政策首先着力支持企业稳定生产经营，鼓励订单充足的企业春节期间连续生产、节后早复工复产， 对安排非苏州籍员工留在本地过节的企业给予每人500元慰问补贴，并策划"留港过大年"系列活动，送 上城市关怀；对一季度首次申报月度入库的新投产工业企业，给予最高60万元奖励；积极支持外贸企业 开拓市场，为商务人士出境处理紧急事务提供办证便利。 张家港注重对特定群体的节日关怀。将向职工赠送新春礼包，发放各类优惠券，并举办丰富文体活 动。针对新就业形态劳动者，将开展"凝新暖冬"行动，提供健康体检、暖心礼包、充电就餐优惠等实打 实的关爱。对各类困难群体、优抚对象及临时遇困人员，将开展慰问并落实多层次帮扶。此外，遍布港 城的"工会驿站"将继续为户外劳动者提供休憩便利。 为充分释放假日消费活力，张家港将围绕"'家'有好年"品牌IP，发放总值1000万元的文体旅消费 券，涵盖餐饮、观影、健身等多领域。一系列年味十足的文旅活动将登场，包括年货大集、主题旅游线 路、香山赏梅季、沙洲优黄春节嘉年华等，超过400场群众文化活动和100余场进商圈、景区的体育赛事 将举行。在住房消费方面，张家港将开展定向团购活动，并对大专及以上人才提供限时购房的优 ...

Core Viewpoint - The company Quanjude (002186) is forecasting a significant decline in its 2025 annual net profit, projecting a range between 6 million to 7.8 million yuan, which represents a year-on-year decrease of 77.15% to 82.42% [1] Financial Performance - The expected net profit for 2025 is between 6 million to 7.8 million yuan, indicating a substantial decline compared to the previous year [1] - The net profit after excluding non-recurring gains and losses is projected to be a loss ranging from 8.5 million to 6 million yuan, reflecting a year-on-year decrease of 137.17% to 152.66% [1]

经历三年上市空窗期后，内地餐饮企业正掀起赴港上市热潮。2026年开年半个月内，COMMUNE幻师、袁记云饺、比格披萨三家餐饮企业接连向港交所递 表，老乡鸡也第三次更新招股书推进上市进程，加上2025年成功登陆港股的古茗、蜜雪冰城等企业，一场餐饮资本化的"抢滩战"正在上演，热潮背后则是机 遇与挑战的双重博弈。 此次赴港上市潮呈现出多元化、头部化特征。2026年递表的企业均为细分赛道龙头：COMMUNE幻师连续三年稳居国内餐酒吧行业榜首，2024年市占率达 7.8%；袁记云饺门店超4200家，覆盖国内外多区域；比格披萨以亮眼GMV斩获本土披萨、自助餐厅等多项榜首，2025年前三季度营收同比大涨66.6%。它们 凭借稳健的规模与财务表现，成为冲击港股的核心力量，募资主要用于门店扩张与供应链建设。 港股成为餐饮企业的首选，源于多重现实考量。港交所2024年8月优化上市规则，降低餐饮企业公众持股量要求，审核透明可控且周期明确，加之支持VIE 架构、闪电配售等灵活机制，为企业提供了便捷通道。反观A股，全面注册制下更侧重科技与龙头企业，消费类企业上市通道相对狭窄。同时，2021年餐饮 投资热潮后，资本进入退出期，港股成为机 ...

Core Viewpoint - The traditional consumer sector is expected to show signs of recovery in 2026 after a three-year adjustment period, supported by policy measures, cyclical patterns, and a low base effect from 2025 [1][3][7] Industry Overview - Since 2023, various segments of the consumer market, including liquor, beer, condiments, frozen foods, dining, travel, and hotels, have undergone adjustments to achieve supply-demand balance and inventory reduction [2][10] - By the third quarter of 2025, signs of bottoming out in the consumer sector were observed across multiple dimensions [2][11] Consumer Trends - High-end consumption is showing signs of recovery, with brands like Hermès and Prada reporting continuous same-store sales growth, while Louis Vuitton and Burberry have seen a narrowing of same-store sales declines [2][12] - The restaurant sector is also improving, with major hot pot brands experiencing a reduction in turnover rate declines, returning to stable levels by late 2025 [2][12] - The travel sector has seen positive trends, with major hotel groups reporting a turnaround in average daily rates (ADR) and revenue per available room (RevPar) since September 2025 [2][12] Economic Indicators - The Consumer Price Index (CPI) remained low from February to September 2025 but returned to positive growth in October, reaching 0.7-0.8% in November and December, the highest since the pandemic [3][13] Investment Directions - The investment landscape for consumer goods in 2026 presents numerous structural opportunities, focusing on new industry trends, new product cycles, and investments in companies at the bottom of the cycle [4][14] - A new industry trend, "hard discount retail," is emerging, characterized by direct sourcing and reduced channel costs, particularly in the snack food category [4][14] - New product cycles are being driven by innovative items like electrolyte water and konjac snacks, which are gaining popularity and market share [5][15] - The liquor sector remains a focal point for investors due to its strong brand positioning and potential for market share growth, especially as demand is expected to recover in 2026 [6][16][17]

Core Viewpoint - A significant influx of capital into the new tea beverage and restaurant sectors has led to a wave of IPO applications from mainland restaurant companies seeking to list on the Hong Kong Stock Exchange, marking a crucial exit channel for investors [2][3][12]. Group 1: IPO Trends and Market Conditions - In the first half of January 2026, four restaurant companies submitted IPO applications to the Hong Kong Stock Exchange, indicating a renewed interest in public listings after a three-year hiatus [2]. - The Hong Kong Stock Exchange has become a vital platform for mainland restaurant companies to achieve capital exit, especially as the market conditions remain relatively favorable compared to A-shares [3][11]. - The restaurant IPO wave has been ongoing since 2025, with many companies rushing to submit applications amid concerns of tightening regulations [3][10]. Group 2: Financial Performance and Market Challenges - The overall revenue growth of the restaurant industry has slowed, with a reported 3.2% increase in 2025, which is below the GDP growth rate [5][10]. - Many newly listed companies have faced challenges post-IPO, with some experiencing significant stock price declines shortly after their market debut [3][13]. - The average price-to-sales ratio for the Hong Kong restaurant sector is notably low at 1.84, indicating a lack of investor confidence compared to other sectors like technology [15]. Group 3: Company-Specific Insights - Companies like COMMUNE, Yuanji Cloud Dumplings, and Big Pizza are among those that have submitted IPO applications, each demonstrating strong market positions within their respective segments [7][9]. - Yuanji Cloud Dumplings operates over 4,266 stores across China and Southeast Asia, showcasing its extensive market reach [9]. - Big Pizza reported a revenue increase of 66.6% year-on-year for the first three quarters of 2025, indicating robust financial performance [9]. Group 4: Investor Sentiment and Market Dynamics - Investors are increasingly cautious about restaurant stocks due to rising operational costs and a competitive market environment, leading to a pressing need for companies to seek public financing [10][20]. - The Hong Kong Stock Exchange has implemented more flexible listing rules, allowing smaller restaurant brands to meet the requirements for public offerings [11]. - The overall sentiment in the market suggests that companies need to demonstrate strong financials and growth potential to attract investor interest [16][20].

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

全域联动年味十足 商文旅体融合发力 ■本报记者罗颢 围绕"特色好物·品质广西"主题，广西将联动东盟开展网上年货节、邮政年货节等超150场线上线下活 动，梧州六堡茶、柳州螺蛳粉等上百款桂品通过"与辉同行·阅山河广西行"等直播专场走向全国。 "购在中国——2026广西乐购新春消费季"活动已于1月30日正式启动。记者昨日从自治区商务厅获悉， 此次活动以"策马八桂·悦见美好"为主题，持续至3月底。全区将推出6大板块28项主题、超1000场次促 消费活动，以亿元补贴、全域联动、便利服务三重保障，为区内外消费者奉上一场覆盖"吃住行游购 娱"的新春消费盛宴。 真金白银补贴加码 换新消费实惠满满 此次消费季活动，最受关注的是"智焕生活·惠享广西"以旧换新系列活动，推出超亿元补贴政策，覆盖 汽车、家电、数码三大品类。 在汽车领域，消费者报废旧车换购新能源乘用车，可享12%补贴（最高2万元）；换购2.0升及以下燃油 乘用车，可享10%补贴（最高1.5万元）。旧车界定时间进一步放宽，汽油车、柴油车及新能源车分别 延至2013年、2015年、2019年6月30日前登记上牌。 家电与数码产品补贴同样力度空前。消费者购买1级能效的冰箱、 ...

Core Viewpoint - The trend of "Guangdong products going south" is gaining momentum in Hong Kong, indicating a shift in consumer preferences from international brands to local Guangdong brands, driven by changes in consumer attitudes towards quality and experience [1][2]. Group 1: Consumer Perception and Market Dynamics - Hong Kong consumers' trust and recognition of Guangdong products have significantly increased, moving from a brand-centric view to one focused on product quality and experience [1][2]. - The integration of the Guangdong-Hong Kong-Macao Greater Bay Area has strengthened market connections and emotional ties, enhancing the recognition of Guangdong products [2]. - The rapid development of Guangdong technology enterprises has improved overall brand strength, creating a positive feedback loop that boosts product quality and consumer acceptance [2]. Group 2: Sales Performance and Competitive Landscape - Guangdong products have penetrated various categories in the Hong Kong market, including food, daily necessities, and home appliances, with notable brands like Gree and Heytea achieving significant market presence [2]. - Gree air conditioners have reached a market penetration rate of nearly 30% in Hong Kong, showcasing the competitive edge of Guangdong brands over international counterparts [2]. Group 3: Initiatives for International Expansion - Hong Kong serves as a crucial bridge for mainland brands to enter international markets, with the local government actively promoting Guangdong products and providing systematic support for brand expansion [3]. - The establishment of the International Brand Academy in Hong Kong and the creation of a government task force for overseas expansion reflect the commitment to facilitating Guangdong brands' international outreach [3]. Group 4: Future Development Strategies - Guangdong is transitioning from "Chinese speed" to "Chinese quality" and from "Chinese products" to "Chinese brands," with Hong Kong positioned to enhance this process through its international experience [4]. - Future strategies should focus on strengthening brand authority, establishing internationally recognized testing systems, and leveraging high technology, big data, and efficient logistics to support the global expansion of Guangdong products [4].

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a strong performance in the duty-free sales sector in Hainan, with January sales reaching 4.26 billion yuan, a year-on-year increase of 32% [5][15] - The company "Guoquan" is expected to achieve a revenue of 7.75-7.85 billion yuan in 2025, representing a year-on-year growth of 19.8%-21.3%, with net profit projected to be 443-463 million yuan, a significant increase of 83.7%-92% [21][24] - The AI application sector is experiencing notable growth, with "Meitu Design Studio" and "Kuaishou Keling" seeing substantial increases in user engagement and revenue [26][31] Summary by Sections Duty-Free Sales - Duty-free sales in Hainan are showing strong growth, with cumulative shopping amounts reaching 10.05 billion yuan since the new policy implementation, a year-on-year increase of 25.32% [15][17] - The average daily passenger flow at Haikou Meilan and Sanya Phoenix airports has increased, indicating a robust tourism market [18][19] Guoquan - Guoquan's revenue for 2025 is projected to be between 7.75-7.85 billion yuan, with a net profit of 443-463 million yuan, reflecting a strong growth trajectory [21][24] - The company plans to expand its store network significantly, adding 1,416 new stores to reach a total of 11,566, focusing on lower-tier markets [22][27] AI Applications - "Meitu Design Studio" has seen a significant increase in domestic traffic, with a month-on-month growth of 29.76% in November and 23.53% in December 2025 [30][31] - "Kuaishou Keling" has launched a new model, achieving a 350% increase in paid users and generating over 20 million USD in revenue in December 2025 [31][33] Beauty and Health Brands - "Qingmu Technology" is expected to see a profit increase of 30%-50% in 2025, with its private care brand "Keman Duo" showing strong sales growth [34][35] - "Zuccari" is also projected to grow significantly, with a revenue increase of over 95% in the first half of 2025 [36] Instant Retail - The instant retail market in China is expected to exceed 1 trillion yuan by 2026, with Alibaba's "Taobao Flash Purchase" showing rapid growth in order volume and revenue [57][59] - The report indicates that the demand for instant delivery services is increasing, benefiting companies like "SF Same City" [61][62]

● 本报记者 倪铭娅 "通道今天开启，可以报名摇号了。"2月1日清晨，北京亦庄的尹女士在家庭群里发出这条消息，瞬间点 燃亲友们的讨论热情。 拼手速不如拼运气，摇号申领让消费券福利更普惠，成为今年多地消费券发放的新趋势。 据北京亦庄公众号消息，2026北京经开区"亦彩迎新·券享缤纷"促消费活动中备受期待的餐饮消费券， 于2月1日启动报名。与以往"拼手速"抢券不同，本次餐饮消费券发放采用北京市首创"在线报名+公证摇 号"模式。（下转A02版） （上接A01版）市民可于2月1日00:00至2月4日24:00，通过中国银联云闪付APP进入活动页面完成报 名。2月5日起进行公证摇号，中签结果将于2月6日起通过短信及APP消息同步通知。中签者可在2月7日 至13日期间使用消费券，未使用券额将于2月14日至28日期间每日定点开放领取，确保资源充分利用。 "传统抢券模式容易造成参与不均，本次创新引入公证机构全程监督摇号过程，确保每位报名者的中签 机会平等，从机制上保障活动公正透明，提升市民的信任感和参与积极性。"北京经开区商务金融局有 关负责人表示。 北京经开区的创新尝试并非孤例，湖南也在新春消费券发放中引入了摇号模式。1月 ...