本报北京2月24日电 （记者王观）国家税务总局24日发布的增值税发票数据显示：2026年春节假期，全 国消费相关行业日均销售收入与上年春节假期相比增长13.7%，消费市场亮点纷呈，消费品智能化绿色 化特征明显，旅游游览及文化消费需求旺盛，冰雪经济带动相关省份旅游服务快速增长，餐饮消费升 温，商品零售保持增长。 春节假期，在以旧换新等政策带动下，消费者"焕新"热情被有效激发，更加青睐高品质、高技术含量的 智能化产品，包括扫地机器人、投屏电视等在内的日用家电销售收入同比增长19%。 （文章来源：人民日报） 超长春节假期促进居民旅游消费需求释放，旅游相关服务销售收入同比增长39.6%。 ...

此外，集团正在探索建立其AI基础设施及软件即服务(SaaS)能力，以支持其AI驱动业务计划。为探索AI 基础设施与软件的开发与实施的商机，公司已分别与知名的AI技术、运算能力与解决方案供应商(均为 独立第三方)订立合作谅解备忘录。这些AI服务供应商专精于云端运算能力、绿色能源AI数据中心、源 网荷储整合式智能运算支援解决方案、客制化核心演算法及特定产业模型训练。 应星控股(01440)再涨超7%，月内累涨逾40%。截至发稿，涨6.02%，报10.57港元，成交额1320.38万港 元。 消息面上，应星控股近期公告称，集团已成功与国际知名IP合作伙伴达成各种形式的合作。近期，公司 一直利用国际串流平台上一套剧集的IP，从事一系列商品的设计、制造、推广及销售，并已于香港一个 购物中心开设快闪店，同时开设网店销售有关商品。 ...

Group 1: Domestic Economic Trends - The extended Spring Festival holiday is expected to boost travel, tourism, and consumption significantly, with a projected increase in passenger volume during the Spring Festival travel rush[2] - In 2026, the Spring Festival is anticipated to set five new records for travel intensity, with a notable increase in self-driving trips and strong demand for tourism[9] - The sales of commercial housing during the Spring Festival are expected to show a positive year-on-year growth of 5.2%[4] Group 2: AI and Technological Advancements - The year 2026 is projected to be a pivotal year for the widespread adoption of AI consumer terminals, marking the beginning of competitive AI applications[2] - The introduction of AI technologies during the Spring Festival gala has enhanced public awareness of embodied intelligence, further supporting the notion of 2026 as a key year for AI application competition[34] Group 3: International Trade and Currency - The repeal of Trump-era tariffs is expected to lead to a moderate appreciation of the RMB, with the current tariff rate on Chinese goods at 28.93%, a decrease of 2.3 percentage points from late 2025[4] - The global trade tensions are easing, which is likely to support a resilient growth rate in China's export sector[4] Group 4: Inflation and Economic Data - Inflation rates in the US and Japan are lower than expected, indicating a downward trend, with the US CPI at 2.4% and Japan's at 1.5%[6] - The US GDP growth for Q4 2025 was below expectations, primarily due to temporary impacts from government shutdowns, reflecting a growth rate of 1.4%[6]

今天分享的是：西南证券：新经济、新动能行业洞察系列（二）：新消费演进中的价格与产业洞察 报告共计：26页 本报告为西南证券新经济新动能行业洞察系列第二篇，聚焦新消费演进对宏观经济、价格体系及产业发展的多维影响，指出新消费以信 息技术为驱动、以品质化个性化为导向，是内需大循环的战略支柱，其战略地位随政策持续加码不断提升。 新消费成为宏观经济结构升级的核心动力，2023年以来最终消费支出对GDP贡献率稳居首位，2025年我国消费对GDP拉动率稳定在3%左 右，显著高于发达经济体。服务消费增长动能突出，2025年服务零售额增速超商品零售额1.7个百分点，商品零售中通讯器材、文化办公 用品等新消费品类增速领跑，旅游、观影等服务消费呈现节日爆发式增长特征。同时，新消费推动传统职业迭代，2025年新增多个消费 升级相关职业与工种，灵活就业成为就业增收重要途径，且灵活就业群体消费倾向更高，形成就业与消费的良性互动。 新消费推动CPI权重重构与价格结构性修复，2021-2025年居住、交通通信CPI权重显著提升，食品烟酒、生活用品及服务权重下降，反映 居民消费从基础刚需向品质升级转变。CPI品类价格呈现分化修复态势，衣着、医 ...

Core Viewpoint - The company is expected to report a net loss of between 77.64 million to 92 million yuan for the year 2025, primarily due to increased promotional and financial expenses related to its new retail business [1][2]. Financial Performance - For the first three quarters of 2025, the company's revenue grew by 107.52% year-on-year, but it reported a net loss attributable to shareholders of 57.10 million yuan [2][3]. - The adjusted net loss (excluding non-recurring items) is projected to be between 66.64 million to 77 million yuan [2]. Business Focus - The company's business focus has shifted towards general merchandise retail and bonded goods retail, which together account for over 99% of its operations, while the real estate business has become negligible [3]. Stock Performance - As of February 6, 2026, the company's stock price has increased by 5.62% year-to-date, but it has experienced a decline of 12.86% over the past 60 days [4]. Shareholder Dynamics - As of September 30, 2025, the number of shareholders decreased by 5.67%, while the average circulating shares per person increased by 6.01%, potentially indicating a rise in shareholding concentration [5].

Core Insights - The core viewpoint of the article is that consumer spending in China is shifting from a focus on goods to a balanced emphasis on both goods and services, indicating a growing potential in service consumption [1] Group 1: Consumer Trends - Resident consumption is transitioning towards a dual focus on both goods and services [1] - The potential for service consumption is continuously being released, highlighting a significant change in consumer behavior [1] Group 2: Retail Growth Projections - By 2025, service retail sales are projected to grow by 5.5% compared to the previous year, outpacing the growth of goods retail sales by 1.7 percentage points [1] - The proportion of service retail sales within the overall retail sales is on the rise, indicating a shift in market dynamics [1]

Group 1: Core Insights - The article emphasizes the importance of boosting domestic consumption and expanding high-level openness as part of the "14th Five-Year Plan" [1][11] - The Ministry of Commerce aims to activate the consumption engine and promote trade innovation through specific measures outlined in recent economic meetings [1][11] Group 2: Consumption Growth Strategies - The retail sales of consumer goods are projected to exceed 50 trillion yuan for the first time, with a growth rate of 4.0% in the first eleven months [2][12] - The focus will be on enhancing service consumption, optimizing trade-in policies, and activating lower-tier market consumption [2][12][14] - Key areas for service consumption growth include transportation, housekeeping, online audio-visual services, and experiential services [3][13] Group 3: Trade Innovation Development - The global trade growth is expected to slow down, with the WTO projecting a 0.5% increase in global trade by 2026 [6][15] - The Ministry of Commerce will focus on three pillars: goods trade, service trade, and digital trade to stabilize foreign trade [6][15] - Strategies include diversifying markets, promoting balanced trade development, and enhancing service trade [5][16][17] Group 4: High-Level Openness Initiatives - The Ministry plans to expand autonomous openness in various service sectors and implement zero-tariff measures for all African countries with diplomatic relations [8][18] - The focus will be on optimizing the layout of free trade zones and enhancing the facilitation of trade and investment [8][18] - Participation in global economic governance will include significant events like APEC and WTO meetings to promote multilateralism and free trade [9][19]

Core Viewpoint - The article emphasizes the efforts of the Urumqi Market Supervision Administration in Xinjiang to ensure the quality and price stability of essential consumer goods during the upcoming Spring Festival, focusing on combating counterfeit and substandard products [1] Group 1: Regulatory Actions - The Urumqi Market Supervision Administration is enhancing its leadership in party building and actively implementing the "practical action for excellence" concept [1] - The administration is conducting inspections in key areas such as production and sales enterprises, wholesale markets, and rural regions to enforce regulations [1] - There is a strong emphasis on cracking down on illegal activities such as counterfeiting, adulteration, and false advertising [1]

Group 1 - The core viewpoint of the articles highlights the vibrant consumer market driven by various consumption hotspots such as cultural tourism, new store economies, and ice and snow economies during the New Year holiday [1][2][3] Group 2 - Consumption policies are continuously being implemented to directly benefit consumers, with significant discounts observed during the New Year holiday, such as a consumer saving over 1,000 yuan on a large television through an old-for-new policy [1] - The tourism sector is experiencing strong momentum, with over 140.5 million visitors in Harbin on January 1, 2023, and a 42.1% share of visitors from outside the province, leading to deep consumption transformation [2] - The domestic travel expenditure during the New Year holiday reached 84.789 billion yuan, indicating a sustained release of vitality in cultural tourism consumption [2] Group 3 - There is a noticeable upgrade in product consumption, with new consumption scenarios and models emerging, reflecting consumers' increasing demand for personalized, quality, and experiential consumption [3] - Events like the "New Year YEAH Carnival" in Beijing and the rise of "tourism + camping" in Guangdong showcase the new consumption trends [3] - The Ministry of Commerce is launching a series of activities to stimulate consumption, focusing on product and service consumption, which will inject vitality into the market and confidence for growth throughout the year [3]

Core Viewpoint - The article emphasizes the proactive measures taken by the Shandong Province Liaocheng Social Credit and Price Service Center to monitor and stabilize prices of essential goods and services during the upcoming New Year holiday [1] Group 1: Price Monitoring Measures - The center is closely monitoring market price dynamics and supply-demand changes, focusing on essential goods such as grains, oils, meat, eggs, vegetables, and dairy products [1] - A duty roster has been established for price monitoring during the holiday, ensuring 24-hour communication and prompt reporting of any abnormal price fluctuations [1] Group 2: Public Sentiment and Expectations - The center is enhancing monitoring and analysis to detect any unusual price information during market inspections, with a commitment to timely reporting to higher authorities [1] - Efforts are being made to manage public expectations and stabilize market perceptions regarding the prices of essential goods during the holiday period [1]