证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 河南发布数据显示，春节假期，河南省接待国内游客 6281 万 人次，旅游收入 376.3 亿元，按可比口径接待人次同比增长 9.1%，旅游收入同比增长 9.6%。 四川省文化和旅游厅数据显示，春节假期，全省共接待游客 5860.97 万人次、旅游总花费 445.74 亿元，同比分别增长 14.68%、13.35%。 海南省旅游和文化广电体育厅数据显示，春节假期，海南接 待游客 1232.05 万人次，实现游客总花费 183.66 亿元，同比 分别增长 28.9%、30.7%。 吉林发布数据显示，据银联商务公司大数据测算，春节假 期，全省接待国内游客量、国内游客出游总花费较 2025 年春 节假期分别增长 26.9%、24.9%，日均分别增长 11.1%、 10.9%。 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984 ...

体育博彩运营商DraftKings跌12.0%，2026年收入展望不及预期。 应用材料涨超11%，公司第一财季业绩高于预期。 Rivian大涨26%，此前公司预计2026年交付量增长53%。 美股三大指数集体低开，纳指跌0.16%，道指跌0.04%，标普500指数跌0.01%。 纳斯达克中国金龙指数跌超1%，世纪互联跌8.30%，百度跌3.91%，金山云跌3.30%，陆金所控股跌 3.26%，阿里巴巴跌3.09%。 ...

Group 1: Event Overview - The Milan-Cortina Winter Olympics will take place from February 6 to 22, 2026, with the opening ceremony scheduled for February 6, 2026, at 2:00 PM EST [1] - NBC holds exclusive broadcasting rights in the U.S., utilizing its platforms such as NBC, Peacock, USA, and CNBC to distribute event coverage [1] - The Olympics will be bundled with the Super Bowl LX broadcast, creating one of the largest single-event advertising platforms in history [1] Group 2: Sponsorship and Advertising - Major sponsors include Procter & Gamble, Anheuser-Busch, Nike, and Alibaba, who will leverage customized marketing campaigns for global brand exposure [2] - A strong lineup of Italian corporate sponsors includes Enel, Eni, Intesa Sanpaolo, Poste Italiane, Leonardo, Stellantis, TIM, EA7 Emporio Armani, Pirelli, ITA Airways, Technogym, and Esselunga [2] - Analysts expect a moderate positive impact on local hotels and tourism, extending beyond the Olympics [2] Group 3: Apparel and Fashion - Ralph Lauren will provide uniforms for the U.S. team, while Lululemon will outfit the Canadian team, and EA7 Emporio Armani will support the Italian delegation [3] - Columbia Sportswear will customize uniforms for the U.S. curling team, and Amer Sports' Salomon is expected to supply volunteer gear [3] - Sports betting operators like FanDuel, BetMGM, and DraftKings are anticipated to see increased betting volumes in Q1 due to the absence of comparable large-scale events last year [3] Group 4: Travel and Payment Services - KeyBanc Capital Markets views the Olympics as a positive factor for Airbnb, Expedia, and Booking Holdings, leaders in the global short-term rental and high-end residential services [4] - RBC Capital Markets predicts significant benefits for Visa, driven by a substantial increase in value-added service revenues [4] - Visa has integrated stablecoins into its core clearing system, potentially enhancing its payment network through a combination of Visa and stablecoins [4]

Group 1 - The NCAA is pressuring the CFTC to pause college sports prediction markets, indicating increased regulatory scrutiny on the betting ecosystem [1] - This move could impact publicly traded operators like DraftKings [1]

Core Points - The London Stock Exchange's FTSE 100 index closed at 10,137.35 points, down 3.35 points or 0.03% from the previous trading day [1] - European stock indices showed mixed results on the same day [1] Top Gainers - Whitbread's stock price increased by 7.08% [1] - Patisserie Holdings' stock price rose by 2.71% [1] - BP's stock price went up by 2.41% [1] - Melrose Industries' stock price increased by 2.35% [1] - Shell's stock price rose by 2.27% [1] Top Losers - Smith & Nephew's stock price fell by 4.07% [1] - Dunelm's stock price decreased by 3.72% [1] - Convatec's stock price dropped by 3.28% [1] - Entain's stock price declined by 3.12% [1] - Rentokil's stock price fell by 3.10% [1] Other European Indices - The CAC 40 index in Paris closed at 8,347.20 points, down 11.56 points or 0.14% [1] - The DAX index in Frankfurt closed at 25,420.66 points, up 15.32 points or 0.06% [1]

Core Insights - DraftKings has launched a prediction market application, prompting FanDuel to introduce its own similar product called "FanDuel Predicts" in five states [1] - The prediction market platforms allow users to bet on outcomes of sports events, cultural events, and financial indicators, providing a more intuitive pricing model compared to traditional sports betting [1] - FanDuel plans to expand its application across all 50 states, focusing on contracts based on economic data, commodity prices, and stock indices, while sports-related contracts will be available only in states where online sports betting is not legalized [2] Company Developments - FanDuel, under Flutter Entertainment, has partnered with CME Group to launch its prediction market application, while DraftKings also utilizes CME for its trading but plans to migrate to its own platform [2] - The introduction of these prediction markets comes as a response to competition from emerging companies like Kalshi and Polymarket, which have pioneered this new betting model [2] - Following the announcement of FanDuel Predicts, Flutter's stock began to recover, indicating positive market sentiment towards the new product launch [3]

Core Insights - Missouri has officially launched legal sports betting statewide as of December 1, with analysts predicting a highly competitive online market driven by national brands and local team partnerships [1] - The first-year betting volume in Missouri is expected to reach between $3.5 billion and $4 billion [1] Regulatory Framework - The legalization process was established by the passage of Amendment 2 by voters in November 2024, allowing for the issuance of up to 14 online betting licenses [1] - The Missouri Gaming Commission will oversee the licensing, compliance, and integrity of the sports betting operations [1] Market Participants - Operators expected to launch on or shortly after the start date include bet365, BetMGM, Caesars Entertainment, Circa Sports, DraftKings, Fanatics Sportsbook, FanDuel, and theScore Bet [1] - The launch coincides with a peak season for sports events, prompting major platforms to employ aggressive promotional strategies to capture early market share [1] Industry Outlook - Missouri becomes the 39th state in the U.S. to legalize sports betting, with other states like Nebraska, Oklahoma, Georgia, and Minnesota also advancing their legislative processes [2] - Analysts speculate that Texas may push for a constitutional referendum again, while states like New Mexico, North Dakota, Florida, and Washington may consider expanding sports betting beyond tribal casinos [2] - The emergence of prediction market platforms like Polymarket and Kalshi may accelerate the legalization of sports betting across all 50 states within the next five years [2]

Core Insights - Missouri's legal sports betting is set to launch statewide on December 1, with analysts predicting a competitive online sports betting market due to the state's population ranking 19th in the U.S. [1] - The first-year betting volume in Missouri is expected to reach between $3.5 billion and $4 billion, coinciding with a busy sports event period and aggressive promotional activities from major betting companies [1] - The legalization of sports betting in Missouri was approved by voters through Amendment 2 in November 2024, allowing for online and physical betting under the regulation of the Missouri Gaming Commission [1] Group 1 - Major players in the Missouri market are expected to include FanDuel and DraftKings as early leaders in betting volume, with BetMGM, Caesars Entertainment, bet365, and Fanatics also holding significant market shares [1] - DraftKings holds one of the two unlinked mobile operating licenses in Missouri, allowing statewide operations without mandatory partnerships with casinos or teams, focusing on same-game parlays and live betting options [2] - Circa Sports unexpectedly received the second unlinked license, known for its precise odds and higher betting limits [2] Group 2 - BetMGM has obtained a temporary license and plans to launch statewide online operations, supported by a market access agreement with Century Casinos [3] - Caesars Sportsbook will begin operations on launch day through existing ownership of Missouri casinos, emphasizing its rewards program for cross-selling between its app and physical casinos [3] - Other notable operators include bet365, which is partnering with the St. Louis Cardinals, and Fanatics, which has secured an online betting license through a market access agreement with Boyd Gaming [3]

Core Viewpoint - Penn Entertainment has decided to terminate its sports betting deal with ESPN approximately eight years ahead of schedule, leading to a rally in its stock price [1] Group 1 - The company is now pursuing an independent strategy in the sports betting market following the end of its partnership with ESPN [1] - The early termination of the deal is expected to provide Penn Entertainment with greater flexibility and control over its sports betting operations [1] - The stock performance indicates positive market sentiment towards the company's decision to go solo in the sports betting sector [1]

格隆汇11月6日｜据市场消息，潘兴娱乐与ESPN终止体育博彩业务合作。 ...