社会服务行业投资策略周报：关注高景气教育、旅游赛道

Investment Rating - The report suggests a positive outlook for the tourism, hotel, education, medical aesthetics, and retail sectors, with specific companies highlighted for potential investment opportunities [3][17][25][30]. Core Insights - The tourism sector is expected to maintain high activity levels in August despite short-term disruptions in July due to weather conditions, with a focus on regions like Northeast and Northwest China [3]. - In the hotel industry, companies like Huazhu Group and Atour are recommended for their strong performance in Q2, while Jinjiang Hotels is suggested for long-term investment due to expected reform benefits [3][18][22]. - The education sector is seeing significant growth, particularly in public service exam training and K12 education, with companies like Zhuoyue Education showing impressive revenue growth [3][23][25]. - The medical aesthetics market is under pressure but is expected to see new product launches that could boost market sentiment in the latter half of 2024 [3][30][33]. - The retail sector is recovering, with a focus on opportunities in the low-price competition environment, particularly in essential goods [3]. Summary by Sections Duty-Free - The duty-free sales index for the week of July 29 to August 4, 2024, was 28.0, indicating a slight improvement in sales driven by summer tourist traffic [9][17]. - Hainan's airports recorded a total of 486,000 passengers, a 5.3% increase from the previous week, recovering to 128.4% of 2019 levels [10][12]. Hotel - National hotel occupancy (OCC) was 67.60%, with a slight increase from the previous week, while average daily rate (ADR) was 232.61 yuan, showing a 3.11% increase [18][19]. - Economic hotels had an OCC of 66.92%, while high-end hotels faced a decline in occupancy compared to 2019 [18][21]. Education - Zhuoyue Education reported a revenue of 317 million yuan in H1 2024, a 68.08% year-on-year increase, with significant growth in contract liabilities [23][24]. - The public service exam training sector is expected to benefit from increased recruitment, with 3,956 positions announced for 2024 [26][28]. Medical Aesthetics - The medical aesthetics market is experiencing growth pressure, but new product launches are anticipated to stimulate market activity in H2 2024 [30][33]. - Companies like Juzhi Biotechnology and Jinbo Biological are highlighted for their potential in the medical aesthetics sector [33]. Retail - The retail sector is recovering, with a focus on essential goods performing better than discretionary items, and overall valuations are at low levels, indicating potential investment opportunities [3].