Core Viewpoint - The State Council has issued a work plan to accelerate the cultivation of new growth points in service consumption, aiming to enhance quality supply and promote consumer benefits, thereby providing more momentum for economic growth [1]. Group 1: Key Areas of Focus - In transportation services, the plan promotes deep integration of railways and tourism, developing special tourism routes and enhancing experiences in cruise, night boat, and yacht consumption, which enriches tourism product supply and upgrades transportation infrastructure and services [1]. - In the housekeeping service sector, the plan supports enterprises in innovating service models and improving professional standards to address issues such as difficulty in finding, using, and trusting housekeeping services, allowing residents to enjoy more convenient and professional services [1]. - For online audio-visual services, the work plan aims to establish a supportive policy framework to promote orderly competition and innovative development in the market, enriching the supply of quality content to better meet the diverse cultural and entertainment needs of the public [1]. Group 2: Emerging Service Areas - In the performance service sector, the plan seeks to optimize management and standardize the ticketing market to provide a fair and transparent purchasing environment, while encouraging cross-regional tours to make quality cultural resources accessible to a broader audience [2]. - In sports event services, the plan aims to increase the supply of quality events and promote market-oriented and commercial operations of events, further stimulating sports consumption potential and fostering the development of the sports industry [2]. - For emerging emotional and experiential services, such as immersive performances and theme parks, the work plan proposes innovative regulatory approaches, implementing prudent regulation for new business models, while enhancing the crackdown on illegal activities to create a favorable consumption environment for new industries [2]. Group 3: Overall Impact - The enhancement of service consumption quality is ultimately aimed at improving residents' sense of happiness and gain. The work plan includes a series of policy measures that not only drive the growth of service consumption volume but also promote a leap in quality, satisfying public consumption needs while driving the development of related industrial chains and increasing employment [2].

Group 1: Government Initiatives in Service Consumption - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on key areas such as transportation services, housekeeping services, and inbound consumption [2] - The plan aims to stimulate the development of sectors like railway tourism, cruise consumption, and night boat services, while also promoting the growth of the automotive aftermarket [2] - It emphasizes the need to establish a credit system in sectors like elderly care, housekeeping, and tourism, and to support qualified companies in issuing bonds and REITs for consumption infrastructure projects [2] Group 2: Data Market Development - Four departments, including the National Data Bureau, have released guidelines to cultivate data circulation service institutions and promote the marketization of data elements [3] - The guidelines focus on enhancing the service capabilities of data circulation institutions and supporting the development of resource-based data products and services [3] - There is an emphasis on utilizing existing funding channels to support the infrastructure construction of qualified data circulation service institutions [3] Group 3: Consumer Protection and Market Regulation - The State Administration for Market Regulation plans to introduce standards for safe consumption and cultivate trustworthy consumption entities to enhance consumer confidence [4] - The administration aims to deepen credit regulation reforms and improve the precision and effectiveness of market supervision [4] - By 2026, the administration will continue to enhance the review system for business concentration to stimulate market vitality while safeguarding competition [4] Group 4: Business Environment Improvement in Hainan - Hainan has implemented a comprehensive management mechanism for business environment issues, aiming to optimize the market environment [7] - The new guidelines require a clear classification and handling of issues, with a focus on timely resolution and feedback mechanisms [7] - The province will also promote a multi-faceted problem-solving approach and establish a leadership responsibility system for significant issues [7] Group 5: Cross-Border E-commerce Support in Dalian - Dalian Customs has introduced measures to support the high-quality development of cross-border e-commerce in Liaoning, focusing on customs facilitation and logistics efficiency [8] - The measures include establishing a "one city, one policy" approach to tailor support for local industries and enterprises [8] - A 24/7 customs clearance guarantee will be implemented, with specific measures to streamline export documentation and support cross-border return logistics [8]

Group 1: Core Insights - The report emphasizes that China's consumption market potential lies not only in income growth but also in the effective release of consumption scenarios and time, with current policies addressing constraints in holiday optimization and work time regulations [3] - The evolution of consumption patterns in the U.S., Japan, and China shows a clear transition from "survival" to "experience" consumption, with China's service consumption significantly lower than that of developed countries [3][10] - The report identifies three core variables driving consumption changes: economic development stage, demographic shifts, and technological innovation, highlighting the structural transformation of consumer preferences in China [3][12] Group 2: Historical Consumption Evolution - The U.S. consumption history from the 1970s to the present reflects a shift from practical consumption during crises to brand-driven consumption, rational consumption, and experience-oriented consumption, culminating in technology-enabled and social consumption [10][11] - Japan's consumption evolution post-World War II transitioned from durable goods to quality and luxury consumption, followed by a rational return and the emergence of the "silver economy" due to aging demographics [18][20] - China's consumption history since 1978 has progressed from policy-driven practical consumption to brand consumption, and now to a blend of rational and self-indulgent consumption, with a notable rise of domestic brands [23] Group 3: Current Market Analysis - The A-share consumption sector has seen significant price adjustments, with stock prices declining by 40%-70% since 2021, indicating a potential for long-term investment opportunities as market sentiment begins to recover [3][6] - The report suggests that the consumption sector is currently undervalued, with low profitability and low holdings, presenting a significant expectation gap compared to the technology sector [3][6] - Service consumption is highlighted as a key area for alpha returns, with structural highlights in sectors such as cultural tourism, sports, emotional value, and beauty, indicating a potential for independent alpha performance among core companies in these fields [3][6]

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, indicating strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported a double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [2][6]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating a strong start to the year for the beauty market [2][25]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [7][8]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [3]. Company Performance - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [2][6]. - The report notes that the overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [18][19]. Market Trends - The report emphasizes the shift in consumer focus towards personalized and high-quality services, with emotional and experiential services becoming new consumption hotspots [8][10]. - The government is implementing measures to stimulate service consumption, which is expected to play a crucial role in driving economic growth [7][8]. E-commerce Insights - The report discusses the acquisition of Beijing Lianshi by Yiwang Yichuang, which aims to enhance AI-driven marketing capabilities, indicating a trend towards digital transformation in the industry [12][13]. - The report highlights the competitive landscape in the e-commerce sector, with domestic brands gaining market share against international competitors [26].

Group 1: Service Consumption Policy - The Ministry of Commerce plans to establish a "1+N" policy system to foster new growth points in service consumption, focusing on over 10 specific areas including home services, automotive aftermarket, and inbound consumption [2] - A comprehensive action plan will be developed to enhance service quality and benefit the public, featuring over 60 specific measures aimed at improving service supply in cultural entertainment, tourism, and sports events [2] Group 2: Computing Power Infrastructure - The Ministry of Industry and Information Technology is initiating the construction of national computing power interconnection nodes to enhance overall computing power levels, targeting regions and industries with high demand [2] - The initiative includes the establishment of unified service platforms for regional nodes and market-oriented services for industry nodes, ensuring standardized interconnection and efficient application of computing resources [2] Group 3: Pre-prepared Food Standards - The National Health Commission released a draft standard for pre-prepared dishes, clarifying that these do not include staple foods, ready-to-eat foods, or dishes made in central kitchens [3] - The standard emphasizes minimizing the shelf life of pre-prepared dishes to a maximum of 12 months and prohibits the use of preservatives [3] Group 4: Artificial Intelligence Industry Growth - Guangdong Province anticipates that the core AI industry will reach a scale of 300 billion yuan by 2025, with integrated circuit production expected to increase by 152% compared to 2020 [4] - The province also projects a 39% year-on-year growth in civilian drone production, accounting for over 90% of the national output by 2025 [4] Group 5: Duty-Free Stores in Hainan - Hainan Province will open five duty-free stores for daily consumer goods in three cities, with operations starting on February 11 [5] Group 6: Strategic Partnerships in Autonomous Driving - Xiaoma Zhixing and Moer Thread have formed a strategic partnership to advance L4-level autonomous driving technology, focusing on training and validating models using Moer Thread's computing resources [6] - XPeng's upcoming SUV, the GX, will feature L4-level autonomous driving capabilities and is currently undergoing technical validation [7] Group 7: AI Investments by Major Companies - Amazon plans to invest $200 billion in AI infrastructure this year, raising concerns among investors about profit margins before returns materialize [12] - Nvidia is reportedly not launching any new gaming graphics cards this year due to prioritizing AI chip supply amid storage chip shortages [11] Group 8: New Product Launches - The upcoming iPhone 18 Pro Max is expected to feature a battery capacity exceeding 5000mAh, marking a significant increase from previous models [13] - The handheld gimbal camera "Pocket" by Ying Shi is set to launch in the first half of 2026, featuring a long-focus capability [10] Group 9: Corporate Developments - LG Energy has terminated its joint venture with Stellantis and will acquire the latter's 49% stake in NextStarEnergy [14] - Mu Yuan Co., Ltd. has been listed on the Hong Kong Stock Exchange, raising approximately 10.47 billion HKD [16]

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Core Viewpoint - The service consumption in China is expected to reach 46.1% of per capita consumption expenditure by 2025, indicating a significant shift towards service-oriented spending, particularly during the upcoming Spring Festival holiday [1]. Group 1: Changes in Supply Side - The demand for services is characterized by diversification, personalization, and quality, which drives continuous innovation in supply [1][2]. - New technologies and smart solutions are enhancing service offerings, particularly in areas like cruise economy, inbound tourism, and winter sports consumption, thereby improving consumer experience [1]. Group 2: Focus Areas of Service Consumption - Service consumption has shifted from being product-centric to a balanced focus on both goods and services, with strong demand in essential areas like elderly care, childcare, and domestic services [2]. - Potential growth areas include tourism, wellness, and entertainment, which are expected to see rapid development, especially during the nine-day Spring Festival holiday [2]. Group 3: Key Growth Areas - The nine key service sectors identified in the government's plan are crucial for the growth of service consumption and the overall service economy [3]. - Understanding service consumption is essential, as it fulfills both functional and emotional needs, enhancing consumer satisfaction through experiences like travel and leisure [3][4]. Group 4: Integration with Livelihood - Service sectors such as elderly care, childcare, and domestic services are closely linked to daily life and are foundational to service consumption [5]. - Policies aimed at supporting and regulating these sectors are necessary to expand supply while ensuring quality, which in turn can stimulate enterprise engagement and better meet consumer needs through data-driven insights [5].

在具体举措方面，商务部表示，将牵头制定促进旅行服务出口、扩大入境消费相关政策措施，着力办 好"购在中国"系列活动。同时，深化国际消费中心城市建设，持续推进国际化消费环境建设试点工作。 此外，商务部还将大力发展离境退税，推动更多商店成为退税商店，进一步优化退税服务，提升便利化 水平，吸引境外旅客来华消费，激发入境消费潜力。 （来源：工人日报） 本报讯 （记者时斓娜）近日，《加快培育服务消费新增长点工作方案》公布，对进一步优化和扩大服 务供给、培育服务消费新增长点、促进服务消费提质惠民作出系统部署。近日，国新办举行国务院政策 例行吹风会，介绍有关情况。会上，商务部副部长鄢东表示，入境消费在提振消费方面发挥着重要的作 用，商务部将加强政策设计，优化平台建设，持续打造"购在中国"品牌，不断吸引和扩大入境消费。 据介绍，商务部积极会同相关部门深化国际消费中心城市建设，推进国际化消费环境建设试点，出台优 化离境退税政策，提升支付便利化水平，开展了丰富多彩的促消费活动，不断提升"中国游""中国购"的 吸引力。2025年，全国各口岸出入境外国人8203.5万人次，同比增长26.4%。截至2025年底，全国离境 退税商店近1. ...

证券研究报告 | 2026年02月09日 中国东方教育（00667.HK） 优于大市 模式升级固本培元，职教龙头弄潮服务消费新风口 深耕职教近四十年，多品牌构筑技能培训版图。中国东方教育是国内领先的 职业技能教育集团，旗下布局新东方烹饪、新华电脑、万通汽修等知名品牌。 2019 年在港股上市。公司覆盖烹饪技术、西点西餐、信息及互联网技术、汽 车服务四大成熟专业，并积极布局美业、宠物、康养等新兴专业。 技能培训行业：职教万亿扩容，中职调整寻机。我国职业教育行业处于万亿 扩容黄金期，受政策持续加码与产业需求拉动双轮驱动，2025-2029 年预计 维持 17%复合增速，2029 年市场规模有望突破 2 万亿元。此前中职赛道经历 数年调整，2010-2024 年在高中招生占比从 51%下滑至 34%，但考虑中级技能 人才产业刚需、部分普高适配度较低学生回流，后续普高比有望寻找新平衡。 成熟专业：疫后盈利能力率先修复，收入后提速打开利润增长空间。2024 年以来公司积极调整，关停并转低效校区、推进五省职教产业园建设、升级 课程结构，带动 2025H1 公司经调净利率 19.0%/+5.0pct；预计伴随更多职教 园区 ...

近日，《加快培育服务消费新增长点工作方案》（以下简称《工作方案》）正式发布。2月6日，国新办 举行国务院政策例行吹风会，商务部、交通运输部、广电总局、体育总局等部门介绍《工作方案》有关 情况。 商务部副部长鄢东介绍称，《工作方案》围绕激发重点领域发展活力、培育潜力领域发展动能、加强支 持保障三个方面，提出了相关支持举措。聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后 市场服务、入境消费等重点领域，以及演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从放 宽市场准入、清理不合理限制措施、培育优质品牌和经营主体、优化消费环境等方面，分领域提出具体 创新支持举措。同时，针对各新增长点领域的共性政策需求，提出优化标准化布局、加强企业信用信息 公示、创新开发特色金融产品和服务等支持保障措施。 为探索创新消费场景，刘东表示，将引导支持沿线自驾车营地、租车设施、精品民宿、主题餐饮等消费 新业态，不断创新特色旅游产品，提升综合消费潜力。同时，因地制宜推动高速公路"开放式服务区"建 设，让服务区不仅能满足过往旅客需求，也成为服务区域经济、展示地方风貌、带动周边消费的新增长 点。 "我们还将推动高速公路服务区充电设施 ...