社服&零售&美护行业周报：9月可选品社零回升显著，双十一各品牌开启分化

Investment Rating - The report maintains an "Overweight" rating for several companies including China Duty Free, Jin Jiang Hotels, Action Education, Core International, Aimeike, Proya, Betaini, Jinbo Biology, Runben Co., and others [1]. Core Insights - The report highlights a significant rebound in retail sectors related to social services, retail, and beauty care, driven by increased travel enthusiasm during the National Day holiday, surpassing last year's levels [2][3]. - The report emphasizes the potential for a major reversal in consumer spending, particularly in the discretionary consumption sector, as economic policies are expected to stimulate growth [32][33]. Summary by Sections Industry Performance - The social service index rose by 4.50% compared to the CSI 300, while the retail index fell by 0.07%, and the beauty care index increased by 0.62% [8]. - Year-to-date, the social service index has decreased by 9.07%, the retail index by 9.82%, and the beauty care index by 6.19% [8]. Sub-industry Dynamics - Dining and Tourism: The report notes that Sichuan is enhancing its tourism sector through IPOs and mergers to improve asset securitization [14]. - Gold and Jewelry: Retail sales in this sector fell by 7.8% year-on-year in September [16]. - Comprehensive Services: AI recruitment firm Mercor raised $30 million in Series A funding [17]. - Retail: Hainan's duty-free sales dropped by 38% in September, with a total of 240.06 billion yuan in sales from January to September, a decrease of 31% [19][20]. Company Updates - China Duty Free: Reported a revenue of 43.021 billion yuan for the first three quarters of 2024, down 15.38% year-on-year, but with a gross margin improvement [25]. - Proya: Opened a European innovation center in Paris, marking a significant step towards internationalization [22]. - Aimeike: Received approval for clinical trials for a new drug, indicating ongoing innovation in product development [29]. Market Outlook - The report suggests that the beauty care sector is expected to see marginal improvements in Q4, with a focus on new product lines for 2025 [33]. - The duty-free sector is anticipated to recover as consumer confidence improves, with potential increases in revenue and profit margins [33].