消费者服务行业 标配（下调） 消费者服务行业双周报（2026/2/13-2026/2/26） 2026 年春节假日游客人数和花费均创历史新高 投资要点： ◼ 风险提示：（1）自然灾害阻断出行；（2）行业政策落地及帮扶不及预 本报告的风险等级为中高风险。 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 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 行 业 研 究 2026 年 2 月 27 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务行业双周报（2026/2/13-2026/2/26） 期等；（3）居民旅游消费意愿变化；（4）入出境游复苏不及预期等。 请务必阅读末页声明。 2 ◼ 行情回顾：2026年2月13日-2026年2月26日，中信消费者服务行业指数 下降5.76%，跑输同期沪深300指数约5.91个百分点。细分板块中，综合 服务、 ...

Group 1 - The State Council has approved a work plan to accelerate the cultivation of new growth points in service consumption, aiming for service consumption expenditure to account for 46.1% of per capita consumption expenditure by 2025 [1] - The Ministry of Commerce will implement over 60 specific measures to enhance service consumption, focusing on areas such as cultural entertainment, tourism, and sports events [1] - The work plan emphasizes stimulating development in key sectors, nurturing potential growth areas, and strengthening support measures [1] Group 2 - The sports economy is thriving, with ski resorts expected to receive 118 million visitors from November 2025 to January 2026, including 1.255 million international visitors, marking an 89.2% increase [2] - Total consumption around ski resorts is projected to reach 69.15 billion yuan, with transaction volumes increasing by 6% [2] Group 3 - The Ministry of Transport plans to develop new growth points in transportation service consumption, including self-driving tourism, high-quality development of small vehicle rentals, and expanding cruise consumption [3] - The short-term rental market is expected to grow at an annual rate of approximately 15% during the 14th Five-Year Plan period [3] - The Ministry of Transport aims to enhance the quality of self-driving tourism by creating high-quality routes and increasing the availability of charging stations along highways [3] Group 4 - The Ministry of Commerce has established a credit information platform for home service providers, collecting over 20,000 enterprise records and nearly 9 million service worker credit records since 2019 [4] - The Ministry will accelerate the development of a comprehensive credit information platform to enhance consumer trust in home services [4]

Core Viewpoint - The Chinese government is accelerating the development of service consumption growth points through a comprehensive action plan aimed at enhancing service supply in various sectors, including culture, tourism, and sports events [1][2]. Group 1: Service Consumption Enhancement - The Ministry of Commerce will lead the implementation of the service consumption improvement action plan, which includes over 60 specific measures to enhance service supply in cultural entertainment, tourism, and sports [2][3]. - The plan aims to stimulate inbound consumption by optimizing travel service exports and facilitating inbound business activities [1][2]. Group 2: Automotive and Transportation Services - The Ministry of Commerce is developing policies to promote high-quality growth in the car rental market, enhancing service networks and fostering collaboration with tourism [2][3]. - The transportation sector will focus on developing self-driving tourism services and improving infrastructure, including the construction of over 10,000 charging stations on highways by 2026 [3][4]. Group 3: Event Economy Development - The government is working to unlock the potential of the event economy by addressing regulatory challenges and enhancing safety management for large-scale events [4][5]. - Initiatives will include integrating sports events with tourism and cultural activities to expand the consumption chain and market size [5].

本文源自：市场资讯 作者：观察君 2月2日，金属价格下跌趋势缓解，欧洲主要股指悉数抹去此前跌幅，英国富时100指数、法国CAC40指 数、德国DAX30指数、富时意大利MIB指数均实现上涨。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 欧洲股市自1月中旬以来首次创下纪录新高，矿业股同步反弹，旅游休闲股和银行股位居涨幅前列。斯 托克欧洲600指数收盘上涨1%。包括食品和饮料股在内的防御性板块同步上涨，房地产股为表现最差的 板块之一。 矿业股在盘中一度下跌3.5%，最终反弹0.8%。美国总统唐纳德·特朗普准备以120亿美元的种子资金启动 战略性关键矿产储备项目，成为矿业股反弹的触发因素。西班牙IBEX35指数同期触及历史新高。 ...

新华社呼和浩特2月2日电 题：古街"活"起来：塞上老街书写文旅消费新故事 新华社记者王雪冰 傍晚时分，呼和浩特市玉泉区的塞上老街渐渐热闹起来。灯笼亮起，石板路上映出斑驳光影，青砖灰瓦的街巷间，人流渐密。下班的年轻人放慢 脚步，在老字号门前驻足；外地游客举起手机，对准飞檐翘角与美食热气；附近居民牵着孩子，在熟悉的石板路上闲逛。拥有400多年历史的塞上 老街，正铺陈出一幅热闹而松弛的城市夜景。 沿着街巷向前，老街的烟火气扑面而来。修缮后的明清风格建筑中，既有奶茶、咖啡、文创小店，也保留着烧麦馆、焙子铺等传统味道。非遗手 作、地方美食、国潮零售、沉浸式演艺在同一空间内并行生长，老街不再只是看一看的打卡地，而成为市民游客愿意停留的生活场所。 一条老街，如何在当下成为城市消费与生活方式的新热点？在塞上老街，答案藏在不断更新的场景里。 2025年12月31日，市民游客在呼和浩特市塞上老街旅游休闲街区参加跨年活动。（受访者供图） 这种新旧交融的街区气质，并非偶然。塞上老街所在的旅游休闲街区汇集了88处不可移动文物、32个非遗项目和4家老字号。明清时期，塞上老街 曾是塞外重要的商贸集散地，中原的茶叶、丝绸在这里与草原的牛羊肉 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Beijing aims to enhance its tourism and cultural sectors by designating new national-level tourism and leisure districts, promoting rural homestay development, and creating innovative consumption scenarios that integrate culture, commerce, and sports [1] Group 1: National-Level Tourism and Leisure Districts - Wangfujing Commercial Street and Modokou Historical and Cultural District have been recognized as the 4th batch of national-level tourism and leisure districts, bringing the total number of such districts in Beijing to 7 [1] - The city plans to promote the creation of a new batch of national-level tourism resorts and leisure districts, as well as initiate the third batch of evaluations for Beijing's tourism leisure districts [1] Group 2: Rural Homestay Development - Beijing is conducting a grading assessment for rural homestays during the "14th Five-Year Plan" period, guiding the standardized and distinctive development of these accommodations [1] - Currently, there are 822 city-level graded rural homestays in Beijing, including 16 national-level A and B grade tourism homestays [1] Group 3: Key Rural Tourism Villages and Towns - The city is collaborating with the Development and Reform Commission to create key rural tourism villages and towns, focusing on those with distinct regional characteristics and comprehensive service facilities [1] - Beijing has established 12 city-level key rural tourism towns and 138 key rural tourism villages, with 6 national key rural tourism towns and 44 national key rural tourism villages [1]

Group 1: Consumer Promotion and Service Sector Growth - In 2026, the Ministry of Commerce will optimize the implementation of the old-for-new consumption policy to boost sales of durable goods such as automobiles and home appliances [2] - The service sector is identified as a key driver for domestic demand expansion and transformation, with initiatives to enhance the supply levels in cultural, entertainment, tourism, and healthcare sectors [2] - The Ministry will continue to promote service consumption quality improvement actions and remove unreasonable restrictions in service consumption areas [2] Group 2: Foreign Trade Stability and Innovation - The Ministry of Commerce aims to stabilize the foreign trade base through a combination of policies and support for cross-border e-commerce development [4] - Service trade and digital trade are highlighted as important areas for innovation, with plans to establish national service trade innovation development demonstration zones [4] - The Ministry will promote the "Export China" brand and leverage major trade exhibitions to expand imports from countries involved in the Belt and Road Initiative [4][5] Group 3: Attracting Foreign Investment - In 2026, efforts will be made to enhance the attractiveness of foreign investment by expanding access in sectors like telecommunications, healthcare, and education [7] - The Ministry will implement policies to support foreign enterprises in participating in consumption stimulation and government procurement activities [7] - A national-level overseas comprehensive service platform will be established to provide a one-stop service for companies going abroad, integrating various service resources [8]

Core Insights - The transformation of the Zhengzhou Oil Chemical Plant into a cultural landmark reflects a successful blend of historical memory and modern consumption, attracting over 30,000 daily visitors [1] - The park has become a key destination for young people, featuring over 230 shops and numerous market stalls, focusing on a diverse range of experiences [2] - The development of cultural and creative parks in Zhengzhou is part of a broader strategy to enhance the city's cultural tourism and economic vitality [2][3] Group 1 - The Zhengzhou Oil Chemical Plant, established in 1952, was once the largest detergent production base in Henan and has now been repurposed into a national-level tourism and leisure area [1] - The park's renovation involved government guidance and market operations, leading to a significant increase in visitor numbers and economic activity, with over 110 million yuan in revenue during the 2026 New Year holiday [2] - The integration of historical industrial sites into the cultural landscape serves as a unique resource for tourism and economic development, enhancing the city's appeal to younger demographics [2][3] Group 2 - The park's offerings include cultural creativity, technological innovation, entertainment, and immersive experiences, promoting a "five senses" economy [2] - The revitalization of industrial heritage not only preserves historical memory but also creates new cultural symbols and leisure spaces for urban residents [3] - The successful transformation of old factories into cultural hubs demonstrates the potential for cities to leverage their historical assets for future growth and cultural confidence [3]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [31]. Core Insights - The consumer services industry index rose by 2.98% from January 9 to January 22, 2026, outperforming the CSI 300 index by approximately 3.27 percentage points during the same period [7]. - All sub-sectors within the consumer services industry experienced gains, with the comprehensive services, tourism and leisure, hotel and catering, and education sectors increasing by 7.43%, 1.82%, 5.70%, and 3.00% respectively [8]. - A total of 47 listed companies in the industry reported positive returns, with the top five performers being Shaanxi Tourism (up 22.73%), Foreign Service Holdings (up 19.64%), Core International (up 15.83%), Zhongxin Tourism (up 14.19%), and Jiuhua Tourism (up 12.69%) [11]. - The overall price-to-earnings (PE) ratio for the consumer services industry is approximately 41.25 times, which is an increase from the previous period but still below the average valuation of 42.42 times since 2016 [14]. Industry News - The Philippines announced a visa exemption for Chinese citizens, effective January 16, 2026, allowing a stay of up to 14 days [20]. - Cambodia will trial a visa exemption for Chinese citizens for four months starting June 15, 2026 [20]. - Ctrip is under investigation for alleged monopolistic practices by the National Market Supervision Administration [24]. - China Duty Free Group's subsidiary, CDF International, plans to acquire DFS's tourism retail business in Greater China for up to $395 million [26]. Weekly Outlook - The report anticipates that the extended Spring Festival holiday will continue to drive domestic tourism demand, with a peak in travel expected around February 6 and again on February 13 and 14 [31]. - The report suggests monitoring themes such as ice and snow tourism and duty-free shopping, as well as potential asset injections from local state-owned enterprises into scenic areas and the upward cycle of hotels [31]. - Recommended stocks include Jinjiang Hotels (600754), Changbai Mountain (603099), Emei Mountain A (000888), and China Duty Free Group (601888) [32].

Core Insights - In 2025, Macau's total entry and exit volume reached 235 million people, a 9.8% increase from 2024, with inbound tourists exceeding 40 million for the first time, marking a 14.7% year-on-year growth, setting new historical records for both metrics [1][3][8] Group 1: Tourism Growth and Events - The New Year's holiday in 2026 saw a record single-day entry and exit of 866,000 people, highlighting Macau's vibrant tourism scene with various events such as concerts and fireworks [2][3] - Macau's tourism is evolving beyond traditional perceptions, showcasing diverse attractions and activities that appeal to a broader audience [2][4] Group 2: Innovative Tourism Strategies - The "Tourism+" innovation strategy has strengthened Macau's comprehensive tourism and leisure industry, with "Tourism+Food" becoming a key highlight, attracting global participation in events like the International Food Carnival [3][4] - The integration of sports and tourism has gained momentum, with major events like the National Games and international racing events being hosted in Macau, promoting a new paradigm of "watching events + tourism" [3][4] Group 3: Consumer Trends and Spending - In the first three quarters of 2025, non-gaming total spending by visitors reached 58.25 billion Macau Patacas, reflecting a 3.6% increase year-on-year, indicating strong tourism consumption potential [4][6] - The shift towards experiential, thematic, and scenario-based consumption is evident, with significant spending by visitors attending exhibitions and performances, averaging 4,398 and 3,811 Macau Patacas respectively [6][8] Group 4: Future Development and Market Strategies - Macau aims to enhance its tourism offerings by focusing on quality and precision targeting, with plans to develop family-oriented and youth-centric products [7][8] - The government is set to align with national planning to expand high-quality tourism products and services, leveraging Macau's strengths and the Greater Bay Area's advantages [8]