Market Overview - The tourism market is experiencing a comprehensive recovery during the 2026 New Year's holiday, with a surge in demand for staggered travel, significant growth in both hotel and flight bookings, and a strong rebound in the inbound market [1][11] - The domestic market is stimulated by the "take 3 days off and rest 8" holiday mode, leading to over 100% year-on-year increase in hotel search volume and over 50% increase in flight search volume [1][8] - The inbound market benefits from visa-free policies, with hotel search volume increasing by over 150% year-on-year, and popular destinations include Shanghai, Guangzhou, Beijing, Sanya, and Shenzhen [1][11] User Behavior Changes - There is a notable change in user behavior, with an expected over 50% share of hotel stays being cross-province, and the demand for stays of 2 days or more increasing [2][17] - The majority of travelers are from major cities such as Shanghai, Beijing, Guangzhou, Shenzhen, and Hangzhou, with a north-south travel preference emerging [2][20] - Emerging destinations like Kaifeng and Jingdezhen are gaining popularity due to rich New Year activities, with the top 10 hotel destinations including major cities from both northern and southern China [2][21] Thematic Consumption Trends - The focus on thematic consumption is driving the growth of related hotel categories, with keywords like hot springs, private baths, and skiing becoming top search terms [2] - Hotel night volume for hot spring hotels has increased by over 600% year-on-year, while ski hotels have seen a 200% increase [2] - Events such as New Year concerts and music festivals significantly boost hotel bookings, with surrounding hotel search volume increasing by over 800% during specific events [2] Operational Strategies for Hotels - Hotels need to optimize operations from multiple dimensions, particularly in OTA operations by leveraging booking peaks around December 31 [3] - Marketing strategies should include participation in EBK seasonal coverage activities to gain exclusive traffic and enhance sales through online travel photography campaigns [3] - Product design should focus on early booking discounts and multi-night stay packages, integrating New Year activities, attraction tickets, and dining services to meet the needs of staggered travel and long-term stays [3]

Core Points - The first "Travel Super Competition" has been launched in Fengxian, offering free or half-price admission to eight scenic spots, inviting citizens and tourists to enjoy the beauty of Jiangnan in autumn and winter [3][5][10] - The event runs from now until January 11, with participants encouraged to share their experiences on Douyin using specific hashtags [3] Scenic Spots - **Shanghai Haibay National Forest Park**: Offers half-price tickets (originally 60 yuan) for offline purchases, featuring various seasonal attractions and activities [3] - **Urban Vegetable Garden**: Free admission (originally 50 yuan) as it prepares for an upgrade next year, inviting visitor feedback [5] - **Huami Zhuangxing**: Offers a 20% discount on Goat Coffee for visitors [8] - **Qingxi Old Street**: Free entry, showcasing traditional Jiangnan architecture and local snacks [10] - **Fengxian Museum**: Free admission, featuring an international paper art biennale [12] - **Yanzi Academy**: Free entry, designed by a renowned architect, offering cultural experiences [14] - **Shen Family Garden**: Free entry, a historical site with restored architecture [16] - **Liyao Village**: Free entry, known for its rural culture and activities [18] Accommodation Offers - **Xiangcun Malong**: 20% discount on room rates, featuring a unique architectural style and spacious grounds [20] - **Ban Yitang**: 20% discount on room rates, located in a tranquil area with traditional Jiangnan aesthetics [22] - **Kedo Inn**: 20% discount on room rates, emphasizing a blend of local culture and modern amenities [24] - **Dongli Bamboo Hidden**: A five-star rural inn with various facilities for events and relaxation [26] - **Li Ji Inn**: A four-star inn that incorporates local cultural elements into its design [29] - **Zhe Yuan Fang Jian**: A four-star inn with a focus on local cultural experiences [31] - **Wuxiang Childhood**: A five-star inn designed for relaxation and connection with nature [34] - **Yujian Ni**: A five-star inn that emphasizes cultural experiences and community engagement [36] Quality Business Circles - **Jiayuan Fang JoyFun**: Offers promotional discounts for group purchases on Douyin [83] - **Bailian Nanjiao Shopping Center**: A key shopping destination in Fengxian [85] - **Longhu Shanghai Fengxian Tianjie**: Another major shopping area [87] - **Baolong City Plaza**: A shopping hub in the region [89] - **Longhu Shanghai Jinhui Tianjie**: A shopping center with various retail options [91]

Group 1 - "爷爷的农场" International Holdings Limited submitted an IPO application to the Hong Kong Stock Exchange, with a projected revenue of 622 million yuan in 2023 and 875 million yuan in 2024, indicating a strong growth trajectory in the organic baby food sector [1] - The company is ranked first in the Chinese organic baby food market, highlighting the robust potential of this niche industry [1] - The IPO is expected to enhance market recognition of the sector's value and attract long-term investment in the baby economy and consumer segments [1] Group 2 - Nestlé announced a precautionary recall of infant formula in several European countries due to quality issues with a supplier's ingredient, emphasizing the importance of supply chain quality control [2] - The recall may pose challenges to Nestlé's brand reputation and could lead to a reassessment of risk management capabilities within the dairy sector [2] - This incident may dampen overall sentiment in the consumer sector, prompting investors to focus more on companies' risk management and operational stability [2] Group 3 - Starbucks China and Atour Group launched a joint membership program, aiming to enhance user engagement and repurchase rates through cross-industry collaboration [3] - The membership program is expected to cover all levels of members, with Starbucks China reaching over 160 million members by November 2025 [3] - This partnership represents a significant innovation in the retail and service sectors, potentially setting a positive example for future collaborations [3] Group 4 - Chengdu Blue Wind Group, the parent company of brands like "春娟" and "红玫瑰," has an estimated valuation of 210 million yuan based on the transfer of shares [4] - The valuation reflects the current market pricing of established daily chemical companies, despite having well-known brands under its umbrella [4] - This situation may accelerate the revaluation of the daily chemical sector, directing attention towards companies with strong brand rejuvenation capabilities and core competitiveness [4]

Core Viewpoint - The Anshun Economic Development Zone has seen significant growth in the sales of residential properties, particularly attracting external buyers, which highlights the area's appeal as a "21°C city" [1][2] Group 1: Sales and Market Dynamics - Since the beginning of the 14th Five-Year Plan, over 7,500 residential properties have been sold in the Anshun Economic Development Zone, demonstrating strong market demand [1] - External buyers, particularly from other provinces, account for 60% of property purchases in certain projects, indicating a robust interest from non-local residents [1] Group 2: Infrastructure and Quality Upgrades - The Anshun Economic Development Zone has undergone comprehensive quality upgrades, including the renovation of facilities and landscapes in areas like Wanxiang Tourism City and Yanghu, enhancing the overall living experience [1] - High-quality health and wellness properties, as well as unique boutique hotels, have emerged, contributing to a multi-layered and high-quality tourism reception system [1] Group 3: Tourism and Experience Economy - The region has shifted from a resource-based economy to one focused on experiences, with seasonal tourism offerings that include activities like flower viewing in spring and hot springs in winter [1] - Visitor numbers have increased from 7.72 million to 10.4 million annually, with total tourism spending rising from 5 billion to 11.2 billion yuan, reflecting the growing attractiveness of the area [2] Group 4: Policy Support and Services - The implementation of regulations such as the Anshun City First-Class Tourism City Construction Promotion Regulations and the Anshun City Summer Health and Wellness Tourism Promotion Regulations provides a structured framework for tourism services [2] - Initiatives like housing incentives and one-stop medical and educational services have been introduced to enhance the sense of belonging for new residents [2]

Investment Rating - The report maintains a "Positive" outlook for the social services industry [4] Core Insights - The Ministry of Culture and Tourism data aligns with expectations, highlighting strong performance in duty-free shopping, inbound tourism, and leading mountain scenic spots. The upcoming long Spring Festival holiday and supportive tourism policies are expected to boost domestic consumption, leading to a favorable outlook for the social services industry in 2026 [3][7] Summary by Sections Domestic Tourism Demand - Domestic travel demand is steadily increasing, with 142 million domestic trips taken during the New Year holiday, a 5.2% increase compared to 2024. Total domestic travel expenditure reached 84.79 billion yuan, up 6.3% year-on-year, with per capita spending increasing by 1.1% [7] Duty-Free Shopping - Duty-free sales in Hainan during the New Year holiday showed significant growth, with 442,000 items sold, a 52.4% increase year-on-year. The number of shoppers reached 83,500, up 60.6%, and total spending was 712 million yuan, a 128.9% increase. This growth is attributed to the official launch of duty-free operations, new policies, and promotional activities [7] Scenic Spots - Leading mountain scenic spots demonstrated strong visitor elasticity, with Huangshan receiving over 75,000 visitors (up 76.5% year-on-year), Emei Mountain hosting 126,200 visitors (up 20.9%), and Changbai Mountain seeing a 41% increase in visitors compared to 2025. The expansion of high-speed rail and airports contributed to this growth [7] Online Travel Agencies (OTAs) - Inbound tourism and winter sports are emerging as key growth drivers, with a 110% year-on-year increase in inbound ticket bookings and a more than 30-fold increase in experiential product bookings. Domestic winter sports continue to be a central theme for growth in 2026 [7]

Core Insights - The report highlights a strong start to the travel season with increased domestic travel during the New Year holiday, indicating a positive trend for the upcoming Spring Festival and suggesting a prolonged peak season for off-season operators [4][11]. Domestic Travel - Domestic travel volume increased as expected, with 142 million domestic trips taken during the New Year holiday, representing a 5.2% increase compared to 2024. Total spending reached 84.789 billion yuan, up 6.3% year-on-year, with per capita spending increasing by 1.1% [4][11]. - The average daily cross-regional movement during the holiday was 198 million people, a 19.5% increase year-on-year, with significant growth in railway and civil aviation passenger volumes [11][19]. Sub-Industry Performance - Duty-free sales in Hainan saw significant growth, with sales volume and value increasing by 49.9% and 27.1% respectively compared to 2024. The average spending per person also rose by 18.0% [20]. - Hotel demand showed double-digit growth, although the revenue per available room (RevPAR) decreased by 2.6% due to high base effects from 2019. The overall hotel room supply has increased by 16% since then, indicating a recovery in travel demand [26][30]. - Scenic spots performed well, particularly mountainous areas, with notable increases in visitor numbers and revenue for key attractions [31][33]. Investment Recommendations - The report suggests focusing on the service consumption sector in 2026, as it is expected to become a key driver for economic growth. The report emphasizes the potential for high-end recovery and the rebalancing of supply and demand in the hotel sector [4][30]. - Key recommended stocks include China Duty Free Group, Huazhu Group, ShouLai Hotel, Ctrip Group, Meituan, and Haidilao, among others, as they are expected to benefit from the anticipated recovery in service consumption [4][34].

Core Insights - Starbucks China has partnered with Atour Group to launch a joint membership program, enhancing the benefits of the Starbucks membership club [1][3] - The collaboration aims to provide a comprehensive "coffee + travel" experience for Starbucks' 160 million members, offering practical travel benefits such as room upgrades and complimentary breakfasts [3][4] Membership Benefits - Members of both Starbucks and Atour can enjoy exclusive benefits, including up to 360 days of Atour Gold membership core benefits for Starbucks Gold and Diamond members [1][4] - Starbucks Gold members can receive up to 12 Atour Gold membership privileges, while Diamond members can upgrade some privileges to Atour Platinum membership, gaining additional benefits [4][5] - Atour members can earn Starbucks stars, which can be redeemed for various rewards, enhancing the value of the membership experience [5][6] Strategic Goals - The partnership reflects both companies' commitment to creating valuable travel experiences for customers, focusing on enhancing user satisfaction from daily life to travel [3][6] - Starbucks aims to continue expanding its membership offerings and partnerships in the "coffee + travel" sector, enhancing the overall quality of life for its members [6]

Group 1: Market Overview - The A-share market exhibited a volatile adjustment pattern last week, with significant divergence among major indices and notable structural characteristics [1][7] - Technology applications showed strength, while the oil and petrochemical sectors experienced two consecutive weeks of gains; the military industry continued to gain traction, but the new energy sector saw a pullback [1][7] Group 2: Macro Analysis - The manufacturing PMI in December showed a seasonal rebound, reaching 50.1%, an increase of 0.9 percentage points from November, marking the first expansion since April [2][8] - Among 21 surveyed industries, 16 reported a PMI increase compared to November, driven by improved trade conditions, domestic policy adjustments, and energy supply stability [2][8] - The government has proactively issued new local government debt limits for 2026 and initiated significant investment plans totaling approximately 295 billion yuan to accelerate fund allocation [2][8] Group 3: Overseas Economic Data - Recent U.S. economic data exceeded expectations, with pending home sales in November rising by 3.3%, significantly above the anticipated 0.9% [3][9] - Initial jobless claims unexpectedly dropped to 199,000, lower than the forecast of 218,000, indicating a robust labor market [3][9] - The December FOMC meeting minutes indicated a hawkish stance, with most participants supporting potential rate cuts if inflation trends downward [3][9] Group 4: Investment Strategy - The Chinese stock market is expected to stabilize and surpass critical thresholds, supported by anticipated U.S. interest rate cuts and increased liquidity from new capital inflows [4][10] - The focus is on technology growth, non-bank financials, and cyclical assets, with a particular emphasis on AI and emerging market industrialization trends [4][10] - Investment opportunities include sectors such as internet, electronics, media, and manufacturing with global competitive advantages, as well as non-bank financials like insurance and brokerage firms [5][11]

Core Viewpoint - The U.S. Department of Homeland Security (DHS) accused Hilton Hotels of refusing to provide accommodation to Immigration and Customs Enforcement (ICE) officials, labeling the incident as a "coordinated action" that negatively impacted Hilton's brand image and stock price [1][6]. Group 1: Incident Details - DHS released communication screenshots showing emails from a Hilton-affiliated hotel in Minnesota, indicating a refusal to allow ICE officials to stay at the property [1]. - One email explicitly stated, "We do not allow ICE or any immigration enforcement personnel to stay at our property," while another email mentioned the cancellation of a reservation linked to immigration enforcement [1][6]. Group 2: Responses and Reactions - A Hilton spokesperson clarified that the involved hotel operates independently and does not reflect Hilton's values or official stance, emphasizing that the actions were not in line with company policy [6]. - The management company of the hotel, Everpeak Hospitality, issued a statement committing to corrective measures and ensuring affected guests are properly accommodated, asserting a non-discriminatory approach [6]. Group 3: Market Impact - Despite Hilton's attempts to distance itself from the hotel's actions, the market reacted cautiously, with Hilton's stock price dropping approximately 2.5% on January 5 [6]. - Analysts noted that actions by individual franchise locations can quickly escalate into broader brand challenges in a highly polarized political environment [6].

人才落座点单，就有服务员问 " 能写个 评价 吗？ "—— 这样的场景你是否熟悉？ 在激烈的行业竞争下，消费者越来越依赖线上评分做决策， 而高分直接关联平台曝光与客流 ，商家 为争夺流量不得不 通过 " 要 " 的方式积累评价 ，由此陷入 " 评价内卷 "—— 评价量 成了日常 KPI ，打磨产品反成次要。 在上述 餐饮行业不断变化 的背景下 ，线上评价体系 需要不断 随之迭代 ，才能在新格局中发挥 " 正确 "的作用 。 2025 年 8 月，大众点评率先启动 " 星级评分体系升级 " 试点，并于 10 月在全 国范围落地，旨在引导商家将资源更多地投入到日常经营。升级后的导向明确为： " 反对商家干扰 顾客写评、不提倡过度进行人工店内邀评 " ， 推动行业从 " 评价竞赛 " 迈向 " 品质竞争 " 。 " 星级评分体系升级 " 后至今， 不少商家反馈，行 业 正 感受到一波线上 " 星级评分 " 的局部震 荡 ， "几家欢乐几家愁"。如何解释上述现象？ 背后到底发生了什么？ 餐饮行业星级评分"震荡"，背后缘由为何 据 大众点评星级评价相关 负责人介绍， 行业为何会感受到 " 星级震荡 "，一 方面 是因为 ...