大消费行业研究：一系列政策推动消费增长，关注社会服务、家用电器、食品饮料等行业投资机会

Group 1: National Holiday Travel and Consumption - During the National Day holiday, 765 million domestic trips were made, reflecting a year-on-year increase of 5.9% and a 10.2% increase compared to 2019, with total spending reaching 700.82 billion yuan, a 6.3% year-on-year increase [9][10] - The travel market is thriving, with a significant rise in bookings for high-star hotels and travel packages, and a 40% increase in orders for county tourism among younger travelers [11][12] Group 2: Policy Support for Consumption Growth - The central government is promoting consumption and improving living standards, with local governments distributing consumption vouchers, such as Shanghai's 500 million yuan allocation for various service sectors [10][11] - The "old-for-new" appliance policy has led to a 149% year-on-year increase in appliance sales during the National Day period, indicating strong consumer demand [10][14] Group 3: Relevant Industries Social Services - The tourism market is experiencing robust growth, with significant increases in bookings for domestic and international travel, and a notable rise in restaurant revenues during the holiday [11][12] Home Appliances - The home appliance market is benefiting from the "old-for-new" policy, with online retail sales of televisions increasing by 38.3% and offline sales by 40.6% in September [13][14] - During the National Day holiday, retail sales of refrigerators, washing machines, and air conditioners saw year-on-year increases of 34.3%, 41.6%, and 78.9% respectively [14] Food and Beverage - The food and beverage sector is expected to benefit from upcoming policies aimed at boosting consumption, with a focus on stabilizing meat and dairy production [16][17] - The demand for liquor is anticipated to rebound, while soft drink companies like Dongpeng Beverage have reported strong performance in Q3 [16] Cosmetics - The cosmetics industry is competitive, with domestic brands gaining popularity among young consumers, and the market size expected to exceed 570 billion yuan by 2025 [17][18] - The "Double 11" shopping festival has begun, with significant promotional activities expected to drive sales in the cosmetics sector [19][20] Group 4: Key Companies - Companies to watch in the social services sector include Jinjiang Hotels, Shoulv Hotels, and Songcheng Performing Arts [4] - In the home appliance sector, key players include Haier Smart Home, Midea Group, Gree Electric, and Roborock Technology [4] - Notable companies in the food and beverage industry include Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Qingdao Beer [4] - In the cosmetics sector, companies like Proya are highlighted for their strong market presence [4][21]