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].

2026年元旦假期，从街头巷尾的团圆烟火到景区商圈的热闹人流，国内消费市场以温情打底、以活力赋 能，交出了开年"开门红"的亮眼答卷。 跨年的烟火散尽，消费市场的热闹景象还在继续着。 数据显示，元旦假期3天（1月1日至3日），全社会跨区域人员流动量为5.9亿人次，日均1.98亿人次，较 上年同期增长19.62%。文旅消费更是动能十足，全国国内出游1.42亿人次，国内出游总花费847.89亿 元。 涌动的人潮与攀升的数据，勾勒出新年元旦消费市场的活力图景。从冰雪深度游到"因为一场音乐奔赴 一座城"，从热门商圈到小众小城，从"老己式悦己游"的跨年新哲学到持续升温的入境游……多元业态 齐发力，创新玩法频出圈，就此掀起2026年首个消费热潮。 活力迸发：新兴业态破圈 消费场景全面升级 这个元旦，冰雪经济的"南北共振"成为消费活力最亮眼的注脚。北方多地推出丰富的"冰雪+"深度体 验，长白山（603099）的暖帐冰钓、林海雪原的徒步捕鱼、查干湖的冬捕奇观备受追捧，长春"肆季南 河粉雪嘉年华"更是吸引数万人在零下二十多摄氏度的严寒中跨年，歌舞，光影秀与烟火交织，尽显冰 雪魅力。 同程旅行日前发布的《2026元旦假期旅行消费报 ...

随着国际航线持续加密，近期多条冰雪游直飞和包机航线新开，到中国赏冰玩雪成为跨境旅游新热潮。 东北、新疆、云南的多个冰雪景区入境游客接待量同比大幅增长。其中，哈尔滨入境游客人次同比增长 77.9%，入境旅游消费同比增长88.1%。 多样的中国文化深度体验游依旧备受青睐。在四川成都，外国游客们走进川菜博物馆，学习炒制宫保鸡 丁，为旅途增添一份独特的"川味"记忆。在江苏苏州，他们漫步古镇、体验非遗剪纸、乘坐游船徜徉水 巷，感受中式美学的独特韵味。 央视网消息（新闻联播）：元旦假期，入境游市场迎来"开门红"，适用免签政策入境的外国人达到29.2 万人次，较去年同期增长35.8%。 在线旅游平台数据显示，元旦假期，有97个国内城市迎来境外游客，入境游目的地呈现多元化趋势。北 京、上海、广州、深圳等地仍是热门选择，同时，大理、西双版纳、湛江等特色小城的入境游增幅均超 过3倍。各地推出民族乐器演奏、非遗文化展示，还有包含精品旅游线路、离境退税指南等在内的"入境 礼包"，以丰富多彩的活动迎接新年首波入境游热潮。 ...

我国最北端感受严寒 多业态促经济热发展 地处我国最北端的黑龙江漠河，以其独特的冰雪资源和浓郁的东北民俗，吸引了五湖四海的游客。 元旦假期，黑龙江开行了一趟冰雪环线旅游专列抵达漠河，游客们在祖国最北端开启了难忘的冰雪游之旅。 江苏游客蔡凌云：一路上经过大兴安岭，一路美景都非常漂亮。看到了美丽的日出，还有雪人。 夜幕降临，尽管室外气温跌破-40℃，篝火晚会却挤满了裹着棉大衣的游客。漠河的"冷资源"已经成为带动当地经济发展的"热动力"，住宿、餐饮、特产、 文创、旅拍等行业日渐兴旺，部分民宿已开启春节的客房预订。 刚刚过去的元旦假期，冰雪游持续升温，黑龙江漠河和双鸭山吸引了不少海内外游客。 冰天雪地也吸引了不少海外游客。元旦假期，黑龙江双鸭山成为不少俄罗斯游客度假的优质目的地，吸引他们的不仅是欢乐冰雪游，还有琳琅满目的商品、 美味的中国食物。 根据饶河县外事口岸办的数据统计，2025年12月30日到2026年1月3日，饶河口岸俄罗斯游客入境人数达2000多人。在冰雪的世界，他们体验300米长的冰滑 梯、感受雪地摩托的风驰电掣，每个冰雪项目都带给他们无限欢乐和惊喜。 （点击图片观看视频） 随着饶河口岸通关便利化水平不断 ...

Core Insights - The overall cultural and tourism market in China showed a stable and orderly performance during the New Year holiday, with 142 million domestic trips and total spending of 84.789 billion yuan [1] Group 1: Domestic Tourism Trends - The domestic tourism market experienced a "hot start" with both volume and price increasing, particularly benefiting from the strong performance of Hainan's free trade port during its first holiday after closure [1] - The "3-day continuous holiday" combined with the "3 days off for 8 days" leave model significantly boosted the tourism market, with young consumers becoming the main force in travel, as evidenced by 39% of travelers being born after 2000 and 33% after 1990 [2][3] - Self-driving tours continued to gain popularity, with car rental bookings on the Fliggy platform increasing by 120% year-on-year, highlighting the growing consumption potential in second and third-tier cities [3] Group 2: Hainan's Tourism Performance - Hainan's tourism market saw a significant boost during the New Year holiday, receiving 2.1716 million visitors, a year-on-year increase of 25.2%, and achieving total tourism spending of 3.136 billion yuan, up 28.9% [4] - The average hotel occupancy rate in Hainan exceeded 90%, with significant increases in hotel bookings around popular shopping areas, particularly in Sanya and Haikou [4] - The introduction of duty-free shopping has greatly stimulated tourism, with duty-free sales reaching 480 million yuan in Sanya during the holiday, a 111.5% increase year-on-year [5] Group 3: International Travel Dynamics - The outbound tourism market displayed a diverse growth pattern, with traditional popular destinations like Hong Kong and Macau maintaining their lead while niche destinations rapidly gained popularity [6][7] - The trend of "traveling to a city for a performance" emerged, significantly boosting local tourism orders, with a notable increase in bookings for car rentals and chartered tours during the holiday [7] - Turkey has become a hot destination for Chinese tourists, especially after the announcement of visa-free travel, which is expected to further enhance travel interest in 2026 [8] Group 4: Future Outlook - The robust performance of the tourism market during the New Year holiday reflects a continuous recovery in consumer confidence and highlights the combined effects of product innovation and policy benefits [8] - The industry is expected to focus on product upgrades and service optimization to meet the diverse and personalized travel needs of consumers, particularly as the younger demographic gains more influence in travel decisions [8]

（来源：工人日报） 阅读提示 得益于元旦3天假期的时间红利，"小黄金周"火爆景象再现。相关人士认为，文旅市场不仅需要产品创 新，更在于对游客需求的深度挖掘和精准对接。 去温暖的小城跨年，来一场滑雪加泡汤，去登山祈福，去主题乐园尽情玩耍，到小城体验烟火气……今 年元旦3天假期，周边游、拼假长途游、入境游叠加，掀起了2026年度首个消费热潮。飞猪发布的 《2026元旦假期出游快报》显示，游客人均购买旅游商品的件数同比增长超20%、人均消费金额同比增 长超30%。 以重庆为例，凭借着"城市亮灯+光影水幕秀+软幕巡游+无人机集群"四维联动的跨年夜展演，重庆文旅 又再次"火出天际"，在携程、去哪儿等平台公布的元旦旅游榜单中，该地不仅入选全国热门城市TOP10 城市，还登上入境游目的地全国前十榜单。天眼查工商信息显示，重庆市目前拥有旅游相关企业6万余 家，占全国同类企业总量的2.3%，其中2025年新增相关企业超8600家。 出游意愿与消费力双双提升 新年第一天，哈尔滨极地公园的100只企鹅开启"萌宠约会"，"淘学企鹅"背着小书包在雪地里嬉戏，吸 引许多游客驻足观看。"这次元旦假期带着孩子去了哈尔滨，打卡了冰雪大世界、冰 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The 2026 New Year's Day holiday saw 142 million domestic trips in China, with total spending reaching 84.789 billion yuan, marking a 5.2% increase in trips and a 6.3% increase in spending compared to the same period in 2024 [2][5] - The "Please take 3 days off" strategy has become popular, allowing for an extended 8-day holiday, which has significantly boosted travel demand [2] - Young consumers, particularly those born after 2000, are driving a trend towards experiential and self-rewarding travel during the New Year, with notable increases in bookings for concerts and themed events [3] Summary by Sections Travel Demand and Spending - During the 2026 New Year's holiday, domestic travel reached 142 million trips, with total expenditure of 84.789 billion yuan, reflecting a 5.2% and 6.3% increase from 2024 respectively [2] - The average price for domestic economy class tickets reached 684.6 yuan, a 9.8% increase from the previous year [2] Consumer Trends - The report highlights a significant participation of younger generations in travel, with 39% of travelers being from the post-2000 generation and 33% from the post-1990 generation [3] - Concerts and events have become key attractions, with cities like Harbin and Zhuji seeing substantial increases in travel bookings due to major events [3] International Travel - There has been a notable increase in outbound travel bookings, with overall interest rising by over 30% compared to previous years [4] - South Korea remains the top international destination, while travel to Japan has seen a significant decline of 40.5% [4] Investment Recommendations - The report suggests focusing on popular travel destinations such as Changbai Mountain, Emei Mountain, and Tianmu Lake, as well as companies providing unique regional experiences like Songcheng Performance [5] - Companies benefiting from the recovery of inbound and outbound travel, such as China Duty Free Group, are also highlighted as potential investment opportunities [5]

Group 1: Consumer Trends - During the New Year's holiday, inter-regional mobility increased by 19.62% year-on-year, with a total domestic travel expenditure of CNY 847.89 billion, up 6.35% from 2024, reflecting a compound annual growth rate of 3.12%[1][12] - The average ticket price for domestic flights reached CNY 684.6, a 9.8% increase compared to 2025, indicating a strong recovery in travel demand[16] - Dining consumption showed robust growth, with key provinces reporting increases of 18% in Zhejiang and 36.5% in Nanjing, while overall dining consumption in Guangxi rose by 5.8%[17] Group 2: Economic Indicators - The manufacturing PMI returned to the expansion zone at 50.1%, reflecting a 0.9 percentage point increase, indicating improved economic conditions[2][18] - The construction sector's PMI rose to 52.8%, a 3.2 percentage point increase, benefiting from favorable weather and ongoing policy support[23] - The service sector's PMI was at 49.7%, showing a slight recovery but still below the expansion threshold, indicating mixed performance across industries[24] Group 3: Policy and Market Outlook - The "Two New" policies are expected to provide support for stable consumption, despite a potential mild contraction in funding scale for 2026[26] - International commodity prices are rising, which may pressure corporate profits and indirectly affect employment, potentially limiting demand recovery[26] - The government has initiated a CNY 295 billion investment plan for key projects, including the Guangzhou New Airport, to stabilize investment growth[26]

Core Insights - The Chinese tourism market has shown significant recovery during the New Year holiday, with domestic travel reaching 142 million trips and total spending of 84.789 billion yuan, indicating a strong demand for travel [1][2] - The extension of the holiday from one day last year to three days this year has played a crucial role in boosting travel volume, alongside changes in travel habits and the post-pandemic recovery of the tourism industry [1] Group 1 - During the New Year holiday, domestic travel reached 142 million trips, with total spending amounting to 84.789 billion yuan [1] - The average number of purchases per consumer increased by over 20%, and the average spending per person rose by over 30% compared to the previous year [1] - The popularity of winter tourism products, such as ice and snow activities, has surged, with destinations in northern China like Harbin and Zhangjiakou remaining highly favored [2] Group 2 - The number of people entering and exiting the country during the New Year holiday reached 6.615 million, with a daily average of 2.205 million, marking a 28.6% increase from the previous year [2] - Among the outbound travelers, 3.365 million were mainland residents, reflecting a 39.1% increase year-on-year, while 242,200 were residents from Hong Kong, Macau, and Taiwan, up by 15.9% [2] - The number of foreign visitors entering China was 828,000, which is a 29.8% increase compared to the same period last year, with 292,000 entering under visa exemption policies, a 35.8% increase [2]

Core Insights - The overall cultural and tourism market in China is stable and orderly during the 2026 New Year holiday, with consumer activity continuing to be released [1] - Domestic travel reached 142 million trips, with total spending amounting to 84.789 billion yuan during the three-day holiday [1] Group 1: Market Performance - The supply of cultural and tourism products is abundant, with diverse activities enhancing residents' willingness to travel [1] - Winter-themed products such as ice and snow tourism, warm-weather escapes, and New Year celebrations are particularly popular [1] - Short-distance travel has become mainstream, with local leisure, nearby tourism, and rural tourism gaining popularity [1] Group 2: Activities and Innovations - Various New Year activities have been launched across regions, featuring distinctive characteristics [1] - Events like concerts and drone performances have attracted widespread participation from citizens and tourists [1] - The integration and innovation of cultural tourism formats, including cultural heritage, trendy markets, and immersive experiences, have improved the quality of visitor experiences [1] Group 3: Safety and Accessibility Measures - Local governments have introduced consumer vouchers, scenic area joint tickets, and ticket discounts to promote tourism [2] - Safety and order are ensured through measures such as dynamic crowd control and ice removal at popular scenic spots [2] - Public transportation hours have been extended in cities like Beijing, Harbin, Jinan, Shanghai, Chengdu, and Fuzhou to facilitate convenient travel for tourists [2]