媒体关注|国泰君安刘越男:服务消费乘势起 品牌出海正当时

Investment Rating - The report indicates a positive outlook for the tourism and service consumption sectors, highlighting structural growth opportunities and recommending investments in these areas [1][2]. Core Insights - The tourism and service consumption sectors are experiencing a shift from sightseeing to cultural vacationing, with a notable increase in domestic travel and spending during the National Day holiday [1]. - The report emphasizes the rise of service consumption driven by emotional value, with a significant transition in consumer behavior towards experiences rather than mere functionality [2]. - The report identifies a trend of brand internationalization and the increasing importance of building brand equity in the cross-border e-commerce sector, supported by favorable policies [2][3]. Summary by Sections Domestic Travel and Spending - During the National Day holiday, 765 million domestic trips were made, reflecting a 5.9% year-on-year increase, with total spending reaching 700.82 billion yuan, a 6.3% increase [1]. - The report notes a diversification in travel destinations and a growing demand for high-quality, culturally rich experiences among younger travelers [2]. Service Consumption Trends - The transition from a production-oriented society to a consumption-oriented one is highlighted, with service consumption expected to rise as disposable income increases [2]. - The report identifies three main consumption trends: cost-effective travel, emotional value consumption, and service-oriented consumption [2]. Brand Internationalization - The report discusses the shift in cross-border e-commerce from price competition to brand establishment, with about 50% of Chinese cross-border sellers planning to invest more in brand development [2]. - The establishment of cross-border e-commerce policies and the expansion of pilot zones are seen as foundational for future growth in this sector [2][3]. Profitability and Market Dynamics - The report indicates that the investment return rates in the retail and service sectors have shown signs of recovery, with leading companies benefiting from improved market conditions and operational efficiencies [3]. - It highlights that while some sectors remain competitive, the advantages of scale and brand recognition will lead to market consolidation over time [3].