社会服务行业投资策略周报：政策发力持续，关注顺周期标的

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Views - The report emphasizes the ongoing policy support and the potential for recovery in various sectors, particularly in tourism and duty-free sales, driven by a cyclical upturn [1][28] - The report highlights the expected recovery in average transaction value in duty-free sales, particularly in Hainan, as a key factor for sales rebound [28] - The report suggests focusing on leading companies in the duty-free sector and those benefiting from improved market conditions [28] Summary by Sections Duty-Free Sector - The duty-free sales sentiment index was recorded at 23.6, indicating short-term pressure on customer flow due to seasonal factors [12] - Hainan's airport traffic showed a recovery, with a total of 430,000 passengers from October 28 to November 3, 2024, representing a 4.5% increase compared to the previous week [12][13] - The report recommends focusing on duty-free companies like China Duty Free Group and Wangfujing, which are expected to benefit from the recovery in average transaction values [28] Hotel Industry - National hotel occupancy (OCC) was reported at 55.25%, with a decrease of 2.95 percentage points week-on-week and a 3.45% decline year-on-year [29] - The average daily rate (ADR) for hotels was 185.00 yuan, down 1.40% from the previous week and 5.25% year-on-year [29] - The report suggests monitoring leading hotel groups that are focusing on membership business and operational efficiency [29][46] Education Sector - The report notes a positive policy environment for the education sector, particularly for K12 and public service training, with an expected increase in enrollment for civil service exams [47][50] - The number of candidates passing the civil service qualification review is projected to reach 3.416 million in 2025, a year-on-year increase of 12.6% [50] - The report recommends focusing on leading educational institutions that are adapting to regulatory changes and expanding their service offerings [49][50] Medical Aesthetics and Cosmetics - The report highlights the increasing trend of domestic medical aesthetics companies expanding overseas, with notable examples like Jinbo obtaining medical device registration in Vietnam [58] - The report emphasizes the importance of international market expansion for leading medical aesthetics firms as a strategic move for growth [58] - Investment recommendations include companies with strong product pipelines and international expansion plans, such as Jinbo and Jiangsu Wuzhong [58][61]