According to Zhitong Finance APP, Hualong Securities released a research report stating that in Q2, the commercial retail industry's revenue grew slightly year-on-year, while the profit side continued to surge, maintaining a recovery trend in the sector; the social services industry's revenue maintained steady growth, but net profit attributable to parent declined by double digits year-on-year, showing a "revenue growth without profit growth" characteristic. The firm believes that under the positive policy guidance of accelerating the cultivation of new growth points for service consumption and building a cultural and tourism powerhouse, the social services and commercial retail sectors are expected to continue recovering, maintaining a "recommended" rating for the industry. The main views of Hualong Securities are as follows:
In the first half of 2026, the commercial retail industry achieved operating revenue of 656.815 billion yuan, up 9.32% year-on-year; net profit attributable to parent was 17.391 billion yuan, up 52.02% year-on-year. Revenue continued steady growth, profits maintained substantial growth, offline consumption continued to warm up alongside corporate cost reduction and efficiency improvement, and the industry recovery logic continued to materialize.
In Q2 2026, the industry's revenue was 322.062 billion yuan, up 1.63% year-on-year; net profit attributable to parent was 6.075 billion yuan, up 36.22% year-on-year. Q2 revenue grew slightly year-on-year, the profit side continued to surge, and the sector's prosperity maintained a recovery trend.
In the first half of 2026, the social services industry achieved operating revenue of 102.201 billion yuan, up 9.42% year-on-year; net profit attributable to parent was 5.194 billion yuan, up 0.89% year-on-year. Revenue continued steady growth, but profit growth was significantly weak.
In Q2 2026, the industry's revenue was 53.583 billion yuan, up 2.40% year-on-year; net profit attributable to parent was 3.161 billion yuan, down 10.02% year-on-year. Q2 revenue maintained steady growth, while net profit attributable to parent declined by double digits year-on-year, showing a "revenue growth without profit growth" characteristic.
The prosperity of social services and commercial retail continues to recover.
On January 25, 2026, the General Office of the State Council issued the "Work Plan for Accelerating the Cultivation of New Growth Points for Service Consumption," proposing to focus on key areas and potential areas, accelerate the cultivation of new growth points for service consumption, promote the improvement of service consumption quality and benefits for the people, cultivate development momentum in potential areas, increase the supply of high-quality events, encourage the introduction of a number of excellent foreign sports events, support local governments in hosting mass sports events, and support the construction of consumption carriers related to ice and snow services.
In September 2026, the Ministry of Culture and Tourism issued the "15th Five-Year Plan for Culture and Tourism Development," aiming that by 2030, the construction of a cultural powerhouse and tourism powerhouse will be deepened, cultural undertakings, cultural industries, and the tourism industry will continue to prosper, culture and tourism will be deeply integrated and mutually reinforcing, the role of culture in empowering and tourism in driving development will be fully demonstrated, people's spiritual and cultural lives will be further enriched, the influence of Chinese culture will be significantly enhanced, and the country's soft power will continue to improve. Vigorously develop the cultural and tourism industries, and cultivate the cultural industry and tourism industry into pillar industries, livelihood industries, and happiness industries.
Risk warnings: continued sluggish household consumption capacity and willingness, risk of performance growth falling short of expectations, risk of intensified industry competition, risk of enterprises reducing travel costs through cost reduction and efficiency improvement, risk of sales at adjusted stores falling short of expectations, and risk of statistical bias in third-party data.
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