社会服务行业双周报：冰雪游需求热度增长，产业迎政策利好

Investment Rating - The report maintains an "Outperform" rating for the social services industry [2][30]. Core Insights - The social services sector has seen a 9.03% increase in the past two weeks, ranking 6th among 31 industries in the Shenwan classification, outperforming the CSI 300 index by 5.30 percentage points [2][15]. - The winter season is expected to boost demand for ice and snow tourism, supported by favorable policies, with a projected total scale of the ice and snow economy reaching 1.2 trillion yuan by 2027 [2][23]. - The report highlights significant growth in specific sub-sectors, particularly education (17.19%), tourism retail (9.87%), and hotel and catering (8.87%) [2][17]. Market Review & Industry Dynamics - The Shanghai Composite Index rose by 4.62% to 3452.30, while the CSI 300 increased by 3.73% to 4104.05 during the same period [2][15]. - The report notes a decrease in national civil aviation passenger flights by 4.78% compared to the previous week, with international flights recovering to 76.43% of 2019 levels [2][2]. - The report indicates a strong increase in bookings for ice and snow-related attractions, with a more than 30% year-on-year growth in reservations [2][22]. Investment Recommendations - The report suggests focusing on companies with strong earnings growth potential in the travel chain and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [2][30]. - It also recommends hotel brands benefiting from business travel recovery, such as Junting Hotel and Jinjiang Hotel, and companies involved in the recovery of cross-border tourism and duty-free markets [2][30]. - The report emphasizes the importance of local consumption brands and companies in the catering sector, such as Tongqinglou and Yuyuan [2][30].