多数板块过半披露，旅游景区业绩回暖 从披露率来看：除专业服务板块外其他子板块披露率过半，其中体育板块2家上市公司均已披露业绩预 告。从预盈率来看：旅游及景区板块业绩逐渐回暖，13家已披露业绩预告的上市公司中有8家预计盈 利；专业服务板块表现稳健，预盈率过半；其余板块表现不佳，体育板块上市公司均预计亏损。从子板 块预告类型占比来看，旅游及景区业绩持续承压，但行业回暖呈现积极信号，扭亏为盈的公司占比由 8%大幅提升至23%；酒店餐饮业绩向好，2家公司预增，亏损占比下降；专业服务稳中向好，略增占比 提升，其余类型占比变化不大；教育板块业绩表现不佳，10家公司中7家持续亏损，1家首次亏损。 风险因素：自然灾害和安全事故风险，政策风险，宏观经济不及预期风险，统计偏误风险。 截至2026年2月15日，社服板块共有42家上市公司发布2025年业绩预告，行业披露率为49%，整体预盈 率为45%，在消费八大行业中排行第六。我国消费结构正从商品消费主导转向商品与服务消费并重，以 体验为核心的服务消费有望成为主要增长引擎。 披露率近半，业绩整体承压 截至2026年2月15日，社会服务行业共计85家A股公司，已有42家发布业绩预告， ...

1）量端，国内游方面，根据交通运输部统计，2026除夕-正月初六全社会跨区域人员流动量同比增长 9.6%，其中铁路、民航客流各增长11.3%、7.7%。其中史上最长春节带动返乡+旅游，与中长途旅行相 关的民航、铁路显著改善；而邮轮等水上旅游产品回暖及海南封关带动琼州海峡客运量等推动水路客运 量同比增长29.8%；出入境游方面，据国家移民管理局，2026年春节假期日均出入境197.7万人次，较去 年春节假期日均增长10.1%。2）价端，根据DAST统计，春运前21天累计机票票价同比增长3.6%，预计 假期票价增速高于节前（2.22票价同比增长6.3%）。 子行业：酒店提价逻辑验证，海南免税双位数增长，祈福景区表现突出，本地零售餐饮环比提速 国信证券发布研报称，2026年提振内需成为经济发展重中之重，其中我国居民服务消费对比海外具备较 大提升潜力，有望成为国家在商品消费补贴进一步优化基础上的新抓手，金钱、时间、供给侧约束都为 政策提供良好着力点。板块资金配置处于历史低位且整体估值已反映诸多悲观预期，该行建议重视2026 年服务消费元年，伴随政策逐步向居民收入预期等传导，全年维度布局通胀预期修复与细分景气两条主 线 ...

Core Insights - The A-share market saw all three major indices rise on Tuesday, with the Shanghai Composite Index up 0.87% to 4,117.41 points, the Shenzhen Component Index up 1.36%, and the ChiNext Index up 0.99%. The total trading volume in the A-share market was approximately 2.20 trillion RMB, with over 3,700 stocks rising [2][8] - In the Shenwan industry classification, the oil and petrochemical and building materials sectors led the gains, while the media sector lagged. Among concept sectors, combustible ice and cultivated diamond concepts had the highest increases [2][8] Important News - On February 24, the Ministry of Commerce of China announced the inclusion of 20 Japanese entities in the export control list, which includes companies like Mitsubishi Heavy Industries that are involved in enhancing Japan's military capabilities. Another 20 entities, including Subaru Corporation, were placed on a watch list due to unverified end-users and end-uses of dual-use items [3][8] Industry Analysis - As of February 15, 2026, 42 listed companies in the social service sector had released their 2025 earnings forecasts, with a disclosure rate of 49% and an overall pre-profit rate of 45%, ranking sixth among eight major consumption sectors. The consumption structure in China is shifting from goods to a balance of goods and services, with service consumption expected to be a major growth driver [9][10] - The social service sector is anticipated to see structural opportunities in the first half of 2026, driven by policies such as the implementation of the Spring and Autumn holiday system and a gradual recovery in consumer confidence. Key areas of focus include travel-related companies benefiting from these policies, leading chain restaurants in a critical phase of expansion, and early-stage investments in emerging experiential sectors like sports events and concerts [9][10] Earnings Forecasts - The social service sector has a total of 85 A-share companies, with 42 having released earnings forecasts, resulting in a disclosure rate of 49%, ranking fourth among consumption sectors. Among the companies that released forecasts, only 19 are expected to be profitable in 2025, with a pre-profit rate of 45%, ranking sixth among consumption sectors. Compared to the same period in 2024, the sector's performance is under pressure, with a noticeable trend of divergence [10][12] - The tourism and scenic area sector is showing signs of recovery, with 8 out of 13 companies that released forecasts expected to be profitable. The professional services sector is performing steadily, while the sports sector is expected to incur losses [10][12]

春归万物生，策马启新程。 厂房里机器轰鸣，项目现场塔吊林立，田间大棚中绿意盎然，大街小巷人潮涌动……春节后的第一 个工作日，三秦大地活力迸发。 2月24日召开的全省深化开展"三个年"活动全面提升"三服务"质效动员部署会，吹响"起步即冲 刺"的集结号，擂起"开局就决战"的催征鼓。会议对今年"三个年"活动进行部署，并着眼树立和践行正 确政绩观、全面提升服务群众服务企业服务基层"三服务"质效，动员全省上下一以贯之抓推进、一张蓝 图干到底，推动"十五五"开好局起好步。 一体深入打好"八场硬仗" 工业、制造业、工业技改投资分别增长9.4％、13.3％、6.1％，民间投资增长4.6％；新增11个全国 县域商业领跑县，社会消费品零售总额增长6％；全省进出口总值创历史新高，达到5379亿元、增长 18.5％；科技成果转化企业新增1013家，突破重点产业链技术难题761项…… 过去一年，陕西在开展"三个年"活动的基础上，聚焦关键性战役、实施突破性举措，奋力打好"八 场硬仗"。创新引领成势见效，改革开放不断推进，主要指标全面向好，发展基础更为坚实。 会议强调，要在坚持中深化、在深化中提升，坚定用好"三个年"活动这个总抓手，一体深 ...

二是着力清费降本，提振市场精气神。2016以来，全面推进清理收费、综合降本、政府补助等各项工 作，形成佛山市"清""降""补"三位一体的长效降本机制，每年为企业减少负担约20.70亿元，被誉为清费 减负降本的"佛山样本"。科学核定城燃企业配气价格，多次优化完善管道天然气销售价格与气源价格联 动机制，实行销售价格与购销差价"双控"，促使城燃企业降本增效。牢牢把握"全面覆盖、分工明确、 协同配合、经验共享"这一主线，构建起涉企收费"1+N"工作机制。2022年以来，在清费减负降本的基 础上，再减轻佛山市各类用户费用负担约6.4亿元。 三是聚焦重点领域深化价格改革。积极理顺价格机制，促进公益公共事业良性发展。明确政府投入和使 用者付费边界，统筹推进全市公交"同城同价同优惠"，统一全市生活垃圾处理费、污水处理费，促进行 业健康可持续发展，持续提升民生基础设施建设，不断提高服务质量和效率。在省内出台民办义务教育 学校收费定价管理文件，强化成本监审监督约束作用切实减轻群众负担。从严制定线下学科类校外培训 收费标准，制定幼儿园因不可抗力停课的退费规则。完善停车收费管理，充分发挥价格杠杆引导作用， 改善车辆无序停放乱象。优化 ...

封面新闻记者 伍雪梅 摄影报道 上午召开2026宜宾市民生暨就业创业工作大会，下午接续举行为民造福工作述职评议会。 2月24日，春节假期后首个工作日，四川宜宾以一天多场高规格会议的紧凑节奏开启"新春第一会"，并 抛出马年民生"大礼包"：发布2026年"宜美家园·共同创造"十大惠民行动、2026年宜宾创业机会清单、 2026年就业支持政策等。 2026宜宾市民生暨就业创业工作大会。 今年已经是宜宾连续三年于开年部署民生工作并抛送上"王炸"惠民"大礼包"，这是为何？解决群众急难 愁盼问题成为"新春第一会"的核心。 惠民生：资金投入力度持续加大 十大惠民行动再升级 市民在长江边休闲。 实际上，早在2024年宜宾市民生工作大会就提出了目标：到2027年要建成幼有所育、学有所教、劳有所 得、病有所医、老有所养、住有所居、弱有所扶"宜美家园"1.0版本；到2035年实现幼有善育、学有优 教、劳有厚得、病有良医、老有颐养、住有宜居、弱有众扶"宜美家园"2.0 版本。 这些目标也正一步步在成为现实："十四五"时期，宜宾围绕幼有所育，持续健全普惠可及的托育服务体 系，可提供托位2.1万个、增加近万个，普惠性幼儿园覆盖率提升至9 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][33] Core Insights - As of February 15, 2026, 42 out of 85 listed companies in the social services sector have released their 2025 earnings forecasts, resulting in a disclosure rate of 49%. The overall pre-profit rate for the sector is 45%, ranking sixth among eight major consumer sectors. The consumption structure in China is shifting from goods to a balanced focus on both goods and services, with experience-based service consumption expected to be a major growth driver. For 2026, stable consumer policy guidance is anticipated, but recovery in the fundamentals will take time due to adjustments in household balance sheets. The first half of 2026 is expected to present mainly structural opportunities [2][3][30]. Summary by Sections Disclosure and Performance - The social services sector has a disclosure rate of 49%, ranking fifth among eight major consumer sectors. Among the 42 companies that have released forecasts, only 19 are expected to be profitable, leading to a pre-profit rate of 45%, which is the sixth highest among consumer sectors. Compared to 2024, the performance of the social services sector is under pressure, with only 14% of companies expected to see year-on-year profit growth, a decrease of 4% from the previous year. The proportion of companies turning losses into profits and those continuing to incur losses has increased to 10% and 48%, respectively, with nearly half of the companies continuing to report losses [3][11][30]. Subsector Performance - Most subsectors have a disclosure rate exceeding 50%, with the tourism and scenic spots sector showing signs of recovery. Among 13 companies that have disclosed forecasts in this sector, 8 are expected to be profitable. The professional services sector remains stable with over half expected to be profitable, while the sports sector is expected to incur losses. The tourism and scenic spots sector continues to face pressure, but there are positive signals of recovery, with the proportion of companies turning losses into profits increasing from 8% to 23%. The hotel and restaurant sector is performing well, with two companies expecting profit increases and a decrease in loss ratios. The education sector, however, is underperforming, with 7 out of 10 companies continuing to report losses [4][15][16][30]. Investment Recommendations - The report suggests focusing on companies in the travel chain sector that will benefit from the implementation of the spring and autumn holiday system and the gradual recovery of consumer confidence. Additionally, attention should be given to leading chain restaurants that are in a critical phase of scaling up and increasing market share, as well as the early-stage value of emerging experience-based sectors such as sports events and concerts [2][30].

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for the sector [2]. Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is also seen as having relatively low valuations, with potential for a "Davis Double Play" in performance and valuation under policy support [8][26]. - The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with intellectual property to foster interdisciplinary talent [11]. - The Ministry of Education emphasized the importance of high-quality Sino-Russian educational cooperation, focusing on vocational education and joint research platforms [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - A new opinion from the Ministry of Education calls for reforms in vocational education to address industry disconnects and enhance adaptability [11]. 2. Individual Stock Dynamics - China Oriental Education forecasted a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations and a 12% revenue growth [14]. - Huatu Shanding's major shareholder had a portion of shares released from freeze, while Zhonggong Education's shareholder released a significant number of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index rising by 1.16% compared to the CSI 300's 0.36% increase during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%) [20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with a positive outlook for Kevin Education and Kede Education as potential leaders 2. Performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages 3. Second growth curve opportunities with Botong Shares actively seeking new growth avenues [26].

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is also seen as having relatively low valuations, with potential for a "Davis Double Play" in performance and valuation under policy support [8][26]. - The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with education and supporting interdisciplinary talent development [11]. - The Ministry of Education emphasized the importance of high-quality cooperation in vocational education with Russia, focusing on talent cultivation and joint research [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - The Ministry of Education released opinions on reforming vocational education, focusing on industry collaboration and the introduction of new majors in emerging fields [11]. 2. Individual Company Dynamics - China Oriental Education announced a positive profit forecast, expecting a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations [14]. - Huatu Shanding's major shareholder had some shares released from freezing, while Zhonggong Education's shareholder completed the release of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.16% compared to the CSI 300's 0.36% during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%), while the worst performers were ST Kaiyuan (-7.06%), Huatu Shanding (-3.92%), and Angli Education (-2.45%) [20]. 4. Investment Recommendations - The report recommends focusing on three main investment lines: (1) "AI + Education" with a focus on Kevin Education and Kede Education as potential leaders; (2) performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages; (3) exploring second growth curves with Botong Shares [26].

在外需承压的背景下，内需成为稳经济的"压舱石"。数据显示，2025年，广东举办了1800多场各类促消费活动，"广东优品购"带动销售超600亿元；广东省 重点建设项目1500个，全年完成投资11816亿元。 强大国内市场是中国式现代化的战略依托。坚持扩大内需这一战略基点，广东坚持将惠民生和促消费、投资于物和投资于人紧密结合，从供给端和需求端协 同发力，促进消费和投资、供给和需求良性互动，使内需成为广东拉动经济增长的主动力和稳定锚。 ●南方日报记者 宾红霞 唐子湉 昌道励 广东着力全方位扩大内需，促进消费和投资、供给和需求良性互动。 "粤"过山海，"沪"唤而来。前不久，广东特色农产品进上海营销活动、"媒体+"广货行天下——广东年菜进上海营销行动在上海举办。而此前，"广货行天下 粤味贺岁来"广东特色农产品进北京营销活动在北京举行。这个春节，"广货"行遍祖国大地，为马年增添一番岭南风味。 2026年，"广货行天下"打响了广东消费"开门红"的第一炮。从家喻户晓的"广东粮、珠江水、岭南衣、粤家电"到圈粉全球的无人机、新能源车、潮玩文 创，"广货行天下"将广东的产业优势转化为市场胜势，推动广东积极参与国内国际双循环，在国家 ...