Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights the strong sales performance of Pop Mart's new IP series "Star People" and the popularity of the "PUCKY" plush series, indicating a robust demand for collectible toys [1][2] - The average price of gold jewelry has surpassed 1500 RMB per gram, leading to a resurgence in consumer interest and long queues at traditional gold shops [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including duty-free shopping, silver-haired tourism, and childcare consumption [4][65] Summary by Sections Industry & Company Dynamics - Pop Mart continues to attract top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [2] - The average gold price in Shanghai increased by 4.5% week-on-week, with many gold shops reporting record high prices [3] - The report notes a significant increase in consumer traffic at traditional gold shops during the Spring Festival shopping season, with long queues observed in major cities [3] Investment Recommendations - The report recommends focusing on sectors with high growth potential and those benefiting from new policies, including duty-free shopping and tourism [4][65] - New consumption trends are expected to maintain demand, with industry leaders currently valued at relatively low levels, indicating potential for growth in sectors like collectible toys and fashion jewelry [7][65] - Retail innovation and international expansion are highlighted as key growth areas, with specific companies identified as beneficiaries [7][65]

Core Viewpoint - Lingnan Holdings is a comprehensive tourism company with a complete tourism industry chain, focusing on business travel, accommodation, and other related services [1] Company Overview - Lingnan Holdings operates as a large tourism industry integration platform, brand innovation development platform, and investment management capital platform [1] - The company is primarily engaged in business travel (travel agency), accommodation (hotel), and other tourism-related businesses, forming a complete tourism industry chain [1] - The current controlling shareholder is Guangzhou Lingnan Business Travel Investment Group Co., Ltd., holding 45.12% of shares as of H1 2025, with the actual controller being the Guangzhou State-owned Assets Supervision and Administration Commission [1] Business Performance - The travel agency platform, Guangzhilv, has approximately 200 stores nationwide, with 119 located in Guangdong Province, expanding its physical business scale [1] - The hotel business has added 69 new projects/rooms, totaling nearly 4,000 rooms, with revenue growth of 18.49% compared to the same period in 2019 [1] Industry Trends - The tourism market continues to show vitality, with domestic travel demand increasing; inbound tourism is recovering steadily [2] - In 2024, domestic residents are expected to travel 5.62 billion times, a year-on-year increase of 14.8% [2] - Inbound tourists are projected to reach 13.19 million, a 60.8% increase year-on-year, with inbound travel recovering to 91% of 2019 levels [2] - Outbound travel is recovering at a slower pace, expected to reach 79% of 2019 levels due to international flight and visa constraints [2] Business Strategy - Guangzhilv has completed a national layout, with over 70% of the company's revenue coming from travel agency operations [3] - The hotel business is advancing a "North-South collaboration" national layout strategy, with major revenue contributions from Guangzhou Garden Hotel and China Hotel [3] - The company is diversifying its tourism industry chain, expanding into cultural tourism, technology, scenic area operations, and duty-free businesses [3] Financial Forecast - Revenue projections for 2025-2027 are 4.967 billion, 5.602 billion, and 6.277 billion yuan, with year-on-year growth rates of 15.26%, 12.80%, and 12.03% respectively [4] - Expected net profit for the same period is 135 million, 182 million, and 235 million yuan, with growth rates of -10.22%, 35.04%, and 28.90% respectively [4] - The current stock price corresponds to a PE ratio of 65.18, 48.27, and 37.45 for the years 2025, 2026, and 2027 [4] - The company is compared with peers in the travel agency and hotel sectors, with a projected PE of 49.23 for comparable companies in 2026 [4]

Group 1 - The "Yue Car Southbound" policy has been implemented for one month, with over 2,500 applications received and more than 1,000 vehicles scheduled to travel to Hong Kong [1] - The policy initially opens to four cities in Guangdong Province: Guangzhou, Zhuhai, Jiangmen, and Zhongshan, with plans to expand to other cities in six months [1] - The policy is implemented in two phases, with the first phase allowing vehicles to enter Hong Kong via the Hong Kong-Zhuhai-Macao Bridge since November 15 of the previous year [1] Group 2 - The "Yue Car Southbound" policy is expected to enhance the travel experience for visitors, making it more convenient and diverse [1] - The "Hong Kong Car Northbound" policy has been in place for over two years, leading to a significant increase in traffic flow, with one in four licensed vehicles in Hong Kong eligible to apply for this policy [1] - The Hong Kong-Zhuhai-Macao Bridge has facilitated over 100 million vehicle trips since its opening seven years ago, promoting cultural exchanges within the Greater Bay Area [1] Group 3 - The hotel industry in Hong Kong has reported a noticeable increase in visitor numbers since the introduction of the "Yue Car Southbound" policy, benefiting not only hotels but also retail and dining sectors [2] - The hotel occupancy rate during the Lunar New Year is expected to reach 90% due to the influx of self-driving tourists [2]

Group 1 - UK Prime Minister Starmer is leading a delegation of approximately 60 people to China, marking the first visit by a UK Prime Minister in eight years since Theresa May's visit in February 2018 [1] - The visit is seen as a significant diplomatic moment, with Starmer aiming to establish a new chapter in UK-China relations amid deteriorating ties with the US [3] - Key government officials, including Chancellor of the Exchequer Reeves and Secretary of State for Business and Trade Peter Kyle, will accompany Starmer to strengthen trade relations with China [3][5] Group 2 - The business delegation includes executives from major companies such as HSBC, Diageo, and Jaguar Land Rover, indicating a strong interest in reviving commercial dialogue between the UK and China [4] - The restructured "UK-China CEO Council" will include representatives from companies like AstraZeneca and BP, highlighting the importance of corporate engagement in the renewed dialogue [4] - Starmer's government is pursuing a pragmatic approach to relations with China, recognizing it as a vital trade partner with a market of over 1.4 billion people [5][6]

Core Insights - The article highlights the significant progress made by Yushu Tibetan Autonomous Prefecture during the 14th Five-Year Plan period, focusing on various sectors including culture, tourism, agriculture, and healthcare [1][9]. Group 1: Cultural and Tourism Development - Yushu has positioned itself as a preferred international ecological tourism destination, enhancing its cultural tourism service system and integrating local cuisine and hospitality [2][3]. - The region has received 6.4185 million tourists, generating a total tourism expenditure of 4.175 billion yuan, which has created nearly 20,000 jobs [3]. - The establishment of a digital archive for intangible cultural heritage has led to the systematic protection of 834 representative projects, showcasing the region's cultural richness [3]. Group 2: Agricultural Advancements - Yushu's agricultural sector is anchored by yak and Tibetan sheep industries, creating a comprehensive supply chain from breeding to sales [4]. - The region boasts 120 million acres of organic certified grasslands and five geographical indication products, enhancing the quality and safety of agricultural products [4]. - The yak wool sales reached 50 tons annually, supported by modern processing facilities and established quality standards [3][4]. Group 3: Ecological Improvements - Yushu has seen a significant increase in flagship species, with the black-necked crane population rising from 22 to over 220, and the Tibetan antelope population increasing from under 20,000 to 70,000 [5][6]. - The region's water quality has improved, with 99.6% of surface water meeting excellent standards, and air quality showing 99.97% of days classified as good [6]. - Yushu has been recognized as a national ecological civilization demonstration zone, with ongoing initiatives for waste management and ecological protection [6]. Group 4: Healthcare Enhancements - The establishment of the provincial-level medical center in Yushu has alleviated healthcare access issues, with a 28.53% increase in advanced surgical procedures [8]. - A comprehensive telemedicine system has been implemented, allowing residents to access expert medical services remotely [8]. - The region has focused on improving healthcare quality and expanding resources, contributing to the overall well-being of the population [7][8]. Group 5: Infrastructure and Transportation - The completion of the G0613 highway segment has improved connectivity, facilitating travel and enhancing the transportation network [8]. - The integration of transportation infrastructure supports the overall development of the region, contributing to economic growth and accessibility [8]. Group 6: Future Outlook - Yushu aims to continue its development trajectory towards 2035, with goals for significant economic growth, increased per capita GDP, and improved living standards for residents [9].

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights the strong sales performance of Pop Mart's new IP series "Star People" and the popularity of the "PUCKY Knock Knock Series" plush blind boxes, indicating a robust demand in the collectible toy market [1][2] - The average price of gold jewelry has surpassed 1500 RMB per gram, leading to a resurgence in consumer interest and long queues at traditional gold shops, particularly during the Spring Festival shopping season [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including duty-free shopping, senior tourism, and parenting consumption [4][7] Summary by Sections Industry & Company Dynamics - Pop Mart continues to attract top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [2] - The gold jewelry market is experiencing a significant price increase, with many brands reporting prices exceeding 1500 RMB per gram, leading to increased consumer traffic and sales [3] Investment Recommendations - The report recommends attention to sectors with high growth potential, including service consumption driven by new policies and industry demands, with beneficiaries including China Duty Free, Huazhu Hotels, and Pop Mart [4][7] - New consumption trends are expected to maintain demand, with industry leaders like Pop Mart and others positioned for growth despite current low valuations [7] Macro & Industry Data - The report notes a 4.5% increase in the average price of gold, reflecting strong demand for gold as a safe-haven asset amid economic uncertainties [3][61] - In Q3 2025, national gold consumption was reported at 177.53 tons, a year-on-year decrease of 18.56%, with significant variations across different gold product categories [56]

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 社会服务 出行链热度攀升，政策+需求延续出游高景气 本周出行链表现较好。本周社会服务指数涨 3.20%，跑赢上证综指 2.37 个百分点，板块涨幅前 10 标的中，出行链个股过半。其中，三峡旅游 +18.73%、九华旅游+10.89%、大连圣亚+6.01%、祥源文旅+5.44%、锦 江酒店+5.18%、首旅酒店+4.67%。 政策端：服务消费利好政策持续出台。从 2025 年法定节假日增加 2 天， 到各类政策文件提及保障休息休假权益、优化学生假期安排、落实带薪错 峰休假、大力发展体育旅游产业、鼓励基层工会每年最多可开展 4 次春秋 游活动等表述，均体现出政策端对 出行链等文体旅消费的鼓励。1 月 22 日，苏州市十七届人大五次会议上，政府工作报告明确 2026 年将推行中 小学春秋假。1 月 1 日起，面向中度以上失能老年人发放养老服务消费补 贴的政策在全国正式实施。我们预计，以补贴形式利好出行链的服务消费 政策仍有望出台。 需求端：出游热点时段连续。当前学生寒假来临，2 月春节临近，3 月全 国两会召开，4 月中小学春 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 投资建议：短期重视春节旺季子板块，2026 年看好新服务&新零售 考虑到临近春节旺季，我们建议重视旺季有业绩弹性的子板块，主要包括 免税、部分景区、商超、黄金珠宝等，以及作为春晚四大分会场之一的义 乌（小商品城）；免税和出行链近期基本面环比改善，建议后续持续观察和 验证。此外，当前市场关注 AI 应用落地情况，AI 赋能电商营销潜力大。 展望 2026 年，我们建议：1）对内，在政策持续加码的背景下，看好服 务消费和商品消费两大方向，重视顺周期属性较强的免税和出行链（景区 酒店餐饮文旅等）、估值性价比较高的黄金珠宝板块和名创优品，以及市 场预期偏低但基本面有改善机会的调改主线。2）对外，建议继续优选出 海龙头，平台与品牌均有机会，既有出口高景气β保障成长和 AI 应用提 效空间，也有品牌强势高增和部分清库尾声的反转机会。 综上推荐小商品城、中国中免、华住集团、首旅酒店、锦江酒店、潮宏基、 九华旅游、若羽臣、青木科技、名创优品、永辉超市，关注三峡旅游、陕 西旅游、菜百股份、老铺黄金、君亭酒店、古茗、小菜园、百胜中国、海 底捞 ...

以下文章来源于劲旅网 ，作者陈杰tigereat 劲旅网 . 劲旅网-文旅新经济增量价值发现平台。我们以理性、严谨、客观、专业、务实的视角，为中国文旅业 界和关注文旅产业的金融界、科技界、产业界、学界等领域的精英们，实时输出有深度、有态度、高品 质的原创内容，以及产业社群服务。 来源丨劲旅网（ ctcnn1） 作者丨陈杰 编辑丨壮壮 图源丨Midjourney "今年我们酒店接到的企业年会订单量惨不忍睹。" 华北某市从事高星酒店销售业务的A君这两天忍不住向劲旅君吐槽，往年这个时候整个团队都为企业 年会订单忙得不可开交，今年却一反常态。 不仅年会订单数量暴跌，价格也持续走低。 往年企业年会餐标价格至少1500元/桌，今年1000元/桌还是强凑出来的。 更有甚者，一些小企业客户就带着十来个员工在酒店吃顿饭权当年会了，没有工作总结，没有颁奖抽 奖，大家埋头吃饭，完事就撤，一点热闹气氛都没有。 在社交媒体上，"今年年会消失了？"的帖子不绝于耳，大家都在私下询问别家企业年会到底还办不 办？ 高星酒店-公司会议室-线上腾讯会议-直接取消。 来自调研机构的数据无声印证了这一点。 中国旅游饭店业协会2025年第三季度景气调查 ...

Core Viewpoint - The article emphasizes the importance of urban renewal as a key focus for city governance in the context of the "14th Five-Year Plan," highlighting the revitalization of idle buildings and resources as a means to enhance urban resilience and economic vitality. Group 1: Revitalization of Idle Resources - In Liaoning, numerous idle buildings and sites are being repurposed, leading to increased foot traffic and economic activity, as seen with the newly opened Tieling Shuangyan Tianhe City shopping complex, which has seen significant customer turnout despite being in a non-peak period [1][8]. - The Rubber Building in Shenyang has been transformed into a hotel, with occupancy rates increasing by approximately 15% year-on-year, benefiting from seasonal tourism [1][3]. - The transformation of the old shopping mall at Anshan Station Square into a modern e-commerce base has revitalized the area, with over 60 businesses now operating in the space [1][4][6]. Group 2: Strategies for Urban Renewal - The revitalization of idle land and properties is crucial for urban renewal, with the "14th Five-Year Plan" suggesting policies to enhance the use of low-efficiency land and idle real estate [1][8]. - Tieling's approach involved judicial measures to resolve debt issues and collaboration among various departments to restore building functionality, while also encouraging market participation through public bidding [1][12][16]. - Shenyang's strategy focused on government support in clarifying debt relationships and facilitating project management, allowing market forces to play a central role in revitalization efforts [1][18][20]. Group 3: Economic Impact and Community Benefits - The revitalization of idle resources has not only transformed physical spaces but also restructured development dynamics and improved community welfare, as evidenced by the surge in new businesses around Tieling Shuangyan Tianhe City [1][26]. - The reopening of the Rubber Building has positively impacted the surrounding commercial area, with increased customer traffic benefiting local businesses [1][30]. - In Anshan, the conversion of an underground mall into an e-commerce live-streaming base has led to the incubation of over 70 e-commerce enterprises and a total transaction volume exceeding 1.8 billion yuan [1][36][38].