2025年文旅行业在三重挤压之下，走过了一段艰辛的路程。2026年，文旅行业能打赢翻身仗吗，新的一年文旅行业最大的机会和风口是什么？本期，知酷 文旅将带大家展望2026年的文旅机遇。 先回顾一下2025年的文旅市场，应该说这是一段颇为艰辛的路程。A股文旅上市公司超过一半营收下滑，大量老牌景区客流增长停滞甚至下滑，一些明星 级文旅项目陷入危机甚至破产。 2025年的文旅行业面临三重挤压，分别是：地产行业下滑，导致"文旅+地产"模式难以为继；地方城投、地方旅投挤压债务泡沫，导致文旅投资端缩水严 重；消费市场信心不足，文旅企业的业绩承压。 "文旅+地产"模式难以为继，城投、旅投压降债务，严重影响了文旅行业的投资端；消费市场信心不足，影响了文旅行业的消费端。投资和消费两端同时 下滑，这是大量文旅企业感觉时下艰难的原因。 2026年，这三重压力并不会立即消失，文旅行业需要在压力下进行调整、寻找机遇。这些机遇在哪呢？ 首先，产品和体验创新是文旅行业不变的"真理"。2025年，微演艺、景区NPC等新玩法为文旅行业注入了新鲜活力，这种投资少但效果好的新玩法正在刷 新许多景区的游览体验。 2026年，这一趋势依然会延续，一方面 ...

截至2025年12月29日 15:00，中证消费电子主题指数(931494)上涨0.35%，成分股芯原股份(688521)上涨 5.71%，景旺电子(603228)上涨4.43%，寒武纪(688256)上涨4.19%，科达利(002850)上涨3.81%，东山精 密(002384)上涨2.94%。消费电子ETF(561600)上涨0.41%，最新价报1.22元。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承 ...

截至2025年12月29日 13:08，中证消费电子主题指数(931494)上涨0.94%，成分股芯原股份(688521)上涨 7.45%，寒武纪(688256)上涨5.54%，长盈精密(300115)上涨4.08%，东山精密(002384)上涨4.02%，景旺 电子(603228)上涨3.87%。消费电子ETF(561600)上涨0.83%，最新价报1.22元。 消息面上，终端厂商和大模型厂商正持续探索AI在硬件领域的落地场景，近期夸克AI眼镜推出平价新 品G1，以1999元的亲民价格提供语音问答、实时翻译、信息查询等完整AI交互体验，推动AI眼镜加速 普及。同时，联想集团计划在2026年国际消费电子展（CES）期间发布首款面向全球市场的"AI超级智 能体"，覆盖手机、PC、平板及可穿戴设备等多终端生态，主打跨设备、跨系统的智能协同能力。 招商证券指出，2026年AIOS升级值得重视，苹果有望在H1推出超预期解法，安卓阵营也将百花齐放； AI PC方面，Win11换机潮延续至2026年，叠加独立软件开发商提供更多本地AI功能，预计AI PC新品将 迎来新一轮增长周期。在穿戴与IoT领域，AI耳机、眼镜及家居 ...

12月29日上午，A股三大指数走势分化，上证指数盘中上涨0.33%，化纤、发电设备、林木等板块涨幅 靠前，零售、化肥农药跌幅居前。消费电子个股分化，截至10点15分，消费电子ETF（159732）上涨 0.18%，其成分股协创数据上涨3.77%，东山精密上涨2.74%，佰维存储上涨2.51%，圣邦股份上涨 2.38%。然而，欣旺达、环旭电子等表现不佳，其涨跌幅分别是-11.63%、-2.48%。 据新浪科技报道，联想集团计划在明年国际消费电子展（CES2026）期间，发布面向全球市场的首款 「AI超级智能体」，定位为公司未来战略级产品，覆盖手机、PC、平板以及可穿戴设备等多终端生 态，主打跨设备、跨系统的智能协同能力。 招商证券表示，26-27年AI端侧加速创新趋势明确，无论是海外大模型厂如Google、OAI、Meta等还是 国内阿里、字节等，以及终端品牌Apple、小米、荣耀以及各PC厂等，都在抓紧布局AI终端入口，来实 现AI算力-终端-应用的闭环。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、光学光电子等市场关注度较 ...

2025 年 12 月 29 日 每日晨报 | 指数 | 开盘价 | 收盘价 | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 道琼斯工业 | 48,712 48,711 | | -0.04 | 2.71 | | 纳斯达克 | 23,646 23,593 | | -0.09 | 1.63 | | 标普500 | 6,936 | 6,930 | -0.03 | 1.72 | | 富时100 | 9,889 | 9,871 | -0.19 | 1.85 | | 日经225 50,527 50,750 | | | 0.68 | 0.99 | | 上证指数 | 3,958 | 3,964 | 0.10 | 1.93 | | 深证指数 | 13,539 13,604 | | 0.54 | 4.77 | | 科创50 | 1,346 | 1,346 | -0.24 | 1.41 | | 恒生指数 | 25,780 25,819 | | 0.17 | -0.42 | | 主要市场股指表现 | | | | | | 6.00 | | | | | | （%） 5.00 ...

Core Insights - The article highlights significant developments in the global expansion of Chinese companies, focusing on logistics, e-commerce, robotics, and AI technologies, indicating a trend of increasing international collaboration and competition in various sectors. Group 1: Major Events - Temu partners with PostNL to enhance cross-border logistics for local sellers in Europe, aiming to improve delivery flexibility and consumer experience [3][4] - TikTok Shop launches the "One Merchant, Sell Globally" project, enabling merchants to manage multiple stores across regions with integrated functionalities [5] - "Hangzhou Six Dragons" company Yun Shen Chu initiates IPO process after completing over 500 million yuan in Series C financing [7][8] Group 2: Company Responses and Developments - DJI expresses regret over the FCC's decision to list all non-U.S. manufactured drones on a regulated list, emphasizing the impact on market competition and consumer choice [11][12] - Lenovo plans to release the world's first "AI Super Intelligent Agent," aiming to integrate hardware interactions across its ecosystem [14] - MiniMax passes the Hong Kong Stock Exchange hearing, potentially becoming the first publicly listed company focused on general artificial intelligence (AGI) [15][17] Group 3: Market Trends and Financial Insights - OpenAI reports a computing profit margin of 70%, significantly higher than previous estimates, although it still faces challenges in achieving overall profitability [24][29][31] - Dyson founder James Dyson transfers £624 million to Singapore, indicating a strategic shift in wealth management and investment focus [26][27] Group 4: Future Plans and Innovations - Baidu's autonomous driving service platform, "萝卜快跑," plans to launch in London by 2026, marking a significant expansion into right-hand drive markets [18] - Nvidia is set to deliver H200 chips to Chinese customers, with expected shipments between 5,000 to 10,000 modules, despite regulatory uncertainties [24][26]

Core Insights - ByteDance and ZTE launched the "Doubao Phone," intensifying competition for the next-generation super entry point in the industry [2] - Lenovo plans to unveil its first global "AI Super Intelligent Body" at CES, directly competing with Doubao Phone Assistant, focusing on cross-device connectivity [2][3] - Lenovo's strategy emphasizes a hybrid AI approach, integrating personal, enterprise, and public intelligence over the next decade [6] Group 1 - Lenovo is collaborating closely with ByteDance's Doubao and Volcano Engine, indicating a partnership despite potential competition with the new AI Super Intelligent Body [4][5] - The smartphone market is experiencing a "Matthew Effect," where Lenovo must leverage AI opportunities to enhance Motorola's global market position [8] - ByteDance's strategy involves pre-installing AIGC plugins on partner devices, empowering more hardware terminals with Doubao Phone Assistant's capabilities [9] Group 2 - Vivo and ByteDance are reportedly in discussions for collaboration, while Meizu has expressed interest in working with Doubao [10] - OPPO has denied rejecting collaboration with ByteDance, emphasizing an open approach to partnerships based on user experience [10][11] - The competition for AI super entry points is just beginning, with hardware manufacturers concerned about becoming mere hardware providers if they overly rely on ByteDance's Doubao Assistant [13]

Group 1 - Qunhe Technology collaborates with Zhejiang University to release the SAGE-3D dataset, the first VLN (Visual Language Navigation) embodied learning dataset based on 3D Gaussian, containing over 554,000 object instances and 2 million "trajectory-instruction" pairs across 1,000 scenes [2] - Kuaikan Manhua launches the first AI interactive comic in partnership with MiniMax, integrating AI technology for character interaction and immersive experiences, supported by MiniMax's video and voice generation models [2] - Lenovo plans to unveil its first "AI Super Intelligent Agent" at CES, designed for global markets, with capabilities similar to Doubao mobile assistant but with more comprehensive features and cross-device connectivity [2] Group 2 - China's first national standard for AI large models has been implemented, focusing on general large models and filling a gap in the technical evaluation system, with over 95,000 calls to the model and aiding nearly 30 manufacturers in technology iteration [2]

Group 1 - The "Village Sugar Festival" in Huo Qiao Village, Jianyang City, will host a 21-hour continuous urban-rural integration celebration from December 31, 2025, to January 1, 2026, marking a new approach to New Year celebrations and showcasing a future of urban-rural symbiosis [2] - The event is described as a deep exploration of the integration of agriculture, commerce, culture, tourism, and sports, providing a complete local living experience from the end of the year to the beginning of the new year [2] Group 2 - Lenovo Group plans to launch its first global "AI Super Intelligent Agent" during CES, which is positioned as a strategic application for the company [3] - This AI application is expected to have capabilities similar to ByteDance's "Doubao Mobile Assistant," indicating Lenovo's comprehensive push into AI applications [3] - Unlike ByteDance's cross-industry collaboration model, Lenovo aims to leverage its hardware foundation to efficiently manage multiple intelligent agents, enhancing user experience through cross-device connectivity and task scheduling [3] Group 3 - Qunar Travel reports that December 27 will see the first wave of travel peaks for the New Year holiday, with popular long-distance routes such as Shenzhen-Harbin and Beijing-Kunming experiencing higher passenger numbers than December 31 [4] - Major cities like Shanghai, Beijing, Guangzhou, Chengdu, Shenzhen, Hangzhou, Chongqing, Kunming, Sanya, and Haikou are identified as the top ten domestic departure cities for that Saturday [4] - The upcoming three-day "mini-holiday" for New Year is expected to significantly boost consumer spending and travel intentions, leading to a vibrant tourism market characterized by high booking activity and diverse travel options [4]

Group 1: Company Developments - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership in December, following its entry into the Qatar market [1] - Xiaomi has applied for multiple trademarks related to its Ultra series, with some already successfully registered [2] - MiniMax has partnered with Kuaikan Manhua to launch the first AI interactive comic, integrating AI technology into the comic industry [3] - Mango Super Media's wholly-owned subsidiary has established a new equity investment fund with a capital contribution of approximately 356 million RMB [4] Group 2: Investment and Financing - "Hai Sida Sodium Star" has completed over 100 million RMB in strategic financing, with investors including Baiyun Financial Holdings and Guangdong Guoyan Industrial Investment [5] - "Xingyi Space" has completed nearly 300 million RMB in Pre-A round financing, primarily for the construction of overseas measurement and control stations and technology R&D [6] - Shanghai Blueprint Aviation Technology Co., Ltd. has announced 500 million RMB in A round financing, focusing on core technology development [7] - Weina Star completed 1.56 billion RMB in equity financing throughout 2025, aimed at R&D investment and capacity expansion [8] Group 3: New Products - Lenovo plans to launch its first global "AI Super Intelligent Agent" during CES, which will have capabilities similar to the Doubao mobile assistant [10] - Huawei announced the launch of the new Huawei WiFi X product in March 2026, featuring transparent antenna technology and supporting the Harmony ecosystem [11] Group 4: Industry Trends - The Industrial Robot Quality Strong Chain project has completed 33 key tasks, marking significant progress in standards, measurement, testing, and certification [12] - Various regions in China have added over 1.1 billion RMB in subsidies to boost the automotive market as the year-end approaches [12] - The National Venture Capital Guidance Fund will focus on supporting emerging and future industries, enhancing investment in early-stage projects in sectors like semiconductors and AI [12] - The Ministry of Industry and Information Technology emphasized the implementation of a new round of key industry growth plans, promoting the supply of green and age-friendly products [13]