社服行业周报：中秋假期国内旅游消费表现平稳

Investment Rating - The industry investment rating is "Maintain Accumulate" [5] Core Viewpoints - Domestic tourism consumption during the Mid-Autumn Festival showed stable performance, with 107 million domestic trips taken, a 6.3% increase compared to the same period in 2019, and total consumer spending of 51.047 billion yuan, an 8.0% increase from 2019 [2][12] - The sales figures for Hainan's offshore duty-free shopping continued to be under pressure, with July sales amounting to 1.676 billion yuan, a year-on-year decline of 35.9% [3][13] Summary by Sections 1. Market Tracking - The social service industry index fell by 3.71% from September 9 to September 13, ranking 29th among all Shenwan first-level industries, underperforming the CSI 300 index by 1.48% [10][11] 2. Fundamental Tracking 2.1 Mid-Autumn Domestic Tourism Consumption - The Mid-Autumn Festival saw 107 million domestic trips, a 6.3% increase from 2019, with consumer spending reaching 51.047 billion yuan, an 8.0% increase [2][12] - The average spending per customer was 477.07 yuan, a 1.6% increase from 2019 [2][12] - Travel booking data indicated a significant increase in bookings compared to previous holidays, with domestic travel booking volume up by 5% compared to the Dragon Boat Festival [2][12] - Short-distance "micro-vacations" gained popularity, with a 31% increase in domestic car rental bookings compared to the Dragon Boat Festival [2][12] 2.2 July Hainan Offshore Duty-Free Sales - In July, Hainan's offshore duty-free sales amounted to 1.676 billion yuan, down 35.9% year-on-year, with shopping visits decreasing by 20.7% [3][13] - Cumulatively, from January to July, the total sales were 20.133 billion yuan, a 30.4% decline year-on-year [3][13] 3. Investment Recommendations - The report suggests focusing on companies such as Songcheng Performing Arts, ShouLai Hotel, Jinjiang Hotel, Zhongxin Tourism, SanTe Cableway, Keri International, ZhongJiao Holdings, and China Oriental Education [4][14]