Core Insights - The report indicates that the social service sector has underperformed the market, with a year-to-date increase of 4.95%, lagging behind the CSI 300 by 14.75 percentage points [4][9] - The report maintains an "Outperform" rating for the sector, suggesting a favorable investment window due to improving fundamentals and market conditions [2][4] Industry Overview - The social service sector has seen a decline in fund holdings, reaching a historical low of 0.29% by the end of Q3 2025, down 0.10 percentage points from Q2 [10][13] - The report highlights a divergence in performance among sub-sectors, with high-growth areas such as scenic spots and duty-free shops leading the gains since Q3 2025 [4][9] Financial Performance Summary - The travel chain sector showed signs of stabilization in Q3 2025, with a year-on-year revenue increase of 1%, although net profits decreased by 20% [18] - The education and human services sectors reported revenue growth of 15% and 7% respectively, with net profit growth slightly declining compared to Q2 [18][14] Sub-sector Analysis Duty-Free - The duty-free sector in Hainan has stabilized since September, with sales increasing by 3.4% year-on-year in September and 13.6% during the National Day holiday [23] - New policies implemented in November are expected to further stimulate demand and enhance the sector's performance [23] Hotels - The hotel sector has seen a narrowing decline in RevPAR (Revenue per Available Room), with Q3 declines of -2.4% for Shoulv and -2.0% for Jinjiang [27] - The report suggests that the sector is poised for recovery as supply growth stabilizes and operational efficiencies improve [27] Scenic Spots - The performance of scenic spots has varied, with natural scenic areas outperforming artificial ones, driven by consumer trends and external acquisitions [28] - The report emphasizes the importance of aligning with consumer trends and pursuing growth through acquisitions [28] Education - The education sector is experiencing robust growth, particularly in public examination preparation, with a record number of applicants for national exams [18][14] - The K12 education sector is shifting focus from supply shortages to quality, benefiting leading institutions [18] Human Services - The human services sector is in a bottoming phase, with leading companies focusing on improving operational efficiency [18] - The BCI index has shown signs of recovery, indicating a gradual improvement in hiring confidence [18]

Core Viewpoint - The Shanghai Composite Index rose by 0.23% on November 5, with 20 industries experiencing gains, particularly in the power equipment and coal sectors, which increased by 3.40% and 1.39% respectively [1] Industry Performance - The power equipment industry led the gains with a net inflow of 146.08 billion yuan, contributing to its 3.40% increase [1] - The coal industry also saw a positive performance, ranking second in net inflow [1] - The retail trade industry ranked third in terms of gains, with a 1.22% increase and a net inflow of 9.01 billion yuan [1] Fund Flow Analysis - Overall, the main funds in the two markets experienced a net outflow of 86.38 billion yuan [1] - Among the 20 industries with net outflows, the computer industry had the largest outflow at 63.63 billion yuan, followed by the electronics industry with 46.16 billion yuan [1] - Other industries with significant net outflows included telecommunications, non-bank financials, and automotive sectors [1] Stock Performance in Retail Trade - In the retail trade sector, out of 97 stocks, 77 saw an increase, with one hitting the daily limit, while 18 stocks declined [1]

Core Viewpoint - The announcement of the longest Spring Festival holiday in history in 2026 is driving a surge in the consumer sector, particularly in hospitality, tourism, and retail [1][3][5]. Consumer Sector Performance - Major consumer sectors such as hotel and restaurant, tourism, and retail chains saw significant gains, with stocks like Dongbai Group and Caesar Travel hitting the daily limit [1][3]. - The upcoming nine-day Spring Festival holiday from February 15 to February 23, 2026, is expected to boost travel and spending, leading to increased search volumes for travel bookings [3][5]. Policy Support for Service Consumption - Analysts believe that strong policy support will position service consumption as a key investment theme, with a focus on enhancing consumer spending [2][10]. - The government is expected to implement measures to stimulate consumption, including optimizing public service spending and enhancing consumer rights protection [10][11]. Duty-Free Market Developments - Recent policy upgrades for duty-free shops have led to a notable increase in duty-free stock prices, with significant gains observed in companies like Pingtan Development and China Duty Free Group [6][8]. - The new duty-free policies aim to enhance consumer experience and expand the range of products available, which is anticipated to attract more customers and boost sales [8][9]. Future Investment Opportunities - The service sector, particularly in tourism and duty-free retail, is projected to benefit from ongoing policy support and consumer demand recovery, making it a promising area for investment [10][11]. - Companies involved in traditional consumer goods manufacturing and those in education, healthcare, and tourism are expected to gain from favorable policies and market expansion [11].

Group 1 - The company plans to hold an investor open day on November 28, 2025, in Sanya, Hainan Province [1] - The purpose of the event is to provide investors with a comprehensive understanding of the company's operational results, strategic planning, and core competitiveness [1] - The initiative aims to enhance investor recognition and confidence in the company, fostering closer and more effective interactions between the company and its investors [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 承董事會命 中國旅遊集團中免股份有限公司 董事會主席 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 范雲軍先生 中國•北京 2025年11月5日 於本公告日期，董事會成員包括非執行董事范雲軍先生及劉昆女士，執行董事常 築軍先生、王月浩先生及王軒先生及獨立非執行董事葛明先生、王瑛女士及王強 先生。 中國旅遊集團中免股份有限公司 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國旅遊集團中免股份有限公司在上海證券交易所網站刊登的《中國旅遊 集團中免股份有限公司關於舉辦投資者開放日活動的公告》，僅供參閱。 特此公告。 2. 活动地点：海南省三亚市海棠区海棠北路 118 号 cdf 三亚国际免税城 3. 活动对象：公司股东及对公司感兴趣的投资 ...

Market Overview - The Investment Clock Index (399391) closed at 3348.13 points, up 0.03%, with a trading volume of 78.792 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 71 stocks rose while 28 stocks fell, with Guocheng Mining leading the gainers at a 9.42% increase and Dalian Shengya leading the decliners at a 9.99% decrease [1] Top Constituents - The top ten constituents of the Investment Clock Index are as follows: - Kweichow Moutai (sh600519) holds a weight of 16.68% and closed at 1420.08 yuan, down 0.62% with a market cap of 1778.324 billion yuan [1] - China Merchants Bank (sh600036) has a weight of 15.74%, closing at 42.80 yuan, down 0.49% with a market cap of 1079.409 billion yuan [1] - Yunnan Tin Company (sh601899) has a weight of 7.34%, closing at 29.01 yuan, up 0.80% with a market cap of 771.015 billion yuan [1] - Wuliangye Yibin (sz000858) has a weight of 5.26%, closing at 116.18 yuan, down 0.84% with a market cap of 450.965 billion yuan [1] - Hengrui Medicine (sh600276) has a weight of 4.84%, closing at 61.96 yuan, up 0.06% with a market cap of 411.241 billion yuan [1] - Gree Electric Appliances (sz000651) has a weight of 4.03%, closing at 39.72 yuan, up 0.03% with a market cap of 222.488 billion yuan [1] - Yili Industrial Group (sh600887) has a weight of 3.04%, closing at 27.25 yuan, up 0.66% with a market cap of 172.366 billion yuan [1] - Northern Rare Earth (sh600111) has a weight of 2.49%, closing at 47.77 yuan, down 2.71% with a market cap of 172.692 billion yuan [1] - Fuyao Glass (sh600660) has a weight of 2.35%, closing at 67.18 yuan, up 0.77% with a market cap of 175.323 billion yuan [1] - Jilin Chemical (sz000568) has a weight of 2.31%, closing at 132.17 yuan, down 0.70% with a market cap of 194.548 billion yuan [1] Capital Flow - The net outflow of main funds from the index constituents totaled 677 million yuan, while retail investors saw a net inflow of 708 million yuan [3] - Detailed capital flow for selected stocks includes: - China Zhongjin (601888) saw a main fund net inflow of 36.4 million yuan, while retail funds had a net outflow of 93.414 million yuan [3] - Jiangxi Copper (600362) had a main fund net inflow of 18.2 million yuan, with retail funds experiencing a net outflow of 70.3612 million yuan [3] - Weichai Power (000338) had a main fund net inflow of 13.5 million yuan, while retail funds had a net inflow of 1.60758 million yuan [3] - Giant Network (002558) had a main fund net inflow of 11.8 million yuan, with retail funds experiencing a net outflow of 65.0268 million yuan [3] - China Coal Energy (601898) had a main fund net inflow of 11.7 million yuan, while retail funds had a net outflow of 79.0666 million yuan [3]

Core Viewpoint - Retail concept stocks experienced a significant rise in early trading on November 5, with several companies reaching their daily limit up or showing notable gains [1]. Group 1: Stock Performance - Dongbai Group (600693) reached a limit up with a price of 7.05, reflecting a 9.98% increase [2]. - Zhongbai Group (000759) increased by 5.52%, with a current price of 7.64 [2]. - China Duty Free Group (601888) saw a 3.38% rise, reaching a price of 78.00 [2]. - Youa Shares (002277) rose by 3.14%, priced at 6.89 [2]. - Guangbai Shares (002187) increased by 3.08%, with a price of 6.70 [2]. - Ouyashang Group (600697) experienced a 2.97% increase, priced at 14.22 [2]. - Guoguang Chain (605188) rose by 2.95%, with a current price of 23.73 [2]. - Gongxiao Daji (000564) increased by 2.59%, priced at 2.77 [2]. - Zida Group (600865) saw a 2.18% rise, with a price of 9.38 [2].

Group 1 - The tourism retail sector increased by 2.85% on November 5, with China Duty Free Group leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] - China Duty Free Group's closing price was 77.60, reflecting a 2.85% increase, with a trading volume of 648,000 shares and a transaction value of 5.044 billion yuan [1] Group 2 - The tourism retail sector saw a net inflow of 364 million yuan from main funds, while retail investors experienced a net outflow of 271 million yuan [1] - The main funds for China Duty Free Group had a net inflow of 72.2% with a net outflow of 93.4145 million yuan from speculative funds [1]

证券代码：601888 证券简称：中国中免 公告编号：临2025-033 中国旅游集团中免股份有限公司 关于举办投资者开放日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为便于广大投资者全面、立体、深入地了解中国旅游集团中免股份有限公司 （以下简称"公司"）的经营成果、战略规划及核心竞争力，增进投资者对公司 的认知和投资信心，促进公司与投资者之间建立更为紧密、良好的互动关系，实 现公司与投资者的共赢发展，公司拟于 2025 年 11 月 28 日在海南省三亚市举办 投资者开放日活动，现将有关事项公告如下： 一、活动安排 1. 活动时间：2025 年 11 月 28 日（周五）9:00-12:00 5. 出席人员：公司领导及相关业务负责人等 二、报名方式 为更好地安排本次活动，请有意参与此次活动的投资者于 2025 年 11 月 21 日中午 12:00 前通过如下方式报名参加： 1. 点击链接预约报名 https://www.yuediaoyan.com/research/index.php/Home/Strat ...

Group 1 - The Hang Seng Index turned positive, while the Hang Seng Tech Index narrowed its decline to 0.3% [1] - China Duty Free Group (中国中免) saw an increase of approximately 3% [1] - Tianqi Lithium (天齐锂业) experienced a rise of about 5% [1]