社会服务行业2026年投资策略报告:政策推动免税和黄金行业新征程

中信建投证券
Nov 07

核心观点政策关注品质消费和对外开放的同时,也对引导结构性优化作出指导,我们预计新的一年将继续在升级消费和基础消费中产生增长。免税行业从消费回流到迎接封关与入境新红利,黄金税改与时尚品牌出海共振,服务业高质量发展伴随高品质供给激发新消费需求。十五五起点消费有望从预期现实双弱的格局中逐渐走出板块性机会,中国品牌故事日渐丰满。摘要十五五起点关注品质消费与政策引导。免税板块:海南封关即将落地,海南有望迎来...

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