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 ...

汕头会展业 另外就是"重大项目实现新突破"——"十四五"期间，汕头紧扣"百千万工程"任务目标，坚持"大招商、招大商"，充分利用广交会、投洽会、珠三角与粤东 西北经贸合作招商会等活动平台，开展"参展+招商"活动，成功引进世界500强企业韩国SK集团化工项目、立讯全球电子信息产业中心基地等重点外资项 目，推动国际风电创新港协同创新基础设施项目、国际海上风电产业链配套项目等产业项目加快建设，为全市建设"工商并举"的现代化产业体系提供了有 力支撑。 news "十四五"以来，汕头市围绕做好"侨"的文章，积极发挥潮籍侨商资源优势，坚持"一把手"带头抓招商，推动全市吸收外资和招引侨资取得新突破。"十四 五"期间，全市新增外资企业285家，较"十三五"时期增加10.5%，实际使用外资年均增长25.4%。2025年，全市实际使用外资12.98亿元，同比增长 136.86%，增速全省前三，获评"全省优秀招商城市"。 1月4日，在"'十四五'广东成就"汕头专场新闻发布会上，汕头市商务局局长吕少雄介绍道，汕头市在招引外资方面实现了"两突破一优化"。其中，"以侨引 资实现新突破"——近几年，市委、市政府领导带头赴东南亚、中东、港澳等 ...

12月31日，卓创资讯盘中上涨2.08%，截至11:18，报54.52元/股，成交2015.66万元，换手率0.66%，总 市值32.92亿元。 资金流向方面，主力资金净流入19.34万元，大单买入187.77万元，占比9.32%，卖出168.42万元，占比 8.36%。 卓创资讯所属申万行业为：传媒-数字媒体-门户网站。所属概念板块包括：数据要素、华为鸿蒙、大数 据、DeepSeek概念、互联金融等。 截至9月30日，卓创资讯股东户数1.18万，较上期减少15.79%；人均流通股3025股，较上期增加 18.76%。2025年1月-9月，卓创资讯实现营业收入2.63亿元，同比增长19.91%；归母净利润4952.22万 元，同比减少5.93%。 分红方面，卓创资讯A股上市后累计派现3.25亿元。 机构持仓方面，截止2025年9月30日，卓创资讯十大流通股东中，华泰柏瑞致远混合A（017991）位居 第九大流通股东，持股46.00万股，为新进股东。华泰柏瑞锦华债券A（022393）位居第十大流通股东， 持股29.00万股，为新进股东。中信保诚多策略混合(LOF)A（165531）退出十大流通股东之列。 责任编 ...

由德国GMP与英国罗杰斯两大国际顶尖建筑事务所联袂设计，实现功能与颜值的双重提升。该展 馆已成功承接第三届全国技能大赛、世界机器人大赛、中欧班列博览会等一系列高规格赛事与展会，其 中第三届全国技能大赛作为"规格最高、项目最多、规模最大"的国家级职业技能赛事，其顺利举办充分 印证了展馆的承载能力与服务水平，彰显了"国家流动大展首选地"的硬件底气。 中原国际会展中心外景 中原国际会展中心二期外景 中原国际会展中心地处郑州航空港经济综合实验区(简称河南郑州航空港)，这里既是由国务院批复 设立的国家级航空港经济发展先行区，也是郑州—卢森堡"空中丝绸之路"先导区。 以规模化布局与专业化配置筑牢竞争根基，中原国际会展中心的硬件实力稳居全国前列。展馆32个 展厅均采用无柱设计，层高最高可达18米，单厅电力配置最高达4000KVA，具备承接高端精品展、超 大型工业展等多元展会的灵活适配能力。 32万平方米、地处国家级航空港区，作为今年国内全面投入使用的会展中心里规模最大的一座，中 原国际会展中心凭借多方优势跻身全国顶尖会展场馆行列，不仅是河南和中部会展经济崛起的强力引 擎，也为全国会展业发展提供了高品质的新载体。如今，这座承 ...

近日，中共武汉市委十四届十二次全体会议举行，为武汉"十五五"时期经济社会发展和打造"五个中 心"的目标描摹出路线图，同时明确做优做强光谷、车谷、网谷、星谷、药谷"五谷"优势产业集群，加 快构建具有武汉优势和特色的"965"现代化产业体系，为这座城市加速链接全球、冲刺3万亿GDP提供重 要引擎。 而在"十四五"与"十五五"时期衔接的重要节点上，武汉市锚定会展业高质量发展的行动目标再度升维， 首提打造国际会展中心城市，并印发《武汉市建设国际会展中心城市三年行动方案（2025—2027年）》 （下称《行动方案》）。 当前，积极拓展会展经济、建设国际会展中心城市正与武汉打造"五个中心"、建设现代化大武汉深度耦 合。其发展逐步跳脱出会展本身，而是关乎武汉建设优势产业集群、促进内外贸一体化、拉动消费增 长、深化国际交往合作等诸多方面。通过"会展+"的方式贯通消费、投资、文旅体等领域，形成经济新 增长点；通过"一链一展"的形式赋能武汉现代化产业体系建设和"五谷"产业集群布局，形成"以产促 展、以展育产"的良性循环，为武汉产业搭建起与全球沟通链接的桥梁。 12月12日，2025武汉国际工业设计博览会、第二十四届荆楚粮油展、第 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Core Viewpoint - Zhuochuang Information (卓创资讯) has been preparing for its dual listing in Hong Kong for nearly four months, but its stock performance in the A-share market has been lackluster, with a decline from 56.59 to 53.64 yuan per share over the past nine trading days [1][3]. Group 1: Company Performance - Zhuochuang Information announced a cash dividend of 0.10 yuan per share for Q3 2025, with a total of 300 million yuan distributed in three dividends since its listing [4]. - The company's stock price has increased from 29.99 yuan at its IPO in October 2022 to 53.64 yuan as of December 11, 2025, representing a growth of over 1.78 times, with a total market capitalization of approximately 3.239 billion yuan [4]. - Revenue figures for Zhuochuang Information from 2022 to 2024 were 273 million yuan, 284 million yuan, and 294 million yuan, with year-on-year growth rates of 3.9% and 3.8%, indicating stable growth [4]. - In the first eight months of 2025, the company achieved revenue of 229 million yuan, reflecting a year-on-year growth rate of 18.77% [5]. Group 2: Industry Position - Zhuochuang Information holds a significant position in the Chinese bulk commodity information service industry, ranking second with a market share of 10.6% as of 2024, and is the leader in the energy commodity sector [6]. - The company's overseas revenue has increased from 19.59 million yuan in 2022 to 32.72 million yuan in 2024, with the overseas revenue share rising from 7.18% in 2023 to 10.12% in 2024 [10]. Group 3: Challenges and Future Prospects - Zhuochuang Information's journey to list on the Hong Kong Stock Exchange is uncertain, with past experiences of delays and challenges during its A-share listing process [7][8]. - The company faces questions regarding its fundraising efficiency and project delays, as significant funds raised in the A-share market remain underutilized [11]. - New projects, including a large commodity big data platform and a price benchmark system, have been delayed, with completion dates pushed to 2027 and December 2025, respectively [11].

同期举办的会展业创新成果及会展促消费展今日在沧州国际会议中心拉开帷幕。消费展集中展示了河北 老字号、沧州味道、沧州旱碱麦、特色轻工业品、休闲食品等版块，生动展现了会展平台在促进消费升 级与产业融合方面的实际成效。 中国经济网沧州12月11日讯（记者 王婉莹）2025中国会展业年会暨河北·沧州会展经济高质量发展大会 于12月10日至13日在河北省沧州市举办。本次年会内容涵盖迎宾沙龙、主旨演讲、权威发布、高端对 话、项目签约、专题平行活动、产展融合案例分享、展览展示、展陈创意大赛及创新案例发布等核心环 节，形式多元、内涵丰富。 展会现场，纸质展台吸引了参观者驻足，展现出独特的环保理念与高品质的呈现方式。中国经济网记者 王婉莹/摄 据悉，本次年会由中国会展经济研究会联合河北省会展促进中心、沧州市商务局共同举办。 ...

作为经济发展的"晴雨表"、城市形象的"瞭望窗"，会展业已成为现代城市经济的助推器。本次在深举办 的杭州会展业推介会，旨在深度链接两地资源，发挥深杭两地优势，形成"以会展为桥，连接资源，以 合作为楫，共赴未来"的合作格局。 近年来，杭州会展业迎来蓬勃发展，形成了以杭州大会展中心、杭州国际博览中心和白马湖国际会展中 心等为代表的多元化、现代化场馆群，为各类展会活动提供了强有力的支撑，满足不同规模与类型的展 会需求。 深圳会展业与城市产业发展深度协同。数据显示，2024年全年，深圳共举办各类展会活动441场，展会 面积1203.2万平方米，参展观众人次超1122万。今年1—9月，深圳举办各类展会活动538场，展览面积 1175万平方米，同比增长27.8%。 "这次大会，是杭州市与粤港澳大湾区各城市会展业共赢发展的合作平台，希望通过这次活动，有更多 的会展企业、会展项目能够实现跨区域合作。" 中国会展经济研究会副会长、广东会展组展企业协会会 长刘松萍介绍，据不完全统计，2025年1-10月份，广东省主要专业展馆举办展览会数量563个，展览面 积2118.21万平方米。 中国会展经济研究会副会长、广东会展组展企业协会会 ...

Core Viewpoint - Guolian Co., Ltd. has shown a positive stock performance with a year-to-date increase of 14.58%, and recent trading activity indicates strong investor interest and liquidity [1][2]. Group 1: Stock Performance - As of December 4, Guolian's stock price increased by 2.08% to 30.38 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 21.89 billion CNY [1]. - Year-to-date, Guolian's stock has risen by 14.58%, with a 5-day increase of 8.27%, a 20-day increase of 7.69%, and a 60-day increase of 9.68% [1]. Group 2: Financial Performance - For the period from January to September 2025, Guolian reported a revenue of 38.78 billion CNY, reflecting a year-on-year decrease of 3.63%, while the net profit attributable to shareholders was 1.10 billion CNY, down 1.73% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, Guolian had 42,100 shareholders, a decrease of 6.47% from the previous period, with an average of 17,121 circulating shares per shareholder, which is an increase of 6.92% [2]. - The company has distributed a total of 419 million CNY in dividends since its A-share listing, with 313 million CNY distributed over the past three years [3].