社会服务行业周报：三季度民航客流双位数增长，景区表现亮眼

Investment Rating - The report maintains a "Positive" outlook on the social services industry, highlighting strong growth in passenger transport and tourism sectors [4][5]. Core Insights - The aviation sector experienced a double-digit growth in passenger transport, with a total of 202 million passengers in Q3 2024, marking a 12.4% increase year-on-year and a 15.4% increase compared to the same period in 2019 [4][9]. - The hotel industry faced challenges due to a decline in business travel, with an average occupancy rate of 62.55% in Q3 2024, down 2.88% from the previous year [4][10]. - Key tourist attractions like Changbai Mountain and Jiuhua Mountain saw significant visitor increases, with Changbai Mountain receiving 1.678 million visitors in Q3 2024, a 5.85% year-on-year growth [4][16]. Summary by Sections 1. Aviation and Tourism Performance - Q3 2024 saw a total of 2.02 billion passengers transported by civil aviation, with international flights recovering to 78.3% of 2019 levels [4][9]. - Domestic passenger transport reached 1.81 billion, up 8.1% year-on-year, while international transport surged by 71.5% [4][9]. 2. Hotel Industry Analysis - The average daily rate (ADR) for hotels was 215.46 yuan, down 7.09% year-on-year, with a RevPAR of 134.77 yuan, reflecting an 11.18% decline [4][10]. - The occupancy rates for different hotel categories showed declines, with luxury hotels experiencing the most significant drop [10]. 3. Cross-Border E-commerce Growth - Cross-border e-commerce exports reached 1.48 trillion yuan, a 15.2% increase, while imports slightly decreased by 0.4% [5][19]. - The total cross-border e-commerce trade volume for the first three quarters of 2024 was 1.88 trillion yuan, up 11.5% year-on-year [5][19]. 4. Visitor Trends and Recommendations - A significant increase in inbound and outbound travel was noted, with 160 million people crossing borders in Q3 2024, a 30.1% increase year-on-year [5][19]. - Investment recommendations include focusing on key scenic spots and travel agencies, such as Changbai Mountain, Jiuhua Tourism, and Zhongqing Travel [5][19].