2026年元旦假期首日，国内出游人潮迎来首个峰值，旅游市场热度远超往年同期。 1月1日，2026第一个出游人潮峰值来了！2026年3天元旦假期集中释放人们的出行意愿，热度大幅超过往年同期。据各大旅行平台统计，1月1日，国内酒店 预订热度相比去年同期增长超3倍。人们飞往了国内外698个城市，入住了国内逾200个城市、境外逾800个城市的酒店。 除了南方海岛游火热，新年第一天，冰雪游也非常火爆。同程旅行数据显示，元旦假期首日，长春万达滑雪场位居东北三省冰雪主题预订热度前十，哈尔滨 冰雪大世界、长白山景区等"冷资源"一起撬动东北三省元旦旅游的"热经济"。元旦假期首日，各地陆续迎来客流高峰。在旅游度假叠加返乡探亲需求及丰富 的跨年活动带动下，国内酒店预订热度相比去年同期增长超3倍。 短途出境游成主流，土耳其免签利好出境游 2026年元旦假期，短途出境游成为主流。同程旅行数据显示，元旦假期首日，酒店预订热度最高的出境热门目的地为：泰国曼谷、韩国首尔、马来西亚吉隆 坡、新加坡、韩国济州岛、韩国釜山市、越南胡志明市、泰国清迈市。其中，韩国首尔酒店预订热度同比增长超3倍。 三亚入境游客增5倍，免税店附近酒店入住增1倍 1月1 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：资产洞见 2025年的最后时刻，苏宁电器集团等38家公司实质合并重整草案获得通过，之后将面对法院的审批裁 定，并最终进入执行阶段。 这场"中国商业史上最复杂破产案"的重整草案表决，从2025年10月17日先后延期至11月14日、12月14 日、12月26日，直至12月29日确定通过，充分显现了债权结构的复杂与各方利益的博弈难度。 其中，张近东以个人身家入局换取苏宁未来发展机会，更成为中国企业破产史上罕见案例。 以下我们来简要梳理苏宁重整的关键问题。 苏宁重整后啥样？ 苏宁电器集团等38家公司重整以后啥样？ 归为两类。 1、新苏宁集团 运营管理平台。 运营管理持有苏宁置业集团、苏宁商业生活集团、苏宁股权管理公司100%股权。 2、南京众城公司 苏宁置业集团（地产运营主体），包括南京、无锡、徐州、镇江5个已建成苏宁广场；4个在建综合体； 9项REITs份额。 苏宁商业生活集团（轻资产运营主体），持有银河物管、苏宁商管100%股权，负责商业管理与物业管 理。 苏宁股权管理公司（股权管理平台），持有苏宁易购股票、上海星图金融服务集团有限公 ...

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 岁末年初，A股市场会如何表现？投资该如何布局？长城基金高级宏观策略研究员汪立认为，市场有望 走出关键一步，阶段支撑原因包括：1）伴随无风险收益率系统性下行，2026年将迎来定期存款的到期 高峰，叠加政府鼓励长期资金入市，市场或将进入资产管理需求的井喷期，增量入市或远未结束。2） 资本市场改革提振了中国资产的可投资性，并提高了市场面对风险的韧性，股市有望从波动震荡市走向 稳中向好市。3）中国产业结构加速转型，传统产业L型"一竖"走向"一横"拖累边际减少，新技术产业迈 入创新扩张周期，同时中国制造业凭借竞争优势正在全球扩张，经济社会发展的不确定性下降。 投资方向上，汪立表示，跨年攻势或正在开启，看好科技、券商与消费等方向。具体来看，科技成长方 面，随着AI模型和应用进展加快，国内算力基础设施短缺，可关注港股互联网、传媒、计算机、算力 以及具备全球竞争优势的制造业出海（如电力设备/机械设备）等板块；大金融板块可关注券商、保险 等，资本市场改革纵深有望重振市场风险偏好；顺周期板块经历三年调整后，估值与持仓处于相对低 位，消费板块景气线索增多，可关注低 ...

2026年1月1日，青岛美高梅华府酒店正式焕新启幕。酒店以 "山海云端的当代中国府邸" 为定位，将 "至臻中国・华彩当代"的品牌精神熔铸于山海肌理中， 以国际化的语言解读中国智慧，为宾客营造"铸府邸之形，承生活之韵，献待客之礼"的沉浸式居停体验。崂山脚下、黄海之滨，一座珍藏于山海胜境中的当 代府邸，于此揭开面纱。 云端珍匣，山海为幕 酒店落址青岛上实中心，位于国家级金融改革示范区——金家岭金融区的核心。周边甲级写字楼林立，商业与休闲资源丰沛，城市活力触手可及。在这份优 渥区位之外，更藏着独属于青岛的浪漫禀赋：南向黄海，崂山、浮山的秀色近在咫尺。酒店充分利用其地理优势，将"山海云端府邸"的意境植根于空间设计 中，让自然意趣与现代美学韵致交融。 作为青岛上实中心的点睛之笔，酒店所处的双子塔楼由国际知名建筑事务所KPF执笔设计，设计灵感溯源青岛 "山海城" 的独特文脉与 "山海云" 的空灵意 境。201.8米的建筑以"珍宝盒"为设计概念，挺拔形态如多个宝盒叠合，寓意丰盈与吉祥。塔楼顶部的通透区域以全景落地玻璃勾勒无界视野，宛如悬于高 空的"空中会客厅"—— 它轻拢山海，将崂山的青黛与黄海的浩渺框成一幅流动画卷。于此 ...

2025年，在科技创新与宽松货币政策的托举下，全球资产价格普涨，美国三大股指屡创新高，英国富时 100指数、日经225指数、中国主要指数创下近年高点，黄金、白银等大宗商品价格也一路攀升。在这一 年里，风险似乎被推迟讨论，增长与上涨成为主流叙事。 当几乎所有资产的价格都在上涨，风险是否正在被低估？知名投资人、量子基金联合创始人吉姆·罗杰 斯对此保持高度警惕。他在接受南方财经记者独家专访时表示，宽松政策长期延续、债务规模持续扩 张，正在推高资产价格，也在无形中放大未来调整的冲击。"当所有资产都在上涨时，正是该开始担心 的时候。" 尽管对全球资产泡沫深感不安，但吉姆·罗杰斯依旧持有中国股票，并将其视为跨越代际的资产配置。 展望"十五五"，罗杰斯认为中国庞大且受过良好教育的人口、相对较低的债务水平和持续开放的市场将 让中国充满竞争力。"中国是21世纪最具潜力的国家之一。我不会放弃投资中国。" 展望2026年，罗杰斯建议投资者谨慎行事，既要保持警惕，也要充满希望。 全球市场需警惕泡沫破裂 南方财经：2025年已近尾声，你能否回顾一下2025年的全球市场表现？ 吉姆·罗杰斯：2025年全球市场整体表现不错。部分原因在于全 ...

Group 1: Atour Group's Strategic Milestone - Atour Group has achieved its three-year strategic goal of "China Experience, Two Thousand Good Stores," marking the opening of its 2000th hotel in Shangri-La, Yunnan [2][4] - The new hotel signifies not only geographical expansion but also a return to the brand's original mission of providing the best experience in the service industry [4][6] - The company has built a diverse brand matrix that includes hotels and retail scenes, covering over 100 million quality lifestyle members [2][6] Group 2: Collaboration between Chengdu Gifts and Kenyue Coffee - The collaboration between Chengdu Gifts and Kenyue Coffee has resulted in the launch of a themed concept store, emphasizing the integration of urban cultural IP with popular consumer brands [7][9] - This partnership aims to create a series of co-branded products that incorporate "Chengdu elements" into everyday consumption, enhancing local cultural representation [11] - The initiative is expected to strengthen brand recognition for Kenyue Coffee while allowing Chengdu Gifts to reach a younger consumer demographic, achieving mutual benefits in cultural dissemination and brand growth [11]

2025年，在科技创新与宽松货币政策的托举下，全球资产价格普涨，美国三大股指屡创新高，英国富时 100指数、日经225指数、中国主要指数创下近年高点，黄金、白银等大宗商品价格也一路攀升。在这一 年里，风险似乎被推迟讨论，增长与上涨成为主流叙事。 当几乎所有资产的价格都在上涨，风险是否正在被低估？知名投资人、量子基金联合创始人吉姆.罗杰 斯对此保持高度警惕。他在接受南方财经记者独家专访时表示，宽松政策长期延续、债务规模持续扩 张，正在推高资产价格，也在无形中放大未来调整的冲击。"当所有资产都在上涨时，正是该开始担心 的时候。" 尽管对全球资产泡沫深感不安，但吉姆.罗杰斯依旧持有中国股票，并将其视为跨越代际的资产配置。 展望"十五五"，罗杰斯认为中国庞大且受过良好教育的人口、相对较低的债务水平和持续开放的市场将 让中国充满竞争力。"中国是21世纪最具潜力的国家之一。我不会放弃投资中国。" 展望2026年，罗杰斯建议投资者谨慎行事，既要保持警惕，也要充满希望。 全球市场需警惕泡沫破裂 南方财经：2025年已近尾声，你能否回顾一下2025年的全球市场表现？ 吉姆.罗杰斯：2025年全球市场整体表现不错。部分原因在于全 ...

尼政府表示，该系统旨在加强外国游客安全管理，预防违法犯罪行为，并进一步促进尼泊尔旅游业有序 发展。 该系统将分两个阶段实施。第一阶段自2026年1月1日起，在加德满都谷地范围内的星级酒店启用；第二 阶段计划自2026年3月1日起在尼泊尔全国范围推行，覆盖酒店、航空公司、旅行社、登山机构、民宿及 持牌货币兑换点等。 根据尼泊尔内政部要求，外国游客入境尼泊尔时须下载与该系统关联的手机应用程序。系统将对外国人 在尼泊尔期间的居留、出行、参与旅游项目及货币兑换等情况进行全程记录并实时更新，并在个人签证 到期前7天和2天，通过短信及应用程序推送到期提醒。 2024年尼泊尔共接待外国游客超过114.7万人次；2025年前11个月，入境尼泊尔的国际游客约为106万人 次。(完) 中新社加德满都12月31日电 (记者 崔楠)尼泊尔政府决定自2026年1月1日起，对持旅游签证入境的外国 游客启用外国人信息管理系统。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The conference call primarily discusses the service industry, particularly tourism, hospitality, duty-free, local lifestyle, K12 education, and human resources sectors [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15]. Core Insights and Arguments - **Policy Support and Consumer Trends**: National policies are supporting domestic demand expansion, driven by aging populations and the rise of Generation Z, which is fostering experiential and personalized consumption. Key investment areas include wellness tourism and new consumption models [1][2]. - **Tourism Recovery**: The tourism and travel industry is experiencing a sustained recovery, with both domestic and outbound travel rebounding. Promotional activities by local tourism departments and OTA platforms like Meituan and Ctrip are significantly boosting the industry [3][4]. - **OTA Platforms' Role**: OTA platforms hold a crucial position in the tourism value chain, with major players like Meituan and Ctrip enhancing profitability through differentiated competition strategies, including overseas expansion and acquisitions [4][5]. - **Hotel Industry Dynamics**: The hotel sector's performance is closely tied to economic conditions. With demand differentiation and slowing supply, leading companies like Shoulv Jinjiang, Huazhu, and Atour are expected to have pricing power and growth potential [6]. - **Duty-Free Market Growth**: The duty-free industry is gaining attention, with a low base effect leading to positive data trends. The increase in high-value goods is raising average transaction values, and new policies in Hainan are expected to create growth opportunities for companies like China Duty Free, Wangfujing, and Zhuhai Duty Free [7]. - **Local Lifestyle Sector Competition**: The local lifestyle sector, particularly in dining and tea, is highly competitive. Meituan faces challenges from competitors like JD and Alibaba, but remains a key focus for investors despite market value return uncertainties [8][9]. - **K12 Education Sector Outlook**: The K12 education sector is stabilizing with market recovery, benefiting leading companies like TAL Education and New Oriental due to their strong brand, teaching quality, and expansion capabilities [11]. - **Public Service Exam Training and HR Services**: The public service exam training sector is competitive, with rising enrollment numbers. Leading companies are expected to gain market share as they leverage AI applications. In HR services, improved employment rates are driving recruitment demand, particularly in emerging industries like internet and renewable energy [13][15]. Additional Important Insights - **Investment Opportunities in Service Consumption**: The service consumption sector, particularly tourism-related industries, OTA, hotels, and duty-free businesses, presents clear investment opportunities. The local lifestyle sector is also expected to see continued competition, with specific opportunities in dining and tea [14]. - **AI Technology Impact**: AI technology is creating structural improvement opportunities in the education and HR sectors, with companies like Huatu and Kory International poised for growth due to their software application potential [15]. This summary encapsulates the key points discussed in the conference call, highlighting the current trends, challenges, and opportunities within the service industry.

Core Insights - The report highlights a shift in China's consumption structure from a focus on goods to a balanced emphasis on both goods and services, with experience-driven service consumption expected to be a major growth engine. The current valuation of the sector is at historical lows, indicating potential for recovery. The central economic work conference continues to prioritize domestic demand and building a strong domestic market, with consumption policies remaining stable. However, due to adjustments in household balance sheets, a fundamental recovery will take time, and the social service sector is expected to see structural opportunities in the first half of 2026. Long-term growth prospects for service consumption are promising, driven by the demands of Generation Z and the elderly population [2][3]. Group 1: Market Overview - As of 2025, domestic service consumption has risen to 47%, entering a rapid growth phase and becoming a major component of household consumption. The long-term stability and focus of policies on service consumption have been emphasized, with the current sector's price-to-earnings ratio still below the five-year average, indicating room for recovery [3][12][16]. - The travel sector is experiencing pressure on revenue, with notable disparities in performance among tourist attractions. The introduction of extended holiday periods and the implementation of the spring and autumn holiday system are expected to enhance travel demand and improve industry conditions [3][42][43]. - The duty-free market is undergoing significant changes, with the introduction of international duty-free retailers and airport equity investments expected to revitalize the market. Policy benefits and the closure effect are catalyzing a surge in duty-free consumption on the islands [3][42]. Group 2: Consumer Trends - The report identifies a structural change in consumption driven by the needs of Generation Z and the elderly population. These demographics are expected to significantly influence service consumption trends, with Generation Z favoring emotional value and personalized experiences, while the elderly market is expanding due to increasing demand for healthcare and leisure services [3][39][41]. - The rise of new consumption platforms is enhancing user engagement and efficiency in service consumption, with concert events and sports competitions becoming key drivers of market expansion [4][39]. Group 3: Policy and Economic Environment - The government's focus on boosting consumption and optimizing supply-demand structures is evident in the 2025 government work report, which prioritizes expanding domestic demand. The policy direction is expected to remain stable into 2026, with an emphasis on both demand-side stimulation and supply-side optimization [17][20]. - Various measures have been introduced to support service consumption, including financial incentives for service industry operators and initiatives to enhance service quality and accessibility [21][24]. Group 4: Investment Opportunities - The report suggests focusing on sectors that are likely to benefit from policy catalysts, such as travel-related companies, duty-free leaders in the Hainan Free Trade Port, and chain restaurants poised for expansion. Additionally, early investments in emerging experiential sectors like sports events and concerts are recommended [2][41].