行 业 及 产 业 社会服务 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 杨光 A0230524100004 yangguang@swsresearch.com 2026 年 02 月 11 日 春运期间多次出游占比提高，超长 假期激发消费活力 看好 ——春节假期旅游出行前瞻报告 本期投资提示： ⚫ 风险提示：宏观消费环境下行风险、政策落地不及预期、行业竞争加剧。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - 本研究报告仅通过邮件提供给 中庚基金 使用。2 ⚫ 2026 年春节"9 天不调休"的超长假期政策落地，舆情满意度高达 92.9%。大交通领域供需两 旺，民航春运 40 天旅客运输量预计达 9500 万人次（同比增长 5.3%），国内航司计划执飞客运航 班 65.7 万班次（同比增长 5%），2 次以上出行旅客占比升至 13%，为 2023 年以来同期新高； 铁路春运预计发送旅客 5.39 亿人次（同比增长 5%），客流高峰 ...

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].

Group 1 - The core viewpoint of the article highlights the recent revaluation of companies involved in reusable rocket technology, specifically mentioning Jin Feng Technology and Yuexiu Capital, which have seen significant stock price increases due to their holdings in Blue Arrow Aerospace and Zhongke Yuhang [2] - The company, Lansheng Co., Ltd. (600826.SH), clarified that it does not directly hold shares in Blue Arrow Aerospace and Weina Starry Sky, but has a small stake through a private investment fund, owning 0.2550% of Blue Arrow Aerospace and 1.31% of Weina Starry Sky [2]

证券日报网讯 1月12日，兰生股份在互动平台回答投资者提问时表示，公司未直接持有蓝箭航天空间科 技股份有限公司股份，公司参股投资设立的上海东瑞慧展私募投资基金合伙企业（有限合伙）持有该公 司约0.2550%的股权，详细信息敬请查询蓝箭航天的招股说明书。 （文章来源：证券日报） ...

Market Performance - The primary economic sector increased by 0.86% compared to the previous trading day, with Lansheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Top Gainers - Lansheng Co., Ltd. (600826) closed at 11.59, with a rise of 9.96% and a trading volume of 155,000 shares, totaling a transaction value of 179 million [1] - Insai Group (300781) closed at 36.95, increasing by 6.24% with a trading volume of 148,500 shares, amounting to 536 million [1] - Zhidema (300785) closed at 45.82, up 4.56% with a trading volume of 363,900 shares, totaling 1.635 billion [1] Top Losers - Renfujing (600859) closed at 15.00, down 3.41% with a trading volume of 591,700 shares, totaling 891 million [2] - Zhongxing Commercial (000715) closed at 6.19, decreasing by 1.59% with a trading volume of 186,400 shares, amounting to 11.6 million [2] - Dafu Industry (603081) closed at 13.91, down 0.86% with a trading volume of 64,500 shares, totaling 89.69 million [2] Capital Flow - The primary economic sector experienced a net outflow of 31.67 million from main funds, while retail investors saw a net inflow of 71.43 million [2] - The main funds showed a significant outflow from Lansheng Co., Ltd. and Insai Group, while retail investors contributed positively to the capital flow [3] Individual Stock Analysis - Lansheng Co., Ltd. had a net inflow of 57.64 million from main funds, but saw outflows from both speculative and retail investors [3] - Insai Group experienced a net inflow of 39.60 million from main funds, with outflows from speculative investors [3] - Wanda Film (002739) had a net inflow of 35.46 million from main funds, while speculative funds showed a significant outflow [3]

Market Performance - The professional services sector increased by 0.36% on December 26, with C Tian Su leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Gainers - C Tian Su (301449) closed at 114.65, with a significant increase of 27.23% and a trading volume of 102,600 shares, amounting to a transaction value of 1.079 billion yuan [1] - Bei Mining Testing (920160) rose by 16.44% to close at 28.97, with a trading volume of 146,400 shares and a transaction value of 421 million yuan [1] - Lihe Kechuang (002243) increased by 5.37% to close at 10.21, with a trading volume of 514,700 shares and a transaction value of 521 million yuan [1] Top Losers - Kai Pu Testing (003008) decreased by 1.69% to close at 22.05, with a trading volume of 12,900 shares and a transaction value of 28.66 million yuan [2] - Zhong Quan Radiation (300962) fell by 1.68% to close at 16.36, with a trading volume of 35,700 shares and a transaction value of 58.79 million yuan [2] - Jian Yan Yuan (603183) dropped by 1.59% to close at 4.33, with a trading volume of 90,000 shares and a transaction value of 39.42 million yuan [2] Capital Flow - The professional services sector saw a net inflow of 21.41 million yuan from institutional investors, while retail investors contributed a net inflow of 32.55 million yuan [2] - Speculative funds experienced a net outflow of 53.95 million yuan [2] Individual Stock Capital Flow - Bei Mining Testing (920160) had a net inflow of 98.49 million yuan from institutional investors, representing 23.37% of its trading volume [3] - C Tian Su (301449) saw a net inflow of 84.19 million yuan from institutional investors, but a net outflow of 59.42 million yuan from speculative funds [3] - Pu Ni Testing (300887) recorded a net inflow of 8.77 million yuan from institutional investors, while retail investors experienced a net outflow of 32.37 million yuan [3]

Group 1 - The company, Lansheng Co., Ltd. (600826), has stated that it currently does not have any sales revenue from EU countries [1]

Core Viewpoint - The company, Lansheng Co., Ltd. (600826.SH), has stated that it currently does not have any sales revenue from EU countries [1] Group 1 - The company has communicated its lack of sales revenue in the European Union market [1]

Core Viewpoint - The Shanghai First Intermediate People's Court sentenced Cao Wei, former Party Secretary and Chairman of Donghao Lansheng (Group) Co., Ltd., to 10 years and 6 months in prison for bribery, along with a fine of 2 million RMB, and ordered the recovery of illegal gains totaling over 20.76 million RMB [1]. Summary by Relevant Sections - **Bribery Case Details** - From 2003 to 2024, Cao Wei utilized his positions in various capacities within the company to accept bribes, providing assistance to individuals and entities in matters such as real estate transactions, business cooperation, project undertakings, and employee recruitment [1]. - The total amount of illegal gains received by Cao Wei was over 20.76 million RMB [1]. - **Court's Ruling and Considerations** - The court determined that Cao Wei's actions constituted bribery, with the amount being particularly large, warranting punishment [1]. - Factors such as voluntary confession, acceptance of guilt, sincere remorse, and active restitution were considered for a lighter sentence [1].

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].