社会服务行业周报：元旦海南旅游消费活力释放，美图拟内设千万风投转型AI Agent

开源证券01-05

（以下内容从开源证券《社会服务行业周报：元旦海南旅游消费活力释放，美图拟内设千万风投转型AI Agent》研报附件原文摘录）旅游/潮玩：元旦假期海南旅游消费活力释放，消费与贸易活力凸显元旦假期：根据文旅部，元旦假期国内出游1.42亿人次/表观较2024年增长5.2%，国内出游总花费847.89亿元/表观较2024年增长6.3%，整体延续2025年假期旅游平稳表现。海南封关后旅游市场持续火热，...

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FY2025Q3中国大陆营收同比+46%，大幅快于整体增速，目前在中国有175家门店。亚玛芬体育2025Q3营收同比大增30%，中国市场同比增长47%。昂跑2025Q3亚太地区，收入1.45亿瑞郎，同比大增94%。零售：盒马、山姆均进入加速扩张时代，即时零售贡献增量盒马：一年时间实现“广度探索”到“深度运营”，明确将资源集中于盒马鲜生与超盒算NB，分别主打高品质消费升级和性价比消费，并正式接入淘宝“闪购”频道，供应链能力也持续提升。2025年盒马营收yoy+40%+。2026年盒马鲜生计划新开近100家门店、新增超50个覆盖城市，全国门店总数有望突破500家。山姆：据《商业观察家》公众号，山姆中国2025年销售额突破1400亿元人民币，预计销售增幅达40%左右。主要系同店双位数增长，开店加速以及线上业务持续增长（线上在GMV占比50%左右）。山姆中国竞争力主要源自差异化商品体系得到消费者认可。山姆中国70%左右商品销售由自有品牌和定制商品贡献。其产品力主要来自优化选品、打造“研发型供应链”。本周行情：港股传媒/零售板块跑赢恒生指数，消费者服务跑输恒生指数本周（2025.12.30-2026.1.3）港股消费者服务/传媒/商贸零售指数-0.97%/+4.03%/+2.9%，较恒生指数涨跌幅-3.72/+1.29/+0.16pct，在30个一级行业中排名第25/8/13；本周传媒上涨排名靠前。推荐标的：（1）旅游：长白山；（2）教育：好未来、科德教育；（3）餐饮/会展：特海国际、米奥会展；（4）美护：科思股份、水羊股份、康冠科技、倍加洁。受益标的：（1）餐饮：蜜雪集团、古茗、小菜园、锅圈；（2）IP：泡泡玛特、布鲁可、华立科技、青木科技；（3）美护：毛戈平、上美股份、若羽臣、巨子生物、四环医药；（4）新消费：美图、赤子城科技；（5）即时零售：美团-W、顺丰同城；（6）旅游：长白山、同程旅行、携程集团-S、大麦娱乐；（7）教育：中国东方教育。风险提示：项目落地不及预期，社会零售不及预期，行业竞争加剧等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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 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