社会服务行业行业信息更新：法定公共假期增加，影响几何？

Investment Rating - The report maintains a "Recommended" rating for the social services industry [5]. Core Insights - The recent decision by the State Council to modify the national holiday regulations will increase the number of public holidays from 11 to 13 starting January 1, 2025. This includes an additional day for both the Spring Festival and Labor Day, which is expected to enhance consumer spending [2][3]. - The adjustment in the holiday system aims to alleviate the burden of consecutive working days on residents, thereby potentially boosting consumption and economic activity. The report emphasizes that the significance of this change lies not only in the additional holidays but also in the shift in policy perspective towards stimulating consumer spending through various measures [3]. - The long-term outlook suggests that there is still room for further enhancement of public holiday days in China, especially when compared to other East Asian countries. The report indicates that the ongoing adjustments in the holiday system could serve as a viable method to invigorate consumer spending and support economic transformation [3]. Summary by Sections - Holiday Changes: The modification of the holiday system will result in a total of 13 public holidays, with specific changes to the Spring Festival and Labor Day [2]. - Consumer Impact: The increase in holidays is expected to lead to greater travel frequency and radius, significantly boosting local service consumption. The report recommends focusing on various sectors, including online travel agencies and local lifestyle platforms, as well as leading companies in dining and hospitality [3]. - Investment Recommendations: The report suggests specific companies to watch, including Ctrip Group, Tongcheng Travel, Meituan, Haidilao, Jinjiang Hotels, and Xiyu Tourism, based on their potential to benefit from the increased holiday structure [3].