and potential areas, and encouraging the improvement of infrastructure for residential services [1] Key Price Indicators | Industry | Indicator | Price | Change | | --- | --- | --- | --- | | Agriculture | Spot price of eggs | 8.5 yuan/kg | 4.28% | | Agriculture | Spot price of palm oil | 9296.0 yuan/ton | 5.30% | | Non-ferrous metals | Spot price of copper | 103206.7 yuan/ton | 2.97% | | Non-ferrous metals | Spot price of zinc | 25280.0 yuan/ton | 4.05% | | Energy | Spot price of WTI crude oil | 63.2 dollars/barrel | 4.27% | | Energy | Spot price of Brent crude oil | 67.4 dollars/barrel | 3.26% | | Chemical | Spot price of PTA | 5314.8 yuan/ton | 4.24% | | Chemical | Spot price of polyethylene | 6905.0 yuan/ton | 3.11% | [34]

Core Insights - The "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" was officially released, focusing on transportation, housekeeping, and travel services, proposing 12 key support policies to meet residents' high-quality and diverse service consumption needs [1] Group 1: Transportation Services - The plan emphasizes niche areas such as tourist trains, cruise ships, and night boats, proposing the development of specialized tourist routes and immersive, diversified cruise products, aligning with the current "slow travel" trend [3] Group 2: Housekeeping Services - In response to the growing demand for specialized services like home cooking, wardrobe organization, deep cleaning, infant care, and elderly care, the plan supports qualified housekeeping service companies in innovating service models and exploring smart scenarios [5] Group 3: Network Audio-Visual Services - The plan calls for promoting orderly competition and innovative development in the network audio-visual service sector, including micro-short dramas and ultra-high-definition video, to enrich the supply of quality content [8] Group 4: Travel Services - The policy proposes cultivating a number of travel destination cities (regions) and guiding localities to develop specialized travel markets [10] Group 5: Automotive Aftermarket Services - The policy encourages hosting related events and activities in the automotive aftermarket, which includes RV camping, automotive competitions, and self-driving tours, to create innovative projects that integrate automotive, tourism, culture, and sports [12] Group 6: Inbound Consumption - To further unleash the potential of inbound consumption, the policy requires the creation of the "Shopping in China" brand, the cultivation of international consumption aggregation areas, the increase of tax refund stores for outbound travelers, and the enhancement of convenience for foreign consumers in China [16] Group 7: Support and Assurance - The policy also proposes strengthening support measures, including improving standards and credit systems in relevant fields, enhancing financial support, and guiding financial institutions to increase support for entities operating in new growth areas of service consumption [18]

国内市场综述 震荡整理 走势分化 周四（1 月 29 日）大盘震荡整理，走势分化。截至收 盘，上证综指收于 4157.98 点，上涨 0.16%；深成指 收于 14300.08 点，下跌 0.3%；科创 50 下跌 3.03%； 创业板指下跌 0.57%，万得全 A 成交额共 32594 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 17 个上涨，其中食 品饮料、传媒及房地产涨幅居前，而电子、国防军工 及机械则跌幅较大。概念方面，白酒、饮料制造精选 及房地产精选等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，微软大跌 10% 周四（1 月 29 日），道琼斯工业指数涨 0.11%报 49071.56 点，标普 500 指数跌 0.13%报 6969.01 点， 纳斯达克指数跌 0.72%报 23685.12 点。大型科技股涨 跌不一，万得美国科技七巨头指数跌 0.81%，META 涨 逾 10%，创 7 月以来最大单日涨幅；微软跌约 10%，市 值蒸发 3570 亿美元；特斯拉跌 3.45%。纳斯达克中国 金龙指数收涨 0.35%，好未来涨逾 18%。 新闻精要 4. 北京人形中试验 ...

Group 1 - The A-share market saw active performance in certain tourism stocks, with notable increases including Caesar Travel rising over 7%, and others like Hao Xiang Ni and Song Cheng Performing Arts increasing over 4% [1] - The State Council recently issued a work plan aimed at accelerating the cultivation of new growth points in service consumption, focusing on potential areas such as performance services, sports event services, and experiential services [1] - The plan emphasizes the improvement of infrastructure at travel destinations and promotes the enhancement and renovation of existing facilities [1] Group 2 - Specific stock performances include: - Caesar Travel (code: 000796) up 7.68% with a market cap of 10.3 billion and a year-to-date decline of 10.42% - Hao Xiang Ni (code: 002582) up 4.55% with a market cap of 5.758 billion and a year-to-date increase of 16.38% - Song Cheng Performing Arts (code: 300144) up 4.10% with a market cap of 22.7 billion and a year-to-date increase of 5.49% - Huangshan Tourism (code: 600054) up 3.67% with a market cap of 9.27 billion and a year-to-date increase of 12.93% - Other notable increases include Li'an Technology, Dongbai Group, and others with varying performances [2]

Group 1 - The core viewpoint of the article emphasizes the need to accelerate the cultivation of new growth points in service consumption, with the State Council issuing a work plan that includes 12 policy measures aimed at enhancing service supply and improving consumer benefits [1][6] Group 2 - The plan identifies key service consumption areas such as transportation, housekeeping, online audio-visual services, travel, automotive aftermarket, and inbound consumption, proposing specific measures to support these sectors [2] - For transportation, the plan suggests developing policies to promote the integration of railways and tourism, enhancing the tourism transformation of stations and trains, and improving infrastructure for yacht services [2] - The plan anticipates a record high in inbound travel by 2025, with measures to facilitate foreign tourists' consumption, including extending visa-free policies and enhancing the online visa application process [2] Group 3 - The plan outlines initiatives for housekeeping services, online audio-visual services, travel destinations, and automotive aftermarket services, focusing on optimizing service supply and fostering innovation [2] - In the realm of performance services, the plan proposes optimizing management, setting safety capacity limits, and establishing incentive mechanisms for performing arts organizations [3] - For sports events, the plan emphasizes improving safety management and encouraging the introduction of international sports events [3] Group 4 - The plan addresses challenges in experience-based services, proposing innovative regulatory approaches and supporting the inclusion of relevant professions in the national classification system [4] Group 5 - A series of support measures are proposed to enhance the standard system, strengthen credit construction, and reinforce financial support for service consumption [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The State Council General Office issued a work plan to foster new growth points in service consumption, identifying key service - consumption areas such as transportation, household services, online audio - visual, sojourn, automotive aftermarket, and inbound consumption [2] - The Ministry of Industry and Information Technology emphasized that "anti - involution" is the main contradiction in the photovoltaic industry's governance and will use various means to promote its healthy development [2] - Trump stated that Putin agreed to a one - week suspension of air strikes on Ukraine, plans to announce the nomination for the next Fed Chair next week, and the US plans to reopen Venezuelan airspace [2] - As of the week ending January 29,螺纹产量 increased by 0.14% to 199.83 million tons, total inventory reached 475.53 million tons with a weekly increase of 23.43 million tons, and the apparent demand decreased by 4.92% to 176.40 million tons [2] - In 2025, global gold demand reached a record high of 5002 tons, with central banks net - buying 230 tons in Q4 (a 6% increase from the previous quarter) and 863 tons for the whole year [2] 3. Summary by Related Catalogs Hot News - The State Council General Office issued a work plan with 12 policy measures in three aspects to boost service consumption, targeting specific key areas [2] - The Ministry of Industry and Information Technology held a symposium on the photovoltaic industry, highlighting the need for "anti - involution" and using market - and law - based means for regulation [2] - Trump made statements about the Ukraine situation, Fed Chair nomination, and Venezuelan airspace [2] - Steel data shows changes in production, inventory, and demand for rebar as of January 29 [2] - The World Gold Council reported record - high global gold demand in 2025 and significant central - bank gold purchases [2] Key Focus - The report focuses on urea, synthetic rubber, polysilicon, crude oil, and PP [3] Night - session Performance - Different commodity sectors had various night - session performance, with the precious metals sector having a 39.21% increase, followed by the non - ferrous metals sector with 26.56%, and the coal - coke - steel - ore sector with 7.90% [3] Plate Position - The chart shows the changes in the positions of different commodity futures sectors in the past five days [4] Performance of Major Asset Classes - Different asset classes had different daily, monthly, and annual returns. For example, the Shanghai Composite Index had a daily increase of 0.16%, a monthly increase of 4.77%, and an annual increase of 4.77% [5] Main Commodity Trends - The report presents the trends of major commodities such as the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, LME copper, etc., as well as the risk premium of the stock market [6]

Group 1: Industry Developments - China plans to develop more "Space+" future industries, focusing on commercial aerospace and related applications, with initiatives including space resource development and space tourism [1] - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, targeting key areas such as transportation, home services, and inbound consumption [3][4] Group 2: Company News - Guizhou Moutai denied rumors of participating in SpaceX's Series A financing, with its stock closing at 1437.72 CNY per share, up 8.61%, and a market cap exceeding 1.8 trillion CNY [2] - Jiangbolong expects a net profit of 1.25 billion to 1.55 billion CNY for 2025, representing a year-on-year growth of 150.66% to 210.82% due to rising storage prices driven by AI server demand [2] - BlueFocus anticipates a net profit of 180 million to 220 million CNY for 2025, recovering from a loss of 290 million CNY in the previous year, supported by growth in overseas business [3] - Sichuan Gold forecasts a net profit of 420 million to 480 million CNY for 2025, a year-on-year increase of 69.23% to 93.4%, attributed to increased sales of gold concentrate and rising gold prices [7] - Green Harmony expects a net profit of 115 million to 130 million CNY for 2025, reflecting a growth of 104.74% to 131.45%, driven by the recovery in the industrial robot market and expansion in overseas markets [8] - Shengyi Technology predicts a net profit of 3.25 billion to 3.45 billion CNY for 2025, with an increase of 87% to 98% due to rising sales of copper-clad laminates [9] - China Shipbuilding anticipates a net profit of 7 billion to 8.4 billion CNY for 2025, representing a growth of approximately 65.89% to 99.07%, driven by improved operational efficiency and high-value ship deliveries [10] - Century Huatong expects a net profit of 5.55 billion to 6.98 billion CNY for 2025, a significant increase of 357% to 475%, supported by continuous revenue growth and successful overseas expansion [11]

股票频道更多独家策划、专家专栏，免费查阅>> 国泰海通证券认为，龙头旅游企业受益于政策支持，随着职工文体消费的增长，预计这些企业将在短期 内受益于政策推动，长期则有望实现业绩的持续增长。特别是在景区年票，文旅消费券等优惠措施的推 动下，相关行业的消费需求将进一步释放，带来潜在的增长机会。另外，近期全国总工会等部门联合印 发《关于深入推进新时代职工文体工作高质量发展扩大职工文体消费的意见》，中信证券认为，政策有 望在2026年为国内旅游市场带来500亿-1650亿元的年度增量，对行业增长带动可观。 国务院办公厅日前印发《加快培育服务消费新增长点工作方案》，其中提到：旅居服务。培育一批旅居 目的地城市(区域)。鼓励有条件的地方发挥相关财政资金，产业基金引导作用，完善旅居目的地基础设 施，推动存量设施提升改造。依法盘活用好农村闲置土地和房屋。鼓励地方结合消化存量房地产（核心 股）等政策落实，支持旅居项目用地和服务设施建设。 责任编辑：栎树 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260130 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 上海涉外经济创新高，北证 50 下跌 1.69% 2026 年 01 月 30 日 证券分析师 朱洁羽 相关研究： 《沪深北交易所提高融资保证金最低 比例，北证 50 上涨 0.98%》 2026-01-14 《工信部印发<推动工业互联网平台 高质量发展行动方案（2026—2028 年）>，北证 50 下跌 2.50%》 2026-01-13 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新 ...