社会服务 | 证券研究报告 — 行业周报 2026 年 1 月 12 日 强于大市 社会服务行业双周报 元旦出行热度开门红，期待全年景气度延续 市场回顾&行业动态数据 双周要闻 投资建议 2026 年元旦假期出行数据实现开门红，春节假期将至，期待景气度延 续。我们建议关注后续业绩增长确定性强的出行链及产业相关公司：同 程旅行、黄山旅游、丽江股份、宋城演艺、岭南控股、众信旅游、中青 旅、海昌海洋公园、天目湖、长白山等；受益于商旅客流复苏以及市占 率有望提高的连锁酒店品牌锦江酒店、首旅酒店、君亭酒店等；受益于 促就业政策推动的科锐国际、北京人力；跨境游市场恢复有望推动机场 免税的恢复和市内免税新政加速推出，建议关注中国中免、王府井；承 接餐饮、宴会需求复苏的同庆楼；本地生活消费老字号品牌豫园股份； 受益于商务复苏的会展品牌米奥会展、兰生股份；演艺演出产业链公司 锋尚文化、大丰实业。 评级面临的主要风险 出行需求复苏不足、行业复苏不及预期、政策落地及执行不及预期。 相关研究报告 前两交易周（2025.12.29-2026.01.09）社会服务板块上涨 3.96%，在申万一 级 31 个行业排名中位列第 15。元旦假 ...

Core Viewpoint - Beijing Culture, a publicly listed company in the film and cultural sector, is committed to social responsibility and the promotion of Chinese culture, focusing on content creation, cultural tourism integration, and international cultural outreach during the 14th Five-Year Plan period [1][3]. Group 1: Film and Television Production - The company has developed a diverse portfolio of high-quality films and television series, including successful titles like "Wolf Warrior 2," "I Am Not a Medicine God," and "The Wandering Earth" series, which have strong box office appeal and cultural significance [1]. - In the television sector, Beijing Culture has produced acclaimed series such as "Young Marshal" and "You Are More Beautiful Than Stars," which have garnered widespread attention and contributed to the "Big Drama in Beijing" cultural brand [1]. Group 2: Cultural Consumption and Events - Beijing Culture has actively responded to national policies promoting consumption by organizing over 20 major concerts featuring top domestic and international artists, creating a "concert + consumption" synergy that meets diverse cultural demands [2]. - The economic impact of these concerts is significant, with a multiplier effect of approximately 1:6.85, meaning every 1 yuan spent on concert tickets generates about 6.85 yuan in related spending on transportation, accommodation, dining, and shopping [2]. Group 3: International Cultural Outreach - The company is expanding its reach globally, with the upcoming release of "Fengshen Part II" in 2025, which aims to serve as a benchmark for Chinese cultural exports, showcasing traditional Chinese mythology and receiving positive feedback in 16 countries and regions [3]. - This film has been recognized by the Ministry of Propaganda and the National Film Administration, aligning with Beijing's goals to enhance cultural influence and promote international cultural exchange during the 14th Five-Year Plan [3]. Group 4: Future Development Strategy - Looking ahead to the 15th Five-Year Plan, Beijing Culture aims to innovate and tell contemporary Chinese stories while revitalizing traditional culture in the digital age [3]. - The company plans to leverage its film, television, and performance sectors in a synergistic manner to drive high-quality development in the cultural industry and deliver long-term commercial value [3].

当前国内演艺演出市场已呈现形式多元化、体验升级化、产业联动化的鲜明特征，演唱会、音乐节与相 声、脱口秀等细分品类全面覆盖消费需求，科技赋能下的沉浸式舞台、智能互动等创新形式更推动行业 向高品质方向进阶。作为行业参与者，北京文化通过精准的业务布局与高效运营，深度参与产业价值共 创，在为消费者提供丰富文化选择的同时，借助演出经济的乘数效应实现经济效益与社会效益双赢，进 一步巩固了在演艺领域的市场地位。 展望未来，北京文化将电影，电视剧（包括网剧、短剧），演艺演出业务作为核心的"三驾马车"，强化 核心竞争力构建。具体来看，公司一方面将整合行业优质资源，深化与头部艺人、知名IP的合作以丰富 项目储备，同时推进二三四线城市布局优化，挖掘新兴市场潜力；另一方面将拥抱科技赋能，探索沉浸 式、互动式演出新模式，提升运营与营销专业化水平。 依托全产业链优势，北京文化还将积极探索"演艺+文旅"跨界融合路径，通过演出项目与地方文旅资源 的深度联动，拓展消费新场景、挖掘价值增量。市场分析指出，在演出市场持续扩容的行业背景下，北 京文化凭借清晰的战略定位、丰富的项目储备与持续的创新能力，有望进一步扩大竞争优势，为公司业 绩增长注入持续 ...

Core Viewpoint - The company, Impression Da Hong Pao (02695), has successfully completed its global offering, raising a net amount of HKD 104 million through the issuance of approximately 36.1 million H shares at a price of HKD 3.6 per share [1] Group 1: Offering Details - The global offering consisted of approximately 36.1 million H shares, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 22, 2025, at 9:00 AM Hong Kong time [1] Group 2: Subscription Results - The Hong Kong public offering was oversubscribed by 3,397.48 times, indicating strong demand from local investors [1] - The international offering received a subscription rate of 1.91 times, reflecting a solid interest from international investors [1]

Core Insights - In 2024, Guangzhou's cultural and related industries achieved a revenue of 604.08 billion yuan, marking the first time it surpassed the 600 billion yuan threshold, with a year-on-year growth of 4% [1] - The gaming industry emerged as a significant driver of this growth, generating approximately 140.67 billion yuan in global revenue, reflecting a year-on-year increase of 10.5% [1] - The animation and film sectors in Guangzhou hold a prominent position nationally, with 48 animated films registered in 2024, accounting for 50.3% of Guangdong's total and 8.76% of the national total [1] Industry Performance - The cultural industry in Guangzhou demonstrated strong performance across various segments, including gaming, animation, live streaming, creative design, performing arts, and cultural tourism consumption [1] - The film box office in Guangzhou reached 1.301 billion yuan in 2024, ranking fourth among cities in China [1] - The annual box office for animation and film in Guangzhou has maintained a steady growth trend, ranging between 150 million yuan and 250 million yuan from 2022 to 2024 [1] Recommendations - The blue paper suggests accelerating the application of new technologies such as interactive experiences, digital imaging, lighting equipment, and installation art to enhance the cultural industry [2] - It emphasizes the importance of integrating esports with cultural tourism to create immersive entertainment experiences and foster new business models in the entertainment sector [2]

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][52]. Core Insights - The social services sector saw a 0.30% increase in the two weeks from August 4 to August 15, 2025, ranking 30th among 31 industries in the Shenwan classification. This performance lagged behind the CSI 300 index by 3.34 percentage points [2][13]. - Recent consumption policies, including interest subsidies, are anticipated to boost consumer confidence and spending, particularly in the travel and related sectors [5][30]. - The retail sales growth rate slowed to 3.7% year-on-year in July, indicating a need for improved consumer confidence [5][30]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was below the overall market, with the CSI 300 index rising 3.64% during the same period [2][13]. - The sector's subcategories showed mixed results, with hotel and restaurant services increasing by 2.70%, while education and tourism sectors declined by 1.23% and 1.28%, respectively [17][20]. - The overall price-to-earnings (P/E) ratio for the social services industry was 34.73, significantly higher than the CSI 300's 12.71, indicating a premium valuation [21]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel chain and related industries, such as Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [5][45]. - It also highlights opportunities in the hotel sector, particularly brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [5][45]. - The report emphasizes the potential for growth in the cross-border travel market, recommending attention to companies like China Duty Free and Wangfujing [5][45]. Industry News & Company Announcements - The opening of Guangzhou's first city duty-free store on August 26 is expected to enhance consumer shopping experiences and stimulate local consumption [30]. - Data from Qunar indicates a significant increase in hotel bookings from smaller cities, reflecting a shift in consumer behavior towards higher-quality travel experiences [31]. - The report notes that the civil aviation sector achieved record passenger transport volumes in July, indicating a robust recovery in travel demand [33].

Core Points - The Chengdu Qingyang District hosted the "Liyuan Manyuan" industrial investment promotion conference as part of the 2025 China Mobile Industry Investment Ecological Cooperation Conference, aiming to attract enterprises and promote local economic development [1][3][6] Group 1: Industrial Development - The Qingyang District is leveraging its industrial parks to attract businesses, showcasing the vibrant economic and social development in the area [3][4] - The Aviation National Innovation Center Industrial Park, covering 203 acres, focuses on aviation equipment R&D, satellite internet, and industrial software, attracting leading companies like Weier Technology [3][4] - The Aviation High-end Equipment Intelligent Manufacturing Industrial Park has already welcomed high-end manufacturing companies, contributing to the local industrial ecosystem [4][7] Group 2: Business Environment - The Qingyang District emphasizes a supportive business environment, with policies aimed at enhancing the competitiveness of the local economy and attracting quality enterprises [6][9] - The "1+5" industrial development policy framework supports key industries such as aviation, finance, and cultural tourism, providing financial assistance and services to foster innovation and talent development [9] Group 3: Investment Opportunities - Many enterprises expressed strong interest in investing in Qingyang, citing the well-developed infrastructure and high industry concentration as key factors for their potential collaboration [5][8] - Companies like Hertz Technology are considering establishing branches in Qingyang, highlighting the area's potential for market expansion [8] Group 4: Policy Support - Qingyang's government has implemented substantial support policies to enhance the business environment, including a comprehensive "1+5+N" policy system to assist enterprises at various development stages [9] - The rapid administrative processes in Qingyang, such as the swift registration and office setup for new companies, have been positively noted by business leaders [9]