从资金流向上来看，当日酒店餐饮板块主力资金净流出8241.03万元，游资资金净流出1463.79万元，散户 资金净流入9704.82万元。酒店餐饮板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002186 | 全聚德 | = 198.18万 | 2.00% | -756.45万 | -7.65% | 558.27万 | 5.65% | | 605108 | 同庆楼 | 77.30万 | 0.83% | -331.73万 | -3.56% | 254.42万 | 2.73% | | 000721 西安饮食 | | -185.90万 | -0.96% | -522.86万 | -2.70% | 708.76万 | 3.67% | | 301073 君亭酒店 | | -468.65万 | -3.87% | 596.07万 | 4.92% | -127.43万 | -1.05% | | 0004 ...

本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 消费者服务行业 超配（维持） 消费者服务行业双周报（2026/1/9-2026/1/22） 中免国际拟收购 DFS 大中华区旅游零售业务 投资要点： 2026 年 1 月 23 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 行 业 研 究 ◼ 行情回顾：2026年1月9日-2026年1月22日，中信消费者服务行业指数整 体上涨2.98%，跑赢同期沪深300指数约3.27个百分点。细分板块中，综 合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分别为7.43%、1.82%、 5.70%、3.00%，细分板块均上涨。行业取得正收益的上市公司有47家， 涨幅前五分别是陕西旅游、外服控股、科锐国际、众信旅游、九华旅游， 收益为负的有6家，其 ...

在监管持续收紧、行业竞争加剧的背景下，曲江文旅通过优化资产结构、提升核心业务质量等措施，展 现出一定的经营韧性，部分业务实现逆势增长。 为应对经营压力，公司积极采取多项举措。具体包括：通过转让雁荡山38%股权、回购无锡汇跑55%股 权获得收益，以及收回应收账款并冲回相应减值准备。这三项非经常性收益，有效抵消了资产减值和递 延所得税资产转回带来的损失。这些动作反映出曲江文旅在资产运营与风险管控方面的稳健能力，也体 现了其优化资产结构、聚焦主业、提升经营质量的决心，为后续参与市场竞争奠定了基础。 从核心业务来看，在区域A级景区游客接待量整体下降12%的背景下，曲江文旅2025年全年接待游客量 保持稳定。依托核心景区资源，公司入境地接业务同比增长262%，产业链布局持续完善。景区管理业 务衍生出的社区服务，与传统旅行社门店业务形成协同，带动出境旅游业务同比增长26%。 中证报中证网讯(记者何昱璞)曲江文旅（600706）日前发布2025年度业绩预告，预计归母净利润亏损1.3 亿元-1.65亿元。公司表示，亏损主要受传统景区门票销售及餐饮收入下降，以及根据《企业会计准 则》转回递延所得税资产等因素影响。 酒店餐饮业务 ...

从资金流向上来看，当日酒店餐饮板块主力资金净流出895.69万元，游资资金净流出5532.07万元，散户 资金净流入6427.76万元。酒店餐饮板块个股资金流向见下表： 证券之星消息，1月22日酒店餐饮板块较上一交易日上涨0.74%，*ST云网领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002306 | *ST云网 | 2.26 | 5.12% | 19.43万 | 4381.50万 | | 301073 | 君亭酒店 | 31.05 | 3.02% | 6.02万 | 1.86亿 | | 000428 | 华天酒店 | 3.60 | 1.98% | 29.03万 | 1.04亿 | | 601007 | 金陵饭店 | 8.13 | 1.12% | 12.40万 | 1.00亿 | | 000721 | 西安饮食 | 9.49 | 1.06% | 19.05万 ...

近日，亮马河入选水利部2025年幸福河湖名单，成为北京首条获评全国幸福河湖优秀案例的河流。回顾改革开放以来亮马河地区的发展变化不难 发现，如今亮马河水清河晏的幸福画卷，既是时代发展的必然馈赠，更饱含着社会各界同心共建、扮靓首都的辛勤付出与不懈探索。 1988年亮马河风光鸟瞰。叶用才摄 为海狮助兴朝阳公园海洋沙滩节。李继辉摄 2008年北京奥运会后，朝阳公园内的沙滩排球赛场改建为沙滩浴场。图 2023年，夜晚的亮马河灯光璀璨，游船穿梭。程功摄 五万多人次为治河义务劳动 1984年的长城饭店内景。叶用才摄 1983年12月，热火朝天的亮马河清淤工程现场。叶用才摄 | 本班礼 由基建工程 护城河排滑与两岸农田灌 | | --- | | 兵某部施工的产与河治理 漲的主要 河道。长期以 | | 工程,昨天提前完工通 来,由于沿河两岸一些单 | | 水。治理后的亮马河,河 位和居民任意排污、倾倒 | | 床宽阔平整,河水畅流; 垃圾,造成左家庄小区、 | | 使馆区、幸福三村和雍水 两岸砌着片石护堤,整洁 | | 壮观。过路行人说:子弟 闸等处河床淤积,逐年增 | | 高,水质严重恶化。每到 兵又为人民做了件好事, | ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600258 首旅酒店 | | 3157.27万 | 9.82% | 175.45万 | 0.55% | -3332.72万 | -10.36% | | 000428 华天酒店 | | 664.48万 | 7.20% | -391.40万 | -4.24% | -273.08万 | -2.96% | | 601007 | 金陵饭店 | -43.46万 | -0.54% | 137.69万 | 1.73% | -94.23万 | -1.18% | | 301073 君享酒店 | | -391.39万 | -2.71% | -580.47万 | -4.03% | 971.86万 | 6.74% | | 002306 *ST云网 | | -431.57万 | -14.91% | 401.02万 | 13.85% | 30.55万 | 1.06% | | 002186 | 全 ...

Core Viewpoint - The hotel and catering sector experienced a slight increase of 0.01% on January 20, with Shoulu Hotel leading the gains, while the overall market indices showed a decline [1]. Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01% - The Shenzhen Component Index closed at 14155.63, down 0.97% [1]. Individual Stock Performance - Shoulu Hotel (600258) closed at 17.96, up 2.51% with a trading volume of 184,500 shares and a turnover of 327 million yuan - ST Yunwang (002306) closed at 2.15, up 0.94% with a trading volume of 175,400 shares and a turnover of 37.7 million yuan - Huatian Hotel (000428) closed at 3.62, up 0.56% with a trading volume of 511,200 shares and a turnover of 181 million yuan - Jinling Hotel (601007) closed at 8.08, down 0.25% with a trading volume of 124,300 shares and a turnover of 100 million yuan - Jinjiang Hotel (600754) closed at 27.44, down 0.36% with a trading volume of 114,100 shares and a turnover of 312 million yuan - Tongqinglou (605108) closed at 20.16, down 0.64% with a trading volume of 42,300 shares and a turnover of 85.4 million yuan - Xianyinshi (000721) closed at 9.61, down 2.04% with a trading volume of 329,200 shares and a turnover of 319 million yuan - Quanjude (002186) closed at 12.24, down 2.93% with a trading volume of 146,100 shares and a turnover of 181 million yuan - Junxi Hotel (301073) closed at 30.80, down 2.99% with a trading volume of 65,600 shares and a turnover of 204 million yuan [1]. Capital Flow Analysis - The hotel and catering sector saw a net outflow of 33.95 million yuan from main funds, while retail investors contributed a net inflow of 31.30 million yuan - The main funds showed a significant outflow from Jinling Hotel (1,482.85 million yuan) and Xianyinshi (2,194.96 million yuan) [1][2]. - Shoulu Hotel had a net inflow of 23.62 million yuan from main funds, while Huatian Hotel saw a net inflow of 14.05 million yuan [2].

Core Viewpoint - The Jinan Cultural Tourism Development Group aims to enhance the city's cultural and tourism integration by introducing high-quality performances and events, thereby stimulating economic growth and improving the overall visitor experience [1][2][3]. Group 1: Performance and Events - In 2025, the Jinan Cultural Tourism Development Group plans to host 62 performances, including 28 concerts featuring renowned artists such as Dao Lang and Jay Chou, establishing Jinan as a preferred city for tours in Northern China [2][3]. - The group will also organize 2 international events and 27 national sports events, with a 262.5% increase in national-level events compared to the previous year [2]. - The Jinan International Tennis Open is expected to attract over 100,000 spectators, significantly boosting local consumption in related sectors [3]. Group 2: Economic Impact - Concerts are projected to generate approximately 50 billion yuan in total consumption, with a 1:7 ratio of ticket sales to surrounding spending [3]. - The influx of visitors during major events has led to a 58.3% increase in retail, accommodation, and dining revenues in the vicinity of the Jinan Olympic Sports Center [3]. Group 3: Cultural Experience Enhancement - The Jinan Cultural Tourism Development Group is focusing on deepening cultural experiences through innovative projects, such as the "Baotu Night Painting" that highlights the city's rich history [5][6]. - The group has successfully hosted 21 large-scale cultural events and nearly 600 smaller performances, enhancing the cultural landscape and visitor engagement [5][6]. Group 4: Integration of Services - The group is promoting the integration of cultural tourism with various industries, enhancing the overall visitor experience through collaborations with local businesses and hotels [7][8]. - Initiatives like the "Ticket + Activity" model have been introduced to encourage visitors to explore local attractions while attending events, resulting in increased foot traffic and sales [8]. Group 5: Quality of Service - The Jinan Cultural Tourism Development Group is committed to improving service quality, ensuring a welcoming environment for visitors through various initiatives, including enhanced customer service during peak times [11][12]. - The group has implemented a comprehensive service system focused on visitor satisfaction, which has been positively received and shared on social media [12]. Group 6: Future Development Goals - The group is aligned with the city's "Project Enhancement Year" initiative, focusing on high-quality development through major project investments, including the construction of a comprehensive leisure resort [10]. - Plans include upgrading existing attractions and creating new experiences to further enhance the city's appeal as a tourist destination [10].

Core Viewpoint - The integration of sports events and tourism in Dai County is driving economic growth and enhancing visitor experiences, establishing a unique "sports + cultural tourism" development model [1][2][3]. Group 1: Sports Events and Tourism Integration - Dai County is leveraging sports events to boost tourism, offering free entry to the Yanmen Pass scenic area for participants, which encourages longer stays and increased spending [1][2]. - The county has hosted 185 sports events during the 14th Five-Year Plan period, attracting over 200,000 participants annually [1][2]. - The "participate and travel" trend is becoming popular, with events like the 2025 Yanmen Pass Mountain Trail Run expected to attract over 3,000 visitors [2][3]. Group 2: Economic Impact - Sports events have significantly increased local economic activity, with hotel occupancy rates rising by over 60% and restaurant sales increasing by 40% during major events [6]. - The average visitor stay has increased to 1.5 days, with overnight spending becoming a significant part of the tourism economy [5][6]. - The county has seen a substantial rise in tourist numbers, with Yanmen Pass receiving 1.5974 million visitors in 2025, a 38.22% increase, and Dai Zhou Ancient City welcoming 428,800 visitors, a 182% increase [4]. Group 3: Infrastructure and Community Development - Dai County has developed 1,244 sports facilities covering 543,400 square meters, enhancing community engagement and recreational opportunities [2]. - The integration of sports and tourism has created numerous job opportunities, with 18 new hotels and over 40 guesthouses established between the 2024 National Day and the 2025 May Day holiday [6]. - The county is continuously improving infrastructure, including low-altitude sightseeing cable cars and camping sites, to enhance visitor experiences [6]. Group 4: Future Prospects - The county plans to further enhance the scale and quality of sports events, deepen industry integration, and improve service systems to transform tourism from "check-in visits" to "in-depth experiences" [7]. - The goal is to establish Dai County as a year-round tourist destination, moving from seasonal peaks to consistent visitor engagement [7].

Group 1: Core Insights - The tourism and travel sector in China is experiencing significant growth, driven by increased consumer demand and favorable government policies [5][6] - The upcoming Spring Festival is expected to boost travel, with a notable increase in ticket bookings and travel service reservations [4][6] - Social security funds have heavily invested in key tourism stocks, indicating strong institutional interest in the sector [6] Group 2: Company Performance - China Duty Free Group (中国中免) has seen a cumulative stock increase of 30.91% since October 2025, supported by its expansion into city duty-free stores [6] - Spring Airlines (春秋航空) reported a 23.68% year-on-year increase in available ton-kilometers in December 2025, reflecting growth in operational capacity [7] - China National Aviation Holding (中国国航) and Spring Airlines are among the top holdings by social security funds, with market values of 5.56 billion and 6.01 billion yuan respectively [6] Group 3: Market Trends - The domestic tourism market showed strong recovery in 2025, with 4.85 trillion yuan in spending, an 11.5% increase year-on-year [5] - The "reverse Spring Festival" trend is gaining traction, with a 35% increase in ticket bookings for parents traveling to their children's work locations [4] - The Wind tourism index rose by 2.5% on January 19, 2026, indicating a positive market sentiment ahead of the Spring Festival [3]