社服行业周报：潮玩出海势头强劲，银发人群撬动旅游市场

Investment Rating - The industry investment rating is "Increase" (maintained) [4] Core Views - Pop Mart's performance exceeded expectations, with a strong momentum in the overseas market for trendy toys. In Q3 2024, Pop Mart's overall revenue (unaudited) grew by 120%-125% year-on-year, with mainland China revenue increasing by 55%-60% and revenue from Hong Kong, Macau, Taiwan, and overseas markets soaring by 440%-445% [4] - The trend of elderly people traveling to warmer southern regions is significant, with a 2.86 times increase in bookings for winter travel products among the elderly (aged 50 and above) compared to the National Day holiday period. Destinations in southern China saw a notable increase in bookings from this demographic [5][6] Summary by Sections Trendy Toy Industry - Pop Mart's revenue growth in Q3 2024 includes: - Retail stores: 30%-35% increase - Robot stores: 20%-25% increase - Pop Mart box machines: 55%-60% increase - E-commerce platforms: 135%-140% increase, with Douyin and Tmall flagship stores growing by 115%-120% and 155%-160% respectively - Wholesale and other channels: 45%-50% increase [4] Elderly Travel Market - The elderly demographic's travel bookings surged post-National Day, with a 45% increase in bookings to southern destinations. Specific increases include: - Haikou: 36% - Sanya: 27% - Fuzhou and Xishuangbanna: 30% [5] - Predictions indicate that by the end of the "14th Five-Year Plan," the number of low-age healthy elderly travelers in China will exceed 100 million, with tourism revenue expected to surpass one trillion yuan [6] Investment Recommendations - Suggested stocks to focus on include: - Hotel sector: Huazhu Group-S - Restaurant sector: Haidilao - Travel and scenic spots: China Youth Travel Service, Changbai Mountain - Duty-free sector: China Duty Free Group - Professional services: Miao Exhibition, Core International - Trendy retail: Miniso [7]