核心观点：春节文旅量稳价升，看好高端消费回暖 我们认为，2026 年消费最确定的增量来自服务，而文旅是服务消费中最具弹性的赛道，因此选择开设"数说文旅消费" 专题，重点跟踪文旅消费数据。 总览：2026 年春节消费延续元旦复苏趋势，量增平稳、价格改善亮眼。商务大数据显示假期前四天全国重点零售及餐 饮企业日均销售额同比+8.6%，显著高于 2025 年国庆中秋 2.7%及春节 5.4%增速。 出行：春节长假期驱动长途出行旺盛，长辈"反向过节"趋势明显，客流量增长亮眼。根据交通部数据，2026 年 2 月 16 日-2 月 21 日日均全社会跨区域人员流动 2.99 亿人次，同比 2025 年同期+11.05%，累计跨区域人员流动达 17.93 亿人次，同比+11.13%，长途出行市场维持高景气。分具体出行方式看，春节前六日铁路/公路/水路/民航累计分别较 2025 年同期+ 16.37%/+10.90%/+31.05%/+9.45%。 旅游：春节客流充裕，多景区供给侧优化，营收增长亮眼。张家界黄龙洞将非遗年俗与溶洞景观深度融合，三峡游轮 将传统年俗与三峡风光交融，打造沉浸式体验；黄山旅游借力有奖发票活动，将外部 ...

央视网消息：2月15日是春节假期第一天。很多人选择走出家门，在旅途中享受新春假期的美好时光。全国各地文旅市场同步升温，迎来假期 开门红。 假期首日 湖南客流2139.07万人次 根据湖南省文旅厅统计，春节假期首日，湖南全省客流2139.07万人次，其中省外游客668.28万人次，同比增长4.42%。开放式景区客流量前三 名为湘西州凤凰古城旅游区、湘潭市韶山旅游区、怀化市榆树湾；封闭式景区客流量前三名为长沙市岳麓山-橘子洲旅游区、南岳衡山旅游 区、张家界武陵源-天门山旅游区。 假期首日 西湖到访人数居浙江景区之首 记者从浙江省文化广电和旅游厅了解到，2月14日14时到15日14时，浙江省全域旅游人数1158.7万人次。其中假期首日到访人数排名前五的景 区是：杭州市西湖风景名胜区、杭州市京杭大运河·杭州景区、温州市楠溪江风景区、台州市台州府城文化旅游区、温州市雁荡山景区。 假期首日 福建都市休闲游人气旺 根据福建省文旅厅的数据，春节假期首日，福建全省监测的130家4A级及以上景区景点共接待游客74.99万人次，同比增长29.0%；共实现门票 收入1382.91万元，同比增长28.4%。都市休闲游人气较旺，相关景区 ...

Core Viewpoint - The "Spring Tour Tonglu: Immediate Joy" New Year Consumption Carnival has been launched in Tonglu, aimed at stimulating local consumption through a variety of integrated activities and offerings [1][2]. Group 1: Event Overview - The carnival features eight themed activities designed to enhance the festive atmosphere and boost consumer engagement, including experiences related to local culture, real estate, and tourism [1]. - The event will run until March 31, covering key festive periods such as the Spring Festival and Lantern Festival, creating a comprehensive consumption model that integrates various times and locations [1]. Group 2: Attractions and Incentives - The event includes eight major scenic spots and offers ten types of free or complimentary tickets, along with a million yuan accommodation subsidy to encourage tourism [2]. - A "Travel and Film" map has been created, showcasing over 20 popular filming locations and providing a one-stop guide for visitors, combining local dining and photography services [2].

（来源：中国改革报） ——完善了价格监测体系，新增了新能源汽车、旅游景区两个项目；对粮食、工农业生产资料等部分品 类及规格、型号、周期进行了调整优化。 ——丰富了价格监测方式，在全国率先将自动采集方式纳入《报告制度》，实现了超市重要居民消费品 价格数据由人工采集转为自动采集。 ——规范了价格监测点管理，涉及监测点均明确为省级价格监测定点单位，工作任务、经费补贴清单 化。 转自：中国改革报 本报讯 邹双卫 孙韵 记者高杨报道 2026年1月1日起，山东省正式施行《山东省重要商品和服务价格监测 报告制度(2026年版)》。报告制度由山东省发展改革委负责组织实施，具体工作由山东省价格认证中心 承担。 为适应经济社会发展新形势新要求，完善价格治理机制，健全价格监测预警体系，保障价格监测信息的 及时、准确和完整，发挥价格监测在保供稳价中的关键作用，更好地服务全省价格改革与调控，促进经 济社会高质量发展，山东省发展改革委制定出台了《山东省重要商品和服务价格监测报告制度（2026年 版）》。 据山东省价格认证中心相关负责人介绍，2026年版报告制度包含正文和《山东省重要商品和服务价格监 测表》《山东省价格监测定点单位登记表 ...

Core Insights - The article highlights that certain cyclical and consumer sectors have underperformed the market for three consecutive years, indicating potential investment opportunities in these areas [1][6]. Industry Analysis - The sectors with the highest expected net profit growth for next year include: - Agriculture (planting, breeding, feed) - Internet e-commerce - Leisure food - Beauty care (personal care products, cosmetics) - Light manufacturing (household goods, entertainment products) - Automotive services - Social services (hotel catering, tourist attractions) - Cement [1][6]. - Historical data since 2010 shows that industries that have underperformed for three consecutive years and then outperformed in the fourth year include: - Food and beverage (leisure food, food processing, seasoning and fermentation products, non-brewed beverages) - Agriculture (breeding, feed, planting) - Beauty care (cosmetics, personal care products) - Infrastructure - Tourist attractions [1][6]. Financial Metrics - Expected net profit growth rates for various sectors by 2026 are as follows: - Planting: 41% - Breeding: 32% - Chemical fiber: 42% - Chemical raw materials: 24% - Automotive services: 24% - Internet e-commerce: 44% - Cement: 22% [2][7]. - The PE (Price to Earnings) ratios over the past three years indicate reasonable valuation levels for several sectors, with notable figures such as: - Planting at 75% - Chemical fiber at 94% - Internet e-commerce at 69% [2][7].

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 Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Investment Rating - The industry is rated as "Overweight" [30] Core Views - The report highlights that during the National Day and Mid-Autumn Festival, domestic travel reached a record high with 888 million trips and total spending of 809 billion yuan, indicating strong consumer demand [20][30] - The report notes a significant increase in hotel occupancy rates and a booming entertainment market, with attendance at sports events, music festivals, and concerts showing substantial growth [30] - The trend towards experiential travel is emphasized, suggesting that domestic travel destinations may need to adapt to meet changing consumer preferences [30] - The report anticipates more policy support for service consumption, particularly in tourism, as part of the government's focus on enhancing service sectors [30] Summary by Sections Market Review - The CITIC Consumer Services Index fell by 3.34% from September 26 to October 9, underperforming the CSI 300 Index by approximately 5.87 percentage points [8] - All sub-sectors within consumer services experienced declines, with the largest drops in tourism and hotel sectors [9] - A total of 4 companies in the industry reported positive returns, while 48 companies reported negative returns, with notable declines in companies like Caesar Travel and Kevin Education [12] Industry News - The report mentions that during the 8-day holiday, domestic travel spending reached a new high, with significant increases in long-distance and self-driving trips [20] - Jinjiang Hotels reported a 4% increase in average occupancy rates, with over 13 million guests served during the holiday period [21] - The entertainment market saw a surge, with over 3,100 performance projects and nearly 15,000 shows held, reflecting a 39.5% increase in audience attendance [24] Company Announcements - The report includes updates on various companies, such as Nanjing Tourism Group's restructuring and Kevin Education's investment in a joint venture focused on AI in education [25][29] Weekly Outlook - The report suggests focusing on companies like Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, which are expected to benefit from the recovery in leisure travel [30][32]

Core Insights - Hong Kong China Travel, a subsidiary of China Travel Group, operates an integrated tourism destination platform with approximately 60 domestic and international scenic spots by the end of 2024, including 18 5A and 18 4A scenic areas [1][2] Financial Performance - The company is projected to achieve a revenue of HKD 46.27 billion in 2024, reflecting a year-on-year growth of 3%, with the revenue distribution across four main segments: tourism scenic spots and related (44%), tourism certificates and related (7%), hotels (18%), and passenger transport (24%) [1] Market Trends - Domestic travel is expected to maintain robust growth, with a forecasted increase of 20.6% in the number of domestic travelers and a 15.2% rise in total spending by mid-2025, supported by favorable service consumption policies [1] Business Segments - Scenic Spots: The company has a nationwide layout of scenic spots, with projected revenues for 2024 from various segments: theme parks (HKD 5.96 billion), natural and cultural sites (HKD 12.41 billion), leisure resorts (HKD 4.58 billion), and supporting services (HKD 0.50 billion) [1] - Hotel Business: Focused on the high-end market in Hong Kong and Macau, with six hotels and one serviced apartment in operation, showing improved performance with a RevPAR of HKD 731 in the first half of 2025, up 12% year-on-year [2] - Passenger Transport: The company operates bus and ferry services, benefiting from cross-border passenger flow in the Greater Bay Area, with projected revenue of HKD 10.93 billion in 2024, an increase of 11% year-on-year [2] Growth Strategy - The company is continuously expanding its project portfolio, including new developments in Chongqing and Shenzhen, and plans to acquire the Jilin Songhua Lake project for snow tourism, which is expected to contribute to future revenue growth [2][3] Profit Forecast - The company is expected to achieve net profits of HKD 2.7 billion, HKD 4.2 billion, and HKD 6.0 billion for the years 2025 to 2027, with corresponding PE ratios of 32, 21, and 15 times [3]

Group 1: Tourism Trends in Heilongjiang - Heilongjiang's tourism is experiencing a significant surge, with holiday booking volumes expected to increase by over 81% compared to last year [1] - Popular attractions include the Northeast Tiger Park and Harbin Polarland, along with unique experiences in Mohe and Zhalong Wetland [1] Group 2: Cultural and Tourism Activities in Various Regions - During the holiday period, over 500 cultural and tourism events will be held in Heilongjiang, with more than 200 consumer promotion activities planned, supported by over 50 million yuan in government consumption vouchers [4] - In Zhejiang, an estimated 28 million visitors are expected at 245 4A-level and above scenic spots during the National Day and Mid-Autumn Festival [7] - Jiangxi is enhancing its cultural tourism offerings with themed events and special ticket packages at key attractions [9] Group 3: Visitor Engagement and Experience Enhancements - The Sanxingdui Museum in Sichuan is experiencing high demand for ticket reservations, leading to extended opening hours to accommodate more visitors [10][12] - Ningxia anticipates nearly 7 million visitors during the holiday, with significant interest in its 5A-level attractions and a budget of 140 million yuan allocated for consumer incentives [14][16] Group 4: Urban Development and Recreational Spaces - Beijing's waterfront spaces are becoming popular leisure destinations, with recent developments enhancing ecological and recreational functions [19] - The Bahe River project exemplifies urban renewal efforts, connecting commercial areas and providing public spaces for relaxation and consumption [21][23] - The city has achieved 80 kilometers of navigable waterways, promoting various water-related activities for residents [25]