社服行业周报：发展冰雪经济，国内旅游消费再添动力

Investment Rating - The industry investment rating is maintained as "Overweight" [5][27]. Core Insights - The release of the State Council's "Opinions on High-Quality Development of Ice and Snow Sports to Stimulate the Vitality of the Ice and Snow Economy" indicates a promising long-term development for the ice and snow economy, with a target scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2][11]. - The report emphasizes the construction of a spatial layout for the ice and snow economy, focusing on regions such as Inner Mongolia, Liaoning, Jilin, Heilongjiang, and Xinjiang, aiming to create internationally influential ice and snow economic clusters [2][11]. - The report highlights improvements in consumer spending, with September retail sales showing a year-on-year growth of 3.2%, indicating a recovery in domestic consumption [13][22]. Summary by Sections 1. Market Tracking - The social service industry index rose by 6.21% in the week of November 4-8, ranking 16th among all Shenwan first-level industries, outperforming the CSI 300 index by 0.71% [9][10]. 2. Fundamental Tracking 2.1 Ice and Snow Economy Planning - The ice and snow economy is expected to grow significantly, with strategic plans for development and international event hosting to boost tourism [2][11]. 2.2 Improvement in September Retail Data - Retail sales in September showed a year-on-year increase of 3.2%, with notable growth in essential goods categories [13][22]. 3. Industry Dynamics - European hotel average room profit margins increased by 5.9% in Q3, with a 3.4% rise in air passenger demand [19]. - Thailand's tourism recovery has led to significant hotel investment, with 12 projects totaling 16 billion Thai Baht (approximately 3.4 billion yuan) [19][20]. 4. Investment Recommendations - The report suggests focusing on companies such as Songcheng Performing Arts, ShouLai Hotel, Jinjiang Hotel, and others, as domestic tourism consumption is expected to grow steadily [4][22].