Market Overview - On September 19, the A-share market experienced a volatile adjustment, with all three major indices declining. Over 3,400 stocks fell while more than 1,900 stocks rose, indicating a prominent structural market trend with significant rotation [1][2] - The market's trading volume was 2.35 trillion yuan, marking the 28th consecutive trading day with volumes exceeding 2 trillion yuan, reflecting active trading [2] Index Performance - The Shanghai Composite Index fell by 1.30% this week, while the Shenzhen Component and ChiNext indices rose by 1.14% and 2.34%, respectively. The coal, electric equipment, and electronics sectors led the gains [1][3] - On September 19, the Shanghai Composite Index, Shenzhen Component, ChiNext Index, and other indices showed slight declines, with the Shanghai 50 Index down by 0.11% and the CSI 300 Index up by 0.08% [1][2] Sector Performance - The coal sector saw significant gains, with Huayang Co. rising over 7%, and other companies like Lu'an Environmental Energy and Jinkong Coal also increasing by over 5% [3] - In the non-ferrous metals sector, Ganfeng Lithium hit the daily limit, with its Hong Kong stock rising over 9%. The company is actively developing solid-state batteries for electric vehicles and drones [3] - The AI computing and robotics sectors, which previously led the market, experienced a pullback, indicating a normal rotation of profit-taking [3][6] Fund Flow Analysis - On September 19, the net outflow of main funds from the Shanghai and Shenzhen markets was 685.51 billion yuan, with 1,700 stocks experiencing net inflows and 3,448 stocks seeing net outflows [4][5] - The cautious sentiment among main funds continued, with net outflows recorded for five consecutive trading days, totaling over 3.8 billion yuan on September 15-18 [5] Investment Strategy - Analysts suggest that the A-share market is likely to continue its upward trend, although short-term volatility should be monitored. The changing market volume is a crucial observation signal [6] - Investment recommendations include focusing on technology sectors (AI, semiconductors) for aggressive strategies, while defensive strategies should consider pharmaceuticals and new consumption sectors [6]

Core Viewpoint - The Chinese government is intensifying efforts to promote service consumption as a key driver for economic growth, with new policies aimed at expanding service consumption and addressing existing barriers [2][4][6]. Group 1: Policy Measures - On September 16, nine government departments released a document outlining 19 tasks to enhance service consumption, focusing on platform development, high-quality service supply, and financial support [2][4]. - The Ministry of Commerce plans to select around 50 pilot cities to innovate and integrate regional consumption resources, promoting a model of "one innovation, multiple linkages" [2][4]. Group 2: Economic Context - Recent macroeconomic data indicates a need for renewed focus on consumption, as growth rates in various sectors, including retail and investment, have shown signs of decline [6][7]. - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4%, reflecting a slowdown compared to previous months [6][7]. Group 3: Service Consumption Trends - Service consumption is expected to become the dominant form of consumption, with significant growth potential in areas such as entertainment, travel, and healthcare [2][5]. - The proportion of service consumption in total consumer spending is projected to rise from 46.1% in 2024 to over 50% by 2030 [5]. Group 4: Challenges and Opportunities - The effectiveness of "two new" subsidy policies is diminishing, impacting consumer demand for certain goods, particularly in the appliance and automotive sectors [7][8]. - Despite challenges, there remains a structural opportunity for service consumption growth, driven by factors such as digital economy advancements and urbanization [5][8].

海昌海洋公园 分时图 日K线 周K线 月K线 0.84 0.09 12.00% 16.00% 10.67% 5.33% 0.00% 5.33% 10.67% 16.00% 0.63 0.67 0.71 0.75 0.79 0.83 0.87 09:30 10:30 12:00/13:00 14:00 16:10 0 1335万 2669万 4004万 海昌海洋公园(02255)涨近15%，截至发稿，涨13.33%，报0.85港元，成交额3.77亿港元。 消息面上，近日商务部等9部门发布《关于扩大服务消费的若干政策措施》，更大力度提振消费、扩大 内需。政策加码助力服务消费潜力释放，对标海外我国服务消费占比有较大提升潜力。方正证券提出关 注其中的场景消费机会，并在出行链服务场景中建议关注人工景区中的海昌海洋公园。 另外，即将到来的国庆中秋"超级黄金周"有利于提振出行链景气度。国信证券指出，国庆中秋双连有望 带动暑期因天气扰动未充分释放的出游需求，结合超长假期拼假方案预计对长线游有望形成带动。 ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [30]. Core Views - The upcoming National Day and Mid-Autumn Festival are expected to significantly boost domestic travel demand, with long-distance travel bookings showing remarkable growth. Data indicates a 28% increase in average daily domestic flight bookings compared to the previous year, and a 16% increase for international routes [20][30]. - The consumer services industry index rose by 2.82% from September 5 to September 18, 2025, although it underperformed the CSI 300 index by approximately 0.22 percentage points during the same period [7][30]. - The report highlights that the tourism and hotel sectors continue to gain momentum, supported by favorable policies and increasing consumer confidence in travel [30]. Summary by Sections Market Review - The consumer services industry index increased by 2.82%, ranking fifteenth among all CITIC first-level industry indices, and lagging behind the CSI 300 index by about 0.22 percentage points [7]. - The sub-sectors of the consumer services industry showed mixed performance, with tourism and hotel sectors continuing their upward trend, while the comprehensive services sector slightly declined [8]. Key Industry News - Data from aviation travel platforms shows a significant increase in flight bookings for the upcoming holidays, with domestic flight bookings exceeding 5.93 million and international bookings over 1.4 million [20]. - A joint policy initiative from nine government departments aims to expand service consumption, proposing 19 specific measures to enhance service quality and stimulate demand [21]. - A strategic partnership between JD.com and Jinjiang Hotels was established to innovate dining and hospitality services, integrating AI-driven solutions [22]. Company Announcements - Notable companies in the consumer services sector include Yunnan Tourism, Xiyu Tourism, and Jinjiang Hotels, which have shown significant stock price increases during the reporting period [12]. - Jinjiang Hotels and other companies are positioned to benefit from the anticipated rise in travel demand during the holiday season [30][31].

Group 1 - The tourism and hotel sector in the A-share market has seen significant growth, with the sector index rising by 4.66% this week and achieving nine consecutive weeks of gains [1] - The large-scale ETF, the Fortune CSI Tourism ETF (159766), increased by 3.83% this week, marking its seventh consecutive week of growth and reaching an eight-week high [1] - Individual stocks such as Yunnan Tourism surged with a weekly increase of 36.87%, while other companies like Xiyu Tourism and Qujiang Cultural Tourism also saw substantial gains [1] Group 2 - The upcoming Mid-Autumn Festival and National Day holidays are expected to drive high demand in the tourism market, supported by policy measures, capacity assurance, and upgraded consumer demand [2] - The National Day holiday is projected to see a year-on-year increase of 7.0% and 8.3% in domestic tourism revenue per capita [2] - The recovery of consumer confidence and ongoing policies to boost domestic demand are anticipated to sustain the tourism industry's recovery [2] Group 3 - Recent policy measures aimed at expanding service consumption are contributing to the upward trend in the tourism and hotel sector [3] - The Ministry of Commerce and other departments have introduced 19 initiatives to stimulate service consumption, which are expected to create new growth opportunities in sectors like education, healthcare, culture, and tourism [3] - Leading companies in the domestic tourism industry reported robust growth in their mid-year financial results, with Ctrip's revenue increasing by 16.21% and net profit by 12.01%, while Tongcheng Travel's revenue rose by 11.53% and net profit by 57.86% [3]

Group 1: Policy Measures and Economic Impact - The Chinese government has introduced 19 measures to stimulate service consumption, aiming to expand domestic demand and enhance economic growth [1][4] - The measures focus on various sectors including culture, sports, education, and healthcare, indicating a comprehensive approach to boost service consumption [4][5] - Analysts believe that these policies will enhance investor confidence in the consumer market and positively impact the A-share market [5][6] Group 2: Service Consumption Growth - In the first eight months of this year, the total retail sales of consumer goods in China grew by 4.6%, while service retail sales increased by 5.1%, indicating a robust growth in service consumption [1] - The People's Bank of China projects that the share of service consumption in per capita household expenditure will reach approximately 46.1% by 2024, suggesting significant growth potential [2] Group 3: Sector-Specific Opportunities - The policy measures emphasize the development of high-quality service supply, including support for the film and animation sectors, and extending operating hours for popular cultural venues [5][6] - The sports industry is highlighted as a key area for growth, with encouragement for hosting international sports events and promoting grassroots sports [7][8] - The aging population presents opportunities in the elder care sector, with a focus on establishing long-term care insurance and improving service quality [9]

每经记者｜王砚丹 每经编辑｜何小桃 赵云 9月19日，A股三大指数集体下跌，截至收盘，上证指数跌0.3%，深证成指跌0.04%，创业板指跌0.16%。沪深京三市全天成交额23494亿元，较上日缩量 8172亿元。全市场超3400只个股下跌。 东莞证券指出，2025年上半年，国内外出游需求保持火热，但旅游消费更加理性，行业竞争仍较激烈。考虑到去年"924"以来国内宏观经济环境改善，政 策重心转向促消费，预计下半年国内旅游出行仍有释放空间。从业绩弹性和长期景气度来看，建议关注需求稳定有增长的部分自然景区如祥源文旅 (600576)、三特索道(002159)、长白山(603099)等；业绩稳定低估值的酒店龙头，如锦江酒店(600754)、首旅酒店（600258）等。 此外，值得一提的是，文旅酒店板块并非与科技板块是此消彼长的关系，实际上，文旅酒店正在努力拥抱科技变革，以实现服务效率提升并提高消费者满 意度。 板块题材上，能源金属、光刻机、教育、旅游及酒店、煤炭、工程机械板块涨幅居前；人形机器人、造纸、创新药、多元金融、液冷服务器板块跌幅居 前。 值得注意的是，2025年的国庆节与中秋节再度"相逢"，形成长达8天的超 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Ocean Park (02255), which rose nearly 15% and was trading at 0.85 HKD with a transaction volume of 377 million HKD [1] - The recent announcement by the Ministry of Commerce and nine other departments regarding policies to expand service consumption aims to boost consumer spending and domestic demand, indicating a potential increase in service consumption in China [1] - According to Founder Securities, there is a focus on scenario consumption opportunities, particularly in the travel chain service sector, with a recommendation to pay attention to artificial scenic spots like Ocean Park [1] Group 2 - The upcoming "super golden week" during the National Day and Mid-Autumn Festival is expected to enhance travel chain activity, as it may stimulate travel demand that was not fully realized during the summer due to weather disruptions [1] - Guosen Securities suggests that the double holiday is likely to drive long-term travel demand, supported by extended holiday plans [1]

9月16日，商务部、国家发改委等九部门联合印发《关于扩大服务消费的若干政策措施》（下称《措 施》）。 《措施》中提出5方面19条具体任务，包括中小学探索设置春秋假、挖掘传统文化IP市场价值、鼓励举 办和引进国内外体育赛事等，旨在丰富高品质服务供给，持续扩大服务消费。 何为服务消费？这是相对于实物商品消费的概念，比如车子与房子是有形的实物消费，而汽车保养、物 业服务、保险等就是无形的服务消费；在教育、医疗、文化娱乐等领域，旅游观光、幼儿托育、养老护 理都是标准的服务消费。 以《措施》中提出的中小学探索设置春秋假来看，就是希望增加学生的闲暇时间，用来进行文娱活动、 旅游出行，以带动整个家庭的服务消费。 该《措施》出台的大背景是，服务消费正在成为扩大内需消费的主要抓手。当前中国消费市场呈现出鲜 明的结构性特征：一方面，以吃穿为主的生存型消费趋于稳定；另一方面，教育、医疗、文化娱乐等服 务性消费快速增长，服务零售额的增速持续超越商品零售额。 时间和收入一样，是居民进行消费的必要条件。尤其是服务消费，具有典型的"耗时性"特征，假期闲暇 时间的多寡直接影响居民的消费决策和行为。 决策层充分认识到休息休假制度对提振消费的重 ...

Core Viewpoint - Hong Kong Travel (00308) has seen a stock price increase of over 5%, currently trading at 1.83 HKD with a transaction volume of 219 million HKD, driven by positive market sentiment regarding upcoming holiday travel demand and government policies aimed at boosting service consumption [1] Group 1: Government Policies and Market Outlook - The Ministry of Commerce and other departments released policies on September 16 to expand service consumption, including exploring the establishment of spring and autumn breaks for primary and secondary schools, and encouraging supply-side product optimization [1] - Current booking data for the upcoming Mid-Autumn Festival and National Day holidays shows promising performance, indicating a potential increase in leisure travel demand [1] Group 2: Company Developments - Guo Zheng International recently published a report highlighting Hong Kong Travel's strategic investments in the ice and snow economy, including the acquisition of a 75% stake in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd., which are expected to contribute additional revenue and profit starting in November [1] - The extended 8-day holiday period combining National Day and Mid-Autumn Festival is anticipated to lead to rapid growth in the tourism market, further driving business growth for the company [1]