社会服务行业专题研究：24Q3商社板块持仓增加，持续看好强α龙头

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the social services sector [4]. Core Insights - The report highlights an increase in fund holdings for the social services, retail, and beauty care sectors, with respective ratios of 1.73%, 1.09%, and 0.33%, showing quarter-on-quarter increases of +0.50 percentage points, +0.70 percentage points, and a slight decrease of -0.05 percentage points [5][9]. - The total fund holding ratio for these three sectors is 3.14%, reflecting a quarter-on-quarter increase of 1.15 percentage points [5][9]. - The report emphasizes the strong performance of leading companies in these sectors, suggesting a focus on high-growth segments and quality companies amid a weak macroeconomic backdrop [6][30]. Summary by Sections 1. Sector: Increase in Heavy Holdings for Social Services and Retail - Fund holding ratios for social services, retail, and beauty care sectors are 1.73%, 1.09%, and 0.33%, with respective increases of +0.50pct, +0.70pct, and -0.05pct [5][9]. - The sectors ranked 18th, 23rd, and 29th in fund allocation, with social services and retail showing significant increases in holdings [9]. 2. Sub-Sectors: Significant Increases in E-commerce and Local Services - The e-commerce sector saw a substantial increase of +0.718 percentage points, while local life services II increased by +0.275 percentage points [12]. - Other sectors like hotel and restaurant services also experienced growth, while sectors such as education and cosmetics saw declines [12][20]. 3. Northbound Capital: Net Inflows in Social Services, Retail, and Beauty Care - Northbound capital recorded net inflows of 966 million CNY in social services, 1.37 billion CNY in retail, and 358 million CNY in beauty care [6][30]. - The report notes significant increases in foreign investment in specific companies within these sectors, indicating strong interest from international investors [30]. 4. Investment Recommendations: Clear Incremental Direction and Focus on Leaders - The report suggests focusing on high-growth segments and quality companies, recommending stocks such as Miniso, Giant Bio, Proya, and others [6][30]. - It emphasizes the importance of selecting quality stocks in a challenging economic environment, with a focus on companies that exhibit competitive advantages [6][30].