社会服务行业双周报：入境游持续火热，关注Q3业绩兑现情况

Investment Rating - The industry investment rating is "Outperform the Market" [1][36]. Core Viewpoints - The social services sector has seen a 9.13% increase in the last two trading weeks, ranking 7th among 31 sectors in the Shenwan classification, outperforming the CSI 300 index by 7.35 percentage points [2][14]. - The inbound tourism market continues to thrive, with a 48.8% year-on-year increase in foreign visitors to China in Q3, reaching 8.186 million [2][22]. - The upcoming Q3 earnings reports from several companies in the sector are expected to be a focal point for investors [2][31]. Market Review & Industry Dynamics - The Shanghai Composite Index rose by 2.55% to 3299.70, while the CSI 300 increased by 1.78% to 3956.42 during the same period [2][14]. - Among the sub-sectors, education led with a 13.80% increase, followed by tourism and scenic spots at 8.82%, and professional services at 8.13% [2][16]. - The number of domestic flights decreased by 2.93% week-on-week, but international flights have recovered to 79.24% of 2019 levels [2][22]. Investment Recommendations - The report suggests focusing on companies with strong earnings growth potential, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [2][31]. - Chain hotel brands like Junting Hotel and Jinjiang Hotel are expected to benefit from the recovery in business travel [2][31]. - Companies involved in cross-border tourism and duty-free markets, such as China Duty Free Group and Wangfujing, are also recommended [2][31].