四月底的北京，春意尚浓，朋友约我去国贸一家五星酒店扒房吃饭。 餐厅依旧是熟悉的样子，木质桌椅，空气里飘着微微的烤肉香，点上一份招牌肉眼牛排几乎成了聚会惯例。 直到服务员把菜单递来，我随手一翻，才察觉出些许不同：这涨价了啊。 菜单上原本的位置，被一块白色贴纸遮住了，新的价格，用粗黑字体打印得整整齐齐，写着420元，透过翘起的一角，隐约还能看到下面那个熟悉的老价 格，三百多块。 朋友也看见了，皱着眉低声说了句："改得可真快。" 我盯着那块白色标签，心里也有点犯嘀咕，这家店，我们太熟了，这两年几乎就没怎么涨过价。 一块简单的贴纸，把过往记忆一刀切断，变得陌生又无可奈何。 我们叫来服务员，顺口问了句："怎么最近价格调整了？" 没过多久，一位穿着白色厨师服、戴高高厨师帽的大叔走了过来，是主厨，也是老朋友，熟面孔，眼角眉梢都有点不好意思。 他压低声音，像是怕惊动了谁似的解释："这阵子进口牛肉进价涨得特别厉害，澳洲的，美国的，都涨了，每周都在涨。" 主厨似乎怕我们不信，他强调也不只是他们，整个北京做酒店餐饮的，只要用进口食材的，基本都在涨，或者正在准备涨，"咱们也反复商量了很久，只 敢取个中间价，涨得太狠，怕客人都流失，不 ...

本周，大盘继续走出修复性行情，但更多地体现在局部板块上。全周，中小盘股、微盘股走势略强，大 盘股、蓝筹股表现略弱，本周的情况与上周相反。其中，国证2000指数、中证1000指数、创业板指数、 微盘股指数的涨幅均超过1.70%，而上证50指数下跌了0.33%。 那么，中小盘股表现略强，是否意味着稳市场的任务已经结束了？4月25日召开的政治局会议，有哪些 值得关注的内容？今天，达哥和牛博士就大家关注的话题展开讨论。 牛博士：达哥，你好，又到了周末我们聊行情的时间。4月25日召开的政治局会议，引起了投资者的广 泛关注，你怎么看？对于下周的走势，你又是如何看待的？ 道达：我对比了本次会议与过去几次会议的表述，发现了一些值得关注的方向。 首先说下大家最为关注的股市与楼市。 去年12月及今年2月的政治局会议，表述都是"稳住楼市股市"；而本次政治局会议的表述则是"持续稳定 和活跃资本市场""持续巩固房地产市场稳定态势"。 综上，我认为，从股市的角度来看，持续稳定和活跃资本市场，将夯实市场根基；设立服务消费与养老 再贷款，应该是本次政治局会议最大的预期差。 对于资本市场，表述中的"活跃"两个字是超预期的。对于房地产市场来说， ...

创业板指数日K线图 郭晨凯 制图 ◎记者 李雨琪 4月25日，A股三大指数涨跌互现，沪指盘中一度站上3300点，创业板指反弹力度较大。截至收盘，上 证指数报3295.06点，微跌0.07%；深证成指报9917.06点，涨0.39%；创业板指报1947.19点，涨0.59%。 全市场当天成交额11370亿元，与上个交易日几乎持平。 盘面上，全市场上涨个股超2800只，算力、消费电子等科技题材的修复对昨日市场情绪有所提振。拓维 信息、中际旭创、新易盛、立讯精密等细分龙头不仅涨势明显，其成交量也位居前列。其中，拓维信 息、中际旭创全天成交额分别为56.50亿元、55.24亿元，分列A股第二位、第四位。 旅游出行板块热度较高 随着"五一"假期临近，旅游景区、酒店餐饮等板块昨日走势活跃。截至收盘，天府文旅、三峡旅游涨 停，众信旅游、桂林旅游、西安旅游等纷纷跟涨。 众信旅游近日表示，随着全球旅游市场加速回暖，中国出境游市场进入了体验旅游时代。公司零售业务 品牌众信优游在去年获得5000万元Pre-A轮融资后，目前众信旅游已拥有超过2300家零售门店，并计划 2026年底在全国范围内达到5000家门店的规模。 消息面上，近 ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/4/11-2025/4/24） 2025 年一季度国内出游 17.94 亿人次，五一出游升温 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 4 月 25 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 消费者服务（中信）指数走势 相关报告 证 券 研 究 报 告 行 业 周 报 行 业 研 究 ◼ 行情回顾：2025年4月11日-2025年4月24日，中信消费者服务行业指数 整体回落3.86%，跑输同期沪深300指数约5.18个百分点。细分板块中， 综合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分别为5.10%、-7.28%、 -4.38%、1. ...

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [3][30]. Core Insights - The tourism market is showing significant recovery with three main trends: long-distance travel revival, cross-border travel increase, and county-level market expansion. The proportion of cross-city accommodation orders has exceeded 80%, and inbound travel orders have increased by 173% year-on-year, reflecting a structural upgrade in consumption [2][6][15]. - The government's recent policies, including the "Consumption Promotion Special Action Plan," aim to boost consumption in sectors like culture and tourism, with measures such as a 30% discount on tickets and subsidies for rural tourism. These initiatives are expected to release regional and structural demand [2][18]. - The report highlights a strong pre-holiday surge in travel interest, with hotel search activity up 100% and flight searches up 80% in the past week. The trend of "low-cost, long-distance" travel is becoming established, indicating a shift in consumer preferences [2][6][20]. Summary by Sections Market Review - The social service sector index saw a weekly change of 0.14%, ranking 21 out of 31 in the Shenwan industry classification. The hotel and catering sub-sector performed well with a 3.65% increase [5][7]. Core Insights - The report emphasizes the ongoing recovery in the tourism industry, driven by policy incentives and an upgrade in consumer spending patterns. The market is characterized by long-distance travel recovery, county market expansion, and quality improvement [6][15][21]. - The county-level market is showing remarkable performance, with a 25% increase in tourism heat compared to high-tier cities, indicating a clear trend of consumption upgrading in lower-tier markets [21]. Industry News Dynamics - The report notes the increasing interest in travel among older consumers, with a significant rise in bookings from those aged 60 and above. This demographic is becoming a vital part of the travel market, contributing to the overall growth in tourism [22][23].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - In 2024, the company achieved revenue of 6.074 billion yuan, a year-on-year increase of 1.5%, while the net profit attributable to shareholders was 56 million yuan, a significant decrease of 87.7% [1][3] - The company plans to optimize its brand portfolio and enhance supply chain capabilities, with new store openings and menu innovations expected to drive future growth [3][8] Financial Performance Summary - In 2024, the company reported a core operating profit of 252 million yuan, down 60.1% year-on-year [1] - For the second half of 2024, the company recorded a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The revenue breakdown by brand for 2024 shows that Taier, Jiumaojiu, Song Hotpot, and other brands generated revenues of 4.413 billion, 546 million, 895 million, and 220 million yuan respectively, with year-on-year changes of -1.4%, -13.2%, +11.0%, and +201.4% [1] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 Taier stores and 28 Song Hotpot stores, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a year-on-year increase of 56 stores [2] - The same-store sales for Taier decreased by 18.8% in 2024, while Song Hotpot saw a decline of 31.6% [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 6.761 billion, 7.878 billion, and 9.292 billion yuan respectively, with corresponding net profits of 99 million, 263 million, and 411 million yuan [9] - The company is expected to maintain a cautious approach to expansion while optimizing existing stores and menu offerings [8]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - The company reported a revenue of 6.074 billion yuan for 2024, a year-on-year increase of 1.5%, but a significant decline in net profit attributable to shareholders, down 87.7% to 56 million yuan [1][3] - The company is optimizing its brand portfolio and enhancing supply chain capabilities, with new store formats and menu updates expected to drive future growth [8] Financial Performance - For 2024, the company achieved a revenue of 60.74 billion yuan, with a core operating profit of 2.52 billion yuan, reflecting a year-on-year decrease of 60.1% [1] - In the second half of 2024, the company reported a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The company plans to achieve revenues of 67.61 billion yuan, 78.78 billion yuan, and 92.92 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 99 million yuan, 263 million yuan, and 411 million yuan [8][9] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 for the Taier brand and 28 for the Song Hotpot brand, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a same-store sales decline of 18.8% [2] - The company is enhancing its supply chain capabilities with a new center expected to be operational by 2025, which will support core brand ingredient processing and sales [8]

10日，深度融合 陈皮美食与侨乡 非遗文化，吸引 了众多市民和游 客的关注，为食 客们带来一场别 开生面的美食文 化盛宴。 第八届丽宫国际酒店陈皮美食节开幕 侨乡非遗美食盛 宴来袭！第八届 丽宫国际酒店陈 皮美食节开幕_ 南方+_南方plus 侨乡陈皮宴，舌 尖上的非遗。4 月11日，江门丽 宫国际酒店第八 届陈皮美食节盛 大开幕，本次活 动将持续至5月 本届陈皮美食节 在菜品研发上独 具匠心。据丽宫 国际酒店中厨总 厨郭景烽介绍， 此次美食节中厨 精心推出20道新 品，点心研发团 队也带来10道新 品。这些美食将 陈皮的药效融入 普通食材，既保 留了食材的原汁 原味，又增添了 陈皮的独特风味 与养生功效，让 食客在品尝美味 的同时，还能收 获健康。 陈皮和牛青柑果 活动现场，酒店 精心打造了充满 陈皮文化氛围的 场景。大堂内， 展板全方位展示 陈皮文化、特色 套餐、创新菜式 点心及优惠信 息。柑形服装人 偶、哪吒、青蛙 点，客房、餐饮 消费满200元即 可参与。奖品丰 富多样，涵盖陈 皮饼券、温泉门 票、旅游景点门 票、特色菜式 券、住房券以及 酒店定制购物袋 等，极大地调动 了消费者的参与 积极性。 等网 ...

Investment Rating - Industry rating: Recommended [1] Core Viewpoints - The announcement by the State Taxation Administration on April 8 promotes the "immediate purchase and refund" service for outbound tourists, expanding it from pilot cities to nationwide implementation [2][3] - The "immediate purchase and refund" policy aims to enhance the shopping experience for foreign tourists by allowing them to receive tax refunds at the point of sale, potentially increasing their shopping willingness and expenditure [3] - The policy is expected to significantly improve the convenience of tax refunds for foreign tourists, thereby boosting their consumption in China [3] Summary by Relevant Sections Event Overview - The "immediate purchase and refund" service measures have been clearly defined and are set to be implemented nationwide, enhancing the shopping experience for foreign tourists [2] Analysis and Judgment - The policy allows for tax refunds to be processed at the time of purchase, making it more appealing for tourists to shop [3] - In Beijing, the sales of tax refund goods exceeded 900 million yuan in 2024, a year-on-year increase of 140%, with an average spending of approximately 230 yuan per tourist [4] - The implementation of this policy has shown significant positive effects in pilot cities, leading to substantial growth in sales and tax refunds [4] Investment Recommendations - The "immediate purchase and refund" policy is expected to drive growth in inbound shopping consumption, benefiting traditional department stores, duty-free retailers, and the tourism hotel industry [8] - Key beneficiaries include companies like China Duty Free Group, Wangfujing, Yonghui Supermarket, and others involved in retail and tourism [8] - The rise of domestic brands and their increasing recognition among global consumers presents additional investment opportunities [8]

作者 | 张羽 编辑 | 张来 值班编辑｜ 江江 视觉 | 阿车 顾芗 下班去健身，闲暇泡温泉，旅行住高奢，吃饭品五星。这也许并不是什么精致的中产生活，而是一个普 通打工人的日常。 平价的奢华体验 两三百块钱能买到什么？在一次偶然的县城行程之前，大卫没有想过，一件衣服可能都买不到的价格， 能拥有豪华五星酒店的住宿体验。 酒店在云南文山的一个小县城，260元一晚，包含早餐。客房里的空间很大，采光极佳，浴室是全大理 石设计。酒店的餐厅也让大卫很满意，有许多当地特色菜式，极富风味，还有水疗中心、健身房、室内 和露天游泳池，配套应有尽有。 大卫入住的客房和健身中心 / 受访者供图 @大卫 在常驻港深的大卫看来，这样的豪装，完全不输一线大城市标准。 晚上走出酒店，在静谧的小城街道闲逛，呼吸着清新的空气，大卫倍感舒适，周边商场、超市、步行街 俱全，不乏便利和安全感。大卫觉得，自己今后很有可能会为了住酒店，而安排一场县城旅行，甚至可 以住上十天半个月，远离大城市的喧嚣，来一场逃跑县城计划。 事实上，近几年，的确是越来越多人加入了县城游的行列。他们避开人群密集的大都市与热门景点，来 到物价低廉、节奏缓慢的小县城，紧绷内耗的精 ...