消息面上，据珠免集团消息，2月8日，珠海免税拱北口岸进境免税店苹果Apple专区正式启幕。这不仅 标志着苹果首次进驻中国口岸进境免税渠道，也标志着智能电子产品首次正式进入口岸进境免税销售场 景。这是财政部等五部门发布《关于完善免税店政策支持提振消费的通知》后，全国首个实现智能电子 产品落地开业的口岸进境免税项目。 兴业证券：当前免税板块基本面筑底回升确认，未来仍存政策利好催化，建议持续予以关注中国中免、 珠免集团。 南方财经2月9日电，免税概念持续活跃，珠免集团涨停，中国中免涨超5%，海南发展、海峡股份等跟 涨。 ...

Group 1 - The A-share market saw a strong performance in the duty-free sector, with Zhu Mian Group hitting the daily limit, China Duty Free rising over 5%, and Wangfujing and Haixia shares increasing by over 2% [1] Group 2 - Zhu Mian Group's stock rose by 9.96%, with a total market capitalization of 15.6 billion and a year-to-date increase of 21.59% [2] - China Duty Free's stock increased by 5.52%, with a total market capitalization of 201.6 billion and a year-to-date increase of 3.06% [2] - Wangfujing's stock rose by 2.69%, with a total market capitalization of 16.7 billion and a year-to-date decrease of 4.19% [2] - Haixia shares increased by 2.29%, with a total market capitalization of 23.9 billion and a year-to-date decrease of 12.00% [2] - Hainan Development's stock rose by 1.94%, with a total market capitalization of 14.2 billion and a year-to-date decrease of 29.45% [2] - Southern Airlines' stock increased by 1.82%, with a total market capitalization of 151.7 billion and a year-to-date increase of 4.49% [2] - Lingnan Holdings' stock rose by 1.34%, with a total market capitalization of 8.632 billion and a year-to-date increase of 7.42% [2]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [50]. Core Insights - The upcoming Spring Festival holiday, lasting 9 days, is expected to significantly boost travel demand, leading to high market activity in the travel and tourism sector [4][43]. - The social service sector experienced a decline of 3.44% in the past two trading weeks, ranking 24th among 31 industries in the Shenwan classification [13][21]. - The travel market is anticipated to reach a historical peak with an estimated 9.5 billion people traveling during the Spring Festival, driven by various factors including extended holiday periods and increased domestic travel [33][38]. Summary by Sections Market Review & Industry Dynamics - The social service sector's performance was below the market average, with a 3.44% decline compared to a 1.71% drop in the Shanghai Composite Index [13][21]. - The hotel and catering sub-sector saw a slight increase of 0.64%, while other sub-sectors like education and professional services experienced declines of 6.26% and 5.25%, respectively [17][20]. Investment Recommendations - Companies with strong growth potential in the travel chain and related industries include Tongcheng Travel, Huangshan Tourism, and Lijiang Shares, among others [4][43]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [4][43]. - The recovery of cross-border travel is likely to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [4][43]. Company Dynamics & Announcements - Notable company announcements include China Travel Service forecasting a revenue of 11.339 billion yuan for 2025, reflecting a 13.88% year-on-year increase, while other companies like Zhongxin Tourism and Fengshang Culture are expecting significant declines in net profits [37][38]. - The duty-free shopping market in Hainan saw a 44.8% year-on-year increase in January 2026, indicating a strong recovery in consumer spending [30][31]. Travel Data Tracking - The domestic travel market shows positive trends, with a significant increase in hotel bookings and flight reservations during the Spring Festival period [30][31]. - The international flight volume has recovered to 85.59% of the 2019 levels, indicating a steady recovery in the travel sector [21][38].

旅游ETF（562510）跟踪中证细分旅游指数，专注服务消费，不含商品消费，覆盖免税、航空公 司、酒店餐饮等细分行业。 每日经济新闻 （责任编辑：贺翀 ） 2月9日早盘，旅游板块情绪较强，旅游ETF（562510）早盘持续攀升，现涨近1.5%，旅游ETF （562510）近5个交易日累计"吸金"1.62亿元，备受资金青睐。 2月6日，海南省宣布在海口、三亚、儋州三个地级市共开设5家日用消费品免税店各店定于2月11日 南方小年开业。下一步，海南省将及时评估，逐步扩大布局范围，直到岛内各市县全覆盖。离岛免税是 给离岛旅客的"政策红利"，而日用消费品"零关税"是给岛内居民的"生活福利"。两大政策共同构成了既 吸引消费回流，又惠及本地民生的"零关税"政策体系。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1: Market Overview - The Hang Seng Index rose by 1.44%, gaining 382 points to close at 26,942 points, while the Hang Seng Tech Index increased by 1.02% [1] - The early trading volume in the Hong Kong stock market reached 136.3 billion HKD [1] Group 2: Space Photovoltaic Sector - Space photovoltaic concept stocks surged, driven by Tesla's acceleration in solar manufacturing, with expectations for exponential growth in space photovoltaic demand [1] - JunDa Co., Ltd. (02865) increased by 13.86%, and GCL-Poly Energy Holdings Limited (03800) rose by 4.5% [1] Group 3: Real Estate Sector - Domestic property stocks continued their recent upward trend, with improved confidence in the real estate market and increasing likelihood of policy easing [1] - Sunac China Holdings Limited (01918) rose by 7.38%, and CIFI Holdings (Group) Co., Ltd. (00884) increased by 5.88% [1] Group 4: Fiber Optic Industry - Changfei Optical Fiber and Cable Co., Ltd. (06869) surged by 13.99%, reaching a new high, driven by increased demand for AI computing power [1] Group 5: Electrical Equipment Sector - Chongqing Machinery and Electric Co., Ltd. (02722) saw a rise of over 15.6%, attributed to strong performance from Cummins and robust demand for backup power in data centers [1] Group 6: AI Industry - The sentiment in the AI industry chain continued to improve, with Zhipu (02513) soaring over 17% and MiniMax (00100) increasing by over 6% [2] - China Duty Free Group (01880) rose by over 8%, with expectations for strong performance in Hainan's duty-free market during the Spring Festival [2] Group 7: Pharmaceutical Sector - Gilead Sciences, Inc. (01672) increased by 8%, with GIC investing 781 million HKD to raise its stake to 6.42% [2] Group 8: Energy Sector - Dongfang Electric Corporation (01072) rose by over 11%, benefiting from ongoing electricity shortages in North America and potential opportunities for Chinese gas turbines [2] Group 9: Resource Sector - Jiaxin International Resources (03858) increased by over 7%, with expectations of turning a profit of up to 340 million HKD last year [3] Group 10: Copper Industry - Kintor Pharmaceutical Limited (01888) rose by over 8%, with Citigroup noting that rising copper prices are expanding profit margins for copper-clad laminate manufacturers [4] Group 11: Gold Sector - WanGuo Gold International (03939) increased by over 7%, leading gold stocks as the People's Bank of China has increased its gold holdings for 15 consecutive months [5] Group 12: Semiconductor Sector - Zhaoyi Innovation (03986) rose by over 10%, as the company was added to the Hong Kong Stock Connect list, benefiting from an upturn in the storage cycle [6]

配置上，"资源+高端制造"与"消费+地产链修复"成为两大主线，而AI算力（核心股）、机器人（核心 股）、半导体（核心股）等科技方向在调整后仍被广泛视为中长期核心赛道。 中信证券：短期利益和长期价值的矛盾在海外市场激化 近期海外市场风险偏好和流动性出现了明显异动。抛开短期市场波动的表现，我们看到的底层趋势有两 个：一是欧美脱虚向实的紧迫感不断加强，关键矿产和产业链安全提上议事日程，新提名美联储主席的 政策主张亦反映了防资金空转和降实体融资利率的迫切需求；二是AI带来的破坏式创新在打破传统垄 断和高回报领域的高墙，近期软件板块首当其冲受到影响，行业的焦虑感明显上升。无论是战略安全的 投入还是代表未来的新兴基建和技术投入，都意味着欧美将面临更激烈的竞争，同时面临短期股东利益 和长期基础设施投入战略价值的权衡，矛盾在资本市场会反复被激发。对于长期习惯于赚"容易的钱"的 投资者而言，未来全球金融市场的不确定性将持续提高，过度基于远期现金流或是资金接力预期的风险 资产更容易出现持续的估值修正。反观中国的资本市场，过去几年已经先行完成了"脱虚向实"的定价， 正处于对"提质增效"的验证和定价过程中，无需焦虑短期市场波动。 配 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for specific sectors during the upcoming Spring Festival season [5]. Core Insights - The report emphasizes the importance of service consumption and product consumption during the Spring Festival, suggesting a focus on sectors related to the holiday, including duty-free shopping, travel chains (scenic spots, hotels, dining), tea beverages, gold and jewelry, and supermarkets [1][2][8]. - The duty-free shopping sector in Hainan is expected to remain strong, with significant year-on-year growth in shopping amounts and visitor numbers during the Spring Festival [1]. - The travel chain is anticipated to see increased participation due to the extended holiday, with diverse travel needs emerging, leading to multiple travel peaks during the festival [2]. - The tea beverage industry is benefiting from promotional activities, such as the "Spring Festival 3 Billion Big Free Order" campaign, which has generated substantial order volumes and is expected to enhance online penetration and market concentration [3]. - Despite fluctuations in gold prices, the report remains optimistic about the gold and jewelry sector, citing improved product strength and operational capabilities among leading brands [4][7]. - Supermarkets are expected to benefit from CPI elasticity during the Spring Festival, with historical data showing a positive correlation between CPI and supermarket same-store sales [7]. Summary by Sections Duty-Free Shopping - Hainan's duty-free shopping is projected to maintain strong performance during the Spring Festival, with shopping amounts reaching 4.53 billion yuan and a year-on-year increase of 44.8% [1]. Travel Chains - The extended holiday is expected to boost travel participation, with a notable increase in travel demand and multiple peaks in travel activity during the festival [2]. Tea Beverages - The tea beverage sector is experiencing a surge in orders due to AI-driven promotional campaigns, with over 10 million orders placed within hours of the campaign launch [3]. Gold and Jewelry - The report highlights that leading brands in the gold and jewelry sector have developed stronger product and operational capabilities, which will support sales during the Spring Festival despite price volatility [4][7]. Supermarkets - Supermarkets are expected to see improved sales due to the correlation between CPI and same-store sales, with the Spring Festival effect anticipated to manifest more strongly in Q1 2026 [7]. Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, travel chains, supermarkets, and gold and jewelry, while also considering the potential of AI in e-commerce marketing [8].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for specific sectors during the upcoming Spring Festival season [5]. Core Insights - The report emphasizes the importance of service consumption and product consumption during the Spring Festival, highlighting sectors such as duty-free shopping, travel chains, tea beverages, gold and jewelry, and supermarkets as key areas of focus [1][8]. - The duty-free shopping sector in Hainan is expected to continue its strong performance, with significant year-on-year growth in shopping amounts and visitor numbers during the Spring Festival [1]. - The travel chain is anticipated to see increased participation due to the extended holiday, with diverse travel needs emerging, leading to multiple travel peaks during the festival [2]. - The tea beverage industry is benefiting from promotional activities, such as the "Spring Festival 3 Billion Big Free Order" campaign, which has generated substantial order volumes and is expected to enhance online penetration and market concentration [3]. - Despite fluctuations in gold prices, the report remains optimistic about the gold and jewelry sector, citing improved product strength and operational capabilities among leading brands [4][7]. - Supermarkets are expected to benefit from CPI elasticity during the Spring Festival, with historical data showing a positive correlation between CPI and same-store sales [7]. Summary by Sections Duty-Free Shopping - Hainan's duty-free shopping is projected to maintain strong growth, with January 2026 figures showing a shopping amount of 4.53 billion yuan, a 44.8% year-on-year increase [1]. Travel Chain - The extended holiday is expected to boost travel participation, with cultural and tourism activities planned across the country, including the distribution of over 360 million yuan in consumer vouchers [2]. Tea Beverage - The "Spring Festival 3 Billion Big Free Order" campaign has led to over 10 million orders within 9 hours, indicating strong consumer engagement and potential for market growth [3]. Gold and Jewelry - The sector is expected to maintain consumption momentum, with leading brands enhancing product differentiation and operational capabilities, despite recent price volatility [4][7]. Supermarkets - The report notes that the sales peak for the Spring Festival will be better reflected in Q1 2026, with historical data supporting the positive impact of CPI on supermarket sales [7]. Investment Recommendations - The report suggests focusing on sectors with performance elasticity during the Spring Festival, including duty-free, travel chains, supermarkets, and gold and jewelry, while also considering the potential of AI in e-commerce marketing [8].

Core Viewpoint - The global AI industry is entering a second phase, leading to a shift in the performance of the technology chain, making it complex to determine which companies will succeed [1] Group 1: Industry Trends - The trend of recovery in overseas manufacturing is strengthening, indicating a shift in the core contradictions of AI investment towards infrastructure represented by energy [1] - A quiet revaluation of global physical assets that cannot be disrupted by AI is beginning, with the return of funds from export enterprises signaling a resonance between domestic and external demand [1] Group 2: Investment Recommendations - The revaluation logic of physical assets is shifting from liquidity and dollar credit to low inventory and stabilizing demand, focusing on commodities such as crude oil, oil transportation, copper, aluminum, tin, lithium, and rare earths [1] - The Chinese equipment export chain, which has a global comparative advantage and confirmed cyclical bottom, includes sectors like power grid equipment, energy storage, engineering machinery, and wafer manufacturing [1] - Domestic manufacturing sectors that are at the bottom of the cycle include petrochemicals, dyeing, coal chemicals, pesticides, polyurethane, and titanium dioxide [1] - The consumption recovery channel is driven by the return of funds, easing of balance sheet pressures, and trends in personnel entry, focusing on sectors like aviation, duty-free, hotels, and food and beverages [1] - Non-bank financials are expected to benefit from the expansion of capital markets and the bottoming out of long-term asset returns [1]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]