社服&零售&美护行业周报：国庆出游热度远超去年，社服美护零售多板块大幅反弹

Investment Rating - The report maintains an "Overweight" rating for several companies including China Duty Free Group, Jin Jiang Hotels, Action Education, and others [1]. Core Viewpoints - The report expresses optimism for leading consumer companies, particularly in the context of recent policy changes aimed at stimulating economic growth. It highlights that the consumer sector, especially discretionary spending, is expected to see valuation and performance improvements [1][2]. - The report emphasizes the importance of selecting well-adjusted leading companies with low holding expectations, particularly in the duty-free and hospitality sectors [1]. - The beauty and personal care sectors are noted for their significant adjustments, with expectations of a rebound due to consumer stimulus policies [1][2]. Summary by Sections Industry Performance - The social service index increased by 17.26%, while the retail index rose by 16.60%, and the beauty care index surged by 24.37% during the reporting period [7][8]. - The beauty care sector is highlighted as having the second-best performance among 31 industry indices [8]. Sub-industry Dynamics - Dining and Tourism: The report notes a projected 1.94 billion people will travel during the National Day holiday, indicating a 0.7% increase from last year [14]. - Gold and Jewelry: The report mentions that the high gold prices are putting pressure on terminal sales, and it is essential to monitor the inventory replenishment intentions of franchisees [17]. - Retail: The report discusses the active collaboration and resource integration trends within the retail sector, with a focus on e-commerce and offline business cooperation [19]. Company Updates - Social Services: Companies like Keri International and Junting Hotels have shown significant stock price increases of 41.96% and 33.36%, respectively [9][10]. - Retail: Notable stock price increases were observed for Huazhi Wine and Yonghui Supermarket, with gains of 47.18% and 44.74% [11][12]. - Beauty Care: Companies such as Aimeike and Beitaini reported stock price increases of 41.99% and 31.59% [13][14]. Market Trends - The report indicates that the beauty industry is experiencing rapid growth, with the market size expected to reach approximately 545.8 billion yuan in 2024, up from 516.9 billion yuan in 2023 [24]. - The report also highlights the increasing popularity of domestic travel destinations, with Sanya being a top choice for the upcoming holiday [20]. Policy Impact - Recent monetary policy adjustments, including a 0.5% reduction in the reserve requirement ratio, are expected to provide liquidity and support economic growth [23]. E-commerce Developments - The report notes that platforms like Taobao and JD.com are enhancing their payment options and logistics collaborations to improve consumer experience and drive sales growth [21][22].