社会服务行业周报：法定节假日增加，关注终端文旅消费力逐步释放

Investment Rating - The report maintains a "Positive" outlook on the social services industry, particularly focusing on the tourism sector due to the increase in statutory holidays starting in 2025 [2]. Core Insights - The increase in statutory holidays is expected to significantly boost consumer travel spending, with the potential for daily average tourist numbers during the Spring Festival to reach 59.25 million and daily tourism spending to hit 79.086 billion yuan [3][26]. - The report highlights a notable surge in travel demand, with flight searches for the Spring Festival increasing by 170% and ticket searches on New Year's Eve soaring by 250% since the announcement of the new holiday policy [2][3]. - The Double 11 shopping event saw a substantial increase in group travel demand, with transaction volumes for travel products increasing by nearly 90% year-on-year, indicating a strong recovery in outbound tourism [3][4]. Summary by Sections Section 1: Holiday Adjustments and Market Opportunities - The adjustment of statutory holidays will enhance consumer travel activity, with the Spring Festival and Labor Day each gaining an additional day off, leading to longer holiday periods [26]. - The report notes that statutory holidays account for 32.5% of annual tourism numbers and 27.5% of tourism revenue, suggesting that extended holidays will further unlock tourism potential [3][26]. Section 2: Market Performance Review - The social services index decreased by 2.41% from November 11 to November 15, 2024, outperforming the broader market, which saw a decline of 5.55% in the retail sector [36][37]. - The report identifies key companies in the tourism sector that are expected to benefit from the holiday adjustments, including scenic spots, travel agencies, hotels, and restaurants [4]. Section 3: Company Announcements - The report includes updates on significant company activities, such as the completion of share transfers and changes in management within the retail and social services sectors, indicating ongoing corporate restructuring and strategic shifts [48][51]. Section 4: Industry Highlights - The report emphasizes the strong performance of travel-related brands during the Double 11 event, with 22 brands achieving over 100 million yuan in sales, reflecting robust consumer interest in travel products [57]. - The introduction of electronic invoices for air travel starting December 1, 2024, is expected to streamline the travel experience for consumers [57].