2026年元旦小假期临近，北京市场迎来岁末年初消费热潮。北京商报记者近日粗略统计，北京30余家重点和大型商场推出跨年夜倒计时活动，营业时间有所 延长，大型商圈和新兴地标将成为跨年活动的核心聚集地。 结合跨年夜，商圈、商场与线下实体商家推出系列促消费举措，让跨年夜成为冬季夜经济的"引爆点"。与此同时，不少商家在小长假期间加强场景比拼。随 着跨年夜的临近，北京各商圈的节庆氛围持续升温，多元融合的消费场景叠加促消费活动，将推动元旦消费市场实现"开门红"。 丰富夜经济的同时，北京商场在场景创新上齐发力。北京商报记者走访看到，东方新天地以香港迪士尼乐园的多重20周年限定体验为核心打造多个场景，迪 士尼经典形象米奇、达菲、安娜与雪宝等一系列主题装置亮相，吸引无数消费者打卡。 朝阳大悦城则在岁末年初阶段，引入了梅西沉浸式体验展·亚洲首展、《灵笼》线下主题展·全国首展、STRAY KIDS快闪·华北首展、Sulili初代潮玩·全国首发 等10余场IP首展首发，为跨年注入年轻化、潮流化的节日气氛。 跨年夜带动了北京夜经济的热度，北京多家商场延长营业时间。北京商报记者从超极合生汇获悉，12月31日跨年当天，该商场会在东区穹顶下举 ...

Core Insights - The cross-year consumption trend is on the rise, with new experiences and activities being introduced across various regions, enhancing the sense of ritualistic consumption as the New Year approaches [1][5][10] Group 1: New Consumption Trends - The cross-year consumption scene is evolving, with activities such as fireworks shows, themed markets, and immersive experiences becoming popular [1][5] - In Jilin, the "Cloud Top Palace" snow sculpture, which integrates holographic projection technology, is a highlight, attracting visitors with its immersive storytelling [3][6] - In Shanghai, the International Cruise Tourism Resort is hosting a series of events including music performances and fashion shows, indicating a shift towards more engaging and experiential offerings [5][10] Group 2: Regional Highlights - Jilin Province is promoting winter tourism with a budget of 1 billion yuan in ice and snow consumption vouchers, aiming to stimulate various related sectors [6] - In Shanghai, the Yao Snow Ice World is seeing a significant increase in hotel bookings, with expectations of over 50,000 visitors during the New Year holiday [6][8] - In Hunan, the popularity of artificial snow installations and themed events in shopping malls reflects a growing trend towards creating festive atmospheres [5][10] Group 3: Consumer Preferences - Consumers are increasingly seeking experiences that provide emotional value and personalization, such as themed tea sessions and outdoor concerts [11][13] - The shift from sightseeing to experiential consumption is evident, with a focus on diverse activities and cultural experiences [11][13] - The demand for unique and high-quality experiences is driving innovation in service offerings and infrastructure improvements across the tourism sector [13]

证券研究报告 | 2025年12月30日 社会服务行业双周报（第 121 期） 优于大市 海南封关首周离岛免税销售额高增，东方甄选开启宜昌三峡行 板块复盘：消费者服务板块报告期内上涨 6.28%，跑赢大盘 4.61pct。报告 期内（2025 年 12 月 15 日-2025 年 12 月 28 日），国信社服板块涨幅居前的 股票为中国中免（16.91%）、中教控股（13.76%）、科德教育、凯撒旅业、 首旅酒店、同道猎聘、君亭酒店、天立国际控股、桂林旅游、豆神教育。 行业与公司动态：海南全岛封关运作首周离岛免税购物金额即实现 11 亿 元，同比增长 54.9%，人均消费达 6667 元，同比增长 16%；上海浦东、 虹桥机场及北京首都机场免税店招标结果相继落地，中国中免成功连中 三标。亚朵持续推进产品迭代以提振经营效率，旗下新品"亚朵 3.6" 通过模块化建设实现筹建周期缩短 20%，首批门店 RevPAR 显著优于同商 圈酒店。临近元旦假期，旅游市场升温，2026 年元旦假期国内航线机票 预订量已突破 106 万张，同比增长约 45%；出入境航线预订量超 53 万张， 同比增长 15%。此外，氛围十足且活 ...

Core Insights - The article discusses the evolution of prominent figures in the Chinese business landscape, highlighting a shift from seeking quick profits to valuing deep expertise and innovation in 2025 [2][3][4]. Group 1: Business Evolution - The keyword for 2024 is "breakthrough," indicating a shift in focus from mere sales to creating substantial products [3]. - By 2025, the list of influential figures reflects a new era of "deep cultivators" rather than loud celebrities, emphasizing professionalism across various industries [3][4]. - The societal perception has shifted from valuing traditional authority figures to recognizing expertise and individual efficiency [6][7]. Group 2: Key Figures and Achievements - Liang Wenfeng's DeepSeek achieved a trillion valuation, marking a significant milestone in AI development, and he was recognized as one of the top scientists of the year [4][16]. - Zhang Jianzhong's company, Moer Thread, became the first domestic GPU stock with a market cap exceeding 300 billion, showcasing the potential of full-function GPUs [13][14]. - Chen Tian Shi's Cambrian Technologies reported a revenue of 28.81 billion, a year-on-year increase of 4347.82%, marking a significant turnaround from previous losses [20][22]. Group 3: Market Trends - The focus has shifted from merely competing on price to establishing standards and rules in the market, as seen with companies like Zero Run and their approach to automotive technology [9][10]. - The rise of new consumer brands, such as Lao Pu Gold, indicates a growing trend towards high-end, differentiated products in the luxury market [61][62]. - The new tea brand, Bawang Tea Ji, successfully listed on NASDAQ, reflecting the increasing acceptance of new beverage entrepreneurs in mainstream markets [63][66]. Group 4: Cultural Shifts - The younger generation is moving away from collective ideologies towards valuing individual expertise and practical achievements, as seen in the changing perceptions of business leaders [6][7]. - The narrative of success is now more about personal dedication and craftsmanship rather than grandiose promises, as exemplified by figures like director Jiaozi and his film achievements [49][52].

Core Insights - McDonald's China launched the "Farm Fresh, Great Value" series plan for 2026, focusing on providing consumers with a year-round value experience through product offerings, activities, and membership benefits [1] - The CEO emphasized the importance of quality ingredients and emotional connections behind the brand's offerings, aiming to create a competitive advantage through a comprehensive product matrix and supply chain support [1] Product Innovations - The upgraded "Choose Your Own 1+1" program features a record number of combinations, including the addition of the popular McFish and new premium meat options, allowing for over a hundred pairing combinations to cater to diverse dining needs [2] - The "Big Mouth Happiness" series introduces the "Texas-style Triple Meat Burger" and revives the "Fortune Burger" for the New Year, targeting festive consumption [2] - The "Weekend McSurprise" offers classic items starting at 9.9 yuan, enhancing family and friend gatherings [2] Membership and Engagement - The innovative "McDonald's 24 Solar Terms" membership activity draws inspiration from traditional Chinese agricultural wisdom, creating an interactive system throughout the year [3] - Members can earn digital badges, participate in exclusive draws, and redeem points for food items, with the first event launching in January [3] - The popular McGriddles breakfast item will be available for a limited time in China, catering to consumer demand for new flavors [3] Supply Chain and Sustainability - McDonald's emphasizes its commitment to sourcing over 90% of its ingredients locally, supported by a standardized supply chain developed over 40 years [3] - The company selects high-quality ingredients, such as specific potato varieties and sustainably sourced fish, ensuring product quality from farm to table [3] - Collaborative efforts with farmers include training programs and the "Regenerative Agriculture Program" to promote sustainable practices [4] Branding and Packaging - McDonald's will feature limited-edition packaging designed by farmer artists starting in January 2026, reinforcing the connection between food and agriculture [4]

高地股份(01676)发布公告，配售协议所载的所有条件已获达成，且配售事项的完成已于2025年12月20 日落实。合共3918.4万股配售股份(相当于紧随完成后公司经配发及发行配售股份扩大后已发行股本约 15.16%)已根据配售协议的条款，按配售价每股配售股份0.52港元成功配售予不少于六名承配人。 配售事项的所得款项总额约为2038万港元。配售事项的所得款项净额(经扣除配售佣金及配售事项产生 之其他相关开支)约为2000万港元。该等资金拟于2026年12月前按以下用途悉数动用：约50%用于集团 现有食品业务;约30%用于集团现有餐饮业务;及20%用于集团的一般运营资金。 ...

配售事项的所得款项总额约为2038万港元。配售事项的所得款项净额(经扣除配售佣金及配售事项产生 之其他相关开支)约为2000万港元。该等资金拟于2026年12月前按以下用途悉数动用：约 50%用于集团 现有食品业务;约30%用于集团现有餐饮业务;及20%用于集团的一般运营资金。 智通财经APP讯，高地股份(01676)发布公告，配售协议所载的所有条件已获达成，且配售事项的完成已 于2025年12月20日落实。合共3918.4万股配售股份(相当于紧随完成后公司经配发及发行配售股份扩大 后已发行股本约15.16%)已根据配售协议的条款，按配售价每股配售股份0.52港元成功配售予不少于六 名承配人。 ...

配售事项之所得款项净额(经扣除配售佣金及配售事项产生之其他相关开支)约为2000万港元。该等资金 拟于2026年12月前按以下用途悉数动用：(i)约50%用于集团现有食品业务；(ii)约30%用于集团现有餐饮 业务；及(iii)20%用于集团之一般运营资金。 格隆汇12月30日丨高地股份(01676.HK)宣布，配售协议所载之所有条件已获达成，且配售事项之完成 (「完成」)已于2025年12月30日落实。合共39,184,000股配售股份(相当于紧随完成后公司经配发及发行 配售股份扩大后已发行股本约15.16%)已根据配售协议之条款，按配售价每股配售股份0.52港元成功配 售予不少于六名承配人。 ...

Core Insights - The dining consumption for New Year's Eve is experiencing a surge, with Haidilao receiving over 400,000 table reservations for December 31 and January 1 as of December 25 [4][14]. Group 1: Reservation Trends - The reservation heat for New Year's Eve dining has started to rise early, with reports indicating that many Haidilao locations are fully booked [3][7]. - Major cities such as Xi'an, Chengdu, Shanghai, Guangzhou, Zhengzhou, Hangzhou, and Wuhan are seeing significant increases in Haidilao's reservation numbers [10][12]. Group 2: Consumer Behavior - Fire pot dining has become a popular choice among young people for New Year's celebrations [6]. - The demand for dining during the New Year period is being driven by various factors, including lower temperatures and multiple festive occasions like Christmas and New Year's Eve [16][19]. Group 3: Innovative Dining Experiences - Haidilao is focusing on creating diverse dining experiences that cater to different consumer needs, moving beyond just a meal to include atmosphere and engagement [29][30]. - Special promotions, such as the "Christmas Tree" and interactive activities, are being used to enhance customer experience and encourage social sharing [31][35]. Group 4: Event and Group Dining - The newly opened Haidilao banquet-style restaurant in Shenzhen is becoming a popular choice for group gatherings, with many companies booking events to celebrate year-end achievements [24][25]. - There is a notable increase in reservations for late-night dining, with a reported growth of approximately 20% compared to the previous year [22].

Consumption - In November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, down 1.6 percentage points from the previous value of 2.9%[12] - Sales of "two new" products and real estate-related consumption continued to decline, with automotive consumption down 8.3% and home appliances down 19.4% year-on-year[12] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a gradual release of service consumption potential[14] Investment - Fixed asset investment continued to decline, with a year-on-year decrease of 2.6% in November, marking three consecutive months of negative growth[23] - Real estate development investment fell by 31.4% year-on-year in November, a significant increase in the decline compared to the previous month's 23.2%[23] - Equipment purchase investment showed a year-on-year growth of 6.3%, contributing 1.8 percentage points to overall investment growth[24] Trade - In November, exports increased by 5.9% year-on-year, rebounding from a previous decline of 1.1%[32] - Exports to the EU saw a significant recovery with a growth rate of 14.8%, while exports to the US decreased by 28.6%[32] - Imports rose slightly by 1.9% year-on-year, with notable increases in the import of integrated circuits and automatic data processing equipment[34]