（编辑 丛可心） 证券日报网讯 1月23日，中青旅在互动平台回答投资者提问时表示，近年来公司积极探索城市更新和乡 村振兴背景下文旅策划咨询、运营管理等创新业务空间，已陆续打造江西吉安后河景区、咸阳秦文化城 市夜游项目、威海栖霞街特色街区、邯郸广府古城提升改造、湖北黄冈遗爱湖片区更新（遇见黄州・从 此东坡）等文旅项目。未来公司将积极探索政策倡导的多种工具，继续夯实中青旅在文旅目的地和旅游 综合服务的基本面运营、提高运营效率、优化资源配置，增强公司的核心竞争力。 ...

海南产经新观察：首破"百万""千亿" 三亚旅游再上新台阶 中新网三亚1月23日电 (张月和)接待入境游客首破百万大关，达到106万人次；游客总花费首次破千亿大 关，达到1032亿元，2025年三亚旅游业"成绩单"亮眼。三亚市市长陈希23日在三亚两会上作政府工作报 告时说，2025年，三亚加快转型、提质增效，国际旅游消费中心核心区建设再上新台阶。 在规模上取得突破的同时，三亚旅游业多项指标亦实现高速增长。陈希说，2025年，三亚全市接待游客 人数达3615万人次、同比增长6.8%，游客总花费1032亿元、同比增长9.5%。其中，接待入境游客106万 人次、同比增长41%，入境游客总花费9.3亿美元、同比增长达67%。 游客用"脚"投票选择三亚，除了三亚得天独厚的自然环境，更有三亚旅游业界积极开拓国内外市场、加 快发展新兴旅游业态、着力提升旅游品质等方面的积极努力。 过去一年，三亚积极拓展境内外客源市场。成功举办国际旅行服务大会等国际交流活动；联合境外航空 公司推出"一程多站"旅游产品；进一步拓展加强与南京、乌鲁木齐、贵阳、襄阳等国内城市的"双城联 动"旅游合作；累计运营境外客运航线42条，通达18个国家及地区的 ...

Core Viewpoint - The article highlights a significant decline in the attractiveness of the United States as a travel destination due to political actions and policies under the Trump administration, leading to a decrease in international tourist spending and overall tourism revenue [1][2]. Group 1: Impact on Tourism Industry - The World Travel and Tourism Council (WTTC) reports that U.S. international tourist spending is expected to drop by $12.5 billion by 2025, making the U.S. the only country among 184 analyzed to forecast negative growth in international tourist spending last year [2][4]. - The projected international tourism revenue for the U.S. in 2025 is slightly below $169 billion, a decrease of approximately $12.5 billion from the previous year, and significantly lower than the peak levels of 2019 [4]. - The decline in tourism is affecting local economies that rely on international visitors, with notable impacts on hotel occupancy rates, job losses in the tourism service sector, and reduced demand for tourism-related services [4]. Group 2: Public Perception and Policy Effects - The political climate in the U.S. has transformed the perception of traveling to the country into a political statement for many potential visitors, with 46% of surveyed tourists indicating a reduced willingness to travel to the U.S. due to the Trump administration's policies [2][3]. - The article suggests that the U.S. is missing out on a global tourism boom, as the decline in inbound tourists and tourism spending reflects broader implications for the country's standing in the global tourism landscape [4]. - Recent U.S. actions, including threats towards other countries, are not only affecting travel to the U.S. but are also influencing tourists' decisions regarding travel to other destinations, such as Cuba [5].

从"中国入境游第一站"到"入境消费第一城"，上海正向更高能级的消费标杆城市升级。 入境客流攀新高 当前，上海正全方位将入境客流的"泼天流量"转化为实打实的消费动能。 免签政策的落地实施，成为吸引周边国家游客的重要推手。自2024年对韩国实施免签政策以来，韩国赴沪游客数量呈井喷 式增长，2025年上海累计接待韩国游客90.91万人次，同比激增103.62%。 如今，韩国游客在上海已形成成熟的"吃喝玩乐购"全链路体验，逛南京路步行街的MINISO LAND全球壹号店、抢购泡泡玛 特Labubu潮玩、打卡"很久以前羊肉串""海底捞"等网红餐饮，再到上海迪士尼全球唯一的"疯狂动物城"主题园区与IP合影，成为 韩国游客的标配行程，本土潮流与国际文旅IP的融合，让上海成为韩国游客出境游的热门选择。 体验维度还延伸至超市、菜场等有着烟火气的场域。如今，大润发平型关店已成为红遍韩网的"宝藏打卡地"，这里周末高 峰期可涌入500多位韩国游客。 2026年1月9日启动的"上海环球美食汇"，以"季季有主题、月月有亮点"的节奏，推出国别特色活动，让"在上海，品全球"的 消费体验触手可及。 在核心商圈升级的背景下，国际品牌的落地与深耕 ...

Core Insights - The article emphasizes the transformative power of a new technological revolution reshaping the global industrial landscape amidst geopolitical fluctuations and supply chain restructuring [1] - It highlights the importance of "new productive forces" as a core engine driving the evolution of global economic structures and value reassessment [1] - The article discusses the steady progression of the domestic economy towards a high-quality development phase, with a focus on the integration of capital, technology, and consumption [1] Group 1: Economic Context - The article notes that the macroeconomic policy in the "14th Five-Year Plan" emphasizes systematic layout and the cultivation of endogenous power [1] - It mentions the Northeast revitalization strategy entering a new phase, leveraging its industrial foundation, natural resources, and unique geographical advantages to find new engines of growth [1] Group 2: Investment Opportunities - The article poses questions about how to navigate uncertainties and identify certain growth opportunities in the context of the "14th Five-Year Plan" [1] - It highlights the significance of the upcoming Changbai Mountain Forum, which aims to gather insights and consensus on investment trends and the future of industries in the post-pandemic era [1] Group 3: Industry Innovations - The article discusses the integration of cutting-edge technologies such as artificial intelligence, new energy, and biotechnology with traditional industries, driving industrial innovation [1] - It mentions the evolution of the ice and snow economy in Changbai Mountain, transitioning from a seasonal tourism model to a diversified ecosystem that includes health, culture, and events [9] Group 4: Forum Details - The Changbai Mountain Forum will take place on March 5, 2026, focusing on the theme "Investment Empowerment and Cultural Tourism Coexistence" [1] - The forum will feature prominent experts and entrepreneurs discussing topics such as AI-driven new productive forces and diverse paths for corporate capital operations [9]

Core Viewpoint - The inflation rate in Macau for the year 2025 is projected to be 0.33%, with the Consumer Price Index (CPI) rising by 0.69% year-on-year in December 2025 and by 0.17% month-on-month [1]. Group 1: Yearly Inflation and Price Index Changes - The CPI for food and non-alcoholic beverages increased by 0.62% year-on-year, driven by higher costs for dining out, takeout, bread, and rice, while prices for fresh fish and pork decreased [1]. - The housing and fuel category saw a year-on-year increase of 0.25%, primarily due to rising housing rents, although lower electricity prices mitigated the overall increase [1]. - Significant year-on-year increases were observed in the recreation, sports, and culture category (+2.02%) and miscellaneous goods and services (+1.85%) [1]. - Conversely, categories such as information and communication (-2.82%), clothing (-1.88%), and transportation (-1.15%) experienced price declines [1]. - The average CPI for Class A and Class B goods rose by 0.28% and 0.37% year-on-year, respectively [1]. Group 2: Monthly Inflation and Price Index Changes - Compared to November 2025, the CPI increased by 0.17% in December, with transportation (+1.65%) and clothing (+0.97%) categories seeing price increases due to higher airfares and clothing prices [2]. - The tobacco and alcohol category saw a month-on-month decrease of -0.68% due to lower prices for alcoholic beverages, while food and non-alcoholic beverages recorded a slight decline of -0.03% due to falling vegetable prices [2]. - The average CPI for the fourth quarter of 2025 rose by 0.67% year-on-year, with Class A and Class B goods increasing by 0.61% and 0.72%, respectively [2]. - Compared to the third quarter of 2025, the average CPI increased by 0.27% [2].

证券时报·数据宝统计显示，西安旅游今日收盘价为12.99元，下跌1.37%，日换手率为7.10%，成交额为 2.18亿元，全天主力资金净流出3395.91万元，近5日该股累计下跌1.37%，近5日资金合计净流出5196.21 万元。 据天眼查APP显示，西安旅游股份有限公司成立于1996年12月31日，注册资本23674.7901万人民币。 （数据宝） | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 410.00 | 5194.70 | 12.67 | -2.46 | 华福证券有限责任公司上海 | 中山证券有限责任公 | | | | | | 浦明路证券营业部 | 司佛山分公司 | 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1.03亿元。 （文章来源：证券时报网） 1月23日西安旅游大宗交易一览 西安旅游1月23日大宗交易平台出现一笔成交，成交量410.00万股，成交金额5194.70万元，大宗交易 ...

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hong Kong stock market, particularly in the consumer sector, with significant gains in various consumer-related ETFs and stocks [1][3] - Pop Mart announced a share buyback of 2.51 billion HKD for 1.4 million shares, marking its first buyback action of 2024 [3] - The Consumer ETF (159928) has seen a net inflow of over 370 million HKD in the past five days, indicating strong investor interest [3] Group 2 - Huazhang Securities emphasizes the importance of the food and beverage sector, identifying it as a value opportunity due to high dividend yields and the potential for cyclical recovery [5] - The report suggests two main investment opportunities: efficient enterprises that excel in cost management and undervalued companies that can gain market share during downturns [5] - The white liquor sector is expected to undergo inventory clearance and recovery, with a focus on leading brands that have strong competitive advantages [6] Group 3 - The launch of Alibaba's Qianwen App marks a significant advancement in AI-driven consumer services, integrating various functions for seamless user experiences in shopping and travel [7] - The app's capabilities include a complete transaction loop in instant retail, travel planning, and shopping assistance, indicating a shift in consumer decision-making processes [7] - Tianfeng Securities predicts that AI technology will transform consumer engagement and growth mechanisms across various sectors, including e-commerce and online travel [7] Group 4 - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with over 68.55% of its top ten holdings in essential consumer goods [8] - The top holdings include major liquor brands and agricultural companies, reflecting a diversified investment strategy within the consumer sector [9] - The ETF is positioned as an efficient investment vehicle for accessing the Hong Kong consumer market, particularly appealing to younger consumers [9]

Group 1 - Dalian's GDP is projected to exceed 1 trillion yuan, reaching 10002.1 billion yuan in 2025, with a growth rate of 5.7% compared to the previous year [1] - The primary industry is expected to contribute 665.4 billion yuan, growing by 3.6%, while the secondary industry is projected to reach 3532.5 billion yuan, with a growth of 7.7%, and the tertiary industry is anticipated to achieve 5804.2 billion yuan, growing by 4.8% [1] - Dalian has become the first city in Northeast China to surpass the 1 trillion yuan GDP mark [1] Group 2 - Dalian is recognized as a significant industrial base in China, with strengths in traditional industries such as equipment manufacturing, shipbuilding, and petrochemicals, and is home to the world's largest PTA production base [2] - The city is also a key international shipping and logistics center, with Dalian Port being the only port in Northeast China included in the national "Belt and Road" initiative [2] - Dalian's financial sector is the largest in Northeast China, with licensed financial institutions leading in foreign exchange trading and cross-border RMB settlements [2] Group 3 - Dalian hosts over 20 open cooperation platforms, making it one of the most open vice-provincial cities in China, with foreign trade accounting for approximately 60% of the province's total [3] - The city has received multiple accolades for its livability and environmental quality, including being named a global livable city and a national forest city [3] - Dalian is a popular international tourist destination, featuring 58 national A-level tourist attractions and recognized as one of China's best tourist cities [3] Group 4 - As of January 22, 2025, Wenzhou is also expected to surpass the 1 trillion yuan GDP mark, reaching 10213.9 billion yuan [3] - There is speculation regarding Xuzhou's potential to join the "trillion-yuan club," but official confirmation is pending [4] - Following the inclusion of Dalian and Wenzhou, the total number of officially recognized trillion-yuan cities has increased to 29, including major municipalities and provincial capitals [4]