Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

Overall Market Outlook - The tourism market is experiencing a significant boom during the extended Spring Festival holiday, which lasts for 9 days, benefiting from favorable weather conditions and travel patterns [1][8] - The demand for travel is expected to exceed expectations, driven by service consumption policies and the trend of multi-destination travel [1][8] Travel Trends - The extended holiday has reshaped travel structures, leading to a rise in multi-segment trips, with users averaging 5.9 days of travel, an increase of 1.1 days year-on-year [2] - There is a notable increase in travelers visiting multiple destinations, with a 19 percentage point rise in the proportion of tourists visiting two destinations [2] - The flow of travelers is shifting, with a significant increase in "reverse urbanization" as older generations travel to cities [2] Hotel Performance - Hotel occupancy rates (Occ) averaged 50.0% during the first seven days of the holiday, up 3.1 percentage points year-on-year, with an average daily rate (ADR) of 300.4 yuan, an increase of 11.0% [3] - The average revenue per available room (RevPAR) reached 150.4 yuan, reflecting an 18.6% year-on-year growth, significantly surpassing pre-holiday expectations [3] Duty-Free Sales - Duty-free sales in Hainan have seen substantial growth, with sales reaching 13.8 billion yuan and 17.7 million visitors during the first five days of the holiday, marking increases of 19% and 24.6% respectively [5] - Sanya's duty-free sales exceeded 2 billion yuan on the first day of the Lunar New Year, maintaining above 2 billion yuan for several consecutive days, with year-on-year growth rates ranging from 18.2% to 36.7% [5] Scenic Spots - Tourist traffic at scenic spots has been robust, leading to several locations issuing crowd control notices [6] - Notable increases in visitor numbers have been reported at various attractions, with some locations experiencing double-digit growth year-on-year [6] Gaming Industry - Macau's visitor numbers during the holiday period showed a 7.9% increase year-on-year, with mainland visitors up 9.7%, indicating a strong recovery [7] - The gaming revenue growth rate for February is projected to be around 5%, supported by the holiday's long tail effect [7] Investment Strategy - The service industry is expected to benefit from supportive policies, with a focus on leisure travel and consumption [8] - Recommended investment themes include high-quality leisure travel stocks, stable and growth-oriented companies in the cyclical leisure sector, and companies with high demand elasticity in the recovering market [8]

证券研究报告 | 2026年02月16日 2026年02月17日 社会服务行业双周报（第 124 期） 优于大市 酒店 REITs 落地获进展，首都机场 T2、T3 免税店焕新开业 板块复盘：消费者服务板块报告期内上涨 0.68%，跑赢大盘 1.65pct。报告 期内（2026 年 2 月 2 日-2026 年 2 月 14 日），国信社服板块涨幅居前的股 票为百胜中国（12.34%）、新濠国际发展（11.35%）、三特索道（10.23%）、 华住集团-S（8.99%）、中国东方教育（8.96%）、美高梅中国、金沙中国有 限公司、华天酒店、银河娱乐、东方甄选。 行业与公司动态：锦江酒店与华住集团商业不动产REITs相继获交易所受理， 商业不动产 REITs 有望盘活酒店资产；亚朵 4.0 发布全新品牌"亚朵见野"。 免税业态方面，北京首都国际机场完成重要商业升级，由中免与王府井运营 的全新免税店同步开业。出行与旅游市场在史上最长春节假期前夕热度高 涨，民俗文化目的地与免签国家成为搜索热点，本轮假期期间，港股于 2 月 16 日（星期一）除夕上午开市半天，下午休市。2 月 17 日（星期二）至 2 月 19 日 ...

Macro - The consumption sentiment during the 2026 Spring Festival has improved, significantly driven by the long holiday and supportive consumption policies from nine ministries, which include financial subsidies [3][6] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025, marking a high growth rate compared to previous long holidays [3][6] - The first three days of the holiday saw a 10.6% increase in average daily sales for key retail and catering enterprises compared to the same period last year [3] Tourism and Hospitality - The Spring Festival holiday has led to a significant increase in travel, with a total of 5.08 billion people traveling across regions during the first 20 days of the Spring Festival, a year-on-year increase of 5.5% [4] - The average travel days for users on Tuniu during the Spring Festival reached 5.9 days, an increase of 1.1 days compared to last year [4] - The relaxation of visa policies has contributed to a rapid growth in inbound tourism, with a predicted daily average of over 2.05 million people entering and exiting the country during the holiday, a 14.1% increase year-on-year [5] Retail and Consumer Goods - The retail and catering sectors have shown strong performance, with a notable increase in sales of smart wearable devices, which saw a 20% increase in sales during the first three days of the holiday [33] - The demand for traditional cultural IP and duty-free sales has also performed well, with duty-free sales in Hainan reaching 970 million yuan during the first four days of the holiday, a 15.8% increase year-on-year [34] - The consumption of intelligent products has surged, with sales of smart cleaning appliances like window-cleaning robots and vacuum robots increasing by 209% and 59% respectively [34] Market Strategy - The market is expected to remain stable post-holiday, with growth sectors such as AI and humanoid robots likely to become highlights [19] - Companies are advised to focus on sectors experiencing growth, such as AI technology, consumer electronics, and innovative pharmaceuticals, as well as traditional sectors that may benefit from policy support [20] - The overall economic environment remains supportive of consumption, with various measures in place to stimulate demand during the holiday period [6][19]

中信证券研报指出，"史上最长春节"叠加天气条件适宜，春节假期旅游市场火热，超长假期催生出"先 返乡、后出游"或多地游的多段式旅行。其中酒店RevPAR增长超预期，离岛免税景气度高，多地景区发 布限流公告。展望全年，服务业消费是政策积极助推方向，旅游出行作为服务消费的重要场景，我们看 好其需求端超预期增长，重视行业配置机会。 ...

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]

Group 1 - The investment activities are shifting from being solely AI-driven to a broader spectrum of real sectors, indicating a recovery in global manufacturing cycles supported by a smoother path for U.S. interest rate cuts [1][4] - The revaluation of Chinese assets is expected as capital flows back, promoting internal consumption and inflation cycles [1][4] - The report suggests specific asset allocation strategies, including physical assets like copper, aluminum, and oil, as well as sectors with global comparative advantages such as Chinese equipment exports and domestic manufacturing [1][4] Group 2 - The U.S. GDP growth for Q4 2025 was below expectations, primarily due to government spending disruptions, but investment in AI and non-AI sectors is showing signs of recovery [2] - The manufacturing PMI data indicates a global manufacturing recovery, with Europe exceeding expectations and the U.S. maintaining expansion, suggesting a positive outlook for the manufacturing sector [2] - The recent U.S. Supreme Court ruling on tariffs may ease domestic inflation pressures and support global export recovery, shifting the burden of inflation control from the Federal Reserve to other sectors [2] Group 3 - Commodity prices, particularly for industrial and precious metals, are experiencing high volatility, but there is a shift towards real industrial pricing rather than financial speculation [3] - The geopolitical risks and supply disruptions are expected to maintain a premium on industrial metals, while demand from tech giants for AI investments remains strong [3] - The focus on inflation control is shifting from the Federal Reserve to government actions, which may benefit commodities like gold as a hedge against economic uncertainty [3] Group 4 - The core of market style rebalancing is not about the existence of an AI bubble but rather the macroeconomic impacts of AI combined with monetary policy and major country policy choices [4] - The report emphasizes the importance of physical asset revaluation based on low inventory and stable demand, highlighting sectors such as oil, rare earths, and various manufacturing industries [4] - The report identifies opportunities in sectors benefiting from capital market expansion and a bottoming out of long-term asset returns, particularly in non-bank financials [4]

Group 1 - The core viewpoint of the article highlights a significant increase in tourism and hotel bookings in Liaoning province during the Spring Festival, particularly in Shenyang, driven by both local and out-of-town visitors seeking traditional holiday experiences [1] Group 2 - The report from Tongcheng Travel indicates that the order volume for scenic spots in Liaoning surged by over 280% compared to last year, with Shenyang's orders doubling [1] - Popular attractions include the Qipanshan Ice and Snow World and the Shenyang Imperial Palace, which have seen a notable influx of visitors, including families and students from other regions [1] - Hotel bookings in the province have also seen a dramatic rise, with Shenyang and Dalian experiencing nearly a 100% increase, while Dandong's bookings rose by over 150% and Jinzhou's by more than 130% [1]

（来源：沈阳晚报） 转自：沈阳晚报 "以前带孩子来就是走一圈、看一眼，这次在沈阳博物馆参加'暮夜藏年·沈博寻踪'活动，孩子拿着探秘 卡找线索、集印章，玩得不亦乐乎，还记住了不少知识。"来自鞍山的刘女士说。春节期间，沈阳故 宫、张学良旧居陈列馆、沈阳博物馆等重点文博场馆开启延时服务，推出夜游项目，吸引了大量游客。 这个春节，沉浸式剧本游、亲子互动等活动，让"博物馆里过大年"成为新时尚。 "非遗"搜索量激增 高端酒店受热捧 春节期间，沈阳酒店、民宿预订量同比增长52%，五星级及豪华酒店预订量同比增幅高达78%，显示出 高品质住宿需求旺盛。外地游客主要来自北京、大连、哈尔滨、长春、唐山、天津、鞍山、上海、秦皇 岛、营口等地，沈阳作为东北重要旅游目的地的吸引力持续增强。 "今年春节明显感觉房间更紧俏了，腊月二十八到正月初五基本满房。"和平区一家四星级酒店前台经理 告诉记者，"预订高峰从春节前两周就开始了，很多客人选择'机票+酒店'的自由行产品，会提前把酒店 和景区门票一起下单。"来自北京的游客周女士一家三口选择了沈阳一家五星级酒店，"孩子想玩冰雪， 我们想看故宫和张学良旧居，就干脆订了套餐。酒店离地铁站很近，去哪都方 ...

◎记者 武斌 家家户户挂起花灯，城市街角点缀灯饰，各大景区内灯火璀璨……步入春节假期的山西，犹如穿行一场 沉浸式的古城灯会，不仅让夜间消费"火"了起来，也让跨越千年的历史文化在烟火气中"活"了过来。 走进拥有1800多年历史的忻州古城，一场融合了历史底蕴与生肖文化的新春光影盛宴正在上演。这场自 2月4日开启的"马年城墙灯展"，在春节期间吸引了数十万人观展。 "灯展是古城新春文旅的重头戏，主打一步一景、灯随步移的观展新体验。"忻州古城融媒体中心负责人 段彬告诉上海证券报记者，今年的古城灯展在深挖地域文化的基础上，将生肖"马"文化的精神内核与古 城历史底蕴相融合，以光影叙事再现忻州古城"晋北锁钥"的历史风骨。 灯影斑驳的古城墙下，同步开启的"新春非遗大集"在夜里依旧人声鼎沸。糖人、面塑、剪纸……手艺人 们指尖生花；打铁花、凤秧歌、飞火流星……传统民俗表演引得阵阵喝彩。浓郁的年味儿不仅留住了游 客，也让非遗技艺从展台走进了日常。 "吹！再吹！"古城的一角，李军正指导小朋友体验吹糖人，引得不少游客围观。"5年前古城开门迎客， 我就在这里摆起了摊。"作为这项老手艺的非遗传承人，如今的李军不再以赶会为生，而是随着忻州古 ...