元旦预订热潮持续攀升, 跨年仪式感驱动消费 [Table_Industry] 社会服务业 商社行业周报（2025.12.08-2025.12.14） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 元旦是春节前最后一个法定假期，公众的出行和休闲需求集中释放。 投资要点： [Table_Report] 相关报告 社会服务业《元旦假期临近，出行消费升温》 2025.12.08 社会服务业《冰雪经济升温，夸克 AI 眼镜正式 发布》2025.11.30 社会服务业《酒店免税数据持续改善，双十一总 额增 14.2%》2025.11.18 社会服务业《降幅收窄供给分化，龙头变革预期 改善》2025.11.11 社会服务业《最长春节利好长线游，离岛免税新 政初显成 ...

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].

据此前报道，北京时间12月12日下午，现货黄金（伦敦金现）突然强势直线拉涨，突破4300美元，为10 月21日以来首次，盘中一度向上触及4353美元/盎司，上涨1.74%，距离历史新高仅一步之遥。 转自：中安在线 13日，周生生、老庙黄金、老凤祥等国内部分品牌金饰克价续创年内新高。周生生金饰涨至1351元/ 克，老庙黄金涨至1352元/克，两家品牌金饰克价均一夜上涨13元；老凤祥金饰涨至1345元/克。 | | 卖出 | ま1351 | | --- | --- | --- | | 足金饰品 (每克) | 换金价 | *1162 | | | 换珠宝价 | ¥1163 | 编辑：毛书兵 责编：叶娟 审核：郭春燕 ...

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

本文无广，请理性消费 今年，黄金彻底涨成了年轻人高攀不起的样子，曾经人称"黄金菜市场"的水贝批发市场，也开始增加了约13%的消费税，相当于每克多收几十元。 就连一向势不两立的保值党和颜值党，都握手言和了。"无论是银行发行的投资金条，还是工费拉满的点钻、珐琅、掐丝金首饰……反正都买不起了。" 当所有人都只敢按兵不动，默默围观金价的时候——这届最抠门的年轻人，却疯抢起一种999黄金：最低10块钱的金片片。 图源：踢小猪屁股 众所周知，黄金延展性极强，"只要你足够大胆，一只小金镯经过无限捶打后，都能当成地板铺满你家客厅。"随着黄金大盘起飞，1克1克地攒金豆都成了 一种奢侈，犯了买金瘾的年轻人，就开始用毫克级别的金片解馋。 起初，是一种叫做金饼的东西，在网购直播间和水贝市场被抢到断货。它的尺寸有巴掌那么大，而含金量只有50毫克，售价三五十元，并且被印满了"公 主请发财""暴富""日进斗金"等字样。 图源：Bella "职场情场给你画过多少大饼，令人受尽委屈，现在自己花小钱买来的大饼，那可是足金的祝福。" 后来，这场黄金邪修更是把原料减到了20毫克，被压制成凯蒂猫和拉布布的造型后，就变成了均价20元的包挂、车挂、手机链 ...

点击上方"光大证券研究"可以订阅哦 世联一章发出 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户,用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 医药 龄听光的声音同题光的观察/了解光的态度 医保和商保目录并轨，扩容与提质并重，支持创 新药高质量发展--2025年版医保目录调整政策 点评 黄素青,王明瑞 行业简报 2025-12-10 近日新版医保目录和首版商保创新药品目录同时发布 本医保谈判成功率为88%，创7年新高，百版商保目录纳入19神 药品，协商成功率79%。医保目录扩容与提质并重，目录外药 品专家评审的通过率为41.48%，整体较为严格，目录内谈判药 品原价续约率高达75%。双目录协同并轨，支持创新药"真创新 "和"差异化创新"，建议关注恒瑞医药、百济神州、信达生物、 康方生物等。 老铺黄 ...

12月12日，"新质潮冬"湾区T台 龙岗新秀——2025深圳龙岗"三新三首"冬季发布会（第二场）在深圳市 龙岗区横岗文体中心举行。"聚势横岗·联展未来"——横岗"有商机"成果展示活动同期举办。活动中， 横岗街道营商环境数字推荐官 ——数字人"横小智"发布《横岗"有商机"2025年成果展示》，直观解码 横岗"有商机"年度答卷。 持续擦亮横岗眼镜品牌 横岗重点企业负责人分享成长历程 全国大学生眼镜设计研发实践基地、粤港澳大湾区眼镜+智能穿戴产业联盟、横岗眼镜品牌运营中心在 活动中相继揭牌成立。同时发布了《横岗街道关于打造全球高端眼镜品牌策源地三年实施方案（2025— 2027）》，明确打造世界级眼镜贸易枢纽、品牌孵化基地、AI眼镜生态平台等眼镜产业近期和中期发 展目标任务，将培育更多的智能眼镜企业和应用场景，通过AI赋能和原创设计等赋能眼镜产业，持续 擦亮横岗眼镜品牌，为深圳打造眼镜高端品牌输出地贡献横岗力量。 作为智能眼镜优质产业空间——横岗智能眼镜体验中心在活动中正式启动全球招商计划，该中心是集产 品首发、品牌展示、沉浸式消费与趋势发布于一体的平台，面向全球优秀的眼镜品牌、智能穿戴企业与 先锋设计团队，发出诚 ...

【导读】国内部分品牌金饰价格突破 1350 元 / 克 中国基金报记者 晨曦 金价，仍在狂飙！ 12 月 12 日，现货黄金价格持续向上，突破 4350 美元 / 盎司，距离历史新高仅一步之遥。 虽然随后短线下挫，但仍引发市场对金价的再次侧目。 与此同时，品牌金饰价格也节节攀升。 12 月 13 日，老庙黄金的金饰价格涨至 1352 元 / 克，周生生涨至 1351 元 / 克，均突破 1350 元 / 克的高位。 | 名称 | 价格(人民币/克) | | --- | --- | | 足金饰品 | 1352.00 | | 铂金饰品 | 600.00 | | 工艺金条 | 1307.00 | 周大福金饰价格为 1348 元 / 克，六福珠宝为 1346 元 / 克， | iri | 王마同四 | | 週刊 | CIF for YUUTE | | 正亚亚方 | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 今日金价 | | | | | | | | | 更新于2025年12月13日 09:32:33 | | | | | | न्ह | | ...

> ** 核心事实** > 3. **资金结构**：央行购金等长期资金流入，支撑价格实质上涨。 > - **国内金饰**：周生生(1338元/克)、老庙黄金(1339元/克)、老凤祥(1337元/克)足金价格均创年内新高。 > - **国际金价**：突破4300美元/盎司，连续4日上涨。 > 2. **避险需求**：全球经济不确定性下的资产配置选择。 > ** 上涨三大动因** > 1. **政策预期**：市场对美联储未来降息及扩表的强烈预期。 ...

来源：市场资讯 （来源：都市现场） | 12日，各大品牌黄金饰品价格普遍上涨。其中，周生生报1338元/克，老凤祥报1337元/克。 | | --- | 12月12日，现货黄金价格持续上涨，截止北京时间22:38，COMEX黄金价格报4378美元/盎司，涨幅1.51%，逼近前高4398美元/盎司。 | 10:38 @ ... | | 50 Still (1) 38 | | | --- | --- | --- | --- | | COMEX 童金 | | L | | | GCOOY E ▼ | | | | | 4378 3 今开 4309.1 最高 4381.4 最低 | | 4295.5 | | | 总手 12.75万 持仓 33.83万 日增 14221 1.51% 65.3 | | | | | 误意 -- 昨结 4313.0 日 名 | | | | | 分时 周Ｋ 月Ｋ 五日 | | 更多▼ | | | 均价:4344.2 最新: 4378.3 65.3 1.51% | | | | | 4381.4 1.59% 卖1 | | 4378.4 | | | ゴ 大空 | | द्र 1 4378.1 | | | ...