社会服务行业双周报：国庆消费数据稳中有升，旅游市场高景气

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The tourism market shows high prosperity during the National Day holiday, with domestic travel increasing steadily and cross-border travel performing well [2][3] - The social services sector index increased by 1.87% in the last two trading weeks, ranking 21st among 31 industries in the Shenwan classification, underperforming the CSI 300 index by 3.08 percentage points [2][15] - Domestic tourism during the National Day holiday saw 765 million trips, a year-on-year increase of 5.9%, with total spending reaching 700.82 billion yuan, up 6.3% year-on-year [2][3] Summary by Sections Market Review & Industry Dynamics - The Shanghai Composite Index rose by 4.22%, while the CSI 300 increased by 4.95% during the same period [2][15] - The social services sub-sectors showed varied performance, with professional services up by 5.69%, education by 5.01%, and tourism retail by 2.07%, while tourism and scenic areas fell by 1.14% and hotel and catering by 3.75% [2][18] - The number of domestic flights during the holiday reached 102,709, a 6.31% increase from the previous week, and 83.57% of international flights have recovered to 2019 levels [2][3] Investment Recommendations - Companies with strong earnings growth potential in the travel chain and related industries are recommended, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [3][39] - Hotel brands benefiting from business travel recovery include Junting Hotel, Jinjiang Hotel, and Shoulv Hotel [3][39] - The report also suggests focusing on companies like China Duty Free and Wangfujing, which are expected to benefit from the recovery of cross-border travel and new domestic duty-free policies [3][39] Company Dynamics & Announcements - The report highlights significant announcements from companies such as Beijing Shoulv Hotel and Fengshang Culture regarding their operational updates and stock repurchase plans [34] - The report notes the transfer of state-owned assets to Longbai Mountain Group, which may lead to increased competition in the hotel sector [34] Travel Data Tracking - The report indicates a complete recovery of business travel post-pandemic, with policies gradually relaxing to facilitate outbound tourism [35]