Market Overview - The A-share market showed a strong upward trend last week, with major indices generally rising. The market style continued to favor resource products and technology growth, while consumer sectors experienced a pullback [1][6]. Macroeconomic Analysis - The national fiscal work conference indicated that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal spending and ensuring necessary expenditure. Key tasks include promoting domestic demand, boosting consumption, and increasing investment in new productive forces [2][7]. - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1%. The manufacturing sector led with a profit of 50,317.9 billion yuan, growing by 5.0% [2][7]. International Economic Context - In the third quarter, U.S. economic data exceeded expectations, with a GDP annualized growth rate of 4.3%, compared to an expected 3.3%. The resilience of the U.S. economy is attributed to strong personal consumption and public spending [3][8]. Investment Strategy - The market is expected to take a significant step forward as the year ends, supported by a systemic decline in risk-free interest rates and an anticipated surge in asset management demand. The capital market reforms are enhancing the investability of Chinese assets [4][9]. - Investment directions include technology growth, financial services, and cyclical sectors. Specific areas of interest are AI and computing infrastructure, as well as consumer stocks showing signs of recovery [4][9]. Domestic Demand Focus - The expectation for policies to expand domestic demand is strengthening, positioning it as a key theme alongside technology. The central government aims to build a strong domestic market and explore new growth spaces in emerging consumption and tourism sectors [5][10].

Group 1 - Qingdao has become a popular destination for the New Year's holiday, with many tourists planning to celebrate there, as indicated by the pre-holiday booking data showing a significant increase in accommodation reservations [1][3] - The search interest for keywords related to "New Year" and "cross-year" has surged over 280% in the past month, with overall booking activity for flights, hotels, and homestays increasing nearly 30% compared to the same period last year [3] - The "Hello, 2026" New Year event at the Olympic Sailing Center will take place from December 31, 2025, to January 3, 2026, featuring diverse performances and a unique maritime experience [3] Group 2 - Many hotels near the Olympic Sailing Center report increased booking volumes for the New Year period, with some hotels nearly fully booked due to their proximity to the event [3][5] - Various homestays have also seen high demand, with some fully booked weeks in advance, as they offer unique winter experiences such as hot springs and themed activities [5][6] - The introduction of themed accommodations, such as seagull-themed rooms, has attracted younger travelers, with many properties already fully booked for the New Year and the first days of January [6]

金元顺安元启灵活配置混合（004685）成立日期2017年11月14日，最新规模14.32亿。今年以来收益 42.47%，同类排名1836/8085；近一年收益41.43%，同类排名1678/8085；成立以来收益565.33%。 金元顺安元启灵活配置混合（004685）基金经理为缪玮彬。 截至发稿，缪玮彬累计任职时间9年18天，现任基金资产总规模14.32亿元，任职期间最佳基金回报 568.9%， 任职期间最差基金回报-28.79%。 12月31日，华天酒店涨1.22%，截至发稿，报3.31元/股，成交4570.49万元，换手率1.37%，总市值33.73 亿元。 资料显示，华天酒店集团股份有限公司位于湖南省长沙市芙蓉区解放东路300号华天大酒店贵宾楼五 楼，成立日期1996年8月3日，上市日期1996年8月8日，公司主营业务涉及酒店服务及旅游地产等业务。 主营业务收入构成为：餐饮34.69%，客房32.85%，其他30.87%，娱乐1.59%。 从华天酒店十大流通股东角度 数据显示，金元顺安基金旗下1只基金位居华天酒店十大流通股东。金元顺安元启灵活配置混合 （004685）三季度增持63.63万股，持有股 ...

Core Viewpoint - The report from Guosen Securities emphasizes that boosting domestic demand will be a key focus for economic development in 2026, with significant potential for growth in service consumption compared to overseas markets, supported by monetary, temporal, and supply-side constraints [1] Group 1: Sector Overview - Overall, there is a moderate recovery in the consumption sector, with service consumption growth outpacing goods consumption and restaurant growth, leading to an increasing share of service consumption [1] - Changes in demand, policy, and technology are driving structural shifts in the market, with younger consumers favoring experiential spending, while B2B demand remains at a low point [1] - Policy factors and globalization are influencing corporate decisions, leading to market reshuffling and transformations in industries like high-end dining, while outbound consumption remains a significant growth curve [1] Group 2: Market Performance - The consumer services sector has underperformed year-to-date, with overall gains of 14.55%, lagging behind the CSI 300 by 3.81 percentage points; however, the sector has shown signs of stabilization since Q4, outperforming the benchmark [2] - The proportion of holdings in consumer services sector funds has dropped to a historical low of 0.29% as of Q3 2025, down 0.10 percentage points from Q2 2025 [2] Group 3: Sub-industry Insights - Duty-Free: Domestic duty-free is expected to gradually capture high-end demand due to policy support and strengthened supply chains, potentially leading to a new cycle and valuation uplift [3] - Hotels: Opportunities arise from improving supply-demand dynamics, with steady growth in leisure tourism and a gradual bottoming out of business travel demand [3] - Scenic Areas: The performance of scenic areas is influenced by calendar effects, with a focus on trends that align with demographic changes and local asset integration [3] - OTA: Online Travel Agencies are likely to benefit directly from service consumption policies, with stable profit margins being the main trend [3] - Chain Dining: As delivery subsidies taper off, leading brands are innovating product lines to address market pressures, with potential for recovery if CPI trends improve [3] Group 4: Education Sector - The education sector is expected to maintain its attractiveness due to strong employment orientation and the relative lag in public examination recruitment and vocational training, alongside advancements in AI applications [4] Group 5: Human Resources - Human resources are viewed as a barometer for economic recovery, with a focus on improving labor sentiment among enterprises and the empowerment of AI technology [5]

Group 1 - Wenzhou Dongtou Radisson Hotel recently opened, marking the first project of Radisson's ultra-luxury brand in Wenzhou, located along the coastline of Dongtou District, offering a unique vacation experience that integrates local culture [1] - The hotel features 90 sea-view rooms with panoramic floor-to-ceiling windows, and dining options include a 24-hour restaurant, a lobby bar, and an outdoor rock bar, catering to various dining and social needs [1] Group 2 - Andaz One Bangkok, the second Andaz brand hotel in Thailand, has opened in the largest mixed-use development in central Bangkok, featuring 244 rooms and three dining venues, including a Mediterranean restaurant led by Michelin-starred chef Marc Vasseur [2][3] - Tokyo Park Hyatt has reopened after a 19-month renovation, marking the most comprehensive upgrade in 30 years, with redesigned guest rooms and a new restaurant by chef Alain Ducasse [5] Group 3 - The 10th Annual Charity Night hosted by Marriott International and the Yao Foundation took place in Shanghai, gathering over 500 guests to support sports education initiatives in rural China [7] - Banyan Tree has launched a sustainable consulting service, expanding its sustainable business to include destination management and eco-tourism planning, while announcing five new member hotels from North America, Europe, and Southeast Asia [9] Group 4 - The Mandarin Oriental Hotel in Beijing has introduced a new cocktail menu titled "Parallel Time and Space," featuring local ingredients and international mixology techniques [11] - Aman China is celebrating the holiday season with unique cultural experiences at its three hotels, offering festive activities and local cuisine [13] Group 5 - The St. Regis Tianjin has partnered with Chow Sang Sang to launch a limited-time afternoon tea set, available until January 31, 2026, which includes various sweet and savory items [15] - The 2026 AlUla Arts Festival will return from January 16 to February 14, featuring innovative exhibitions and immersive experiences [17] Group 6 - Delta Air Lines has expanded its exclusive check-in areas for its premium business class across all U.S. hub airports, enhancing the travel experience for its customers [22] - Malaysia Airlines has released its long-term business plan 3.0, aiming to double its total revenue to over 24 billion ringgit and improve its service offerings by 60% by 2030 [26]

Group 1 - The report emphasizes the importance of service consumption in 2026, highlighting a year of strategic layout and potential improvements in specific sectors and cycles [4][6][8] - The overall recovery of the service sector is characterized by a moderate rebound and structural prosperity, with service consumption growth outpacing that of goods consumption [11][12] - The report identifies three key changes affecting demand, policy, and technology, including a shift towards more rational consumer behavior, the impact of policy and globalization on corporate decisions, and accelerated technological iterations [11][4][6] Group 2 - The investment strategy for 2026 focuses on boosting domestic demand, with significant potential for service consumption in China compared to developed countries [19][26] - The report outlines specific sub-sectors such as duty-free, hotels, and education, which are expected to perform differently based on demand and supply dynamics [7][8][34] - Recommendations include focusing on cyclical recovery and sector-specific prosperity, with suggested investments in companies like China Duty Free Group, Huazhu Group, and Meituan [4][34][8] Group 3 - The report notes that the service sector has underperformed compared to the broader market, with a year-to-date increase of 14.55%, lagging behind the CSI 300 index [14][12] - Structural trends indicate that leading companies in tea drinks and hotels have outperformed, while duty-free and hotel stocks have shown strength in the fourth quarter [14][12] - The report highlights the importance of policy measures aimed at enhancing service consumption, including various initiatives to stimulate demand and improve the consumer environment [26][28][27]

Core Insights - The cross-year consumption trend is on the rise, with various new experiences and activities being introduced across different regions, enhancing the "ceremonial consumption" aspect of the New Year celebrations [1][2][4] Group 1: New Consumption Trends - The integration of immersive experiences, such as the "Cloud Top Palace" snow sculpture and themed events, is attracting visitors and enhancing the sense of occasion during the New Year [2][4] - In Shanghai, a variety of activities including fireworks, music performances, and themed markets are planned to create a festive atmosphere for families and friends [2][3] Group 2: Regional Highlights - In Jilin, the tourism sector is leveraging its winter resources with events like snow tours and night skiing, supported by a 100 million yuan ice and snow consumption voucher initiative [4][6] - The popularity of hot spring experiences is also rising, with many consumers seeking relaxation and wellness options during the winter season [5][6] Group 3: Consumer Preferences - There is a noticeable shift from sightseeing to experiential consumption, with consumers increasingly valuing personalized and emotionally fulfilling experiences [7][8] - The demand for diverse and high-quality experiences is prompting destinations to innovate and enhance their offerings, including cultural integration and improved service quality [7][8]

元旦跨城观看演唱会逐渐成为年轻人辞旧迎新的新潮流。大量消费者的跨城出行，使得演出举办城市的 酒店预订量大幅增长。然而，热情背后也隐藏着如票务虚假、住宿"坐地起价"等消费风险。对此，建议 消费者购票时通过演出主办方、票务平台等正规途径购票，谨慎对待"内部票""转让票"，以及无法验真 的电子凭证等非官方票务。 年末电信诈骗频发，购票请关注官方购票平台，千万不要轻信"内部人员"及个人转售/代购。如若首发 没有抢到，请继续关注后续放票信息。凡是绕开正规平台交易，通过私下交易方式或以各种理由缴纳钱 财或"刷流水"的都是诈骗。 2026年元旦将至，跨城观看演唱会、主题乐园烟花秀、冰雪度假等"仪式感"消费备受青睐。12月30日， 为切实提升消费体验，避免权益受损，山东省消费者协会就三大热点场景发布消费提示。 跨城观看演唱会：理性追热，避免被坑 冰雪旅游同样热度不减，无论是北国雪乡还是南方室内雪场都迎来客流高峰。需要注意的是，热门航线 机票价格在假期前后可能出现波动；部分雪场经营资质不全、安全措施不到位，雪具租赁也可能存在押 金难退等问题。消费者如计划参与冰雪活动，建议提前规划行程、尽早购票，并关注退改政策；参与滑 雪等项目 ...

Group 1: Market Trends and Company Performance - The global fashion, fast-moving consumer goods, and high-end tourism industries are exploring new growth paths amid performance differentiation and strategic adjustments [1] - Nike's Q2 revenue exceeded expectations at $12.4 billion, but growth engines are showing signs of divergence, with a decline in direct sales revenue by 8% [7][8] - Birkenstock reported a 16.2% increase in annual revenue to nearly €2.1 billion, but cautious guidance for 2026 led to a significant stock drop of over 11% [14][15] Group 2: Strategic Investments and Leadership Changes - Anastasia Beverly Hills' founder injected $225 million to stabilize the brand's financial health amid a significant reduction in TPG's stake from 38% to 6% [6] - Coty announced a leadership change with Markus Strobel, a veteran from Procter & Gamble, taking over as interim CEO to address performance challenges [9] - Lululemon's founder Chip Wilson nominated three board candidates to address concerns over CEO succession and product innovation amid declining sales growth [2] Group 3: Pricing Strategies and Market Dynamics - Hermès slowed its price increases in China, with the highest increase capped at 10%, reflecting challenges in relying solely on price hikes for growth [3][4] - The luxury goods market is experiencing a shift in pricing strategies as brands adapt to changing consumer demand and market conditions [3] Group 4: High-End Tourism Investments - Marriott signed a deal to open a Ritz-Carlton hotel in Dunhuang, marking its second luxury property in Greater China, as part of its strategy to expand in the luxury vacation market [11] - Blackstone announced the acquisition of Hamilton Island resort for approximately AUD 1.2 billion, highlighting the growing interest in high-end tourism assets [13] Group 5: Challenges in Sustainable Fashion - Stella McCartney faced a 27% revenue decline to £16 million, marking its lowest point since 2009, as the brand struggles with profitability despite its sustainable fashion ethos [19][20]

①美国三大股指小幅收跌，道指跌0.2%报48367.06点，标普500指数跌0.14%报6896.24点，纳指跌0.24% 报23419.08； ②美国大型科技股涨跌互现，特斯拉跌超1%，英伟达跌0.36%，苹果跌0.26%，脸书涨超1%，亚马逊涨 0.2%，微软涨0.09%，谷歌涨0.09%； ③中概股涨跌不一，亿航智能涨超5%，老虎证券涨逾4%，百度集团涨超4%，希尔威金属矿业涨逾 3%，小鹏汽车涨超3%，蔚来涨逾3%。叮咚买菜跌超7%，唯品会跌约7%，华住集团跌逾2%，晶科能源 跌逾2%，欢聚跌超2%，京东集团跌近2%； ④欧洲三大股指收盘全线上涨，德国DAX指数涨0.57%报24490.41点，法国CAC40指数涨0.86%报 8181.86点，英国富时100指数涨0.87%报9952.08点； ⑤COMEX黄金期货涨0.20%报4352.30美元/盎司，COMEX白银期货涨7.88%报76.02美元/盎司； ⑥美油主力合约收跌0.22%，报57.95美元/桶；布油主力合约跌0.24%，报61.34美元/桶； ⑦纽约尾盘，美元指数涨0.22%报98.22，离岸人民币对美元上涨57.0个基点报6.992 ...