社会服务行业深度报告:免税和黄金新政改善供需

中信建投证券
Nov 08, 2025

核心观点2025 年前三季度消费板块的收入利润改善均不明显,医美化妆品等已经进入稳健发展期,文旅消费的假期经济接近瓶颈,线下零售仍处于困境反转阶段,其中黄金珠宝受益于金价持续上行,跨境出口展现强劲韧性,新消费大多属于结构性受益品种。我们认为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2025 年前三季度看服务消费板块没有全面恢复,个别行业实现供需改善与总量...

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