中国银河证券ICGS 行业点评报告·消费行业 消费温和复苏，悦已型春节消费斩露头角 2026年02月22日 核心观点 :guximin_vi@chinastock.com.cn 分析师登记编码：S0130522070002 免签政策的持续 张迪 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 消费温和复苏，消费结构、消费格局变化更受瞩目：1）春节期间消费被寄 分析师 予厚望，政府发力组织 乐购新春" 春节特别活动， 发文 《积极推动物价合 理回升》， 针对互联网平台推动反垄断、反内卷。 2）消费呈现温和复苏的迹 何伟 象，包括客流的稳步增长， 以及核心商圈、 重点零售和餐饮企业相关消费的 ：hewei_yj@chinastock.com.cn 增长。部分消费品、 服务消费价格的提升。3）但市场并不认同消费的全面复 分析师登记编码：S0130525010001 苏，春节期间香港市场 必选消费指数、 非必选消费指数分别下 陈柏儒 美团2月13日公布 :chenbairu_yj @chinastock.com.cn 跌1.31%、 下跌3.0% 消费相 ...

Core Insights - The article highlights the vibrant atmosphere and consumer engagement in Beijing's Dajixiang area during the Spring Festival, showcasing a blend of traditional and modern elements in the shopping experience [2][3]. Group 1: Consumer Engagement and Activities - Dajixiang has become a popular destination for families during the Spring Festival, with various attractions such as a hundred-meter-long lantern corridor and handmade crafts from remote regions, driving significant foot traffic [2]. - The "Dajizhi Heart" light installation in the underground level has attracted visitors, enhancing the festive ambiance and encouraging social media sharing [3]. - The city organized over 460 themed activities under "Le Gou New Spring · Jing Cai Four Seasons," resulting in a collective surge in consumer activity across multiple shopping districts [3]. Group 2: Sales and Consumer Trends - During the Spring Festival, monitored retail sectors, including department stores and restaurants, achieved a total sales revenue of 8.45 billion yuan, reflecting a year-on-year growth of 12.4% [4]. - The total foot traffic in 60 key shopping districts reached approximately 51.09 million, marking a 5.8% increase compared to the previous year, with total consumption amounting to 15.43 billion yuan, up by 2.2% [4]. - The influx of inbound tourists contributed significantly to consumer spending, with a reported 73.2% increase in purchase-related expenditures [4].

Core Insights - The Chinese Zhouyuan Scenic Area successfully concluded its Spring Festival theme event "Dragon Horse Leaps Zhouyuan, Heavenly Steed Bestows Blessings Year" on the seventh day of the Lunar New Year, integrating Zhouli culture with modern technology and trends to create a unique cultural tourism experience [2][8] Group 1: Event Highlights - During the Spring Festival, the Zhouyuan Scenic Area hosted over fifty intangible cultural heritage performances and interactive experiences daily, featuring traditional activities such as the Qishan Drum and the Earth God Fire Parade, attracting large crowds [4] - The performances included various traditional skills like fire breathing, face-changing, and wrestling, catering to visitors of all ages and enhancing the festive atmosphere [4][8] Group 2: Nighttime Attractions - As night fell, the scenic area launched a "Light and Shadow Dream Journey," featuring a fish lantern parade and a dazzling fireworks show that transported visitors back to a prosperous era [6] - The grand finale performance of "Investiture of the Gods: Spiritual Fantasies" in the Fengshen Theater provided an immersive experience that combined Zhou culture with modern technology [6] Group 3: Cultural Significance - The Zhouyuan Scenic Area's unique cultural appeal attracted visitors from across the country, establishing it as a popular tourist destination in the Guanzhong region of Shaanxi [8] - The event showcased various cultural segments such as "Earth God Fire," "Intangible Cultural Heritage Qin Opera," and "Fengshen Lantern Festival," creating a year-round cultural journey that enriched the festive lives of the community [8]

2026年春节假期，记者走访北京、黑龙江、云南等地发现，作为春节申遗成功后的第二个非遗中国年， 传统民俗活动正经历一场深刻的消费焕新。从历史古城到现代雪乡，游客不再满足于"打卡式"围观，而 是通过沉浸式剧本游、千人实景巡演、非遗手作体验等方式，深度"入戏"，让可触可感的传统IP在这个 马年新春焕发出强大的消费生命力。 宛平有戏，年味满盈。春节、戏曲、庙会、古城，当这些元素融合在一起，会呈现怎样一番独特的情 景？春节前夕，伴随着铿锵有力的锣鼓声与醒狮腾挪跳跃的矫健身姿，"宛平有戏"2026宛平新春戏曲梨 园庙会在宛平城正式拉开帷幕。 这场从2月15日持续到2月23日的文化盛宴，以"戏曲+国潮+沉浸互动"为核心，打破传统庙会边界，将 宛平城与卢沟桥化作"流动"的剧场，为市民游客献上一场跨越时空的新春奇遇。不少游客"赴京赶戏"， 沉浸式实景互动游戏《戏游浮生镇》前排起长队。 "玩了一个多小时，不仅体验了剧本杀的乐趣，还用赚到的'宛平币'换了小吃券。"大学生王苗苗的体 验，道出了宛平庙会最核心的吸引力——游客不再是旁观者，而是参与者。 《戏游浮生镇》以"平行时空"为背景，玩家通过完成任务赚取"宛平币"，可在商户兑换优 ...

中新网张家界2月23日电 (邓霞 张洪涛)春节假期，湖南张家界武陵源夜色璀璨、年味浓郁，公园夜游、 民俗演出、古风市集等多业态融合，在夜幕下焕发出别样活力。 张家界武 "演出很好地展示了湘西地区的各民族文化，尤其是节目最后大家一起载歌载舞的环节，让人振奋人 心，很开心。"新疆游客葛格表示，这充分说明了"越是民族的，就越是世界的"。 除了视觉盛宴，索溪文旅公园还精心打造多元消费场景：非遗会客厅里，湖南本土脱口秀演员用幽默解 构山水人文，让观众在笑声中读懂张家界；超级武陵源文创店内，以奇峰、金鞭溪为灵感的文创产品琳 琅满目，成为游客带走的"山水记忆"；沿河的精酿酒吧与特色小吃摊前，游客们举杯畅饮，在微醺中感 受山风与烟火的交融。 脱口秀演 员让观众在笑声中读懂张家界。张洪涛 摄 临近索溪文旅公园的《魅力湘西》国际文化广场，每晚座无虚席。激昂磅礴的《火鼓》、浪漫多情的 《女儿会》、饱含深情的土家族《哭嫁》、被誉为"原始戏剧活化石"的《茅古斯》等节目轮番上演，让 中外游客沉浸式感受民俗文化魅力。 区由多栋富有地域特色的古建筑组成。张洪涛 摄 陵源区索溪文旅公园流光溢彩。张洪涛 摄 华灯初上，张家界武陵源区索溪文旅公园 ...

中新社柳州2月23日电 (林馨)春节期间，素有"中国芦笙斗马文化之乡"美誉的广西柳州市融水苗族自治 县，笙歌飞扬、斗马奔腾。一场场激烈的斗马比赛不断上演，骏马在场中嘶鸣对峙，马蹄扬起尘土，围 观游客的喝彩声与相机快门声此起彼伏。 近年来，融水不断挖掘斗马文化资源，融水芦笙斗马节已被评为"中国最具特色民族节庆"。通过打造芦 笙与斗马文化品牌，融水开辟新的旅游消费途径，吸引大量外地游客。2025年，该县全年接待游客940 万人次。(完) 2月22日，广西柳州市融水苗族自治县香粉乡九都村均云屯斗马比赛现场。(受访者供图) "在融水，苗族民众以马为荣。"融水县香粉乡村民石海安，抚摸着日前参赛获得第二名的红色骏马"雷 霆战将"说，"把马养好，在比赛中拿下好名次，是极光荣的事。"苗族人从小与马相伴，它是村民劳作 的"好帮手"，也是赛场上的"勇士"。 石海安的马年春节格外忙碌。作为融水苗族自治县芦笙斗马文化协会副会长，石海安的手机响个不停， 几位"马友"微信群里"约战"不停。"以前斗马是正月坡会和十一月县庆才有的大活动。"石海安说，如今 斗马已打破年节限定，成为日常娱乐项目。 与斗马活动结缘多年的融水苗族自治县芦笙斗马文化 ...

Core Insights - The Beijing cultural and tourism market experienced a significant surge during the Spring Festival, blending traditional customs with modern trends, creating a vibrant atmosphere for both locals and tourists [1] Group 1: Cultural and Tourism Activities - The Longfu Temple area saw a notable increase in foot traffic, with visitor numbers reaching two to three times the usual levels during the holiday [3] - Popular items included traditional snacks like "honey three knives," "cream-flavored fried dough," and "flower-shaped dates," which became the top-selling products of the festival [3] - The "Rabbit God" figurines attracted many young visitors, highlighting the intersection of cultural heritage and contemporary interests [3] Group 2: Technological Integration - The Dadu Spring Festival Fair featured advanced technology, including performances by intelligent robots and a "cyber lion dance," showcasing a modern twist on traditional celebrations [5] - Events like the "潮朝阳·潮庙会" incorporated various popular cultural IPs and innovative experiences, enhancing the festive atmosphere with a futuristic touch [5] Group 3: International Tourism - Beijing's cultural and tourism bureau introduced five must-visit lists and ten premium travel routes for inbound tourists, emphasizing experiences related to intangible cultural heritage and traditional festivities [6] - The city aims to attract 5.48 million inbound tourists by 2025, with a projected tourism expenditure of 50.56 billion yuan, indicating a dual growth in visitor numbers and spending [6] - The year 2026 is identified as a pivotal year for Beijing to establish itself as a global tourism destination, focusing on product quality, international service, and diverse promotion strategies [6]

作者：申万宏源研究非银金融团队 生于昆明，长在盘龙江畔，总觉得四季繁花环绕的春城，蕴藏着最为温柔的烟火气息。春节沿江漫步， 逛翠湖、走夜市，一时嗅到街巷间飘荡的咖啡与茶叶香气，便知是与春城独有的家乡味道撞了个满怀。 欣喜间，浓浓乡情画卷徐徐展开。 一、文旅经济为帆、特色产业为桨，西南春城正以独特活力魅力焕新启航 市中心南强街的夜晚，是昆明夜间文旅经济最鲜活的缩影。规整划分的地摊区域里，炸洋芋、特色鲜花 饼、现烤乳扇、滇绣手作等食品、商品琳琅满目。摊主的吆喝叫卖伴着冬夜微风，热闹却不喧嚣。细细 看，各类网红小吃车一字排开，泡鲁达、木瓜水、官渡小锅米线等滇味小吃一应俱全；还有年轻人支起 的咖啡摊，十几元即可品尝到现磨云南小粒咖啡的春城味道。望向熙攘人群，既看到本地居民带娃逛 吃，亦瞧见外地游客慕名纷至，人群与美景生动交融，共同勾勒出昆明夜间文旅经济的火热景象。 图1：夜晚的南强街景色 资料来源：实地拍摄，申万宏源研究 图2：翠湖公园中的红嘴鸥 资料来源：昆明市翠湖公园，申万宏源研究 旅游经济的火爆，离不开特色产业的支撑。其中，茶与咖啡是昆明两张亮眼的产业名片。作为云南咖啡 走向世界的中转站和集散地，昆明是中国咖啡 ...

Group 1 - The tourism department's policy in Shanxi province requires taxi drivers to offer a 10% discount to tourists holding local scenic area tickets without providing any subsidies to the drivers, indicating a lack of consideration for the interests of frontline workers [1] - The enforcement of a "10 times fine" for non-compliance reveals a rigid execution of the policy, highlighting the need for a balanced approach that considers the reasonable interests and capacities of all stakeholders involved in the tourism sector [1] - A healthy interaction among the tourism department, market entities, and workers should be established, ensuring that the burden of discounts is not unfairly placed on a single group [1] Group 2 - The Hainan Provincial Department of Tourism and Culture has mandated the immediate suspension of construction projects affecting the safety of the Tang Zhen tomb, a significant cultural heritage site [3] - The Tang Zhen tomb, as a city-level cultural relic, holds over 700 years of historical and cultural significance, emphasizing the importance of protecting such sites from any form of degradation [3][4] - The protection of cultural relics should focus on preventive measures rather than remedial actions, necessitating strict adherence to regulations when conducting any development activities near historical sites [4]

在建设博物馆的同时，固镇县将文旅项目发展与乡村全面振兴有效衔接，申报"村落江淮"项目，配套打 造特色餐饮、民宿和文化演出等业态。 走进博物馆餐饮区，汉代风格的建筑内，可容纳数百人同时就餐。而民宿区内，12个院落各有特色，每 个院落内有多间客房，一步一景……"这几天还有公司来组织团建，假期客房很紧俏。"郭勇说。 春节假期，安徽省固镇县濠城镇街头车流涌动，返乡的人们让这座皖北小镇热热闹闹。与往年不同的 是，今年在家乡可以逛博物馆、住精品民宿、看文艺演出。"我们民宿的主题是'戎马归来'，不少外地 返乡的人来体验。"一家民宿的相关负责人左信铎说。 固镇县濠城镇垓下居委会所在地，是历史上楚汉垓下之战的发生地，早些年，几乎家家户户都见过箭 镞、瓦砾等汉代遗存。后来考古部门在当地又发现了保存完好的大汶口时期史前古城。2025年，垓下遗 址博物馆正式建成，展示大汶口文化和垓下之战历史。"博物馆以史前夯土墙为灵感，采用围合式布 局，让游客沉浸式感受历史文化魅力。"垓下遗址管理中心主任郭勇说，博物馆开放后，迅速成为网红 打卡地，吸引了大量游客来参观游览。 濠城镇居民刘颖现在是垓下景区的一名物业人员，"以前在城里打工，如今在家门口 ...