商社行业周报：政策预期持续推进，三季报陆续发布

Investment Rating - The report maintains an "Overweight" rating for the social services industry [2]. Core Views - The report emphasizes the importance of cyclical recovery expectations, highlighting sectors such as dining, hotels, and human resources services as key areas for investment [3]. - It notes that the education sector is showing signs of bottoming out, recommending undervalued stocks with sustainable earnings such as Excellence Education and Thinking Academy [3]. - The report also points out the sustained high demand in affordable overseas retail, recommending companies like Miniso and Small Commodity City [3]. - The competitive landscape for vertical O2O companies is improving, with expectations for both volume and price increases in service industries, recommending Tuhu-W [3]. - The tourism sector continues to see rising interest, with recommendations for travel-related companies such as Tongcheng Travel and Ctrip Group [3]. - The report highlights the long-term potential of gold jewelry under the backdrop of the rise of domestic brands, recommending companies like Lao Puhuang and Caibai [3]. Summary by Sections Social Services Industry - The report mentions the issuance of 30 million yuan in dining consumption vouchers in Hangzhou, with the first phase of 15 million yuan available from October 27 [3]. - Kudi Coffee has surpassed 10,000 global stores, with the milestone store located in Doha, Qatar [3]. - Flight operations at Hainan's three major airports are expected to increase by 1.6% year-on-year starting October 27 [3]. - Data from Fliggy indicates that over 500,000 "flexible flight" tickets and flight pass cards were sold by October 24, surpassing last year's total for the same period [3]. Retail Industry - TikTok Shop's autumn promotion in the US saw a GMV increase of 124% [3]. - Miniso's collaboration with Harry Potter launched in Jakarta, achieving sales of 3.08 million yuan in the first weekend [3]. - Yonghui's Beijing store reported an average daily sales of 1.54 million yuan in the five days leading up to its reopening [3]. Company Announcements - New Oriental reported Q1 FY2025 revenue of 1.435 billion USD, up 30.5% year-on-year, with a net profit of 245 million USD, up 48.4% [3]. - TAL Education's revenue for the quarter ending August 31, 2024, was 619.4 million USD, up 50.4% year-on-year, with a net profit of 57.4 million USD, up 51.5% [3]. - Foreign Service Holdings reported Q3 2024 revenue of 5.374 billion yuan, up 13.14% year-on-year, with a net profit of 138 million yuan, up 5.09% [3]. - Aiyingshi reported Q3 2024 total revenue of 774 million yuan, up 2.56% year-on-year, with a net profit of 5.4634 million yuan, up 0.78% [3]. - Tongqinglou reported Q3 2024 revenue of 594 million yuan, down 1.23% year-on-year, with a net profit of 2.4486 million yuan, down 95.74% [3]. - Emei Mountain reported Q3 2024 revenue of 298 million yuan, down 9.87% year-on-year, with a net profit of 111 million yuan, down 3.7% [3].