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].

格隆汇12月23日丨特发服务(300917.SZ)在投资者互动平台表示，目前公司在海南无业务涉足。 ...

截至发稿，*ST仁东市值为81亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，*ST仁东（SZ 002647，收盘价：7.2元）12月22日晚间发布公告称，东控股股份有限公司 （以下简称"公司"）董事会近日收到总经理卢奇茂先生提交的书面辞职申请，卢奇茂先生因个人原因申 请辞去公司总经理职务，其原定任期至公司第六届董事会任期届满之日。辞职后，卢奇茂先生将不在公 司及控股子公司担任任何职务。公司于2025年12月19日召开第六届董事会第十二次会议，审议通过《关 于变更公司总经理的议案》，同意卢奇茂先生辞去总经理职务的申请，聘任刘长勇先生担任公司总经 理。公司第六届董事会第十二次会议同时审议通过《关于聘任公司副总经理的议案》，结合公司实际经 营工作需要，经董事会提名委员会审核通过，董事会同意聘任房天浩先生为公司副总经理。 2024年1至12月份，*ST仁东的营业收入构成为：服务业占比93.5%，融资租赁业占比6.49%。 （记者 曾健辉） ...

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 ...

天眼查App显示，近日，黑龙江智瀚服务有限公司成立，法定代表人为杨蕴智，注册资本20万人民币， 经营范围为一般项目：养生保健服务（非医疗）；中医养生保健服务（非医疗）；日用品销售；日用品 批发；化妆品批发；化妆品零售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 消防技术服务；企业管理；企业管理咨询；信息技术咨询服务；健康咨询服务（不含诊疗服务）；信息 咨询服务（不含许可类信息咨询服务）；咨询策划服务；安全咨询服务；物业管理；物业服务评估；单 位后勤管理服务；酒店管理；餐饮管理；商业综合体管理服务；组织文化艺术交流活动；会议及展览服 务；票务代理服务；建筑物清洁服务；物联网技术服务；物联网应用服务；数字技术服务；工程管理服 务；人力资源服务（不含职业中介活动、劳务派遣服务）；劳务服务（不含劳务派遣）；供应链管理服 务；停车场服务；家政服务；建筑材料销售；互联网销售（除销售需要许可的商品）。许可项目：足浴 服务；洗浴服务。 ...

每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王瀚黎） 2025年1至6月份，福石控股的营业收入构成为：汽车类占比86.09%，通讯服务类占比5.82%，消费类电 子产品占比4.47%，零售及服务类占比2.22%，食品饮料类占比0.93%。 截至发稿，福石控股市值为55亿元。 每经AI快讯，福石控股（SZ 300071，收盘价：5.72元）12月12日晚间发布公告称，公司第五届第十九 次董事会会议于2025年12月12日在北京市东城区东长安街1号东方广场W2座901会议室召开。会议审议 了《关于修订 <董事会提名委员会工作细则> 的议案》等文件。 ...

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 ...

Group 1 - *ST Rendo (SZ 002647) held its 10th meeting of the 6th Board of Directors on November 21, 2025, to review the proposal for revising the company's internal governance system [1] - For the year 2024, *ST Rendo's revenue composition is as follows: 93.5% from the service industry and 6.49% from the financing leasing industry [1] - As of the report date, *ST Rendo has a market capitalization of 7.6 billion yuan [1]

Core Insights - International brand Baijiaying has officially entered the Asian market, attracting significant industry attention with its unique brand philosophy and innovative service model [1][2] - The company emphasizes compliance as the foundation of its brand development, investing substantial resources to establish a robust compliance system in preparation for its market entry [1] - Baijiaying has chosen Singapore as its regional headquarters due to its sound legal environment and favorable business ecosystem, ensuring that its operations meet local regulatory requirements [2] Compliance and Governance - The company has obtained relevant operational qualifications in Singapore and established strict internal control mechanisms to ensure all business activities are conducted within legal frameworks [1] - Baijiaying's commitment to compliance reflects its sense of responsibility and professionalism, aiming to provide a safe and reliable service experience for users [1] Innovation and Service Development - Baijiaying showcases strong R&D capabilities by combining advanced technology with professional services to create a unique interactive experience platform [1] - The brand plans to enhance user experience through continuous technological innovation and service optimization, gaining market recognition [1][2] Future Strategy - The company intends to increase its investment in the Asian market, focusing on technological innovation and service upgrades to deliver superior service experiences [2] - Baijiaying will continue to refine its compliance system to ensure sustainable and steady business development while contributing value to the regional economy [2]

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].