商社行业周报：发布会稳经济政策频出，关注三季报确定性
Guotai Junan Securities·2024-10-20 06:09

Investment Rating - The report rates the tourism industry as "Overweight" [1] Core Views - The report emphasizes the importance of cyclical recovery driven by policy support, highlighting the upcoming third-quarter earnings reports as a key focus for identifying stable performance stocks [2][3] - It recommends sectors such as dining, hotels, and human resources services due to improved competitive dynamics and expected price and volume increases [3] - The report also notes the sustained popularity of tourism, suggesting investment in travel-related companies [3] Summary by Relevant Sections Tourism Industry - The report highlights the continuous rise in tourism interest, recommending companies like Tongcheng Travel, Ctrip Group, SanTe Cableway, Jiuhua Tourism, and Changbai Mountain [3][8] - It mentions the positive impact of recent economic stabilization policies on the tourism sector [2] Dining Sector - The report suggests investing in dining companies such as Haidilao and Jiumaojiu, indicating their potential for growth [3][9] - It notes the competitive landscape in the dining industry is improving, which may lead to better performance [3] Retail and E-commerce - The report identifies opportunities in retail and e-commerce, recommending companies like Miniso and Xiaogongpincity, which are expected to maintain high growth [3][8] - It highlights the ongoing expansion of e-commerce platforms and their partnerships to enhance service offerings [3] Education Sector - The report points out a reversal in the education sector's downturn, recommending undervalued stocks such as Excellent Education and Thinking Education for sustainable performance [3][8] - It emphasizes the potential for growth in educational services as the market stabilizes [3] Human Resources Services - The report recommends investing in human resources service companies, indicating a positive outlook for firms like Beijing Human Resources and BOSS Zhipin [3][8] - It notes the increasing demand for human resources services as the economy recovers [3]