证券研究报告 | 2026年01月14日 海底捞（06862.HK） 创始人重新出任 CEO，2026 年经营蓄势待发 公司研究·公司快评 社会服务·酒店餐饮 投资评级：优于大市（维持） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 事项： 2026 年 1 月 13 日晚，海底捞发布公告，苟轶群已辞任公司执行董事及首席执行官，宋青和高洁辞任执行 董事。李娜娜、朱银花、焦德凤及朱轩宜获委任为执行董事，公司董事会主席及执行董事张勇获委任为首 席执行官。公告同时称，上述辞任董事将继续在集团担任重要管理职能。其中，苟轶群将在集团统筹推动 管理流程的智能化与自动化规划，推动运营模式升级和智能中台建设，提升组织管理效率与决策性能；宋 青将继续担任集团产品委员会主任一职。 国信社服观点： 1）从啄木鸟计划到红石榴计划，创始人张勇时隔 4 年重新出任 CEO。2018 年-2022 年 3 月（张勇任 C ...

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

从资金流向上来看，当日酒店餐饮板块主力资金净流出1.24亿元，游资资金净流出1898.52万元，散户资 金净流入1.43亿元。酒店餐饮板块个股资金流向见下表： 证券之星消息，1月13日酒店餐饮板块较上一交易日下跌0.9%，君亭酒店领跌。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600258 | 首旅酒店 | 17.44 | -0.11% | 20.39万 | 3.53亿 | | 600754 | 锦江酒店 | 26.09 | -0.46% | 12.04万 | 3.17亿 | | 002306 | *ST云网 | 2.02 | -0.49% | 20.58万 | 4184.61万 | | 601007 | 金陵饭店 | 7.82 | -1.01% | 11.24万 | 8878.96万 | | 002186 | 全聚德 | 11.91 | -1.24% | 9.5 ...

Core Insights - The 2026 Spring Festival holiday will last for 9 days from February 15 to February 23, marking the longest Spring Festival holiday in history [1] - The Spring Festival is a crucial driver of domestic tourism in China, with 5.01 billion domestic trips and a total expenditure of 677 billion yuan during the 2025 holiday, reflecting a year-on-year growth of 5.9% and 7.0% respectively [1] - The tourism market is already experiencing a surge in activity, with over 3 million flight tickets booked for the 2026 Spring Festival as of January 9, showing a 20% increase in daily bookings compared to the same period last year [1] Company and Industry Highlights - Key tourism and travel-related stocks with significant institutional interest include: - Songcheng Performance (300144.SZ) with 160 institutional visits and a price increase of 222.57% [2] - Guangdong Expressway (000429.SZ) with 156 visits and a price increase of 229.04% [2] - Three Gorges Tourism (002627.SZ) with 143 visits and a price increase of 57.46% [2] - Sichuan Chengyu (601107.SH) with 115 visits and a price increase of 174.00% [2] - Baiyun Airport (600004.SH) with 100 visits and a price increase of 244.58% [2] - Other notable stocks with high institutional visits include HNA Holding (600221.SH) with 66 visits and a price increase of 753.11%, and China Duty Free (601888.SH) with 32 visits and a price increase of 1954.90% [2][3] - Stocks with high price increase frequency over the past year include: - Caesar Travel (000796.SZ) with 13 price limit increases [3] - Tibet Travel (600749.SH) and Haikou Group (603069.SH) each with 10 price limit increases [3]

证券之星消息，1月12日酒店餐饮板块较上一交易日上涨2.52%，君亭酒店领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301073 | 君亭酒店 | 31.85 | 9.00% | 14.08万 | 4.36 Z | | 600258 | 首旅酒店 | 17.46 | 2.59% | 32.46万 | 5.63亿 | | 600754 | 锦江酒店 | 26.21 | 2.10% | 16.62万 | 4.37亿 | | 000721 | 西安饮食 | 9.33 | 1.97% | 30.44万 | 2.82亿 | | 605108 | 同庆楼 | 19.94 | 1.89% | 7.62万 | 1.51亿 | | 002186 | 全聚德 | 12.06 | 1.60% | 9.54万 | 1.15亿 | | 000428 | 华天酒店 | 3.42 | 1 ...

本文转自【央视新闻客户端】； 由于当地不少酒店和餐厅尚未修建完成，无法提供接待，外地游客即便有意前来，也不得不选择放弃行 程。 总台记者 何欣蕾：我身后就是轮岛当地一家可以同时接待几百人的海景酒店，大家可以看到，地震灾 害发生两年之后，这家酒店目前还是在一个修建的过程当中。一层的房顶在地震当中发生了严重损坏， 现在还没有修好。在轮岛当地像这样的酒店和餐厅还有不少。当地的旅游业什么时候才能恢复到地震前 的水平，这个问题还存在很多的不确定因素。 轮岛漆器商工业协同组合事务局长 隅坚正：地震的剧烈摇晃导致玻璃掉落，里面的展品也被压在玻璃 下面而损坏。这栋建筑是轮岛市的市属公营建筑，轮岛市方面也打算进行修复，预算也已经安排了。但 一直找不到愿意来修复的施工单位，因此至今仍保持着现在这样的状态。 受整体旅游环境影响，这座曾经吸引大量游客的漆器工艺馆，如今人气大不如前。工作人员介绍，目前 每天的参观人数仅为地震前的十分之一。游客减少的主要原因，并不在于景点本身，而是周边配套设施 恢复缓慢。 轮岛漆器商工业协同组合事务局长 隅坚正：目前除了这里以外，还有大量需要修复的基础设施、道路 和建筑物，轮岛市和石川县政府，也只能在优 ...

Group 1 - The core initiative "Warm Winter Job Delivery, Double Festival Employment Stabilization" aims to address the seasonal labor shortage during the holiday period in Beijing [3] - The job fair held at the Beijing Majia Bridge Gig Economy Market featured 62 companies offering over 3,000 job positions across various sectors including logistics, property security, factory workers, hotel catering, and domestic services [3] - This event is part of a broader effort to promote the standardized development of the gig economy market and enhance service quality [3]

Core Viewpoint - The "Talent Night Market" initiative in Jiangsu province aims to provide innovative employment opportunities by extending job services to nighttime, addressing the mismatch in availability between job seekers and employers [1][2]. Group 1: Event Overview - The first event of the "Talent Night Market" was held in Nanjing, featuring over 50 employers offering 2,300 job positions across various sectors including software, smart manufacturing, and hospitality [1]. - The initiative is part of a broader campaign titled "Night Market Assists Beautiful Future," which will host over 350 events across the province in January and February [1]. Group 2: Job Categories - Job openings are categorized into three main types: 1. High-end technical positions in technology innovation, with salaries exceeding 10,000 yuan per month and annual salaries up to 450,000 yuan, targeting recent graduates and experienced professionals [2]. 2. Steady employment positions in manufacturing, aimed at ensuring continuous production during the Spring Festival [2]. 3. Flexible service roles in modern service industries, providing opportunities for job seekers facing employment difficulties [2]. Group 3: Additional Services - The human resources department plans to release a monthly activity calendar, leveraging major events to attract job seekers and provide comprehensive employment services [3]. - A "Skills Night School" will be established to enhance workers' skills, focusing on digital professions, AI, and traditional crafts, with a target of opening at least 300 training points and training over 60,000 individuals throughout the year [3].

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The domestic tourism sector has shown a strong start in 2026, with 142 million domestic trips taken during the New Year holiday, resulting in a total expenditure of 84.789 billion yuan, reflecting a slight year-on-year increase compared to the same period in 2024 [20][31]. - The report highlights a growing trend among young consumers who prioritize personal enjoyment, enhancing the cultural significance of holidays and driving the rapid growth of niche tourism sectors such as ice and snow tourism, migratory tourism, and performance + tourism [31]. - The China Tourism Research Institute projects that the winter ice and snow tourism revenue will reach 450 billion yuan, with an estimated 360 million participants during the 2025-2026 winter season [24][31]. - Policy support is shifting towards service consumption, with measures introduced in Shanghai to enhance cultural and tourism service consumption capabilities [22][31]. - The report indicates that while the long-term outlook for the cultural tourism industry is positive, there are still short-term performance pressures, suggesting a focus on themes like ice and snow tourism and duty-free shopping as potential catalysts [31]. Summary by Sections Market Review - The CITIC consumer services industry index rose by 4.39% from December 26, 2025, to January 8, 2026, outperforming the CSI 300 index by approximately 2.34 percentage points [8][9]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 5.58% [9]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers including BoRui Communication and China Duty Free, while 15 companies reported negative returns [13][31]. Industry News - Key announcements include the record 142 million domestic trips during the New Year holiday and the launch of Shaanxi Tourism's IPO on the Shanghai Stock Exchange [20][21]. - The report notes the encouragement of seasonal tourism activities and the issuance of cultural and tourism consumption vouchers by various government departments [25][31]. Company Announcements - Notable company updates include the resignation of the vice chairman of Huazhen Hotel and significant growth in visitor numbers and revenue for Xiangyuan Cultural Tourism during the New Year holiday [26][27]. - China Duty Free announced a contract for a major project at Beijing Capital International Airport, indicating ongoing expansion in the duty-free sector [30]. Investment Recommendations - The report suggests focusing on specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, and China Duty Free, which are expected to benefit from the recovery in leisure tourism demand [32][31].

Core Insights - Alibaba's Gaode has launched an upgraded version of the Gaode Street Ranking 2026 and initiated a "Million Fireworks Good Store Support Plan," committing billions in computing resources to help 1 million merchants access the "Flying Street View" for free [1] - Within 24 hours of the plan's announcement, over 200,000 merchants registered for the program, indicating strong interest and demand [1] - Since the launch of the Gaode Street Ranking 100 days ago, over 860,000 dining merchants have joined, leading to a more than 330% increase in order volume and over 270% growth in transaction value [1] Group 1 - The Flying Street View feature allows users to experience realistic navigation and explore restaurant environments, enhancing consumer engagement [1] - The technology lowers the barrier for merchants to adopt new tools, as creating a 3D model now only requires a smartphone to capture video, making it accessible to smaller businesses [2] - The shift in merchant strategies reflects a growing understanding that presenting their authentic quality to consumers is more beneficial than complex traffic strategies [2] Group 2 - The Chinese restaurant industry is currently undergoing a critical phase of high-quality development, facing challenges in digital transformation and business model integration [2] - The Gaode Street Ranking aims to build a comprehensive offline credit system through digital, trust, and technological empowerment, supporting sustainable growth in the restaurant sector [2]