Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

来源 | 北京日报 识政 编辑 | 杜小溪 英国驻华大使魏磊、德国工商大会北京代表处首席代表欧阳利文、中粮集团总经理白勇发言。中国工商 银行、中国日报、京东集团、首旅集团分别发布了"共享大市场·出口中国"活动的支持举措。 启动活动结束后，王文涛、殷勇等与会领导前往进口商品推介区，察看进口商品展示销售情况。 哈萨克斯坦驻华大使努雷舍夫、葡萄牙驻华大使纳西门托、肯尼亚驻华大使贝特、泰国驻华大使韩灿 才、芬兰驻华大使明凯，中央有关单位领导张力、廖林，北京市副市长唐文弘，市政府秘书长曾劲参 加。 2月4日下午，由商务部、北京市人民政府共同主办的"共享大市场·出口中国"北京国际精品荟在通州区 湾里·王府井WellTown启动。商务部部长王文涛，北京市委副书记、市长殷勇致辞并共同启动活动。 王文涛说，举办"出口中国"系列活动是中国扩大自主开放、积极扩大进口的主动作为。商务部愿与各方 一道，共同办好"出口中国"系列活动，让中国新发展成为世界各国新机遇。组织形式多样的进口促进活 动，为全球卖家和中国买家搭建交流对接平台，让优质进口产品进得来、卖得好。强化供需互配，吸引 更多优质产品和服务来到中国，进电商平台、进商场超市、进商 ...

证券之星消息，2月4日酒店餐饮板块较上一交易日上涨2.09%，君亭酒店领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301073 | 君亭酒店 | 32.19 | 5.37% | 10.77万 | 3.45 Z | | 002306 | *ST云网 | 2.21 | 5.24% | 17.97万 | 3917.37万 | | 600258 | 首旅酒店 | 17.55 | 2.33% | 18.69万 | 3.25亿 | | 600754 | 锦江酒店 | 27.05 | 1.88% | 11.35万 | 3.06亿 | | 601007 | 金陵饭店 | 8.49 | 1.80% | 13.40万 | 1.13亿 | | 000428 | 华天酒店 | 3.85 | 1.05% | 37.42万 | 1.44亿 | | 000721 | 西安饮食 | 66'8 ...

证券之星消息，2月3日酒店餐饮板块较上一交易日上涨1.1%，华天酒店领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。酒店餐饮板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000428 华天酒店 | | 55.98万 | 0.24% | 639.12万 | 2.77% | -695.10万 | -3.01% | | 601007 | 金陵饭店 | -156.64万 | -1.50% | 16.31万 | 0.16% | 140.33万 | 1.35% | | 000721 西安饮食 | | -258.58万 | -2.14% | -639.05万 | -5.30% | 897.64万 | 7.44% | | 002186 | 全聚德 | -302.05万 | -4.01% | -66.15万 | -0.88% | 368.20万 | 4.8 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volumes during the Spring Festival [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to the upcoming holiday and improved vacation policies [4]. - The report suggests selecting short-term outperformers in the gold sector as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Summary by Relevant Sections Industry Overview - The report notes a significant increase in domestic flight ticket bookings, with over 7.16 million tickets reserved as of January 29, 2026, reflecting a year-on-year growth of approximately 16% [4]. - International flight bookings also show slight growth, with over 1.72 million tickets reserved [4]. Retail Sector Insights - The report cites a Bain & Company report indicating a 3% to 5% contraction in China's personal luxury goods market in 2025, although this represents a significant improvement compared to the previous year's decline [4]. Company Announcements - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. expects a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - Cuihua Jewelry forecasts a net profit of 21 million to 31 million RMB for 2025, a decrease of 85.69% to 90.31% compared to the previous year [4]. Key Stock Recommendations - The report recommends several stocks across various sectors, including: - Hotels: Huazhu Group, ShouLai Hotel, JinJiang Hotels [4]. - Duty-free: China Duty Free Group [4]. - Scenic spots: Emei Mountain A, Jiuhua Tourism, Huangshan Tourism [4]. - Gold sector: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold [4]. - AI and new consumption: Kangnait Optical, Huatu Shanding, Tianli International Holdings [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].