Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][7]. Core Insights - Service consumption is experiencing rapid growth and its importance is continuously increasing. The "Work Plan" released by the State Council on January 29, 2026, aims to optimize and expand service supply, focusing on key and potential areas to cultivate new growth points in service consumption. By 2025, service consumption expenditure is projected to account for 46.15% of per capita household consumption expenditure, showing a steady increase from 2024. Service retail sales are expected to grow by 5.5% year-on-year, outpacing the overall retail sales growth by 1.8 percentage points, indicating strong growth momentum [2]. - The "Work Plan" categorizes supported areas into key and potential sectors, each with distinct characteristics and targeted policies. Key sectors focus on current main service consumption areas, aiming to enhance quality supply to directly stimulate demand, covering transportation services, domestic services, online audio-visual services, travel services, automotive aftermarket, and inbound consumption. This is beneficial for the travel chain and duty-free related sectors within the social service segment. Potential sectors emphasize emerging business formats with strong synergy effects and significant growth potential, including performance services, sports event services, and experiential services, creating long-term investment opportunities in new consumption sectors [2]. Summary by Relevant Sections - The investment suggestion indicates that China's consumption structure is shifting from a product-led model to a balanced approach between goods and service consumption, with experience-based service consumption expected to become a major growth engine. The outlook for 2026 suggests that consumption promotion policies will remain stable, but recovery in the fundamentals will take time due to adjustments in household balance sheets. The social service sector is expected to focus on structural opportunities in the first half of the year. The upcoming 9-day holiday during the Spring Festival is anticipated to further boost the tourism market [3]. - Specific investment opportunities include: (1) companies in the travel chain benefiting from policy catalysts and gradually recovering consumer confidence; (2) duty-free leaders poised to take advantage of the Hainan Free Trade Port's operational opportunities and the new airport duty-free landscape; (3) chain restaurant leaders in a critical phase of scaling and market share growth; (4) early-stage investment value in emerging experiential sectors such as sports events and concerts [3].

Core Viewpoint - The State Council of China has issued a "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," aimed at optimizing and expanding service supply to enhance service consumption quality and support high-quality economic development [1] Group 1: Support Policies - The plan focuses on key areas such as transportation services, housekeeping services, online audio-visual services, travel and accommodation services, automotive aftermarket services, and inbound consumption, aiming to stimulate development through optimizing service supply, promoting pilot projects, innovating consumption scenarios, and enhancing talent training [1] - It emphasizes potential areas like performance services, sports event services, and experiential services, working on improving incentive mechanisms, optimizing safety management, cultivating quality brands, and building platform carriers to foster development momentum [1] - The plan includes strengthening support for cultivating new growth points in service consumption through establishing a standard system, enhancing credit construction, and reinforcing financial support [1] Group 2: Implementation Requirements - The plan requires local governments and relevant departments to enhance policy design, innovate support measures, and optimize the service consumption environment, with the possibility of formulating specific support policies for various service consumption sectors as needed [1]

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、加快市场化商业 化运作、创新监管方式等方面着手，培育发展动能。 （文章来源：21世纪经济报道） 国务院办公厅日前印发《加快培育服务消费新增长点工作方案》，提出加快培育服务消费新增长点，为 经济高质量发展提供有力支撑。 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 制定出台专项支持政策、加快清理限制性措施、加强消费场景建设、培育打造品牌等方面发力，激发发 展活力。 ...

Core Viewpoint - The State Council of China has introduced a plan to accelerate the cultivation of new growth points in service consumption, focusing on optimizing service supply and enhancing consumer experience through 12 policy measures [1][5]. Group 1: Key Service Consumption Areas - The plan identifies key service consumption sectors including transportation, housekeeping, online audio-visual services, travel, automotive aftermarket, and inbound consumption [2]. - Specific measures include developing policies to promote the integration of railways and tourism, enhancing the tourism transformation of train stations and trains, and improving infrastructure for yacht services [2]. Group 2: Inbound Consumption Initiatives - The plan aims to boost inbound consumption by extending the trial period for unilateral visa-free countries, expanding the scope of visa policies, and increasing the number of tax refund shops for departing tourists [2]. - It anticipates that by 2025, the number of inbound and outbound travelers will reach a historical high, converting inbound flow into tangible consumption growth [2]. Group 3: Development of Service Sectors - The plan proposes actions such as specialized training for housekeeping services, support for private capital in online audio-visual services, and the development of travel destination cities [2]. - It emphasizes the importance of optimizing service supply, promoting pilot programs, innovating consumption scenarios, and enhancing talent cultivation [2]. Group 4: Entertainment and Experience Services - The plan addresses the potential of entertainment services, proposing measures to optimize performance management, set safety capacity limits, and combat ticket scalping [3]. - For sports events, it suggests improving safety management and encouraging the introduction of international sports events [3]. Group 5: Regulatory and Support Measures - The plan highlights the need for innovative regulatory approaches for emotional and experiential services, advocating for a gradual improvement of regulatory requirements [4]. - It also calls for the establishment of a standard system, strengthening credit construction, and enhancing financial support to foster service consumption growth [5].

来源：上海证券报·中国证券网 国 务 院 新 闻 x F 0 බ 上证报中国证券网讯（记者 白丽斐）商务部副部长鄢东26日在国新办新闻发布会上表示，培育服务消费新增长点。下一步，商务部将发挥促进服务消费发 展工作协调机制作用，持续推动扩大服务消费、促进服务消费高质量发展。包括培育服务消费新增长点。把握消费升级的趋势，加力培育交通服务、家政服 务、网络视听服务、旅居服务、汽车后市场服务、入境消费等服务消费新增长点，完善支持政策，推进先行先试，培育优质品牌，激发相关领域发展活力， 更好满足人民群众服务消费新需求。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 白丽斐）商务部副部长鄢东26日在国新办新闻发布会上表示，培育服务消费新增长点。下一步，商务部将发挥促进服务消费发 展工作协调机制作用，持续推动扩大服务消费、促进服务消费高质量发展。包括培育服务消费新增长点。把握消费升级的趋势，加力培育交通服务、家政服 务、网络视听服务、旅居服务、汽车后市场服务、入境消费等服务消费新增长点，完善支持政策，推进先行先试，培育优质品牌，激发相关领域发展活力， 更好满足人民群众服务消费新需求。 ...

Core Viewpoint - The Ministry of Commerce aims to cultivate new growth points in service consumption this year, focusing on various sectors to meet the evolving demands of consumers [1] Group 1: New Growth Points in Service Consumption - The government will emphasize the development of transportation services, domestic services, online audio-visual services, travel and residence services, automotive aftermarket services, and inbound consumption as new growth areas [1] - There will be a push to enhance support policies, promote pilot programs, and cultivate quality brands to invigorate development in these sectors [1] - The initiative aims to better satisfy the new service consumption needs of the public [1]

Core Viewpoint - The Chinese government has introduced a series of policies aimed at expanding service consumption, which is seen as a crucial driver for economic growth and improving living standards. The measures focus on addressing barriers to service consumption development and enhancing the quality and variety of service offerings [1][2][3]. Group 1: Policy Measures - The policies emphasize a combination of improving people's livelihoods and promoting consumption, including initiatives for high-profile sports events, long-term care insurance, and early childhood education [1][2]. - The measures advocate for optimizing supply and stimulating demand by enhancing quality supply and supporting consumption through credit and promotional activities [2][3]. - The government aims to balance external openness and internal deregulation to attract foreign investment and private capital in high-end service sectors [2][3]. Group 2: Consumption Growth Statistics - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% increase year-on-year, with visa-free entries growing by 54% [3]. - As of August, the number of duty-free shops exceeded 10,000, three times the number projected for the end of 2024, with a 248% increase in the number of people benefiting from duty-free refunds [3]. Group 3: Service Supply Enhancement - The government plans to enhance service supply quality and capacity by promoting innovation in service sectors, integrating various consumption models, and increasing the supply of skilled service personnel [4][5]. - Financial institutions have been encouraged to increase lending to key service sectors, with a special fund of 500 billion yuan established to support service consumption and elderly care [5].