中银国际：服务消费迎利好重视社服行业景气回升

智通财经网2025-12-09

智通财经APP获悉，中银国际发布研报称，旅游业绩表现整体稳健局部分化，总体成长性放缓，该行预计后续将延续此态势。当前餐饮市场竞争从价格战逐步走向理性，客单价逐步趋稳。免税行业当前经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显。服务消费成为扩大内需新引擎，政策端利好不断释放。板块基本面筑底，随着行业供给持续提质升级，看好需求端逐步回暖带来的细分行业的景气上行，维持行业强于大市评级。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590329043?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-09 15:15","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590329043","market":"hk","top_or_hot":-1,"title":"中银国际：服务消费迎利好 重视社服行业景气回升","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，中银国际发布研报称，旅游业绩表现整体稳健局部分化，总体成长性放缓，该行预计后续将延续此态势。当前餐饮市场竞争从价格战逐步走向理性，客单价逐步趋稳。免税行业当前经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显。服务消费成为扩大内需新引擎，政策端利好不断释放。板块基本面筑底，随着行业供给持续提质升级，看好需求端逐步回暖带来的细分行业的景气上行，维持行业强于大市评级。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915460897980c5a&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中银国际：服务消费迎利好 重视社服行业景气回升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中银国际：服务消费迎利好 重视社服行业景气回升\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 15:15 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915460897980c5a&s=b><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中银国际发布研报称，旅游业绩表现整体稳健局部分化，总体成长性放缓，该行预计后续将延续此态势。当前餐饮市场竞争从价格战逐步走向理性，客单价逐步趋稳。免税行业当前经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显。服务消费成为扩大内需新引擎，政策端利好不断释放。板块基本面筑底，随着行业供给持续提质升级，看好需求端逐步回暖带来的细分行业的景气上行，维持行业强于大市评级。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915460897980c5a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0052750758.USD","symbol_name":"富兰克林中国基金A Acc","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915460897980c5a&s=b","article_id":"2590329043","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025120915460897980c5a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590329043","pubTimestamp":1765264557,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"当前餐饮市场竞争从价格战逐步走向理性，客单价逐步趋稳。免税行业当前经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显。服务消费成为扩大内需新引擎，政策端利好不断释放。酒店企业利润增长主要源于自身降本增效和门店质量提升，未来利润充分释放仍需期待行业景气度回升。免税：行业景气度边际回升，建议积极布局龙头25M9离岛免税销售额增幅同比转正，且前三季度客单水平同比显著回升。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0052750758.USD":"富兰克林中国基金A Acc","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","BK1164":"酒店、度假村与豪华游轮","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","BK1588":"回港中概股","09961":"携程集团—S","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0594300419.USD":"富达中国消费基金A","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","BK1604":"节假日概念"},"translate_title":"BOC International: Service consumption welcomes good news and attaches importance to the rebound of the social service industry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09961":0.9},"content_text":"智通财经APP获悉，中银国际发布研报称，旅游业绩表现整体稳健局部分化，总体成长性放缓，该行预计后续将延续此态势。当前餐饮市场竞争从价格战逐步走向理性，客单价逐步趋稳。免税行业当前经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显。服务消费成为扩大内需新引擎，政策端利好不断释放。板块基本面筑底，随着行业供给持续提质升级，看好需求端逐步回暖带来的细分行业的景气上行，维持行业强于大市评级。中银国际主要观点如下：旅游：休假制度再优化，关注外延增量与跨境游机遇国内出游人次稳定增长，消费力释放仍有不足;跨境游受益于免签利好和运力修复日益火热。个股业绩表现整体稳健局部分化，总体成长性放缓，该行预计后续将延续此态势。展望后市，26年春节迎来超长假期，各地逐步落实春秋假，休假制度再优化有望继续推升出游热情。景区层面，建议关注供给侧有项目储备、中长期成长逻辑明确的企业，包括长白山、黄山旅游、丽江股份等。旅行社层面，国内游景气度延续，出境游市场持续修复，入境游有望贡献新增量。建议关注岭南控股、众信旅游、中青旅。互联网大厂入局OTA行业导致竞争加剧，但当前龙头企业在酒旅资源方面护城河较深，且积极布局AI应用，有望提升运营效率，跨境游以及海外市场有望继续贡献增量，建议关注同程旅行、携程集团。酒店：需求待释放，企业经营有所承压2025Q3酒店延续了先前的行业承压态势，供给端多家酒店集团持续拓店，或在未来加剧市场竞争。需求端，企业费用管控之下，商旅需求仍未充分释放，当前酒店市场景气度一般。酒店企业利润增长主要源于自身降本增效和门店质量提升，未来利润充分释放仍需期待行业景气度回升。建议关注酒店行业头部企业锦江酒店、首旅酒店。餐饮：多因素扰动致使市场增速放缓，竞争趋缓行业层面来看，6月以及后续三季度，社零餐饮增速下降，主要是受餐饮消费大环境影响。但当前市场竞争从价格战逐步走向理性，客单价逐步趋稳。后续企业层面更需关注自身经营水平建设。建议关注同庆楼。免税：行业景气度边际回升，建议积极布局龙头25M9离岛免税销售额增幅同比转正，且前三季度客单水平同比显著回升。海南岛封关在即，免税商的牌照优势仍存，并有望共享自贸港政策红利。免签扩容和国际航班运力修复助推国际客流增长，市内免税门店加速落地。当前行业经营状况出现边际改善，政策端利好持续加码，龙头免税商优势凸显，建议关注中国中免、王府井。人服：人服行业规模保持增长，灵活用工和外包驱动为主尽管当前市场招聘信心仍显不足，整体压力存在，但人服重点企业在业务外包、灵活用工等业务层面上表现良好，未来营收仍有望持续增长。利润方面，则更加考验企业自身运营效率。建议关注人服行业代表企业科锐国际、北京人力、外服控股。会展：内展有望受益于商务环境转暖，外展需跟踪国际政局变化25年前三季度会展企业业绩表现分化，主要是由于展商主营阵地不同。内展主要依赖于商务环境转暖，建议关注内生业务稳健增长，并积极主动布局新兴景气产业的兰生股份;外展方面，企业出海需求仍存，但国际政局动荡，也使得海外办展参展面临较大的挑战，建议关注境外展龙头米奥会展。评级面临的主要风险行业信心复苏不及预期，政策落地及执行不及预期、地缘政治变动风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590329043","isCrawlerRequest":true}

中银国际：服务消费迎利好 重视社服行业景气回升

精彩评论

中银国际：服务消费迎利好重视社服行业景气回升