公司基本资讯 | 产业别 | | 休闲服务 | | --- | --- | --- | | A 股价(2026/1/5) | | 90.29 | | 上证指数(2026/1/5) | | 4023.42 | | 股价 12 个月高/低 | | 95.66/53.64 | | 总发行股数(百万) | | 2068.86 | | A 股数(百万) | | 1952.48 | | A 市值(亿元) | | 1762.89 | | 主要股东 | | 中国旅游集团 | | | | 有限公司 | | | | (50.30%) | | 每股净值(元) | | 26.66 | | 股价/账面净值 | | 3.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 11.5 | 32.3 42.5 | 近期评等 20256 年 01 月 06 日 | H70420@capital.com.tw | | | --- | --- | | 顾向君 目标价(A 股) | 110 | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-18 | 76.50 | 区间操作 ...

华泰证券：春季行情预期或进一步强化 建议沿两条主线布局 沪指开票后直线拉涨，突破2025年11月14日的阶段高点，刷新2015年7月底以来的新高。截至发稿，沪指涨0.6%，报 4047.37点，深成指涨0.69%，报13923.61点，创业板指涨0.46%，报3309.76点，科创50指数涨1.85%，报1429.42点。沪 深两市合计成交额5675.25亿元，全市场超3500只个股上涨。 脑机接口概念延续强势，岩山科技、南京熊猫、创新医疗、倍益康、美好医疗、三博脑科封涨停，爱朋医疗、熵基科 技、翔宇医疗、伟思医疗等高开超10%。消息面上，复旦大学附属华山医院脑机接口植入技术再获突破。国内首款、国 际第二款内置电池的全植入、全无线、全功能（"三全"）脑机接口产品，成功完成首例临床试验。 半导体设备股反复走强，金海通触及涨停，北方华创、中科飞测、芯源微涨超5%，均创历史新高，富乐德、京仪装 备、华海清科、中微公司跟涨。消息面上，东吴证券研报指出，扩产方面，国产半导体设备迎来历史性发展机遇，根据 2026 年将会开启确定性强的扩产周期，设备全行业订单增速或超过 30%，有望达到 50%以上。 智能驾驶概念表现活跃 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.06% and the Shenzhen Component Index up 0.01%, while the ChiNext Index opened down 0.45% [1] - The human brain engineering and lithium mining sectors showed significant gains, while commercial aerospace and CPO sectors experienced declines [1] Index Performance - Shanghai Composite Index: 4026.02, up 0.06%, with 1018 gainers and 808 losers [2] - Shenzhen Component Index: 13830.30, up 0.01%, with 1318 gainers and 1066 losers [2] - ChiNext Index: 3279.81, down 0.45%, with 650 gainers and 552 losers [2] External Market - U.S. stock indices closed higher, with the Dow Jones reaching a record high, driven by strong financial stocks [3] - The Dow Jones increased by 594.79 points (1.23%) to 48977.18, the Nasdaq rose by 160.19 points (0.69%) to 23395.82, and the S&P 500 gained 43.58 points (0.64%) to 6902.05 [3] - Most Chinese concept stocks saw gains, with the Nasdaq Golden Dragon China Index up 0.49% [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as sectors related to domestic demand improvement [4] - CITIC Securities highlights a "growth first, liquor accumulation" trend in the cross-year market, with a focus on sectors like snacks and dairy that show clear growth potential [5] - Huaxi Securities predicts 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] - Guojin Securities expects 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology [7][8] - Tianfeng Securities sees growth potential in cosmetics, gold jewelry, and duty-free sectors amid the recovery of high-end consumption [9]

Group 1 - The core viewpoint is that the cosmetics, gold jewelry, and duty-free sectors are expected to grow due to the recovery trend in high-end consumption [1] - The beauty care sector benefits from the value breakthrough of domestic brands, core technology upgrades, and channel transformations [1] - In the gold jewelry sector, mid-to-high-end gold accessory brands are rapidly emerging and breaking into new markets, with potential for traditional Chinese craftsmanship and culture to go global [1] - The duty-free sector is expected to continue benefiting from domestic policy dividends, which may sustain its favorable market conditions [1]

本报记者 曹文轩 元旦假期首日，消费者在中免海口国际免税 城购物。 本报记者 曹文轩摄 机场码头客流涌动，免税商圈购销两旺，环岛自驾热度攀升……今年元旦，海南迎来全岛封关后的首个 假期。网络平台上，"离岛免税消费火爆""入境游客数量暴增"等词条频频登上热搜榜。火热的场景、亮 眼的数据，鼓舞人心，提神提气。站在全岛封关新起点，海南正向着国际旅游消费中心的目标稳步前 进。 ——编 者 政策红利释放，离岛免税购物金额成倍增长 2025年12月31日，中免海口国际免税城销售经理王仁安度过了一个难忘的跨年夜："已是深夜，还有游 客不断进店，店铺营业至凌晨1点。"虽然忙碌，但看到销售数据实打实的增长，王仁安心里格外畅快。 "想到人多，但没想到这么多。"元旦当天，来自广东深圳的游客苏倩在海口国际免税城逛完后，准备前 往打卡点"天际秘林"拍照，她驻足许久，才得以趁着人流穿行的空当按下快门。 为何这段时间客流出现爆发式增长？王仁安分析，除了叠加海南旅游旺季的缘故，主要是因为全岛封关 引人注目，吸引众多消费者前来。同时，去年11月实施的免税新政，明确了岛内居民一年内有一次离岛 记录，即可在限额内不限次数购买"即购即提"清单内商品 ...

摘要 2025 年消费市场呈现结构性机会，内需成为经济转型关键。消费者行 为从温饱型向娱乐型转变，为市场带来新的投资机会，社零总额达 50 万亿，主要集中在商品和餐饮消费，展现出强劲的韧性。 服务性消费潜力巨大，政策支持增加假期，提升居民消费能力。老龄化 加速，60 后人群对医疗康养需求旺盛，银发经济成为增长引擎，资本市 场应重点关注服务性消费领域。 出行产业链中，免税、酒店、景区和 OTA 值得关注。OTA 平台因供应 链修复业绩超预期，免税行业受益于高端消费回暖，酒店行业因供给侧 改善具备投资潜力，2026 年旅游出行行业景气度较高。 四波人口红利（50 后、60 后、90 后、10 后）带来新机遇，分别对应 医疗康养、银发经济、单身经济和亲子教育。60 后对健康养老产品需求 旺盛，90 后推动体育及个护产品需求，10 后带动教育及亲子产业发展。 技术应用推动新兴产品供给与需求良性循环，如"首发经济"通过创新 产品吸引消费者。海南免税政策持续发力，岛民免税消费潜力释放，国 货引入免税店带来增长，黄金和手机等品类结构调整助力销售增长。 Q&A 2026 年投资策略：重视服务消费布局元年 20260105 2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the consumer services industry, indicating an expectation of exceeding the benchmark index by 10%-20% over the next six months [1]. Core Insights - The core focus of the report is on the strong performance of the travel market during the New Year holiday, with significant recovery in both domestic and international travel. The Ministry of Culture and Tourism estimates that 142 million domestic trips were made during the three-day holiday, with total spending reaching 84.789 billion yuan, reflecting a 19.4% increase compared to 2023 and a 1.1% increase compared to 2024 [4][5]. - The report highlights the dual advantages of time and space for travel during the 2026 New Year holiday, as some travelers could extend their holiday to eight days by taking three days off work. This has led to notable growth in outbound travel, nearby trips, winter sports tourism, duty-free shopping, and hotel bookings [4]. - The report expresses optimism for the performance of service consumption-related sectors in 2026, citing specific companies in various segments such as hotels, human resources services, duty-free shops, gaming, internet platforms, catering, tourism, and sports [4]. Summary by Sections Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Relative Index Performance - The consumer services sector experienced a decline of 0.72% this week, while the overall A-share market fell by 0.33%, and the CSI 300 index decreased by 0.59% [7]. Important Announcements - Key announcements include leadership changes at companies like 科锐国际 and 天立国际控股, as well as financial performance updates from various firms [32]. Upcoming Shareholder Meetings - Several companies, including 西安旅游 and 凯撒旅业, have scheduled shareholder meetings in January 2026 [34]. Industry News - The report covers various industry developments, including the surge in domestic travel bookings and the launch of new services by companies like 京东 and 拼多多, indicating a vibrant market environment [35][36].

美兰空港（357.HK） 2026-01-05 星期一 美兰空港（357.HK）-首发报告- 20240229 浪潮数字企业（357.HK）-更新报告- 20250411、20251128 研究部 姓名：李承儒 SFC：BLN914 电话：0755-21519182 Email：licr@gyzq.com.hk 即时点评 元旦数据迎来开门红，政策红利持续发力 【事件】 文旅部数据显示，元旦假期全国国内出游 1.42 亿人次，总花费 847.89 亿 元。国家级夜间文化和旅游消费集聚区累计夜间客流量 4271.82 万人次。 短途出游成为主流，城市本地休闲、近程旅游和周边游热度高。值得注意 的是，元旦期间海南全省接待游客 217.16 万人次，与 2025 年同比增长 25.2%；旅游总花费 31.36 亿元，同比增长 28.9%。随着海南国际航线网 络持续加密，覆盖亚欧多个重点区域，叠加多平台涉外营销推广，元旦入 境旅游市场实现"爆发式增长"。1 月 1 日数据显示，三亚入境游机票订 单量同比增幅达 5 倍，海口增长近 3 倍，增速位列全国前两位。马来西 亚、泰国、韩国、越南、澳大利亚成为主要入境客源地，国际 ...

Group 1 - The tourism market in Hainan is experiencing explosive growth following the island's closure policy, characterized by a surge in duty-free consumption, increased inbound tourist flow, and upgrades in travel transportation [1][3] - During the New Year holiday, Hainan received 2.1716 million tourists, a year-on-year increase of 25.2%, with total tourism revenue reaching 3.136 billion yuan, up 28.9% [2][3] - The duty-free sales during the New Year holiday reached 712 million yuan, a staggering increase of 128.9% year-on-year, with the average spending per customer rising to 8,527 yuan [3] Group 2 - The inbound tourism market saw a fivefold increase in ticket orders for Sanya and nearly threefold for Haikou, ranking them as the top two cities in the country for growth [2][3] - The average occupancy rate of operating accommodation units in Hainan reached 79.01%, an increase of 3.8 percentage points year-on-year, indicating strong demand in the tourism sector [2][3] - The expansion of international flight networks and the optimization of duty-free policies are expected to drive high-quality development in Hainan's tourism market [3]

Group 1 - The core point of the news is that Zhuhai Zhimian Group Co., Ltd. has successfully completed a major asset sale, marking its strategic shift away from real estate to focus on its core duty-free business [1][3] - The company sold 100% equity of Gree Real Estate for a cash consideration of 5.518 billion yuan, demonstrating its commitment to divest from real estate and fulfill its promise to exit the sector within five years [1] - This transaction aligns with national policy directions aimed at enhancing domestic demand and consumption, reflecting the company's proactive approach to strategic transformation [3] Group 2 - The asset sale is a typical practice of state-owned enterprises deepening reforms and focusing on their main responsibilities, in line with the central economic work conference's emphasis on domestic market development [3] - The transaction is expected to optimize Zhuhai Zhimian Group's business structure and enhance the intrinsic value of its pure duty-free operations, supporting the expansion of its national duty-free network [3] - The company aims to leverage its financial services to assist more enterprises in achieving transformation and upgrading through resource integration, contributing to high-quality development of the real economy [5]