本月社服行业涨跌幅为+1.23%，其中，各细分板块涨跌幅分别为：酒 店餐饮（+8.73%），教育（+4.28%），旅游及景区（+0.11%），专业服务 （-1.54%）。1）海南离岛免税新政实施首周吸金 5.06 亿元，同比 增逾三成；2）江苏省发布《关于加快发展赛事经济提振体育休闲消费的意见》， 支持符合条件的体育企业上市。

我们认为 2026 年经济增长目标会定在 5%，明显高于《学习辅导百问》 中基于人口变化和翻番目标倒算出的“十五五”期间 4.17%平均增长要求。我们认为，4.17%的年均增速是一个理论上的“底线要求”或“平均线”，考虑到政策目标的连贯性、预留空间给宏观经济波动、产业迭代和再通胀要求，5%会是 2026 年的经济增长目标。

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

战略金属指那些对一个国家的经济安全、国防安全和战略性新兴产业发展至关重要，但同时供应面临高风险（如资源稀缺、地理集中、地缘政治不稳定、供应链脆弱等）且难以被替代的金属元素，是新能源、高端制造等战略性新兴产业的核心基础原料，其供应安全关乎国家科技经济发展与安全。欧盟将其称之为关键原材料，指对国家经济社会发展和安全至关重要，但供应风险较大或对全球供应的影响力较强的矿产资源。

The global AI-ready cloud solutions market encompasses a specialized segment of the cloud computing industry, providing infrastructure, platforms, and services explicitly designed to support and scale artificial intelligence and machine learning workloads. These solutions are characterized by their high-performance computing capabilities, including access to specialized processors like GPUs and TPUs, and scalable storage and networking to handle massive datasets. AI-ready cloud solutions also feature integrated AI and machine learning frameworks, MLOps platforms for automating the machine learning lifecycle, and APIs for seamless integration of AI capabilities into existing applications. This market caters to the increasing demand from enterprises for agile, cost-effective, and powerful environments to develop, deploy, and manage AI-driven applications, thereby enabling innovations such as predictive analytics, natural language processing, and intelligent automation without the need for substantial upfront infrastructure investments.