Core Viewpoint - The future of instant retail in China is increasingly reliant on lower-tier cities, with the market expected to exceed 1 trillion yuan by 2026, driven by macroeconomic policies and consumer demand in these areas [3]. Group 1: Market Potential - The growth rate of users and transaction volume in lower-tier cities has surpassed that of higher-tier cities, making these markets crucial for revenue growth in instant retail [3]. - In 2025, retail sales in county and rural areas accounted for 38.7% of total social retail sales, indicating a robust growth in consumption in these regions [5]. - The demand for high-quality products in lower-tier cities is significant, with many consumers seeking better shopping experiences that are currently lacking [10]. Group 2: Company Strategies - Dingdong Maicai has opened a new warehouse in Yancheng, Jiangsu, utilizing a self-operated front warehouse model to enhance local shopping options [3][4]. - The company plans to expand its presence in other cities in northern Jiangsu, indicating a strategic deepening in the region [4]. - Dingdong Maicai has established a comprehensive supply chain network in the Jiangsu area, which supports its expansion into lower-tier markets [12]. Group 3: Competitive Landscape - The instant retail sector has evolved from focusing solely on fresh produce to including daily necessities, especially during the pandemic, marking its transition to a more competitive phase [7]. - Major players like JD, Taobao, and Meituan are also targeting lower-tier cities, indicating a competitive environment for instant retail [10]. - Dingdong Maicai's strategy emphasizes cautious expansion and product differentiation to maintain competitiveness in these markets [19][20]. Group 4: Operational Efficiency - Dingdong Maicai has achieved a significant reduction in inventory turnover days to 2.1 days and maintains a low product loss rate of around 1.5%, showcasing its operational efficiency [23]. - The company has reported continuous profitability for twelve consecutive quarters under Non-GAAP standards and seven quarters under GAAP standards, demonstrating its sustainable growth potential [23]. Group 5: Future Outlook - As consumer spending habits mature, lower-tier cities like Yancheng are expected to become key battlegrounds for retailers [24].

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

（文章来源：证券时报网） 据iFinD统计，截至1月20日，沪深两市共有107股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是华天酒店，连续12个交易日获净买入；连续获融资净买入天数较多的还有招商银行、 平安银行、分众传媒、新华保险、鸿富瀚、开勒股份、新产业、中国平安等股。 ...

餐饮： 12月餐饮&酒店&旅游&免税&博彩 数据跟踪【东财新消费 | 社服】 酒店：#12月RevPAR增速环比有所回落。 ①正餐：海底捞/太二/呷哺/小菜园同店店效（单店月GMV，堂食，下同）同比-7%/-13%/-5%/-12%；其中海底捞翻 台率4.1次/天（#连续3个月回归4以上），同比-0.5，环比-0.1； ②快餐：肯德基/麦当劳/必胜客/塔斯汀同店店效分别-3%/-1%/-7%/-2%； ③茶咖：蜜雪/古茗/沪上阿姨/茶百道/霸王茶姬/喜茶同店店效分别+15%/+5%/+5%/-1%/-17%/+13%。 瑞幸/库迪/星巴克/幸运咖同店店效分别-3%/-2%/+1%/+17%，库迪、幸运咖及manner高速拓店。 免税：#12月海南离岛免税购物金额同比+17%，连续4个月正增（9-11月同比+3%/+13%/+27%）；人次-3%；客 单价+21%。 ①正餐：海底捞/太二/呷哺/小菜园同店店效（单店月GMV，堂食，下同）同比-7%/-13%/-5%/-12%；其中海底捞翻 台率4.1次/天（#连续3个月回归4以上），同比-0.5，环比-0.1； ②快餐：肯德基/麦当劳/必胜客/塔斯汀同店店效分别 ...

1月20日，「域见美好生活」2026抖音生活服务城市生态大会暨上海大区年度商家盛典在上海启幕。会上，聚焦上海城市的商业实践，平台深入解读了生活 服务的行业趋势与生意策略，并基于即将到来的春节总结了生意机会，助力上海商家捕捉市场新动向、开拓增长新路径。 本次大会由抖音生活服务主办，携手指定产品华为Mate X7，美好特别支持柠檬向右、世界会客厅、无忧传媒共同落地。 t 让 每 . . 5 (8) 6 ... 19201 过去一年，上海持续释放出消费活力。2025年1月-10月，上海的社会消费品零售总额达1.30万亿元，同比增长4.8％。市场需求迭代之下，大批上海商家在抖 音生活服务收获声量和生意的双赢。2025年，1000万+用户在抖音"打卡上海"，平台在上海的交易额增长100％，交易用户规模同比增长超52％，各行业商家 基于城市特色基因探索出可持续增长之道。 平台助力商家，让上海「好生活」变成「好生意」 这一年，生活服务商家面临着两大考验：一是存量市场竞争更激烈；二是消费者需求多元分化，既要求性价比，也追求独特体验。随着市场变化的加速，越 来越多商户将抖音生活服务作为长期生意经营阵地。2025年，抖音生活服务 ...

这一成绩延续了日本入境旅游的长期增长脉络——自2003年小泉纯一郎政权开启积极吸引外国游客政策以来，访日游客量稳步攀升，2013年突破1000万、 2016年达2000万、2018年逼近3000万，虽受2020年新冠疫情冲击大幅下滑，但2023年后快速复苏并实现跨越式增长。 尽管全年数据亮眼，但去年末因日本首相高市早苗涉台错误言论引发中方反制，导致中日关系影响，中日航线纷纷减班断航，中国游客出现明显下滑。去 年全年中国游客达1000万人次，占比约23.4%，仍是日本核心客源之一，却已显露出结构性冲击的端倪。 2025年12月中国赴日游客量同比暴跌约45%，往年12月至次年2月元旦春节期间的中国游客扎堆景象不再。而这一冲击正集中传导至高度依赖中国游客的 行业和地区，让日本旅游业"总量新高、结构失衡"的双重特征愈发鲜明。 01 亮眼成绩单 2025年日本旅游业实现跨越式复苏，全年入境游客量达4270万人次，创下历史最佳纪录。 年内关键节点也持续突破历史峰值：1-3月以1053.73万人次创下最快突破1000万人次的纪录，9月首次突破300万的单月游客量纪录，12月单月游客量达 349万人次，再度刷新同期历史纪录 ...

Core Viewpoint - The Wansheng West Transportation Hub, located in the northwest corner of Beijing's urban sub-center cultural tourism area, has completed construction and is entering the operational preparation phase, featuring seamless transfers between subway and multiple bus lines, along with two star-rated hotels and various commercial offerings to attract visitors from the Beijing Universal Resort [1][2][3]. Group 1: Project Overview - The Wansheng West Transportation Hub integrates multiple functions including transportation, hotels, and commercial spaces, with a total construction area of approximately 176,000 square meters [3]. - The hub is strategically located near the Universal Resort, only five subway stops away, and is designed to facilitate seamless transfers between the subway Line 7 and ground transportation [2][3]. Group 2: Facilities and Features - The hub will feature two star-rated hotels, the Holiday Inn Express and Wanda Jin Hua Hotel, which are set to open in the first half of this year, providing over 800 guest rooms to meet accommodation needs [4][5]. - The transportation hub includes a ground bus station with 45 bus parking spaces and an underground parking lot with over 700 spaces for small vehicles, catering to both hotel guests and shoppers [4]. Group 3: Commercial and Cultural Integration - The commercial area within the hub focuses on "leisure dining + artistic scenes," incorporating creative retail and social spaces, aiming to meet the immediate consumption needs of commuters and provide diverse leisure options for tourists [4]. - The hub will connect with key functional areas such as the Tongzhou Cultural Tourism Zone and Taihu Performing Arts Town, creating a synergistic effect with ongoing projects like the Top Park and Haichang Ocean Park, enriching the regional cultural tourism offerings [5][6].

Group 1: Shenzhen Grade A Office Market - In 2025, Shenzhen's Grade A office market will see a peak in supply with 15 new projects totaling nearly 1.16 million square meters, the highest level in three years, while the overall vacancy rate will rise by 1.8 percentage points to 26.2% [1] - The rental market is experiencing downward pressure, with new rental prices continuing to decline and lease negotiations increasingly favoring tenants, leading to a year-on-year rental drop of 11.1% [1] - The main drivers of rental demand in Shenzhen are the expansion of the consumer electronics sector, the acceleration of brand internationalization, and the growth of strategic emerging industries such as artificial intelligence and semiconductor [1] Group 2: Logistics and Real Estate Trends - Capital is increasingly flowing into hard technology sectors, fostering the growth of new productive forces, with a resurgence in demand for consumer electronics and accelerated applications of AI driving the need for R&D and operational spaces [2] - Office location decisions are shifting from a single price focus to a comprehensive evaluation of cost-effectiveness, property management, and supporting facilities, benefiting high-quality office spaces in core business districts and emerging areas with mature amenities [2] - Some ongoing and existing office projects are alleviating vacancy pressures by incorporating hotel operations, with high-end hotel average room rates in Shenzhen expected to rise by 5.3% to 1,078 yuan and occupancy rates increasing by 5.9 percentage points to 82.0% [2] Group 3: Hotel Market Insights - The national hotel market is anticipated to experience structural highlights, with the potential expansion of public REITs to commercial real estate by 2026, providing new capital operation and exit channels for mature high-quality hotel assets in Shenzhen [3]

Core Insights - The A-share market has seen a significant increase in financing transaction activity, with the financing balance reaching 2.68 trillion yuan, a new historical record, and financing transaction volume accounting for 11.3% of total market transactions as of January 14 [1][4]. Financing Margin Adjustment - On January 14, the Shanghai and Shenzhen Stock Exchanges announced an adjustment to the financing margin ratio, increasing the minimum margin requirement for investors from 80% to 100% when buying securities on margin [1][4]. - This adjustment is a key tool for regulatory authorities to conduct counter-cyclical adjustments, aimed at preventing excessive accumulation of systemic risks [2][5]. - Historical adjustments include a previous increase from 50% to 100% in November 2015 to curb rapid financing growth and a decrease from 100% to 80% in August 2023 to enhance market liquidity [1][2][4]. Impact on Market Dynamics - The core objective of raising the margin requirement is to maintain stable capital market operations and prevent excessive concentration of leveraged trading risks, reducing the leverage from 1.25 times to 1 time for new financing contracts [2][5]. - The policy will only apply to new financing contracts, while existing contracts will continue under the previous rules, reflecting a cautious regulatory approach to mitigate market impact and systemic risks [2][5]. Market Outlook - Short-term regulatory measures may not alter the upward trend of the market, with underlying support for continued market growth expected amidst fluctuations [2][5]. - Investment focus should be on policy initiatives and industry prosperity, particularly in technology growth sectors such as semiconductors, internet, electronics, media, and computing, as well as globally competitive sectors like power and machinery [2][5]. - Non-bank financial sectors are likely to benefit from increased demand for wealth management and capital market reforms, while cyclical sectors like tourism, hospitality, and consumer goods may present marginal improvement opportunities due to expanding domestic demand policies [2][5].

智通财经APP获悉，中信证券发布研报称，培育服务消费是促消费的重要举措，酒店板块作为出行 服务重要场景有望受益。2025年以来酒店行业RevPAR趋势修复，预计在更长假期时段以及禁酒令对商 务影响的基数下2026年酒店大盘间夜需求中个位数增长。基于商业用地租金下降幅度放缓、资深加盟商 情绪谨慎、头部四大酒店集团Pipeline减少，该行认为2026年酒店行业供给将会降速，高线城市入住率 翻正预期下价格料有弹性，预计头部酒店RevPAR同比实现低个位数增长，将带来EPS超预期和PE提升 的机会。在优先保障成交率和客户体验的基础下，若未来OTA平台降低佣金率，会进一步推动行业连锁 化率提升。建议重视酒店行业贝塔配置机会;同时关注OTA平台的后续规范性发展。 RevPAR趋势修复，2026年酒店大盘间夜需求预计中个位数增长 回顾2025年酒店行业RevPAR同比表现，根据酒店之家1~3月为-5.1%、-3.0%、-2.8%，9~12月依次 为-0.3%、+4.3%、+4.2%、+0.2%，数据回升趋势明确、供给档次结构拉动及新老店差异定价策略下 ADR带动显著，同时全年整体间夜量增长7.2%。展望2026年，考虑禁 ...