股 票 研 究 重申黄金珠宝和旅游出行的投资机会 [Table_Industry] 社会服务业 商社行业周报（2026.2.23-2026.3.1） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 国际局势动荡，黄金珠宝与部分大宗交易公司有望重估。继续看好旅游出行景气恢 复。 投资要点： 股票研究 /[Table_Date] 2026.03.01 风险提示：消费复苏不及预期、宏观经济波动风险、市场竞争加剧。 [Table_Report] 相关报告 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026 ...

活动时间 2026年3月2日-3月31日。 发放对象 活动期间，在甬登记结婚的新人（补领结婚证的除外），每对新人限获得1次结婚消费券。消费券名额有限，发放期内先登记先得。 消费券券种 宁波市民政部门 将面向在甬登记结婚的新人 发放结婚消费券 每对可获1000元 ↓↓ 有效期 结婚消费券有效期为获券之日起10个自然日，消费券领取后需在有效期内使用，过期的消费券将由发券平台统一收回。 可在"云闪付APP-我的-优惠券"中查询有效期，过期作废。 发放方式 活动期间，凡在市级及各区（县、市）婚姻登记处领取结婚证的新人，在领证完成后，凭新郎或新娘一方完成实名认证的云闪付账户，在婚姻登记处窗口 填写消费券发放单，由窗口工作人员发放消费券至新人手机号绑定的云闪付账户。 可登录云闪付APP，通过"我的-优惠券-我的优惠券"路径查询具体获券信息。 每对新人可获得8张满500元减125元结婚消费券，共计1000元。 适用范围 适用范围涵盖了婚纱摄影、婚礼婚庆、婚姻咨询、休闲旅游、酒店住宿、婚俗文创、零售餐饮等经营主体、消费场所等。具体以云闪付平台可用商户名单 为准。 使用与核销规则 核销规则 消费券领取用户在消费结账时，出示银联 ...

Core Viewpoint - The article highlights the vibrant growth of the "New Year goods economy" in China, showcasing how traditional customs and modern consumer trends are merging to create a dynamic market environment during the Spring Festival season [3][15]. Group 1: Consumer Trends - The demand for New Year goods is evolving, with consumers increasingly favoring products that emphasize quality, local characteristics, and health attributes [3][4]. - There is a shift from merely purchasing goods to seeking immersive experiences and cultural engagement during the shopping process [4][5]. - Convenience is becoming a priority, with consumers preferring one-stop shopping experiences that simplify the purchasing process [3][4]. Group 2: Market Dynamics - The New Year goods market is characterized by a blend of traditional and innovative products, with local specialties gaining popularity among consumers [5][6]. - The integration of online and offline sales channels is enhancing market reach, with live streaming and interactive experiences driving consumer engagement [8][9]. - Local governments and businesses are collaborating to ensure a stable supply and vibrant market atmosphere, including measures like extended store hours and promotional activities [6][10]. Group 3: Economic Impact - The New Year goods economy is seen as a crucial driver for domestic consumption, contributing significantly to economic growth and stability [10][15]. - The article notes that by 2025, domestic demand is expected to account for over 67% of China's economic growth, with consumption alone contributing 52% [10]. - The expansion of the New Year goods concept reflects broader trends in consumer behavior, moving from basic needs to a focus on quality and emotional value [15][16]. Group 4: Policy and Regulation - Local authorities are implementing measures to ensure fair distribution of temporary market stalls, enhancing transparency and market vitality [12][13]. - The issuance of consumer vouchers and promotional activities is being closely monitored to ensure fairness and effectiveness in stimulating spending [14][15]. - Regulatory bodies are actively involved in overseeing food safety and pricing practices during the festive season to protect consumer interests [11][16].

2月11日晚上，对天际股份的18.16万名股东来说，注定是个不眠之夜。 当天收盘，这只锂电池板块的热门股还气势如虹，高开高走，大涨了7.06%，成交额高达42亿元，换手率达到19%。 很多投资者以为，股价在经过一波回调 后，新一轮上涨又要开始了。 然而，当晚公司发布的一纸公告，像一盆冰水浇在了所有持股者的头上。 公告显示，天际股份因涉嫌信息披露违法违规，被中国证监会立案调查。 这个消 息犹如晴天霹雳。 天际股份是锂电池行业的前排企业，因其规模大而备受关注。 就在股价创下新高、市场情绪一片高涨之时，立案调查的公告突然袭来。 信息披露违法违规被立案，这在A股市场通常被视为重大利空。 历史经验表明， 涉事公司的股价往往会应声大跌，情况严重的可能出现连续跌停，即便影响较轻的，也很难避免一个跌停板或大幅下挫。 2025年以来，它的股价从6元左右启动，一路狂飙至56元，区间涨幅高达惊人的9倍。 股东人数也在年内增长了45%，大量追涨趋势的投资者涌入。 更让投资者焦虑的是，天际股份的股价正处于绝对高位。 公司虽然刚刚发布2025年业绩预告，预计实现净利润1.05亿元，同比扭亏为盈（2024年亏损13.51 亿元），但总市值 ...

Group 1 - The National Market Supervision Administration (NMSA) has initiated a three-year action plan to optimize the consumption environment, achieving significant progress with over 210 national standards for major consumer goods and service consumption released [1] - The NMSA emphasizes the importance of enhancing domestic consumption as a key driver for economic growth, aligning with the central economic work conference's focus on strengthening the domestic market [1] - The NMSA has established 19.325 million charging infrastructure units and 30,000 commercial logistics distribution points in rural areas, contributing to the development of a "15-minute convenient living circle" with 8,132 locations [1] Group 2 - The NMSA has launched the "Iron Fist" action to address consumer pain points, focusing on quality safety issues in children's toys, illegal modifications of electric bicycles, and trademark infringements in e-commerce, resulting in 72,000 cases being investigated [2] - A total of 823.6 million consumer products have been recalled, including 1.398 million power banks, to reduce consumer risks [2] - The NMSA has initiated a "cross-region return and exchange" initiative, with 214,000 offline stores participating, and improved consumer rights protection through revised complaint handling procedures [2]

Core Insights - The National Market Supervision Administration (NMSA) has reported significant progress in market regulation and consumer protection, highlighting the importance of maintaining a high-quality economic development environment [2][3][5]. Group 1: Market Regulation Achievements - In 2025, 25.745 million new business entities were established, with active enterprises increasing by 9.8% year-on-year, raising their share of total enterprises by 4.7 percentage points [2]. - The NMSA received 26.46 million complaints and reports, recovering economic losses of 4.35 billion yuan for consumers, and recalled 8.236 million consumer goods [2]. - A total of 14,600 cases of unfair competition were investigated, and 21 key technological bottlenecks in the industrial chain were overcome [2]. Group 2: Governance of Unreasonable Charges - The NMSA has intensified efforts to combat unreasonable charges affecting enterprises, with 5,918 cases of illegal fees investigated, resulting in fines of 347 million yuan and refunds of 1.35 billion yuan to businesses [3][4]. - A comprehensive directory of enterprise-related charges has been established to ensure transparency and compliance, while new policies are being evaluated to prevent future unreasonable charges [4]. Group 3: Platform Economy Regulation - The NMSA has made significant strides in regulating the platform economy, addressing issues such as unreasonable fees and unfair competition practices [5][6]. - Specific actions include rectifying platform rules and charging practices, and implementing guidelines to ensure compliance in the live-streaming e-commerce sector [6][7]. Group 4: Consumer Environment Optimization - The NMSA has launched a three-year action plan to optimize the consumer environment, resulting in the establishment of over 21 national standards for major consumer goods and services [8]. - The "Iron Fist" campaign has targeted consumer safety issues, leading to the investigation of 72,000 cases related to product quality and safety [8][9]. Group 5: Credit Supervision Reform - Credit supervision has been enhanced through data sharing and risk classification, with over 154.6 billion credit information records collected and shared across departments [12]. - The NMSA has implemented measures to improve credit services, assisting over 45.79 million business entities in credit restoration [12][13].

Core Viewpoint - The "2026 'Happy Shopping Spring Festival' Special Activity Plan" aims to enhance consumer engagement during the upcoming Spring Festival by integrating various sectors and creating a vibrant consumption atmosphere, thereby stimulating economic growth [1][2]. Group 1: Policy and Economic Impact - The plan leverages the nine-day holiday to promote consumption across the entire chain of "eating, living, traveling, shopping, and playing," aiming to create a comprehensive and enjoyable consumer experience [1]. - It emphasizes the importance of holiday consumption as a key driver for consumption upgrades, utilizing the characteristics of holiday economies to foster market demand [1][2]. - The initiative is designed to ensure that traditional cultural elements are preserved while also incorporating modern consumer trends, thus setting a positive tone for annual consumption growth [1][3]. Group 2: Consumer Experience and Infrastructure - The plan encourages the integration of various consumption scenarios, promoting a multi-faceted experience that extends beyond single transactions to create a holistic consumer journey [2]. - It focuses on enhancing infrastructure in lower-tier markets and increasing subsidies to boost consumer confidence and optimize the shopping experience [2]. - Specific measures include promoting trade-in programs for consumer goods, offering financial incentives, and improving service accessibility at public venues during the festival [2][3]. Group 3: Collaborative Efforts and Regulatory Framework - The plan promotes collaboration among various departments while respecting their functional boundaries, aiming to create a seamless consumer platform and facilitate resource connections [3]. - It emphasizes the importance of maintaining regulatory standards and quality control to ensure consumer safety while empowering businesses [3]. - The initiative seeks to balance market dynamics by enabling a supportive environment for both consumers and businesses, fostering a win-win situation [3].

Economic Growth Targets - Shanxi Province aims for a GDP growth target of 4.5% to 5% for 2026, with fixed asset investment and social retail sales also targeted to grow by 5% [1] - The province emphasizes the importance of high-quality development and comprehensive transformation during the 14th Five-Year Plan period [1] Key Development Strategies - Shanxi will focus on ten key tasks including expanding domestic demand, promoting energy transition, upgrading industries, and fostering moderate diversification [1] - The province plans to continue major project construction, targeting over 600 billion yuan in transportation infrastructure investment, over 220 billion yuan in water conservancy investment, and over 600 billion yuan in municipal infrastructure investment [1] Energy Transition Initiatives - Energy transition is highlighted as a critical focus, with plans to implement nine paths for energy technology innovation and build a new energy system [2] - Specific initiatives include constructing 60 intelligent coal mines, expanding wind and solar power installations, and developing smart grids and virtual power plants [2] Industrial Upgrading Efforts - Shanxi aims to strengthen emerging pillar industries through innovation and large-scale application of new technologies [3] - The province will focus on developing new materials, high-end equipment manufacturing, and electronic information industries, while also promoting sustainable development in non-coal mining [3]

Group 1 - The core message of the news is the introduction of measures to boost consumption and expand two-way investment in 2026, following a stable performance in 2025, with a focus on enhancing the supply levels in various sectors such as culture, entertainment, tourism, and healthcare [4][5][6] - In 2025, the total retail sales of consumer goods reached 50.1 trillion yuan, marking a 3.7% year-on-year increase, with consumption contributing 52% to economic growth, an increase of 5 percentage points [4][5] - The service retail sector saw a year-on-year growth of 5.5%, with significant increases in cultural, recreational, and travel services, indicating a strong recovery in service consumption [5][6] Group 2 - The foreign trade sector demonstrated resilience, with total imports and exports reaching 45.47 trillion yuan, a 3.8% increase year-on-year, and the number of active trading entities exceeding 780,000 [6][7] - In 2025, over 70,000 new foreign-funded enterprises were established, with foreign investment amounting to 747.69 billion yuan, of which 32.3% was in high-tech industries [6][8] - The Belt and Road Initiative saw trade with partner countries reach 23.6 trillion yuan, a 6.3% increase, contributing to 51.9% of total trade, highlighting the expanding cooperation in various sectors [9][10]

Core Insights - The Chinese government aims to promote high-quality development in service consumption, with a focus on expanding the service sector in 2025 [2] Group 1: Service Consumption Growth - Service retail sales are projected to grow by 5.5% year-on-year in 2025, with sectors such as cultural and recreational services, communication and information, tourism consulting and leasing, and transportation experiencing double-digit growth [2] - The service consumption market is becoming more vibrant, with trends like "traveling with events" and "enjoying food from movies" emerging, alongside the development of new business models such as low-altitude flights, cruise tourism, and tourism performances [2] Group 2: Financial Projections - The total revenue from the catering industry is expected to reach 5.8 trillion yuan, reflecting a year-on-year increase of 3.2% [2] - The proportion of per capita service consumption expenditure among residents is anticipated to reach 46.1% [2] Group 3: Future Initiatives - The Ministry of Commerce plans to continue implementing actions to enhance service consumption quality and benefit the public, collaborating with relevant departments to improve supply levels in cultural entertainment, tourism, catering, sports events, and healthcare [2] - There will be efforts to guide foreign investment into the service consumption sector to enrich high-quality and diversified service offerings [2]