证券研究报告 | 2025年07月14日 社会服务行业双周报（第 110 期） 优于大市 社服板块二季报业绩前瞻：预计延续分化表现 社服板块二季报前瞻：预计延续分化表现。出行链，酒店龙头 RevPAR 降幅 收窄，高势能品牌扩张领先，亚朵零售与酒店双轮驱动，首旅强化成本管控； OTA 平台 Q2 竞争扰动预计相对有限，同程优化补贴，利润率有望提升，携程 加码海外投入；祥源文旅外延扩张、九华旅游客流有望增长支撑景区表现。 海南免税降幅预计环比收窄。餐饮连锁，茶饮、快餐、大部分大众餐饮同店 有望逐步企稳，同时也有望受益于头部平台补贴。教育人服，新东方-S 降本 增效，预计推动核心业务利润率同比提升；学大教育依托考前冲刺旺季需求 与新网点爬坡，利润率有望环比改善；中国东方教育春季招生表现突出&预 计区域中心建设效能持续释放；科锐国际 AI 赋能预计持续降本增效。 风险提示：政策变动、行业竞争加剧、消费环境修复不及预期等。 板块复盘：消费者服务板块报告期内上涨 2.49%，跑赢大盘 0.12pct。国信 社服板块涨幅居前的股票为奈雪的茶（37.50%）、新濠国际发展（33.00%）、 粉笔（27.56%）、新高教集团 ...

投资快报记者注意到，在上市初期曾被热炒至超过1800元/瓶的茅台1935，现市场售价已跌破 600元/瓶。 电商平台的一些店铺的售价与1188元/瓶的零售指导价相比，已经腰斩，较曾经的 高位1899元/瓶，更是暴降68.93%。 7月14日，在京东，茅台1935在一些店铺的售价仅590元/瓶，页面显示有已售400+、买家评价 200+、好评率达100%；另有店铺双瓶装售价1175元，折合每瓶仅587.5元，页面显示有官方正 品、100%保真、京东快递等。投资快报记者观察到，京东上，茅台1935在不少的店铺售价都 600元以下。即便是京东"自营"，在"补贴价"下也只要681.12元。 不过， 在其他的电商平台上，茅台1935仍普遍在600元之上。 如在拼多多，一些店铺售价低 见630元/瓶、634.79元/瓶、636.5元/瓶、637元/瓶……，但多数在650元-670元/瓶左右；在天 猫，不少店铺售价仍在700元之上；值得一提的是，在"I茅台"上，茅台1935售价仍为1188/ 瓶。 据茅台时空公众号消息，茅台1935上市首年销售50亿元；2023年销售至110亿元；2024年再上 一步，完成销售120亿元， ...

Group 1 - The "takeaway war" has restarted, leading to a new peak in order volume, with Meituan reporting 150 million instant retail orders, and rider income increasing by 111% during weekends [1][9][11] - The competition among platforms like Meituan, JD, and Taobao has resulted in historical highs in order volumes, indicating a significant increase in consumer spending driven by subsidies [1][9][10] - The competition is seen as a catalyst for long-term benefits, provided that regulatory measures are in place to prevent malicious competition and ensure fair practices [1][13] Group 2 - The outbound tourism market is experiencing a strong recovery, with average prices for outbound travel products decreasing by approximately 5% compared to last year, and significant increases in bookings for overseas train tickets and hotel packages [2][15] - The inbound tourism sector is also seeing growth, with over 640,000 people entering through Beijing ports in the first ten days of July, marking a 22.1% year-on-year increase in foreign visitors [2][14] - Popular destinations for outbound travel include Europe, with a 76% increase in travelers to Europe, particularly to Northern Europe and the UK [2][17] Group 3 - The summer economy is thriving, with long-distance travel accounting for over 60% of tourism, and domestic flight bookings exceeding 25.61 million during the summer travel period [3][21] - The railway sector anticipates sending 953 million passengers during the summer, reflecting a 5.8% year-on-year increase, with additional tourist trains being introduced to meet demand [3][21] - The self-driving tourism in Xinjiang is booming, supported by improved transportation infrastructure, with over 30,000 vehicles using the newly opened Ahe Highway [4][19] Group 4 - The report highlights the emergence of new consumption patterns, particularly in the food and beverage sector, with a notable increase in night-time dining and the popularity of takeaway services [38][39] - The travel and hospitality sectors are adapting to changing consumer preferences, with platforms like Tujia launching long-term rental services to cater to the growing demand for travel stays [48][49] - The hotel industry is expanding, with new openings such as the Marriott Hotel in Changsha, which aims to enhance local tourism experiences [51]

Core Viewpoint - Dongguan's government has launched a significant policy initiative aimed at promoting high-quality service consumption, which includes various cultural and entertainment activities to stimulate the local economy [3][4]. Summary by Sections Policy Initiatives - The Dongguan Municipal Government has released the "Implementation Plan for Promoting High-Quality Development of Service Consumption," which includes hosting food festivals, coffee festivals, and other dining promotion activities [3][4]. - The plan emphasizes attracting and constructing high-end hotels, encouraging a transformation towards "accommodation + leisure" hybrid business models [4]. Economic Development Focus - The initiative aims to activate nighttime consumption by facilitating approvals for live performances in bars and entertainment venues, promoting diverse and affordable nighttime shows [4][6]. - There is a focus on enhancing cultural venues and encouraging the establishment of unique theaters, museums, and creative shops to develop market-influential cultural IPs [5]. Night Economy Potential - Recent data indicates a growing trend in nighttime economic activities, with Alipay reporting that consumption from 18:00 to 24:00 accounted for 49.3% of total spending in June, a 6 percentage point increase year-on-year [9]. - The overall nighttime dining orders in Guangdong have seen a year-on-year growth of over 21% since July [9]. Financial Support and Services - The plan includes leveraging monetary policy tools to guide financial institutions in increasing credit resources for key service consumption sectors such as dining, accommodation, and e-commerce [4]. - There is an emphasis on providing financial products tailored to the needs of inclusive elderly care and childcare institutions, supporting the silver economy [4].

2024年，我们以「城市精酿 City Walk」为约，将蓝带啤酒的蓝色身影融入到不同城市的肌理——在海 口的椰风海韵里感受南洋旧梦，在广州CBD 见证精酿与霓虹共舞，在珠海聆听浪声与碰杯声共振，在 汕头的小公园让骑楼光影为酒液镀上金边…… 2025年，我们将视野投向更广阔的维度，2025蓝带啤酒「和时光干杯」全国巡展即将正式启幕，我们 将和您一起从城市的街巷走进时光的长流，让每一口蓝带啤酒都成为连接过去、现在与未来的桥，在时 光的漫行里，致敬每一个特别时刻。 01 漫步时光长廊，触摸两个世纪的酿造记忆 去年，蓝带啤酒在诞生180周年之际，推出了限时亮相的快闪品牌创意馆"蓝盒子"，开启了一场穿越时 光的City Walk，我们走进了街头巷尾，让品牌成为城市记忆的一部分。 不仅如此，蓝带啤酒还能让大家感受时光的味道，一边是源自1844年的蓝带经典款啤酒，另一边则是 融入当下鲜活表达的创新精酿啤酒，就像是一场跨越时空的味觉派对。 如果你想要一个独一无二的"当下"，还可以亲手打造一款定制啤酒，最后别忘了在时光合影装置里留下 这个难忘的瞬间，让微醺定格在此刻。 02 与时光干杯，寻找生活与精神的共鸣 时光，让蓝带啤酒 ...

金十图示：2025年07月14日（周一）富时中国A50指数成分股今日收盘行情一览：电力、煤炭、石油板块全天表现强劲，银行、 酿酒板块涨跌互现 +0.04(+0.71%) +0.06(+0.50%) +0.16(+1.88%) 光大银行 2593.86亿市值 8.75亿成交额 4.39 +0.05(+1.15%) 保险 中国平安 中国太保 中国人保 0 3781.15亿市值 3684.59亿市值 10483.63亿市值 9.71亿成交额 25.99亿成交额 8.16亿成交额 38.30 57.57 8.55 -0.16(-0.42%) -0.14(-0.24%) +0.07(+0.83%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17883.23亿市值 2171.17亿市值 4867.92亿市值 39.62亿成交额 27.34亿成交额 9.45亿成交额 1423.60 177.97 125.41 -3.40(-0.24%) +0.48(+0.27%) +1.11(+0.89%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2339.37亿市值 2363.93亿市值 3163.42亿市值 12.62亿成交额 ...

据介绍，为了保护文旅领域数据和个人信息安全，查找典型问题，在市网信办、市文化和旅游局指导 下，全市5762家酒店近期开展了全覆盖专项整治工作，各区和酒店管理集团依照《专项整治合规指引》 和《专项整治工作自查清单》扎实开展自查自纠。同时，北京市还将开展线下消费场景违法违规收集使 用个人信息专项治理工作，推动景区、图书馆、美术馆、游乐场等文旅场所持续加强数据安全和个人信 息保护。 市文化和旅游局市场管理二处副处长杨智表示，今年北京文旅消费将迎来大客流，预计全年的住宿消费 需求将超过1亿人次。在这种情况下，文旅部门加强了酒店行业的数据安全个人信息保护的专项整治。 截至目前，北京已督导存在问题的16款住宿领域应用程序立行立改，整改工作均已在时限内完成。 北京晚报讯（记者骆倩雯）暑期来临，京城旅游也迎来旺季。近日，根据市互联网信息办公室统一安 排，全市在文旅行业开展数据安全和个人信息保护专项整治工作，5762家酒店开展自查自纠，为来京游 客提供安全放心的旅游环境。 旅客来京旅游，会去酒店、公园、游乐场等各种场所，文旅行业的个人信息保护工作必须重视。市互联 网信息办公室网络安全协调处干部孟翔向记者介绍，本市某公园的购票系 ...

Core Insights - The low-alcohol beverage market is rapidly growing, with major companies like Moutai, Wuliangye, and Yanghe investing heavily in this segment, while Luzhou Laojiao has been a pioneer in this area for over a decade [1][3][4] - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved sales exceeding 10 billion, positioning it as the leading product in the low-alcohol market, with plans to introduce additional lower-alcohol products [1][3][4] - The company has successfully leveraged its early investments in low-alcohol beverages and innovative marketing strategies to capture the attention of younger consumers [5][30] Company Performance - Luzhou Laojiao reported revenue of 31.196 billion yuan, with a growth rate of 3.19%, and a net profit of 13.473 billion yuan, growing by 1.71% [4] - The company has regained its position as the fourth largest in the industry, closing in on the top three, which includes Moutai, Wuliangye, and Fenjiu [3][4] Market Strategy - The company has adopted a "product + scene marketing" strategy, targeting the younger demographic's preference for casual drinking environments, which has led to increased sales [5][16] - Luzhou Laojiao has initiated a "low-alcohol revolution," focusing on low-alcohol products and eliminating 80% of traditional offerings to cater to modern consumer preferences [16][23] Technological Advancements - The production of low-alcohol beverages is supported by advanced techniques, such as adsorption filtration, which preserves flavor while reducing alcohol content [10][12] - Luzhou Laojiao has a long history of innovation in low-alcohol production, dating back to the 1980s, and continues to develop new products with varying alcohol levels [9][14] Consumer Trends - The shift in drinking culture among younger generations has led to a preference for low-alcohol beverages in social settings, which Luzhou Laojiao has capitalized on [16][22] - The company has introduced products like the 28-degree variant aimed at bars and camping, and plans to launch even lower-alcohol options [18][20] Marketing Innovations - Luzhou Laojiao has embraced digital marketing and social media to engage younger consumers, utilizing platforms like Xiaohongshu and Douyin for targeted campaigns [23][28] - The company has also explored cross-industry collaborations, creating unique products that resonate with younger audiences, such as tea-infused wines and fruit-flavored options [26][30] Future Outlook - The success of Luzhou Laojiao's low-alcohol products positions it well for potential growth in the competitive landscape, but it must continue to strengthen its high-end offerings to maintain market relevance [34][35] - The company aims to leverage its technological expertise and market positioning to navigate the evolving industry dynamics and consumer preferences [33][36]

上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 近日，沪深交易所官方数据披露最新北向资金数据，上半年外资持仓情况浮出水面，外资连 续两个季度加仓A股。 外资连续两个季度加仓A股 数据显示，截至今年二季度末，北向资金共持有2907只个股，持股数合计1232亿股，持仓市 值合计约为2.29万亿元。相较于2024年末，北向资金持仓市值增加871亿元；相较于2025年 一季度，北向资金持仓市值增加超500亿元。 按照申万二级行业分类，北向资金持仓市值超百亿元的行业有53个，持仓市值最高的五大行 业分别为电池、半导体、白酒、股份制银行和白色家电，持仓市值分别为1754亿元、1349亿 元、1341亿元、1234亿元、1036亿元。 与2024年末相比，持仓市值前五大行业排名稍有变化。电池行业仍居榜首，北向资金持仓市 值超10亿元的电池行业公司共计7家；宁德时代、亿纬锂能、先导智能居前三。二季度，北向 资金集中加仓半导体板块，行业排名从第五位升至第二位，白色家电和白酒行业排名有所下 降。 与此同时，北向资金加仓出现结构性调整。一季度加仓标的主要有两大类：科技和消费。二 ...

+0.12(+2.12%) +0.21(+2.47%) +0.16(+1.34%) 光大银行 2623.40亿市值 5.69亿成交额 4.44 +0.10(+2.30%) 得經 中国太保 中国平安 中国人保 明 3785.57亿市值 3708.64亿市值 10534.62亿市值 5.38亿成交额 14.43亿成交额 5.29亿成交额 38.55 57.85 8.56 +0.09(+0.23%) +0.14(+0.24%) +0.08(+0.94%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17883.36亿市值 2150.67亿市值 4836.48亿市值 20.67亿成交额 14.63亿成交额 4.65亿成交额 124.60 1423.61 176.29 -3.39(-0.24%) -1.20(-0.68%) +0.30(+0.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2343.05亿市值 2372.05亿市值 3172.49亿市值 7.74亿成交额 27.40亿成交额 7.74亿成交额 324.70 567.00 136.49 -6.13(-1.85%) +13.02(+2.35%) -0 ...