Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The domestic tourism sector has shown a strong start in 2026, with 142 million domestic trips taken during the New Year holiday, resulting in a total expenditure of 84.789 billion yuan, reflecting a slight year-on-year increase compared to the same period in 2024 [20][31]. - The report highlights a growing trend among young consumers who prioritize personal enjoyment, enhancing the cultural significance of holidays and driving the rapid growth of niche tourism sectors such as ice and snow tourism, migratory tourism, and performance + tourism [31]. - The China Tourism Research Institute projects that the winter ice and snow tourism revenue will reach 450 billion yuan, with an estimated 360 million participants during the 2025-2026 winter season [24][31]. - Policy support is shifting towards service consumption, with measures introduced in Shanghai to enhance cultural and tourism service consumption capabilities [22][31]. - The report indicates that while the long-term outlook for the cultural tourism industry is positive, there are still short-term performance pressures, suggesting a focus on themes like ice and snow tourism and duty-free shopping as potential catalysts [31]. Summary by Sections Market Review - The CITIC consumer services industry index rose by 4.39% from December 26, 2025, to January 8, 2026, outperforming the CSI 300 index by approximately 2.34 percentage points [8][9]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 5.58% [9]. - A total of 38 listed companies in the industry reported positive returns, with the top five performers including BoRui Communication and China Duty Free, while 15 companies reported negative returns [13][31]. Industry News - Key announcements include the record 142 million domestic trips during the New Year holiday and the launch of Shaanxi Tourism's IPO on the Shanghai Stock Exchange [20][21]. - The report notes the encouragement of seasonal tourism activities and the issuance of cultural and tourism consumption vouchers by various government departments [25][31]. Company Announcements - Notable company updates include the resignation of the vice chairman of Huazhen Hotel and significant growth in visitor numbers and revenue for Xiangyuan Cultural Tourism during the New Year holiday [26][27]. - China Duty Free announced a contract for a major project at Beijing Capital International Airport, indicating ongoing expansion in the duty-free sector [30]. Investment Recommendations - The report suggests focusing on specific companies such as Jinjiang Hotel, Changbai Mountain, Emei Mountain A, and China Duty Free, which are expected to benefit from the recovery in leisure tourism demand [32][31].

2025年12月31日晚，2026"龙马精神·骏启新春"嘉年华双节促消费启幕活动暨嘉年华新年音乐会在青岛嘉年华滨海旅游休闲街区成功举办。现场，2025年度 回顾、2026愿景展望、新年音乐会等精彩内容轮番上演，在千余名市民游客的共同见证下，璀璨灯光秀与欢声笑语交织，标志着以"节、赛、展、演、商"五 大板块为核心的岁末新春消费季全面启动。 系列活动接续启动，勾勒新春消费全景图 以此次启幕活动为号角，主题鲜明、内容丰富的"节、赛、展、演、商"五大板促消费活动将从2026年1月1日至3月3日（正月十五），为市民游客带来多层 次、沉浸式的消费体验，构建起全域联动、全民参与的新春消费场景。 据悉，本次嘉年华聚力全方位扩大内需，坚持惠民与促消费相结合，通过推动多业态联动、打造丰富消费体验，旨在充分释放"两节"消费潜力，满足市民和 游客的多元化需求，进一步塑造具有区域影响力的节庆品牌，点燃岁末年初的消费热情与节庆氛围。 传统与潮音碰撞，光影盛宴引爆全城狂欢 当晚，青岛嘉年华滨海旅游休闲街区在夜幕中化为一片流光溢彩的欢愉海洋。琴岛之星摩天轮下，人潮如织，一场融合传统年味与时尚潮流的新年盛典，随 着星光缓缓拉开序幕。 启动仪式 ...

当晚，青岛嘉年华滨海旅游休闲街区在夜幕中化为一片流光溢彩的欢愉海洋。琴岛之星摩天轮下，人潮 如织，一场融合传统年味与时尚潮流的新年盛典，随着星光缓缓拉开序幕。 启动仪式上不仅回顾了青岛嘉年华2025年度取得的各项佳绩，2026年度嘉年华展望也正式发布，并推出 一系列业态福利，为市民与游客献上一整年的期待。 （来源：千龙网） 2025年12月31日晚，2026"龙马精神·骏启新春"嘉年华双节促消费启幕活动暨嘉年华新年音乐会，在青 岛嘉年华滨海旅游休闲街区举办。在千余名市民游客的共同见证下，以"节、赛、展、演、商"五大板块 为核心的岁末新春消费季全面启动。 近年来，青岛嘉年华滨海旅游休闲街区以持续创新与多元融合为驱动，逐步发展成为青岛西海岸新区塑 造城市节庆形象与文旅消费新名片的重要载体。 本次，青岛嘉年华坚持惠民与促消费相结合，通过推动多业态联动、打造丰富消费体验，旨在充分释 放"两节"消费潜力，满足市民和游客的多元化需求，进一步塑造具有区域影响力的节庆品牌，点燃岁末 年初的消费热情与节庆氛围。 以此次启幕活动为号角，内容丰富的"节、赛、展、演、商"五大板块促消费活动将从2026年1月1日持续 至3月3日。 其 ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/12/5-2025/12/18） 商务部等提出将加大金融协同，加大服务消费支持力度 投资要点： 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 2025 年 12 月 19 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 行 业 研 究 ◼ 行情回顾：2025年12月5日-2025年12月18日，中信消费者服务行业指数 整体回调0.52%，跑输同期沪深300指数约0.66个百分点。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-3.42%、-2.86%、 1.54%、4.22%，旅游休闲板块受祥源文旅控股股东风险拖累，教育板块 走强。行业取得正收益的上市公司有31家，涨幅前五分别是中国高科、 中公 ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/11/21-2025/12/4） 文旅部将从供需两端发力，着力上新 投资要点： 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 2025 年 12 月 5 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 行 业 研 究 ◼ 行情回顾：2025年11月21日-2025年12月4日，中信消费者服务行业指数 整体回调0.73%，跑输同期沪深300指数约0.33个百分点。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-2.72%、-1.76%、 2.52%、0.48%。湖北国资入主君亭酒店、同庆楼探索新业务协同等利好 消息带动酒店餐饮板块上涨。行业取得正收益的上市公司有20家，涨幅 前五分别是中国高科、同 ...

Core Insights - The "Starry Sky Impression" camping base in Yinyuan County has become a new engine for nighttime consumption by adopting a "free access + diverse scenarios" model [1][5] Group 1: Business Model and Strategy - The camping base is a key project in the renovation of Yinyuan Park, maintaining ecological integrity while injecting commercial vitality [5] - It implements a free access policy and provides facilities such as tents and portable chairs, while also introducing chain coffee brands and local specialty snacks to meet diverse consumer needs [5] - The base leverages a "camping + music + food" multi-dimensional consumption scenario, creating a high-quality nighttime leisure space with a "low threshold + strong experience" model [5] Group 2: Consumer Engagement and Experience - The camping base has attracted a large number of visitors, with many organizations using it for team-building activities, leading to a peak in customer flow during the evening [3][5] - The atmosphere is described as lively, with activities such as rock concerts and interactive games, catering to various relaxation preferences [3] - The daily average revenue of the coffee shop at the camping base exceeds 3,000, indicating strong business performance and popularity among visitors [5]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The consumer services industry index rose by 3.82% from November 7 to November 20, 2025, outperforming the CSI 300 index by approximately 6.56 percentage points during the same period [9][10]. - The report highlights strong growth in domestic travel, with outbound hotel and flight bookings reaching 140% of the levels seen in the same period of 2019, and inbound tourism bookings increasing by over 100% year-on-year [33][27]. - The implementation of digital technologies in the cultural and tourism sectors is expected to enhance the supply side of the tourism industry, promoting upgrades and new consumption scenarios [22][33]. Summary by Sections Market Review - The consumer services index continued its upward trend, ranking fourth among all CITIC first-level industry indices [9]. - The performance of sub-sectors varied, with comprehensive services down by 0.43%, while tourism and hotel sectors saw increases of 4.54% and 6.26%, respectively [10]. - A total of 27 listed companies in the industry reported positive returns, with the top five performers being Jinjiang Hotels, Junting Hotels, Caesar Travel, Changbai Mountain, and China Duty Free, showing increases of 11.23%, 9.49%, 9.16%, 9.08%, and 8.48% respectively [14] [10]. Industry News - The State Council issued an opinion to accelerate the application of digital technologies in the cultural and tourism sectors, aiming to integrate various digital experiences [22]. - Xiangyuan Cultural Tourism signed a strategic cooperation agreement with the government of Kunshan City to enhance the local tourism industry [23]. - Ctrip's Q3 report indicated a robust recovery in domestic travel, with significant increases in international bookings [27]. Company Announcements - Junting Hotels announced a cash acquisition of the remaining 21% stake in its subsidiary, aiming for full ownership [28]. - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, with a total revenue of 30.6 billion yuan [24]. Weekly Perspective - The report suggests focusing on specific stocks such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand [34][35].

Market Overview - Major US stock indices experienced declines, with the Dow Jones down 0.36%, S&P 500 down 0.85%, and Nasdaq down 1.46% [3] - Large-cap tech stocks saw significant drops, including Nvidia, Tesla, Oracle, and AMD, each falling over 3% [1] - The Nasdaq China Golden Dragon Index also fell by 2.19%, with notable declines in popular Chinese concept stocks [4] Semiconductor Sector - The semiconductor sector faced a sharp decline, with the Philadelphia Semiconductor Index dropping 2.8% to a two-week low [2] - Specific stocks like Microchip Technology fell over 8%, while Marvell Technology and Advanced Micro Devices dropped over 4% and 2%, respectively [2] Precious Metals - Gold prices showed a slight increase, with spot gold at $3988.97 per ounce, up 0.3%, and COMEX gold at $4004.2 per ounce, up 0.33% [5] - Silver also saw gains, with London silver at $48.230, up 0.49% [5] Cryptocurrency Market - The cryptocurrency market faced heavy selling pressure, with Bitcoin dropping over 2% and Ethereum down nearly 4% [5] - Over 240,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $772 million [5] Economic Indicators - The US government's "shutdown" is expected to have a more significant impact on the economy than previously anticipated, potentially slowing GDP growth in Q4 [6] - The Michigan Consumer Sentiment Index for November reported a low of 50.3, the lowest since June 2022 [6] - Concerns regarding an "AI bubble" have intensified, leading to increased worries about overvaluation in related stocks [6]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [31]. Core Insights - The consumer services industry index rose by 2.17% from October 24, 2025, to November 6, 2025, outperforming the CSI 300 index by approximately 0.28 percentage points during the same period [8][31]. - The report highlights the positive impact of the 2026 holiday arrangements, particularly the nine-day Spring Festival holiday, which is expected to stimulate domestic travel demand [31]. - Recent government policies, including the "14th Five-Year Plan" recommendations and improvements to duty-free shop policies, are anticipated to further support the recovery of inbound and domestic tourism [31][21][25]. Summary by Sections Market Review - The consumer services index continued its upward trend, outperforming the CSI 300 index [8]. - All sub-sectors within the consumer services industry experienced gains, with tourism and leisure leading at 3.44% [9]. - A total of 33 listed companies in the industry reported positive returns, with the top five performers being Fangzhitech, *ST Zhanggu, Caesar Travel, China Duty Free, and Chuangye Heima [12]. Industry News - The "14th Five-Year Plan" emphasizes expanding inbound consumption and implementing paid staggered vacations [23]. - The 2026 holiday schedule includes a nine-day Spring Festival break, leading to a threefold increase in flight searches on travel platforms [21]. - The Ministry of Finance announced improvements to duty-free shop policies effective November 1, 2025, aimed at boosting consumption [25]. Company Announcements - China Duty Free reported a revenue of 39.862 billion yuan for the first three quarters of 2025, a year-on-year decline of 7.34% [28]. - Long White Mountain announced a stock issuance to optimize its capital structure, raising approximately 236 million yuan [26]. - ST Zhangjiajie was accepted for reorganization by the court, leading to a temporary suspension of its stock [27]. Weekly Perspective - The report suggests focusing on companies such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand and supportive policies [31][32].

Core Viewpoint - The upcoming 15th National Games will showcase numerous Chinese companies presenting innovative sports and leisure tourism products, indicating a trend towards enhanced consumer experiences in these sectors [1] Group 1: Industry Trends - The exhibition at the Canton Fair highlights the integration of innovation in sports and leisure tourism products, suggesting a shift in consumer preferences towards more engaging and interactive experiences [1] - Companies are focusing on the development of unique features in their products, which may lead to a new wave of consumption patterns in the sports and leisure sectors [1] Group 2: Consumer Impact - The introduction of these innovative products is expected to influence consumer behavior significantly, potentially driving increased demand for sports and leisure activities [1] - The emphasis on innovation reflects a broader trend in the market where consumers are seeking more personalized and immersive experiences [1]