Core Viewpoint - The release of the "Employee Cultural and Sports Consumption Policy" is expected to stimulate demand recovery in the cultural and tourism industry, presenting investment opportunities for related sectors [1]. Group 1: Policy Overview - The policy aims to expand employee cultural and sports consumption, unlocking potential spending power among employees [2]. - By 2030, a comprehensive employee cultural and sports activity system is expected to be established, featuring a range of impactful projects and improved service quality [2]. - The policy encourages up to four seasonal outings per year and increased funding for employee cultural activities [2]. Group 2: Investment Opportunities - Leading tourism companies are anticipated to benefit from policy support, with short-term gains expected from increased employee cultural consumption [1]. - The demand for cultural and tourism consumption is projected to be further released through measures like annual tickets and consumption vouchers [1]. - Key areas of focus include: 1. Continuously exceeding tourism data expectations and maintaining a positive outlook on travel chains 2. Companies with significantly improved competitive landscapes 3. Dividend stocks 4. AI integration 5. Undervalued stocks [1]. Group 3: Product and Service Development - The policy encourages collaboration between trade unions and cultural, tourism, film, and sports sectors to offer exclusive products and services for employees [3]. - Development of annual tourism tickets and distribution of cultural consumption vouchers are supported to enhance employee engagement in cultural activities [3].

国泰海通发布研报称，龙头旅游企业受益于政策支持，随着职工文体消费的增长，预计这些企业将在短 期内受益于政策推动，长期则有望实现业绩的持续增长。特别是在景区年票、文旅消费券等优惠措施的 推动下，相关行业的消费需求将进一步释放，带来潜在的增长机会。重点关注：1、旅游数据有望持续 超预期，继续看好出行链。2、竞争格局大幅改善。3、红利股。4、AI+。5、超跌股。 国泰海通主要观点如下： 四部委发文推动职文体消费 2026年1月6日，中华全国总工会、文化和旅游部、国家电影局、国家体育总局发布《关于深入推进新时 代职工文体工作高质量发展，扩大职工文体消费的意见》(下文简称《意见》)，表示要进一步扩大职工 文体消费，释放职工消费潜力。《意见》指出，到2030年，基本建成覆盖广泛、层级清晰、特色鲜明的 职工文体活动体系，打造一批具有全国影响力的职工文体品牌项目，推进职工文体服务提质增效，打造 健康文明、昂扬向上、全员参与的职工文化，更好满足职工群众多样化、多层次、多方面的精神文化需 求。 鼓励每年最多开展四次春秋游 鼓励提高工会经费中职工文体活动支出比例。鼓励拓展使用工会会费开展职工文体活动。推动用人单位 与职工就职工文体 ...

意见提出八项重点任务，明确到2030年，基本建成覆盖广泛、层级清晰、特色鲜明的职工文体活动体 系，打造具有全国影响力的职工文体品牌项目，形成健康文明、昂扬向上、全员参与的职工文化。 据新华社北京1月7日电 基层工会每年最多可开展四次春秋游活动，职工可通过工会获得电影券、文旅 消费券等支持……近日，全国总工会、文化和旅游部、国家电影局、国家体育总局联合印发《关于深入 推进新时代职工文体工作高质量发展 扩大职工文体消费的意见》，围绕系统推进职工文体工作、扩大 职工文体消费作出部署，进一步满足广大职工日益增长的精神文化需求。 意见提出，要重点扩大职工文体活动规模。鼓励各级工会联动文旅、电影、体育部门和各类场馆打造区 域职工文体活动品牌。鼓励基层工会开展小型化、多样化、日常性活动，提升职工参与便利度。在内容 供给上，一方面繁荣职工文化，开展文艺展演、经典诵读等活动，推进文化下基层，办好职工夜校，依 托工人文化宫建立创作基地并鼓励创作职工题材影视作品；另一方面优化职工体育发展结构，巩固提升 羽毛球、乒乓球等体育活动，推广太极拳等传统体育项目，引入冰雪、户外等新兴运动，持续推出"工 间动起来"等便捷健身活动。 意见鼓励拓 ...

Core Viewpoint - The issuance of the "Opinions" aims to enhance the quality of cultural and sports activities for workers, expand their consumption in these areas, and unlock their consumption potential by 2030 [2][3]. Group 1: Policy Objectives - The "Opinions" emphasize the need to meet the growing spiritual and cultural demands of workers, aiming to establish a comprehensive and distinctive cultural and sports activity system by 2030 [2]. - The policy encourages trade unions to distribute cultural and tourism consumption vouchers, movie tickets, and annual passes for scenic spots, increasing the frequency of spring and autumn outings to a maximum of four times per year [2][5]. Group 2: Economic Impact - The policy shifts the traditional use of union funds from internal welfare activities to a broader consumer-oriented approach, potentially unlocking a large new market for cultural and sports consumption [3][4]. - It is projected that for every 1 yuan spent on worker cultural and sports activities, it could indirectly stimulate 3 to 5 yuan in related industry consumption, indicating a significant multiplier effect [5]. Group 3: Implementation Challenges - Effective execution of the policy may face challenges, including the need for clear operational guidelines for grassroots unions to utilize funds efficiently and in compliance with regulations [6]. - There is a call for enhanced supervision and management to prevent misuse of funds, ensuring that the benefits reach the workers effectively [6]. Group 4: Market Supply and Quality - The quality and adaptability of market supply are crucial for the success of the policy, with recommendations for the development of tailored products and services for workers [7]. - Suggestions include creating "worker tourism passports" and special fitness plans, as well as improving service quality to enhance the overall experience for workers [7][8]. Group 5: Coordination and Future Steps - A coordination mechanism involving multiple government departments will be established to oversee the high-quality development of worker cultural and sports activities [8]. - Future policy details are expected to clarify the standards for fund usage, rules for voucher distribution, and requirements for venue access, ensuring clear responsibilities among departments [8].

Core Viewpoint - The joint opinion issued by the All-China Federation of Trade Unions, the Ministry of Culture and Tourism, the National Film Administration, and the General Administration of Sport aims to enhance the quality of cultural and sports activities for workers, expanding their consumption in these areas to meet the growing spiritual and cultural needs of employees [1][2] Group 1: Key Tasks and Goals - The opinion outlines eight key tasks, aiming to establish a comprehensive, clear, and distinctive cultural and sports activity system for workers by 2030 [1] - It emphasizes the creation of nationally influential cultural and sports brand projects for workers, promoting a healthy, civilized, and participatory worker culture [1] Group 2: Enhancing Worker Participation - The opinion encourages increasing the proportion of cultural and sports activity spending from union funds and promotes collective bargaining for cultural and sports activities and paid annual leave [1] - It supports grassroots unions in organizing up to four spring and autumn outings annually and encourages collaboration with tourism, film, and sports departments to offer exclusive discounts and services for workers [1][2] Group 3: Expanding Activity Scale and Diversity - The opinion calls for expanding the scale of worker cultural and sports activities, with the All-China Federation of Trade Unions leading the organization of national events [2] - It promotes small-scale, diverse, and regular activities at the grassroots level to enhance worker participation [2] Group 4: Content Supply and Cultural Enrichment - The opinion aims to enrich worker culture through various activities such as artistic performances and classic recitations, while also establishing creative bases for worker-themed film projects [2] - It seeks to optimize the structure of sports development for workers, promoting traditional sports like badminton and table tennis, as well as introducing new sports like ice and snow activities [2] Group 5: Innovative Activity Formats - The opinion encourages the development of new types of activities, including night, outdoor, social, and family-oriented events, utilizing various spaces for immersive and interactive experiences [2] - It integrates ideological guidance into cultural and sports activities through skill demonstrations and model worker exchanges [2] - The opinion promotes the orderly opening of cultural and sports facilities in enterprises and institutions, leveraging the "Worker's Home" app to create a digital cultural and sports service platform [2]

秋假、雪假对文体消费拉动作用已显 1)秋假：去哪儿旅行数据显示，2025年11月12-16日秋假期间，四川省内门票总体预订量同比增长3.4 倍，周环比增长1.4倍，多个热门景区门票同比涨1倍以上，其中毕棚沟门票预订同比增长16.4倍，成都 动物园涨5.3倍。秋假期间，浙江省内多个景点门票预订量周环比翻倍增长，如湖州龙之梦国际大马戏 门票预订环比增长14.3倍、宁波罗蒙环球乐园门票预订环比涨12.9倍、杭州野生动物世界门票预订环比 涨5倍。此外，乌镇、横店影视城、安吉云上草原、太湖演艺城、千岛湖景区、台州神仙居、灵隐寺等 景区，都位列浙江秋假期间门票环比增幅最大的前十景区。2)雪假：据去哪儿&美团，阿勒泰地区雪假 期间酒店预订量同比增长30%，2025年11月18日-12月1日，"阿勒泰滑雪"关键词搜索量同比增长43%;据 吉林日报，松花湖滑雪场雪假期间日均接待学生及家长群体超3000人次，雪道利用率较平日提升60%。 政策推动下，出行链和会展体育有望迎来板块机遇 智通财经APP获悉，国盛证券发布研报称，短期重视海南板块及春节旺季弹性子板块，中期看好新消费 优成长、转型改革困境反转、出海相关、政策利好四条主线。 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance in the coming months [5]. Core Insights - The report highlights the encouragement of travel and cultural consumption through policies aimed at enhancing employee leisure activities, which is expected to boost the travel and cultural sectors significantly [2][4]. - The introduction of additional public holidays and policies supporting paid leave is anticipated to stimulate cultural and tourism consumption, particularly during traditionally low seasons [4]. - Data from travel platforms indicates a substantial increase in ticket bookings during recent holiday periods, showcasing a growing consumer interest in travel and leisure activities [3]. Summary by Sections Policy Initiatives - The report discusses the issuance of guidelines by various government bodies to promote employee cultural and sports activities, allowing for up to four organized trips per year and the distribution of cultural consumption vouchers [1][2]. Market Trends - Significant growth in ticket bookings was observed during the autumn and snow holidays, with some regions reporting increases of over 300% in ticket reservations compared to previous years [3]. - The report notes that the policy-driven encouragement of travel is likely to transform traditionally slow tourism periods into more active seasons, benefiting sectors such as duty-free, hotels, and sports events [4]. Investment Recommendations - The report suggests focusing on sectors with potential for growth, particularly in Hainan and during the upcoming Spring Festival, as well as sectors benefiting from new consumer trends and favorable policies [5][8]. - Specific companies are recommended for investment, including those in the duty-free, hotel, and new retail sectors, which are expected to perform well in the current market environment [8].

近日，全国总工会、文化和旅游部、国家电影局、国家体育总局联合印发《关于深入推进新时代职工文 体工作高质量发展 扩大职工文体消费的意见》（以下简称《意见》），旨在系统推进职工文体工作， 释放消费潜力，满足广大职工日益增长的精神文化需求。 在优化职工文体消费环境方面，《意见》提出鼓励提高工会经费中文体活动支出比例，推动用人单位就 文体活动和带薪年休假开展集体协商，扩大职工疗休养规模，鼓励基层工会每年最多可开展四次春秋游 活动。鼓励各级工会联合文旅、电影、体育等部门，推出职工专属文体旅优惠产品与服务，支持购买景 区年票，发放文旅消费券、电影券，举办主旋律电影展映活动，办好"惠工院线"。 为保障政策落地，《意见》从组织领导、队伍建设、宣传引导和规范管理四个方面部署保障措施，明确 建立多部门协调机制，培养专业力量，联合发布创新案例，强化规范管理，确保政策实效。 《意见》以习近平新时代中国特色社会主义思想为指导，落实中央"大力提振消费"等部署要求，坚持以 人民为中心的发展思想，提出八项重点任务，明确到2030年，基本建成覆盖广泛、层级清晰、特色鲜明 的职工文体活动体系，打造具有全国影响力的职工文体品牌项目，形成健康文明、 ...

值得一提的是，为进一步抢抓岁末年初这一消费旺季，《证券日报》记者注意到，近期，已有多地启动新一轮消费券发放 活动。湖南省于1月1日启动的2026年湖南省"悦动湖湘·光影未来"电影促消费活动，将面向全省发放电影消费券113.5万张，合 计1700万元。2026年"请到广东过大年"文旅消费惠民活动，也将发放总额2000万元的文旅消费券。此外，河南省发展改革委有 关负责人也于1月6日公开表示，今年一季度，河南省将举办2026年"乐享河南"新春消费季活动，发放2亿元省级消费券。 "近期地方密集发放的消费券，以及此次《意见》鼓励发放的工会消费券，无不对外释放出稳定消费、提振经济的明确信 号。"在付一夫看来，这既从需求端激发消费潜力，又从供给端助力消费市场复苏，消费券叠加形成的"折上折"效应，有助于 推动潜在消费需求转化为实际购买力。 从内容上看，《意见》明确八方面重点任务。其中，在优化职工体育发展结构方面提出，要创新打造全国性职工体育品 牌，巩固提升羽毛球、乒乓球、工间操等群众基础深厚的体育活动，推广太极拳等传统体育项目，科学引入冰雪、户外等新兴 体育活动，持续推出"工间动起来"等便捷式健身活动，鼓励举办覆盖企业、行业 ...

2026年元旦假期，广东省文化和旅游市场迎来强劲的"开门红"。据省文化和旅游厅监测数据显示，今年 元旦假期三天，全省接待游客人次和旅游收入日均同比（对比2024年元旦假期日均值）增速均超过 30%，在目前已公布数据的省份中增速最高，并大幅领先全国平均水平。 广东将对元旦假期市场情况进行认真分析总结，深入研究游客的新需求、市场的新变化，特别是紧抓即 将到来的春节黄金周，进一步加大宣传推广力度，策划推出更多富有岭南特色、文化内涵和创新体验的 高品质文旅产品与精品线路。 从客源结构来看，广东作为全国热门旅游目的地的辐射力进一步增强。元旦期间，省外游客占比达到 55.0%，超过了占比45.0%的省内游客，跨省旅游市场活跃度较高。上海、北京、浙江成为来粤旅游客 源省份的前三名。同时，入境旅游市场也实现强劲复苏，入境游客人次和消费金额同比分别激增 144.3%和172.9%，其中中国香港、马来西亚和泰国是主要客源地。 广东省文化和旅游厅将全面启动"请到广东过大年"系列推广活动，联合电影频道、小红书等平台，邀请 电影人和网络达人深入广东采风，全方位展示广东的美食、美景与人文风情。同时，广东省文化和旅游 厅将联动各大在线旅游 ...