Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41][43]. Core Insights - The report highlights the positive impact of Hainan's customs closure and the winter sports season on service consumption, predicting a robust demand for hospitality and travel services in 2026. Notably, Hainan's first week of duty-free shopping post-closure saw sales of 1.1 billion RMB, with year-on-year growth of 54.9% [4]. - The report anticipates a significant increase in domestic ski and ice tourism ticket bookings, with a projected year-on-year growth of approximately 70% from November 2025 to February 2026 [4]. - Key investment targets include hotels with balanced supply and demand, human resources services, the duty-free sector, and internet platforms that integrate online and offline operations [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.8 billion RMB and a circulating market capitalization of 457.1 billion RMB [1]. Market Performance - The consumer services sector experienced a decline of 1.05% in the week from December 22 to December 26, 2025, while the overall A-share market rose by 2.77% [7][10]. - The report notes that the hospitality sector, including hotels, saw varied performance, with some companies like Green Tea Group and Dingdong Maicai showing significant gains [16][19]. Important Announcements - Key announcements from companies in the consumer services sector include share buybacks and financial updates, such as Guilin Tourism's court ruling to recover illegal profits of 52.15 million RMB [31][30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the upcoming month, including Nanjing Commercial Travel and Changbai Mountain [34].

Group 1 - The core point of the article emphasizes the deep integration of the digital economy and the real economy as a key component in building a modern industrial system and promoting high-quality development [1][2] - Data from the National Taxation Administration indicates that the digital economy has maintained rapid development this year, with significant improvements in digital industrialization and substantial investments in industrial digitization [1][2] - The sales revenue of core industries in the digital economy increased by 10% year-on-year in the first 11 months, outpacing the overall growth rate of enterprises in the country [1][2] Group 2 - Manufacturing enterprises have increased their investment in digital transformation, with the amount spent on digital technology procurement rising by 11.2% year-on-year in the first 11 months [2] - New business models driven by data elements have flourished, with sales revenue from these new models growing by 6.3% year-on-year [2] - The National Taxation Administration plans to continue implementing tax incentives to support technological innovation, facilitating the digital transformation of enterprises and promoting the deep integration of the digital and real economies [2]

2025.12. 26 作者 | 第一财经 祝嫣然 价格行为是平台经营活动中的关键行为，也是平台经济常态化监管的重要环节。 为推动平台经济健康发展、规范价格竞争秩序，国家发展改革委、市场监管总局、国家网信办近日联 合发布《互联网平台价格行为规则》（以下简称《行为规则》），平台企业"反内卷"迈出重要一 步。 《行为规则》共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。新规 将低价倾销、价格歧视、串通涨价、价格欺诈、哄抬价格等行为列入禁止清单，划清了竞争的"红 线"和"底线"。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥 了积极作用。平台经济领域涉及的经营者众多，其价格行为关系消费者切身利益，受到广泛关注。 国家发改委有关负责同志表示，《行为规则》着力规范价格行为、推动公开透明、增强各方协同，构 建良好平台生态。根据现行法律法规规定，细化实化监管要求，为平台经营者、平台内经营者提供明 确的价格行为指引，推动形成优质优价、良性竞争的市场秩序。 对于互联网平台的经营者，《行为规则》中提出，要规范平台经营者收费行为，保护经营者自主定价 权。同时要求 ...

推动动态定价、差别定价等规则公开，规范免密支付、自动续期、自动扣款等服务 价格行为是平台经营活动中的关键行为，也是平台经济常态化监管的重要环节。 为推动平台经济健康发展、规范价格竞争秩序，国家发展改革委、市场监管总局、国家网信办近日联合 发布《互联网平台价格行为规则》（以下简称《行为规则》），平台企业"反内卷"迈出重要一步。 《行为规则》共计7章29条，规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。新规将 低价倾销、价格歧视、串通涨价、价格欺诈、哄抬价格等行为列入禁止清单，划清了竞争的"红 线"和"底线"。 近年来，我国平台经济快速发展，在赋能实体经济、发展新质生产力、满足人民生活需要等方面发挥了 积极作用。平台经济领域涉及的经营者众多，其价格行为关系消费者切身利益，受到广泛关注。 国家发改委有关负责同志表示，《行为规则》着力规范价格行为、推动公开透明、增强各方协同，构建 良好平台生态。根据现行法律法规规定，细化实化监管要求，为平台经营者、平台内经营者提供明确的 价格行为指引，推动形成优质优价、良性竞争的市场秩序。 在保护消费者合法权益方面，《行为规则》落实明码标价制度，推动动态定价、差别定价等规 ...

Group 1 - The National University of Defense Technology's maglev team achieved a world record by accelerating a ton-level test vehicle to 700 kilometers per hour within two seconds, marking the fastest superconducting electric maglev test speed globally [1] - This breakthrough overcame core technical challenges in ultra-high-speed electromagnetic propulsion, electric suspension guidance, transient high-power energy storage inversion, and high-field superconducting magnets, positioning China as a leader in the ultra-high-speed maglev field [3] - The successful test provides new options for the future development of vacuum tube maglev transportation in China and offers new methods for aerospace launch and testing [3] Group 2 - In the first eleven months of 2025, the sales revenue of digital technology applications, primarily driven by AI models, big data, and IoT, increased by 14.3%, with internet-related services and IT services both maintaining over 15% growth [5] - There has been a significant increase in industrial digitalization investments, with procurement of digital technologies in automotive manufacturing, general equipment manufacturing, and computer communication and other electronic equipment manufacturing rising by 25.5%, 19.7%, and 13.3% respectively [8] - The sales revenue driven by digital factors grew by 6.3% in the first eleven months of 2025, with internet platforms related to new business models like food delivery and ride-hailing seeing a 16.2% increase, and internet retail and supply chain management services maintaining double-digit growth [10]

Group 1 - The digital economy's core industries saw a sales revenue increase of 10% year-on-year in the first 11 months of this year, significantly outpacing the overall growth rate of national enterprises [1] - Sales revenue in intelligent manufacturing sectors, such as smart device manufacturing and electronic components manufacturing, grew by 28.2% and 10.9% respectively [1] - Revenue from digital technology applications, including AI models, big data, and IoT, increased by 14.3%, with internet-related services and IT services growing by 16.1% and 15.2% respectively [1] Group 2 - The procurement of digital technologies by manufacturing enterprises increased by 11.2% year-on-year in the first 11 months, indicating a significant investment in digital transformation [1] - Specific sectors such as automotive manufacturing, general equipment manufacturing, and computer communication saw procurement growth of 25.5%, 19.7%, and 13.3% respectively [1] - The sales revenue driven by digital factors grew by 6.3% year-on-year, with internet platforms for new business models like online freight and food delivery increasing by 16.2% [2] - Internet retail and supply chain management services, including live e-commerce and instant retail, saw sales revenue growth of 11.9% and 24.7% respectively [2] - The tax authority plans to continue implementing tax incentives to support technological innovation, facilitating the digital transformation of enterprises [2]

新华社北京12月25日电（记者刘开雄）国家税务总局12月25日发布数据显示，今年以来，我国数实 融合保持快速发展态势，数字产业化水平明显提升，产业数字化投入力度较大，数据要素驱动效应持续 显现。 在产业数字化转型方面，企业投入力度持续加大。增值税发票数据显示，今年前11个月，反映制造 业数字化投入情况的全国制造业企业采购数字技术金额同比增长11.2%。其中，汽车制造、通用设备制 造、计算机通信和其他电子设备制造等装备制造业采购数字技术金额同比分别增长25.5%、19.7%和 13.3%。 数据要素驱动新业态蓬勃发展。增值税发票数据显示，今年前11个月，数字要素驱动业销售收入同 比增长6.3%。其中，涵盖网络货运、外卖配送、网约车等生产生活新业态的互联网平台销售收入同比 增长16.2%；涵盖直播电商、即时零售等在内的互联网零售、供应链管理服务销售收入同比分别增长 11.9%和24.7%。 【纠错】 【责任编辑:施歌】 数字产业化水平显著提高。增值税发票数据显示，今年前11个月，数字经济核心产业销售收入同比 增长10%，明显快于全国企业总体增速。其中，智能设备制造、电子元器件及设备制造等智能制造业销 售收入同比分 ...

新华财经北京12月25日电（记者董道勇）推进数字经济和实体经济深度融合是建设现代化产业体系的核 心内容之一，税务部门依托增值税发票等税收大数据持续对我国数字经济与实体经济融合发展情况进行 跟踪分析。税收数据显示，今年以来，我国数实融合保持快速发展态势，数据要素驱动新业态蓬勃发 展，其中数字要素驱动业销售收入同比增长6.3%。 ——数字产业化水平明显提升。增值税发票数据显示，今年前11个月，数字经济核心产业销售收入同比 增长10%，明显快于全国企业总体增速。其中，智能设备制造、电子元器件及设备制造等智能制造业销 售收入同比分别增长28.2%和10.9%；以AI大模型、大数据、物联网等信息技术应用为主的数字技术应 用业销售收入同比增长14.3%，特别是互联网相关服务、信息技术服务同比分别增长16.1%和15.2%。 国家税务总局有关司局负责人表示，下一步，税务部门将持续落实落细支持科技创新的税费优惠政策， 为企业数字化转型升级注入税动力，稳步推进数字经济与实体经济深度融合、协同发展。 （文章来源：新华财经） ——产业数字化转型投入力度加大。增值税发票数据显示，今年前11个月，反映制造业数字化投入情况 的全国制造业 ...

税收数据显示，中国数实融合发展态势良好 中新社北京12月25日电 (记者 赵建华)中国国家税务总局25日公布的税收数据显示，今年以来，中国数 实融合(数字经济与实体经济融合)保持快速发展态势，数字产业化水平明显提升，产业数字化投入力度 较大，数据要素驱动效应持续显现，为经济高质量发展注入强劲动力。 国家税务总局公布的增值税发票数据显示，今年前11个月，数字经济核心产业销售收入同比增长10%， 明显快于全国企业总体增速。其中，智能设备制造、电子元器件及设备制造等智能制造业销售收入分别 增长28.2%和10.9%；以AI大模型、大数据、物联网等信息技术应用为主的数字技术应用业销售收入增 长14.3%，特别是互联网相关服务、信息技术服务分别增长16.1%和15.2%。 增值税发票数据显示，今年前11个月，反映制造业数字化投入情况的全国制造业企业采购数字技术金额 同比增长11.2%。其中，汽车制造、通用设备制造、计算机通信和其他电子设备制造等装备制造业采购 数字技术金额分别增长25.5%、19.7%和13.3%。 国家税务总局有关司局负责人表示，下一步，将持续落实落细支持科技创新的税费优惠政策，稳步推进 数字经济与实 ...

——产业数字化转型投入力度加大。增值税发票数据显示，今年前11个月，反映制造业数字化投入情况 的全国制造业企业采购数字技术金额同比增长11.2%。其中，汽车制造、通用设备制造、计算机通信和 其他电子设备制造等装备制造业采购数字技术金额同比分别增长25.5%、19.7%和13.3%。 ——数据要素驱动新业态蓬勃发展。增值税发票数据显示，今年前11个月，数字要素驱动业销售收入同 比增长6.3%。其中，涵盖网络货运、外卖配送、网约车等生产生活新业态的互联网平台销售收入同比 增长16.2%；涵盖直播电商、即时零售等在内的互联网零售、供应链管理服务销售收入同比分别增长 11.9%和24.7%。 今年前11个月，数字经济核心产业销售收入同比增长10%，明显快于全国企业总体增速。 数据显示，今年以来，我国数实融合保持快速发展态势，数字产业化水平明显提升，产业数字化投入力 度较大，数据要素驱动效应持续显现，为经济高质量发展注入强劲动力。 ——数字产业化水平明显提升。增值税发票数据显示，今年前11个月，数字经济核心产业销售收入同比 增长10%，明显快于全国企业总体增速。其中，智能设备制造、电子元器件及设备制造等智能制造业销 售 ...