全运会拳击冠军韩雪振。记者 邓放 摄 全运会自行车冠军鲍珊菊。记者 邓放 摄 全运会霹雳舞冠军刘清漪。胡斌 摄 全运会田径冠军梁田田。胡斌 摄 在郑州举行的河南省大众冰雪系列活动冰球公开赛。记者 黄晖 摄 河南省女子排球城市联赛赛场外的中原排场文旅市集。记者 黄晖 摄 河南省红色运动会在信阳开幕。胡斌 摄 刚刚过去的2025年，是"十四五"规划收官之年，也是粤港澳全运会决战之年，河南体育在奋进中镌刻荣光， 在拼搏中铺展华章——从着力健全全民健身公共服务体系，到十五运会赛场捷报频传；从洛杉矶奥运备战扎 实起步，到持续提升体育在促进经济发展、实现争光出彩、提升文化影响等方面的多元功能……河南体育人 以进一步全面深化改革为动力，用实干笃行书写了体育强省建设的时代答卷，确保了"十四五"圆满收官，并 为"十五五"良好开局筑牢了根基。 锐始者必图其终，成功者先计于始。"锐始"是破局开路的锐气，"图终"是谋定后动的远见，"锐始""图终"则 建功可期，对于一个国家、一个地区、一个人来说皆是如此，对于体育事业来说同样如此。回望河南体育的 2025年，无论是吹响全运会"冲锋号"的那一刻，还是在全省体育工作会议用一系列"聚焦"布局 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market's continuous rise last week was due to the phased repair of risk appetite driven by cyclical sectors. The main driving force of the market came from internal structural changes, with cyclical sectors led by non - ferrous metals driving the index up. The repair of risk appetite was also supported by the external environment such as the phased appreciation of the RMB exchange rate and the marginal improvement of overseas liquidity expectations [5]. - The Spring Festival - before market still has upward space, and there are short - term opportunities for bottom - fishing. The main risk factors restricting the market have weakened, and risk appetite is expected to remain high. The market is in a stage of preparing for the Spring Festival - before market, and the short - term market is likely to rise gradually with internal structural adjustments [8]. - The technology theme is the most elastic main line in the Spring Festival market, focusing on sub - sectors such as robotics, commercial aerospace, and nuclear power. Overseas computing power and semiconductor - related sectors can be configured with a medium - term holding strategy. The non - banking financial sector has certain allocation value. In the consumer sector, it is more appropriate to grasp thematic trading opportunities, focusing on sports consumption, medical devices, and traditional Chinese medicine [7]. Group 3: Summary by Directory Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having the largest increase of 4.07%. Among the major industry indices, the Materials Index and the Information Technology Index performed relatively well, with weekly increases of 5.85% and 4.36% respectively, while the Daily Consumption Index and the Telecommunication Services Index performed weakly, with decreases of - 0.65% and - 0.34% respectively. Among the 30 Shenwan primary industries, 23 industries rose, with non - ferrous metals, national defense and military industry, and power equipment having larger increases of 6.43%, 6.00%, and 5.37% respectively, and beauty care, social services, and banks having larger decreases of - 1.08%, - 1.05%, and - 1.01% respectively [9][14][17]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 1,965.166 billion yuan (the previous value was 1,760.484 billion yuan), at a relatively high historical level (87.50% of the three - year historical quantile) [19]. - **Valuation Tracking**: As of December 26, 2025, the valuation (PE_TTM) of the Wind All - A Index was 22.27, an increase of 0.48 from the previous week, at the 94.00% quantile of the past five - year history. Among the 30 Shenwan primary industries, 23 industries' valuations (PE_TTM) were repaired [24]. Market Observation - **Reasons for the Market Rise**: The continuous rise of the market last week was mainly due to the phased repair of risk appetite driven by cyclical sectors. There were no new direct positive factors from policies and news, and the driving force came from internal structural changes. The rise of the index was led by cyclical sectors such as non - ferrous metals, and the external environment also supported the repair of risk appetite [5]. - **Investment Recommendations**: Focus on the technology theme, overseas computing power and semiconductor - related sectors, the non - banking financial sector, and thematic trading opportunities in the consumer sector, especially sports consumption, medical devices, and traditional Chinese medicine [7]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data details are not provided [26].

智通财经APP获悉，中泰证券发布研报称，本周市场的持续上涨，更多源于在周期板块带动下的风险偏 好阶段性修复。临近年底，本周国内外政策面与消息面较为平静，缺乏对市场形成直接冲击的新增利好 因素，行情的推动力量主要来自市场内部结构的变化。展望后市，春节前行情整体仍具备上行空间，短 期仍有逢低布局机会。 不过，需要强调的是，当前市场更符合"底部夯实后、为春节前行情做准备"的阶段特征，而非主升浪已 正式开启。当前市场资金更多采取"逢低布局、结构切换"的参与方式，而非在高位进行趋势性加仓。这 决定了短期行情更可能以"震荡中逐步抬高重心、内部结构持续调整"的方式演绎，而非快速拉升并形成 单边、持续的赚钱效应。 投资建议： 中泰证券主要观点如下： 指数创新高与个股分化并存，行情进入高位结构再平衡阶段。 本周A股市场在指数层面延续强势，从主要指数表现来看，本周万得全A、沪深300和中证2000指数分别 上涨2.78%、1.95%和3.06%。从成交额层面来看，万得全A日均成交额由上周的1.76万亿元逐步放量至 1.97万亿元，在周五当日突破2万亿大关。从个股层面来看，本周万得全A上涨个股日均占比约为 52.20%，与上周基本 ...

其中，淄博共有7家企业入围，分别是山东千喜现代家政管理有限公司、山东唐库文化发展有限公司、淄博汉青陶瓷有限公司、淄博孟记般阳宴餐饮管理 有限公司、山东海月龙宫商业管理有限公司、山东京禾现代家政管理有限公司以及山东金城荣基地产有限公司。 据介绍，本次发布的新品牌呈现出"覆盖广、认可度高、创新强"三大鲜明特点。从行业分布来看，涵盖餐饮住宿、文娱旅游、家政服务、养老托育、体育 消费等多个重点领域，成为山东服务消费高质量发展的生动缩影。这些品牌既传承齐鲁文化基因，又精准契合现代消费需求，将为消费者带来更优质、多 元、便捷的服务体验。 | NO. | 地市 | 企业名称 | 品牌 | 行业 | | --- | --- | --- | --- | --- | | 1 | 济南 | 幸福全龄(济南)生活服务有限公司 | 辛福全龄 | 家政服务 | | 2 | 济南 | 济南致庸四合院文化旅游开发有限公司 | 致庸四合院 | 餐饮住宿 | | 3 | 济南 | 至美芳华(山东)康养发展有限公司 | 闵雪泉乔 | 乔老托育 | | 4 | 汾南 | 山东颐养健康集团医养(集团)有限公司 | 益寿光年 | 养老托育 | | 5 ...

本次发布的新品牌呈现出"覆盖广、认可度高、创新强"三大鲜明特点。从行业分布来看，涵盖餐饮住宿、文娱旅游、家政服务、养老托育、体育消费等多 个重点领域，成为山东服务消费高质量发展的生动缩影；在市场认可度方面，泉客厅、阿水大杯茶、海月龙宫等一批"网红"品牌脱颖而出，已成为"山东 服务消费"的亮丽名片；在创新能力上，寻梦沧海、乐陵影视城、耕海一号等品牌通过商文旅体健融合发展，成为推动行业进步的"新生力量"。这些品牌 既传承齐鲁文化基因，又精准契合现代消费需求，将为消费者带来更优质、多元、便捷的服务体验。 活动现场，山东凯瑞商业集团董事长助理侯明敬以泉客厅"空中会客厅"的打造为例，分享了以品质餐饮为基础、创新服务体验的实践路径；山东德州澳德 乐公司伍捌玖商业运营分公司党支部副书记王荣霞，则结合"589街区"的运营实践，阐述了消费场景构建与模式升级的创新理念，为在场企业带来了极具 价值的行业启示。 15日，由山东省商务厅支持指导、山东数字文化集团主办、齐鲁晚报.齐鲁壹点承办的山东省"服务消费新品牌"发布仪式在济南隆重举行。山东省商务厅 二级巡视员夏炳军，山东数字文化集团党委委员、副总经理李艳，十六市商务局负责同志、首批 ...

Core Viewpoint - The "2025 Warm Winter Guangzhou Sports Consumption Carnival" aims to enhance sports consumption and stimulate economic activity in Guangzhou, aligning with national strategies to boost consumption and expand domestic demand [3][5]. Group 1: Event Overview - The carnival features diverse interactive experiences, fashion-forward sports markets, and artistic performances, attracting significant public participation [1][3]. - It serves as an upgraded event for the 2025 Guangzhou Sports Consumption Season, integrating with broader provincial initiatives to promote winter tourism and consumption [3][5]. Group 2: Sports Events and Activities - Over 50 major sporting events are organized, including the Guangzhou Marathon and various unique local competitions, catering to different age groups and sports preferences [7]. - Each event will include accompanying exhibitions, creative markets, and immersive experiences, enhancing the overall spectator experience [7]. Group 3: Integration of Sports and Commerce - The initiative promotes "Sports+" cross-industry integration, embedding sports elements into over 300 city-wide events, making sports a focal point in commercial areas and tourist attractions [8]. - Facilities like the Tianhe Sports Center and University Town Sports Center will be utilized for various activities, ensuring they remain vibrant and active throughout the year [8]. Group 4: Consumer Benefits and Discounts - A comprehensive "Guangzhou Sports Consumption Map" will be launched to help citizens easily access sports-related discounts and offers [9]. - Various platforms will distribute sports venue coupons and consumer vouchers, along with special subsidies for specific sports equipment, enhancing the attractiveness of sports consumption [9]. Group 5: Collaborative Initiatives - The carnival is linked with the "New Eight Scenic Spots of Yangcheng" initiative, focusing on a holistic approach to sports consumption that encompasses dining, accommodation, travel, shopping, and entertainment [10].

Core Insights - The upcoming service consumption upgrade event in Jinan will showcase the first batch of "new service consumption brands" in Shandong province, highlighting the importance of service consumption as a key driver for high-quality economic development in the region [1][2] Group 1: Event Overview - The event will take place from December 13 to 14 at three major locations: Shungeng Convention and Exhibition Center, Yuhuan Yinzuo, and CCPARK [3] - The exhibition will feature 66 new brands selected through a rigorous multi-step process, covering five key areas: dining and accommodation, housekeeping services, elderly care, health consumption, and sports consumption [1][2] Group 2: Exhibition Format and Themes - The event will adopt an innovative "main venue + sub-venues" format, with the main exhibition area at Shungeng Convention Center and simultaneous activities at Yuhuan Yinzuo and CCPARK, creating a "one exhibition, two circles" consumption matrix [2] - Shungeng Convention Center will focus on themes like "Quality Life. Service Leadership," showcasing cutting-edge products and service models through interactive displays [2] - Yuhuan Yinzuo will emphasize family consumption scenarios, offering services like elderly product trials and children's care consultations [2] - CCPARK will cater to younger consumers with a trendy service consumption market, featuring light dining, sports consumption, and health consumption [2] Group 3: Development Ecosystem - The event reflects a broader strategy in Shandong to build a service consumption development ecosystem driven by government guidance, enterprise participation, and market dynamics [2]

为深入贯彻落实《关于进一步促进服务消费高质量发展的若干措施》（鲁政办发〔2025〕1号）文件精神，持续提升全省服务消费品质，培育壮大服务消 费市场新动能，在山东省商务厅指导下，由齐鲁晚报·齐鲁壹点在全省范围内组织开展了首批"服务消费新品牌"培育工作。 自工作启动以来，得到全省16市积极响应，共收到各地提报企业239家，广泛覆盖文娱、旅游、餐饮、家政、养老、健康消费、体育消费等多个重点服务 消费赛道，充分展现了我省服务消费领域的创新活力与发展潜力。 为确保评选工作的公平、公正、公开，培育工作严格遵循"地市提报、资格审核、网上投票、专家评审"的全流程规范机制。在资格审核环节，依据《山东 省商务厅关于开展"服务消费新品牌"培育行动的通知》要求，围绕企业注册信息、商标资质、经营状况、信用记录等核心要素进行严格筛查，140家企业 因主体资质完备、经营状况良好、行业代表性强入围线上投票；11月25日至28日，通过齐鲁晚报·齐鲁壹点平台开展线上投票，3天内累计收获投票418万 余票，有效提升了品牌的市场关注度；12月1日，省商务厅联合省民政厅、省文化和旅游厅、省市场监管局等相关部门以及省家政产业协会、省老字号协 会等行业协 ...

数据显示，赛事流量正持续转化为经济增量。比如，今年上半年，河北、浙江、福建等7地一共监测了 511场重点赛事活动，带动体育及相关消费超160亿元，场均带动超3000万元，展现出强大的消费拉动能 力。 今年以来，"赛事+消费"在全国多地开花，成为拉动内需、促进消费升级的新引擎，为中国经济注入澎 湃动能。 今年9月份，国务院办公厅发布的《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》提 出"出台赛事经济发展专项政策""开展促进体育消费和赛事经济试点"等举措。 比如，2025年重庆城市足球超级联赛，也就是"渝超"联赛，自9月13日开赛以来一直保持热度。12月6 日，九龙坡鑫源熊猫队与沙坪坝队的焦点战在重庆奥体中心上演，现场观赛球迷人数超4万人，刷新该 赛事开赛以来的单场最高观赛人数纪录。在赛场外，配套的惠民集市同步开放，更是吸引大批球迷驻足 打卡。 中央财经大学副教授刘春生对《证券日报》记者表示，"赛事+消费"能成为提振消费的新引擎，核心在 于赛事串联起吃、住、行、游、购、娱全链条消费，构建多元消费生态。同时，融入地域文化的赛事还 能激发情感共鸣，叠加政策支持与完善的体育基建，让"赛事+消费"场景更丰富， ...

Core Viewpoint - China's sports consumption is rapidly growing, becoming a key driver of economic growth and social welfare, serving as an effective tool for expanding domestic demand and enhancing national competitiveness [2][3] Group 1: Economic Impact of Sports Consumption - Sports consumption has expanded from traditional physical goods to include experiences and services such as event viewing, fitness training, and sports tourism, creating a large and diverse industry chain [3] - Every 1 yuan increase in sports consumption can lead to a 7.8 yuan increase in related industries, demonstrating a significant multiplier effect [3] - The integration of "Internet + Sports" has led to new business models like online fitness and smart venues, creating new consumption scenarios and market growth [3] Group 2: Social Value of Sports Consumption - Sports consumption promotes public health, reduces social costs, and enhances individual happiness by providing recreational activities and a sense of community [4] - It fosters a positive social ethos, instilling values such as fair competition and teamwork, which are crucial for youth character development [4] Group 3: International Competitiveness - A thriving sports consumption market reflects a country's comprehensive competitiveness, supporting local brands and enabling them to compete internationally [6] - Hosting international events showcases national image and culture, enhancing both hard and soft power on the global stage [6] Group 4: Characteristics of Rapid Development - The sports consumption market is characterized by scale expansion, structural upgrades, industry integration, and diverse participation, driven by policy support and upgraded market demand [7] - The market size is projected to grow from 1.5 trillion yuan in 2020 to 2.8 trillion yuan by 2025, with a compound annual growth rate exceeding 13% [9] Group 5: Emerging Trends and Opportunities - New consumption hotspots are emerging in areas like event activities, sports training, and fitness leisure, reflecting a shift towards personalized and refined consumer demands [10] - The integration of sports with various sectors such as tourism and education is expanding the external space for sports consumption [11] Group 6: Future Growth Potential - The sports consumption market has significant growth potential, with a projected increase in scale and per capita spending driven by rising disposable incomes and health awareness [14] - Service consumption, particularly in event viewing, fitness training, and sports tourism, is expected to become a major growth driver [15] Group 7: Recommendations for Sustainable Development - To further stimulate sports consumption, it is recommended to focus on cultivating event economies, integrating multiple business models, accelerating digital transformation, and optimizing the policy environment [18] - Developing a robust event economy can convert spectator traffic into actual consumption, enhancing the overall market [19] - Promoting cross-industry integration can create a diverse consumption ecosystem, meeting varied consumer needs [20] - Accelerating digital transformation will enhance consumer experience and supply efficiency, fostering innovation in sports consumption [21]