社会服务|重视景气边际变化,看好龙头兑现增长:2026年投资策略

中信证券研究
Nov 12

文|姜娅 杨清朴 刘济玮 李振寰王诗然 蒋若涵 谢聪2025年服务业消费整体呈现分化复苏,宏观经济、财富效应、业态竞争、政策引导是核心影响变量。展望2026年:需求端,K型复苏趋势预期依旧,同时泛中端消费龙头低基数效应显现,出海需求从试点探索走向规模化复制。供给端,常态化供给创新保障情绪价值溢价,政策引导起到积极助推作用,Al赋能效率提升和成本优化。推荐三条主线:一是景气回升中需求弹性...

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