【导读】2026年春节消费市场提"质"增"趣"，服务消费成核心增长引擎 2026年春节假期，一份超预期的成绩单勾勒出消费新图景。必选消费稳步回暖，服务消费全面爆发，文 旅、餐饮、出行服务等赛道热度攀升，消费市场不仅实现了从"量"到"质"的进阶，更涌现出文化打卡、 冰雪体验、AI+消费等多元新玩法。 根据调研数据，多位业内人士表示，2026年春节的消费数据整体上比市场预期更好，呈现出必选消费温 和复苏、服务消费如火如荼的景象。 对于今年春节消费市场的亮点，鹏扬消费主题基金经理曹敏表示，必选消费方面：白酒龙头的动销恢复 增长，速冻、调味品等餐饮链公司的出货明显复苏，餐饮连锁包括火锅龙头和快餐在节日期间的翻台率 为近两年内最佳水平。 出行服务消费方面：在各地区支持服务消费的政策加持下，热门景区（长白山（603099）、三峡、九华 等）的客流增长明显加速，国内航空客流及票价温和增长，尤为超预期的是上市酒店集团的RevPAR （衡量客房收入指标）水平回到个位数增长。 今年春节，不同消费类目表现也有所差异。汇丰晋信消费红利基金基金经理费馨涵分析指出，从大类来 看，服务性消费的表现好于商品消费，这一趋势从2025年四季度到 ...

"科技年货"助力浙江春节消费 智能产品迎选购高峰 中新社杭州2月24日电(蓝伊旎)据浙江省商务厅24日消息，春节期间，"AI+消费"、IP消费等新热点、新 模式在浙江持续升温，重点监测的440家商贸企业销售额同比增长8.2%，示范步行街(商圈)营业额同比 增长11.6%，银联娱乐消费总金额同比增长9.2%。 这个假期，"春晚效应"持续释放，杭州宇树科技凭借节目《武BOT》出圈后，带动"宇树机器人租赁"搜 索量环比增长超3倍；义乌作为中央广播电视总台《2026年春节联欢晚会》分会场颇受关注，分会场的 主舞台全球数贸中心假期日均客流量达6万人次。 与此同时，"科技年货"点燃春节消费热潮。例如，在杭州文三数字生活街区，VR眼镜、全息显示背 包、陪伴机器人等智能产品迎来选购高峰，街区内Rokid智能眼镜销量同比增长5.8倍。 影视IP持续助燃文旅热。电视剧《太平年》热播后，杭州的钱王祠、六和塔、保俶塔等多个景点变 身"必打卡地标"，假期期间钱王祠累计接待游客超10万人次，同比增长45%。杭州还推出主题公交和定 制专线等，吸引众多剧迷体验。 春节期间，浙江银联餐饮消费同比增长10.8%，重点餐饮企业年夜饭预订量同比增长 ...

◎记者 陈芳 曾庆怡 从年味儿十足的文旅市场，到新意涌动的商品消费；从冰雪游的热"雪"沸腾，到避寒游的温暖如春；从 各大博物馆的一票难求，到重点商圈的人流如织……长达9天的"加长版"2026年春节假期，消费市场"马 力十足"，暖意融融。 文旅市场年味浓 "这是我第一次看自贡灯会。没想到灯组造型这么丰富绚丽，让人感受到浓浓年味儿。我和家人全程游 玩了两个多小时，目不暇接。其中令我印象最深刻的是介绍花木兰故事的灯组，展现了花木兰的飒爽英 姿，第一眼看到时便被惊艳到了！"在四川探亲的中学生小袁在流光溢彩、热闹非凡的自贡灯会现场对 上海证券报记者表示。 今年春节假期，各地围绕年俗、演艺、国潮开展了各具特色的文旅活动，冰雪游、避寒游、探亲游、亲 子游、长途游、非遗游等多种业态尽现活力，庙会、灯会、创意潮玩市集等充满年味，吸引了大批游 客。 美团旅行数据显示，亲子票预订量同比增长76%；长途游受到青睐，选择300公里以上长途目的地的比 例提升70%，云南、新疆、海南的异地客源大幅增长；"夜游""非遗"搜索量同比分别增长21%、34%。 另据去哪儿旅行大数据，江苏无锡拈花湾、山东枣庄台儿庄古城通过对非遗技艺的实景还原，吸引 ...

2月11日，国务院新闻办公室举行新闻发布会介绍2026"乐购新春"春节特别活动、保障春节市场供应有关情况，并 答记者问。 商务部副部长盛秋平介绍，"十四五"时期是我国经济社会发展取得重大成就的五年，也是消费跨越式发展的五 年。我国社会消费品零售总额先后迈上40万亿、50万亿两个台阶，消费连续五年成为经济发展的第一拉动力。 消费结构优化升级。消费品以旧换新带动绿色智能产品加快普及。去年新能源乘用车市场的渗透率达到53.9%， 比2020年提升了48.2个百分点。服务消费的潜力不断释放。去年，居民人均服务性消费支出占到了居民消费支出 比重达到46.1%，比2020年提高了3.5个百分点。创新活力持续迸发。商旅文体健加快融合，各类体验式、沉浸 式、互动式消费场景不断涌现，首发经济、数字消费、AI+消费、IP+消费、国潮消费活力十足。古韵国风成为年 轻人眼中的"顶流审美"。去年网络零售额近16万亿元，连续13年位居全球第一。 城乡消费协调发展。"十四五"时期，乡村消费品零售额年均增长5.4%，增速比城镇快0.3个百分点。2025年农村网 络零售额首次突破3万亿元，比上年增长6.7%，农产品网络零售销售额增长9.9%。 ...

来源：环球网 近日，由国家市场监督管理总局发展研究中心指导、值得买科技主办的2025"值"通未来高校AI应用大赛 正式落幕。来自南开大学、中央财经大学、北京工商大学的多支学生团队围绕五大"AI+消费"课题展开 创新，最终22组作品分别获得一二三等奖。第二届高校AI大赛预计将于今年6月启动。 值得买科技集团副总裁王莹表示，比赛过程中最令人惊喜的是看到学生应用AI工具时展现出的想象 力、跨界融合能力与主动性，"年轻一代正在用'人智共生'的方式探索消费场景的未来可能"。国家市场 监督管理总局发展研究中心席倩倩认为，本次大赛体现了政产学研协同创新的价值，学生将前沿AI技 术与商科理论结合，为数字时代的平台治理与消费研究贡献青年智慧。南开大学商学院教授任星耀则表 示，来自一线的真实课题与赛事组织机制，既帮助学生更好地理解了"学以致用"，也促使他们在实践中 持续探索并形成新知识。 值得买科技表示，面向消费领域用户行为复杂、商品信息多变的行业特征，能够把AI能力转化为场景 价值的复合型人才正成为市场刚需。未来，值得买科技将继续以真实消费场景为牵引，深化与各领域伙 伴的协同共创，探索"以场景育人才、以实践促创新"的可复制路径 ...

证 券 研 究 报 告 泡泡玛特"星星人"新款热销，关注潮 玩消费与 AI+消费 ——新消费行业周报（20260126-0201） 行业数据： 社会消费品零售总额首破 50 万亿元，规模居全球零售市场前列。结 构持续优化，新的消费热点不断涌现，26 年服务消费与乡村市场有望 是核心引擎。国家统计局公布数据，2025 年社会消费品零售总额 50.12 万亿元，比上年增长 3.7%（比 2024 年加快 0.2 个百分点）。其 中，除汽车以外的消费品零售额 45.14 万亿元，增长 4.4%。全国网上 零售额 15.97 万亿元，比上年增长 8.6%；服务零售额比上年增长 5.5%；最终消费支出对经济增长的贡献率为 52.0%（比上年的贡献率 提高了 5 个百分点）。12 月份，社会消费品零售总额 4.51 万亿元，同 比增长 0.9%。其中，除汽车以外的消费品零售额 3.97 万亿元，增长 1.7%。 ——2026 年 01 月 08 日 服务消费活力释放。从居民消费看，2025 年服务性消费支出占居民人 均消费支出的比重是 46.1%。各地也在持续创新消费场景，优化消费 环境，文化、旅游、娱乐、赛事等细分领域 ...

Core Insights - The AI competition among Tencent, Alibaba, and ByteDance has intensified ahead of the Spring Festival, transforming the holiday into a battleground for AI applications and user engagement [1][14] - Unlike previous subsidy wars in the internet sector, this AI Spring Festival battle showcases distinct strategies from each company, focusing on ecosystem collaboration and the practical application of AI [1][14] Group 1: Company Strategies - Alibaba's Qianwen app launched a "30 billion yuan free tea" campaign, achieving over 2 million orders within 4 hours, leading to a surge in app downloads and a temporary crash of the app [1][2] - Tencent's Yuanbao faced challenges as its sharing links were restricted on WeChat, raising questions about internal collaboration and leading to a nearly 10% drop in stock price over five trading days [4][8] - ByteDance's Doubao is preparing for a major push during the Spring Festival, leveraging its unique features like voice and video chat, which are not easily replicated by competitors [11][13] Group 2: Market Impact - The competition is not just between the three companies but also poses a threat to traditional players like Meituan and Baidu, potentially reshaping the internet landscape [1][14] - Qianwen's focus on local life services directly challenges Meituan's core business, while Baidu's reliance on traditional search is increasingly vulnerable to the shift towards AI-driven interactions [14][16] - The AI Spring Festival battle is expected to lead to a significant reshuffling of the mobile internet order, with the potential for a "three-win" scenario among the competitors [1][11] Group 3: User Engagement and Experience - Qianwen's strategy aims to cultivate user habits around AI ordering, contrasting with Yuanbao's more straightforward approach, which has seen diminishing user engagement [10][11] - The rapid influx of users during promotional events raises concerns about user experience, highlighting the need for robust technical infrastructure to handle increased traffic [10][11] - The long-term success of these AI applications will depend on their ability to maintain user interest beyond promotional events, as the initial excitement may fade [17]

Investment Rating - The industry investment rating is "Hold" [9] Core Insights - The total retail sales of social consumer goods in 2025 surpassed 50 trillion yuan, with a growth rate of 3.7% compared to the previous year. Online retail sales reached 15.97 trillion yuan, growing by 8.6%, while service retail sales increased by 5.5%. The contribution rate of final consumption expenditure to economic growth was 52.0%, an increase of 5 percentage points from the previous year [3][9] - The 2026 CES showcased a strong embrace of AI technology, focusing on practical applications. Major chip companies like NVIDIA, AMD, and Intel are shifting their attention to physical AI and edge AI, indicating a significant trend in AI hardware development [12][9] - The popularity of collectible toys is rising, with products from Pop Mart, such as the PUCKY series, gaining significant attention and selling out quickly. This trend suggests a potential new focus in the collectible toy market [14][15] Summary by Sections Macro Consumption - In 2025, the retail sales of social consumer goods reached 50.12 trillion yuan, with online retail and service retail sales growing by 8.6% and 5.5%, respectively. The contribution of final consumption to economic growth was 52.0% [3][9] - Service consumption is becoming more vibrant, with a projected 46.1% of per capita consumption expenditure dedicated to service-related spending in 2025. Various sectors like tourism, entertainment, and sports are expected to see double-digit growth [3][11] AI + Consumption - The CES 2026 highlighted the integration of AI in consumer products, with a focus on AI hardware that is becoming more mature and applicable. The emergence of AI glasses and other smart devices indicates a shift towards consumer-grade AI products [12][9] - Companies such as Luxshare Precision, GoerTek, and KANAT Optical are recommended for investment in the AI hardware sector [16] Collectible Toys - Pop Mart's new product lines, including the "Starry Person" series, have quickly sold out, indicating a strong market interest. The resale prices of these products have seen significant increases, suggesting a robust demand in the collectible toy market [15][16]

对投资者来说，这波"AI送奶茶"带来的行情更像是一个情绪与主题共振的窗口：春节旺季、大厂补贴、 AI叙事叠加消费板块估值修复，短期容易放大股价弹性。中期维度，板块大概率会持续分化——效率 高、模型稳、能持续开高质量门店的公司，更有希望享受估值溢价。 与往年互联网巨头聚焦支付红包不同，2026年春节"AI+消费"成为巨头角力新焦点。阿里此次投入30亿 元资源，以"免单+生态联动"模式切入高频茶饮场景，用户不仅可兑换奶茶，还能用于淘宝年货采购、 外卖点餐等场景，形成消费闭环。此举旨在降低AI使用门槛，通过高频刚需场景培养用户习惯，为后 续商业化铺路。 拉长一点看，新茶饮赛道正在从"开店竞赛"走向"效率和结构竞争"。门店数仍是硬指标，但资本市场更 看重单店盈利、供应链掌控力、品牌心智和出海节奏。蜜雪冰城的全球采购网络和下沉市场密度，古茗 的区域加密与高频复购，茶百道的产品迭代与下线市场拓展，奈雪的茶的直营与空间体验，各有路径。 早盘，港股茶饮板块集体走强，古茗集团（01364.HK）盘中涨幅超5%，股价创上市以来新高，沪上阿 姨（02589.HK）、蜜雪集团（02097.HK）等跟涨。 这一行情的直接催化剂，源于阿 ...

Group 1 - The core viewpoint emphasizes the importance of consumption as a key driver for expanding domestic demand and building a strong domestic market, with various local governments implementing measures to enhance consumption capabilities and optimize supply [2] - Traditional consumption quality enhancement and the cultivation of emerging consumption are progressing simultaneously, supported by advancements in digital technology that enrich consumption supply [2] - Operators leverage their digital advantages and robust infrastructure to actively engage in the entire consumption chain, enhancing basic consumption quality and creating new digital consumption scenarios [2] Group 2 - The upgrade of basic consumption is crucial for market stability, with digitalization and intelligence being core paths for traditional industries' transformation [3] - Operators utilize technologies like 3D modeling and big data analysis to assist traditional manufacturers in offering personalized services, thus meeting diverse consumer demands [3] - The shift from standardized to personalized products enhances production efficiency and resource utilization, catering to consumers' desire for unique products [3] Group 3 - The application of humanoid robots in traditional service models represents a significant breakthrough, improving service efficiency and customer satisfaction [4] - Operators are injecting "digital intelligence" into traditional industries, promoting their transformation towards smart, customized, and service-oriented models [4] Group 4 - New technologies, particularly AI, are rapidly reshaping consumption scenarios and fostering a new "AI + consumption" ecosystem [5] - Operators are focusing on family digital consumption needs, launching diverse AI products to enhance the digital experience at home [5] - Initiatives like the "AI+" action plan and AI smart screens are designed to provide personalized and convenient services for families [5] Group 5 - The silver economy is a new growth point, with operators developing AI products tailored for the elderly to bridge the digital divide [6] - Customized services for seniors, such as AI phones and smart monitoring products, are being introduced to enhance their digital consumption experience [6] Group 6 - Operators are optimizing digital consumption service processes through AI technology, significantly improving service efficiency [7] - Innovations like AI customer assistants and smart service agents are enhancing customer service quality and enriching the digital consumption supply [7] Group 7 - Service consumption is rapidly expanding, driven by rising income levels and changing consumer attitudes, with a focus on sectors like education, culture, and health [8] - Operators are utilizing advanced technologies to ensure robust communication support for high-traffic events, enhancing user experience [8] Group 8 - In the cultural and tourism sectors, operators are employing technologies like 5G, AI, and VR/AR to develop smart applications that enrich visitor experiences [9] - Continuous advancements in digital technology and operator engagement are expected to drive new developments in China's consumption market, contributing to a sustainable economic growth model [9]