社会服务行业·周观点：十一假期旅游经济维持稳健，年内积极关注出境游机会

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [34][35]. Core Viewpoints - The tourism economy during the National Day holiday remains robust, with 765 million domestic trips taken, a year-on-year increase of 5.9%, and a 10.2% increase compared to 2019. Total domestic tourist spending reached 700.82 billion yuan, up 6.3% year-on-year and 7.9% compared to 2019. Most provinces saw an increase in per capita tourism spending, reflecting a recovery in consumer sentiment, although hotel prices remain under pressure, with an average price drop of 8.4% during the holiday [22][23]. - The outbound tourism market is expected to continue its growth, benefiting outbound tourism product providers. Domestic tourism data for the holiday met expectations, and with the implementation of tourism consumption policies and improved income expectations, domestic tourism demand is likely to be further released. Attention is recommended on oversold cyclical leaders [22][23]. - The data factor-related policies have been intensively implemented, marking the industry’s entry into an accelerated development phase. The government aims for the data industry to achieve a compound annual growth rate (CAGR) of over 15% by 2029, with a focus on data-intensive industries such as autonomous driving and intelligent applications [24][25]. Summary by Sections Market Review - The social services sector index experienced a weekly decline of 8.66%, ranking last among the 31 sectors in the Shenwan index. The performance of sub-industries included professional services (-5.69%), education (-6.52%), sports II (-7.58%), tourism and scenic spots (-11.89%), and hotel catering (-13.12%) [12][17][19]. Investment Themes - Investment Theme 1: The tourism economy during the National Day holiday is stable, with a focus on outbound tourism opportunities. The data indicates a significant increase in bookings for high-star hotels and travel products, with outbound travel bookings up over 50% year-on-year [22][23]. - Investment Theme 2: The recent rollout of data factor policies is expected to accelerate industry development. The government is promoting the establishment of a national data standard system by 2026, which will enhance the value of data factors [24][25]. Industry News Dynamics - The restaurant market showed signs of recovery during the National Day holiday, with sales and customer traffic both increasing. The average daily sales for dining out rose by 33.4% compared to the same period last year, with night-time consumption seeing a significant increase of 44.8% [30][31].