社会服务行业《关于修改＜全国年节及纪念日放假办法＞的决定》点评：法定节假日增加，利好终端旅游消费

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [11]. Core Insights - The recent modification to the national holiday policy, which adds two additional statutory holidays starting in 2025, is expected to boost tourism consumption significantly. The total number of statutory holidays will increase from 11 to 13 days, enhancing travel opportunities for citizens [2][3]. - During the 2024 Spring Festival, daily average tourist numbers reached 59.25 million, with daily tourism spending hitting 79.086 billion yuan. Similarly, the May Day holiday saw 59 million daily tourists and 33.378 billion yuan in daily spending. This indicates that holiday periods are crucial for tourism consumption [3]. - The announcement of the new holiday policy has led to a surge in flight searches for the Spring Festival, with a 170% increase in searches since the announcement. Popular domestic destinations include Shanghai, Beijing, and Sanya, while international destinations include Tokyo and Bangkok [4]. Summary by Sections Holiday Policy Impact - The increase in statutory holidays is anticipated to release pent-up tourism demand, leading to higher tourist numbers and revenue. In 2023, statutory holiday periods accounted for 32.5% of total tourist numbers and 27.5% of total tourism revenue for the year [3]. Investment Recommendations - The report suggests focusing on various sectors benefiting from the extended holidays, including: - Scenic spots: Changbai Mountain, Jiuhua Tourism, Emei Mountain, and others - Travel agencies: Lingnan Holdings, Zhongxin Tourism - Hotels: Jinjiang Hotels, Shoulv Hotels, Huazhu Group - Restaurants: Quanjude, Tongqinglou, Guangzhou Restaurant - Duty-free: China Duty Free Group, Wangfujing - Retail: Miniso, Alibaba, Pinduoduo, Meituan, JD, Yonghui Supermarket, Tianhong [4]. Company Valuations - The report includes a detailed valuation of key companies in the industry, highlighting their market capitalizations and earnings per share (EPS) projections for 2023A, 2024E, and 2025E. For example, Alibaba has a market cap of 219.6 billion yuan with an EPS of 55.00 for 2023A, while Meituan has a market cap of 106.92 billion yuan with an EPS of 5.09 for 2023A [6].