2026年社会服务业投资策略:预期的拐点,β与α并重

中国银河
Nov 25, 2025

(以下内容从中国银河《2026年社会服务业投资策略:预期的拐点,β与α并重》研报附件原文摘录)核心观点复盘:筑底信号愈发明显。受整体宏观环境及政策变化影响,2025年社零总额增速呈现“前高后低”趋势,尤其当耐用品消费的刺激渐入尾声,商品零售与服务零售的剪刀差重新扩大,服务消费的韧性体现的更为明显。进入Q4,伴随酒店、机票等出行服务价格回升,服务零售增速已稳定于5.0%-5.3%区间。展望:提振服务...

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