智通财经APP获悉，国泰海通发布研报称，26年开年之际促消费政策频发，扩内需战略持续推进，将加 速消费信心提振，推动消费需求扩张。第三方收单公司有望受益于线下消费复苏。相比2025年，2026 年"国补"对补贴的支持范围、补贴标准和实施机制三方面进行了优化。 国泰海通主要观点如下： 国办重磅政策提振服务消费。 2025年12月30日，国家发展改革委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》。相比2025年，2026年"国补"对补贴的支持范围、补贴标准和实施机制三方面进行了优化。 同时，为优化实施"两新"政策，满足元旦、春节等旺季消费需求，国家发展改革委会同财政部，已向地 方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 2025年12月16日，《求是》杂志发表总书记文章《扩大内需是战略之举》。 文章强调，扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之举。文章指出，实 施扩大内需战略，是保持我国经济长期持续健康发展的需要，也是满足人民日益增长的美好生活的需 要。要加快补上内需特别是消费短板，使内需成为拉动经济增长的主动力和稳定锚。 ...

投资建议： 我们认为， 26 年开年之际促消费政策频发，扩内需战略持续推进，将加速消费信心提振，推动消费需求扩张。第三方收单公司有望受益于线下 消费复苏。 风险提示。 政策波动风险；政策落地不及预期；消费复苏不及预期。 报告导读： 26 年开年之际促消费政策频发，扩内需战略持续推进， 将加速消费信心提 振，推动消费需求扩张 ，第三方收单公司有望受益。 国办重磅政策提振服务消费。 2026 年 1 月 29 日，国务院办公厅印发《加快培育服务消费新增长点工作方案》，旨在优化和扩大服务供给，促进服务消费 提质惠民。《工作方案》提出三方面支持政策。一是聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场服务、入境消费等重点领域，从优化服 务供给、推进先行先试、创新消费场景、加强人才培养等方面发力，激发发展活力。二是聚焦演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从健 全激励机制、优化安全管理、培育优质品牌、建设平台载体等方面着手，培育发展动能。三是通过健全标准体系、加强信用建设、强化财政金融支持等，加强 对培育服务消费新增长点的支持保障。 2026 年"国补"继续，"两新"政策优化。 2025 年 1 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [5]. Core Insights - The report highlights that the frequent consumer stimulus policies at the beginning of 2026 and the ongoing strategy to expand domestic demand are expected to boost consumer confidence and drive consumption demand expansion. Third-party payment companies are likely to benefit from the recovery of offline consumption, with recommended stocks including Newland and Newguo, and related stock Lakala [5]. Summary by Sections Policy Support - On January 29, 2026, the State Council issued a significant policy document aimed at optimizing and expanding service supply to enhance service consumption quality and benefits for the public. The document focuses on key areas such as transportation services, housekeeping services, online audio-visual services, tourism services, automotive aftermarket services, and inbound consumption, emphasizing the need for innovation in consumption scenarios and talent cultivation [5]. - The 2026 "National Subsidy" continues, with optimizations in the scope, standards, and implementation mechanisms of subsidies compared to 2025. The first batch of 62.5 billion yuan in special bonds to support the replacement of old consumer goods has been allocated to local governments ahead of peak consumption seasons [5]. Economic Strategy - An article published in "Qiushi" magazine on December 16, 2025, emphasizes that expanding domestic demand is a strategic move essential for economic stability and security. It calls for a comprehensive internal demand system to be established, focusing on consumption demand supported by income, investment demand with reasonable returns, and financial demand constrained by principal and debt [5]. Earnings Forecast - The earnings forecast for recommended stocks is as follows: - Newland: Stock price 26.97 yuan, market cap 27.32 billion yuan, EPS forecast for 2024A is 1.00 yuan, 2025E is 1.26 yuan, and 2026E is 1.55 yuan, with PE ratios of 27, 21, and 17 respectively [6]. - Newguo: Stock price 26.76 yuan, market cap 15.18 billion yuan, EPS forecast for 2024A is 0.41 yuan, 2025E is 1.04 yuan, and 2026E is 1.32 yuan, with PE ratios of 65, 26, and 20 respectively [6].