行 业 周 报 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 消费者服务行业 超配（维持） 消费者服务行业双周报（2025/9/26-2025/10/9） 国庆中秋双节国内出游消费创新高 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 ◼ 行情回顾：2025年9月26日-2025年10月9日，中信消费者服务行业指数 整体回落3.34%，涨跌幅在所有中信一级行业指数中居第二十九位，跑 输同期沪深300指数约5.87个百分点。国庆中秋双节结束后2025年公众 假期结束，缺少黄金周导致后续出游淡季预期较低，市场情绪阶段性回 落。细分板块中，综合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分 别为-3.54%、-3.77%、-5.02%、-1.77%。旅游、酒店等出行链板块跌幅 较大，教育板块回调幅度较小。行业取得正收益的上市公司有4家，涨幅 前五分别是豆神教育、*ST传智、外服控股、ST联合、博瑞传播，取得负 收益的有48家，其中跌幅前五的 ...

9月28日，广州市花都区体育旅游精品线路发布暨"百县千镇万村高质量发展工程"重点项目签约、动竣 工活动在花都举行。 本次活动以"跃动湾区北潮玩新高地"为主题，集中推介具有代表性的动竣工项目23个，现场签约"百千 万工程"重点项目18个，总投资规模近70亿元，涵盖旅游休闲、时尚消费品、现代商贸、低空经济与航 空航天等多个领域。 美华航空科创生态融合发展中心项目以航空综合培训为主导，建设航空培训事业、健康体检、产业发 展"三中心"，创建航空航天科普、拍摄"三基地"，引入航空培训、通用航空设备、航空电子等核心产 业，全力打造国内规模最大、业态最全、服务最优的航空科创生态示范区。 广州海屿汇海洋世界项目突破传统海洋馆模式，打造多场景的演艺体系，涵盖海洋生物展示、剧场表 演、非遗、魔术互动等多元内容，打造亲子游玩标杆项目、海洋文化传播窗口。 "海屿汇项目是我们对花都文旅未来的一次深度投资，它深度融合海洋文化、科技互动与区域生态资 源，将成为花都文旅版图上的重要拼图。"湖南海屿汇文化旅游发展有限公司董事长吴九漠表示，项目 以"海文化"为内核，通过生态仿生手法打造室内外联动的海洋景观，并融入数字交互技术，让游客在都 市中感 ...

广州花都签约18个"百千万工程"重点项目 总投资近70亿元 中新网广州9月28日电 (记者 蔡敏婕)广州市花都区体育旅游精品线路发布暨"百县千镇万村高质量发展 工程"重点项目签约、动竣工活动28日在花都举行。 本次活动以"跃动湾区北 潮玩新高地"为主题，集中推介具有代表性的动竣工项目23个，现场签约"百千 万工程"重点项目18个，总投资规模近70亿元，涵盖旅游休闲、时尚消费品、现代商贸、低空经济与航 空航天等多个领域。 美华航空科创生态融合发展中心项目以航空综合培训为主导，建设航空培训事业、健康体检、产业发 展"三中心"，创建航空航天科普、拍摄"三基地"，引入航空培训、通用航空设备、航空电子等核心产 业，全力打造国内规模最大、业态最全、服务最优的航空科创生态示范区。 2025年谋划推进"百千万工程"重点项目66个，总投资1148亿元，实施"十大攻坚工程"26项大仗硬仗任 务，花都区在2024年度市"百千万工程"考核中获评"实绩突出"的区，实现村集体收入、农民可支配收入 对比2022年分别增长14.2%、30.8%，并入选国家级2025年农村综合性改革试点试验名单。(完) 来源：中国新闻网 编辑：董文博 广告等 ...

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Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [30]. Core Views - The upcoming National Day and Mid-Autumn Festival are expected to significantly boost domestic travel demand, with long-distance travel bookings showing remarkable growth. Data indicates a 28% increase in average daily domestic flight bookings compared to the previous year, and a 16% increase for international routes [20][30]. - The consumer services industry index rose by 2.82% from September 5 to September 18, 2025, although it underperformed the CSI 300 index by approximately 0.22 percentage points during the same period [7][30]. - The report highlights that the tourism and hotel sectors continue to gain momentum, supported by favorable policies and increasing consumer confidence in travel [30]. Summary by Sections Market Review - The consumer services industry index increased by 2.82%, ranking fifteenth among all CITIC first-level industry indices, and lagging behind the CSI 300 index by about 0.22 percentage points [7]. - The sub-sectors of the consumer services industry showed mixed performance, with tourism and hotel sectors continuing their upward trend, while the comprehensive services sector slightly declined [8]. Key Industry News - Data from aviation travel platforms shows a significant increase in flight bookings for the upcoming holidays, with domestic flight bookings exceeding 5.93 million and international bookings over 1.4 million [20]. - A joint policy initiative from nine government departments aims to expand service consumption, proposing 19 specific measures to enhance service quality and stimulate demand [21]. - A strategic partnership between JD.com and Jinjiang Hotels was established to innovate dining and hospitality services, integrating AI-driven solutions [22]. Company Announcements - Notable companies in the consumer services sector include Yunnan Tourism, Xiyu Tourism, and Jinjiang Hotels, which have shown significant stock price increases during the reporting period [12]. - Jinjiang Hotels and other companies are positioned to benefit from the anticipated rise in travel demand during the holiday season [30][31].

Group 1 - The core viewpoint of the article highlights the development of the Yuhu Lake project in the core business area of Liangzhu New City, which aims to integrate cultural heritage and modern amenities, creating a vibrant community space [2][3] - The Yuhu Lake Phase III covers an area of approximately 76,000 square meters, including 26,000 square meters of water area and 50,000 square meters of land area, with major construction elements such as an underground parking garage and recreational spaces [2] - A key feature of Phase III is the "Starry Moon Viewing Platform," which spans about 950 square meters and is designed for various cultural and artistic events, enhancing the area's appeal [2] Group 2 - The project includes a 750-meter-long greenway that will improve the leisure walking path system around Yuhu Lake, enriching the experience for residents [3] - The design incorporates small-scale buildings ranging from 100 to 200 square meters, promoting public space and operational diversity, which will inject vitality into the region [3] - An underground parking garage with an area of approximately 18,050 square meters will provide around 530 parking spaces, addressing local parking concerns [3]

Core Viewpoint - The recent announcement by Beijing's Cultural and Tourism Bureau reveals the selection of six new tourism and leisure districts, highlighting their unique cultural heritage and innovative leisure experiences for residents and visitors [1] Group 1: Selected Districts - The newly selected tourism and leisure districts include: 1. Wudaoying Tourism and Leisure District in Dongcheng District 2. Beijing Fang Tourism and Leisure District in Xicheng District 3. Yangmeizhu Historical and Cultural Street in Xicheng District 4. 798 Tourism and Leisure District in Chaoyang District 5. Shougang Park Tourism and Leisure District in Shijingshan District 6. Tanggu Tourism and Leisure District in Mentougou District - These districts are characterized by a blend of traditional and modern cultural experiences, vibrant dining options, and trendy cultural tourism spots [1][1][1] Group 2: Features of the Districts - The selected districts offer diverse experiences, including cultural immersion, unique culinary gatherings, and fashionable tourist attractions, providing rich urban leisure options for citizens and tourists [1][1]

Group 1 - The summer tourism season is nearing its end, but travel activity remains high across various regions in the country [1][5][21] - Tourists are actively visiting popular attractions such as the Mingsha Mountain and Crescent Spring in Dunhuang, Gansu Province [3][4] - Water activities are popular, with visitors enjoying experiences at coastal locations like the Na Xiang Hai beach in Shandong Province [7][26] Group 2 - Tourists are engaging in leisure activities in various scenic spots, including the scenic areas along the Lancang River in Yunnan Province [9] - Cultural and artistic events are also attracting visitors, such as the "Jinling Map Digital Art Exhibition" in a shopping mall in Nanjing, Jiangsu Province [18] - Agricultural tourism is gaining traction, with visitors participating in farming experiences at specialized agricultural parks in Hebei Province [15]

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28]. Core Views - The consumer services sector has shown an overall recovery, particularly in the hotel and restaurant segments, likely driven by a rebound in market risk appetite and positive performance in the tourism sector [28][29]. - Recent fiscal policies, including interest subsidies for personal consumption loans, are expected to support consumer spending and stabilize the industry's fundamentals in the medium term [21][28]. Summary by Sections Market Review - From August 8 to August 21, 2025, the CITIC consumer services industry index rose by 3.76%, underperforming the CSI 300 index by approximately 0.45 percentage points. The increase was primarily driven by strong summer travel data and a recovery in market risk appetite [7][9]. - The hotel and restaurant sectors led the gains, with the hotel segment rising by 6.74%. The recent performance of Huazhu Group indicated stabilization in operational metrics, which may boost valuations [9][16]. - A total of 43 listed companies in the industry reported positive returns, with the top five performers being China High-Tech, ST Dongshi, Xi'an Catering, Kede Education, and Junting Hotel, showing increases of 17.68%, 15.93%, 15.65%, 13.00%, and 10.47% respectively [13][16]. Industry News - The central government has introduced a subsidy policy for personal consumption loans, which includes a 1% interest subsidy for loans used for various consumer purposes, effective for one year [21]. - The railway system reported over 710 million passengers transported during the summer travel season, reflecting a year-on-year increase of 4.1% [22]. - Huazhu Group reported a second-quarter revenue of 26.9 billion yuan, a 15% increase year-on-year, with operational metrics showing recovery [23]. Company Announcements - Jiuhua Tourism reported a 22.26% year-on-year increase in total revenue for the first half of 2025, reaching 483 million yuan [24]. - ST Dongshi announced the completion of the repayment of non-operating fund occupation by its controlling shareholder, allowing its stock to resume trading [25]. - Action Education reported a decrease in total revenue by 11.68% year-on-year for the first half of 2025, totaling 344 million yuan [26]. Weekly Perspective - The report suggests a positive outlook for the consumer services sector, driven by improved market sentiment and supportive fiscal policies. Key stocks to watch include China Duty Free, Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, and Zhongxin Tourism [28][31].

Core Viewpoint - Beijing's cultural and tourism bureau has announced the selection of six new tourism leisure districts, enhancing the city's tourism landscape and promoting local culture [1] Group 1: Announcement Details - The announcement was made on August 19 by the Beijing Municipal Bureau of Culture and Tourism [1] - The selection process involved applications from various districts, expert evaluations, and final approval by the bureau [1] - The six districts recognized as the third batch of tourism leisure districts include: - Dongcheng District's Wudaoying Tourism Leisure District - Xicheng District's Beijing Fang Tourism Leisure District - Xicheng District's Yangmeizhu Historical and Cultural Street - Chaoyang District's 798 Tourism Leisure District - Shijingshan District's Shougang Park Tourism Leisure District - Mentougou District's Tanggu Tourism Leisure District [1]