社会服务行业投资策略周报：政策利好不断，推动内需回暖

Investment Rating - Investment rating: Positive (maintained) [2] Core Viewpoints - The report highlights that favorable policies are continuously promoting a recovery in domestic demand [4] - The tourism sector is expected to maintain its prosperity in the fourth quarter due to extended holidays and increased interest in winter sports tourism [4] - The report emphasizes the recovery of average transaction value in the duty-free sector, particularly in Hainan, which is anticipated to boost sales [4][41] - The hotel industry shows strong performance in store openings and structure, with a focus on improving management efficiency [5] - The education sector is benefiting from stable employment opportunities in public service positions, with an expected increase in recruitment for civil service exams [5][60] - The medical beauty sector is poised for recovery alongside consumer sentiment and policy support [5] - The beauty industry is showing signs of recovery during promotional seasons, with domestic brands gaining traction [6] - The retail sector is advised to focus on low-valuation opportunities, especially in cross-border e-commerce brands [6] Summary by Sections Duty-Free Sector - The duty-free sales sentiment index was 23.6 during the off-peak season, indicating short-term pressure on customer flow [21] - Hainan's airports recorded a total of 451,000 passengers from November 4 to November 10, 2024, recovering to 98.4% of 2019 levels [23] Hotel Industry - National occupancy rate (OCC) was 55.46%, with an average daily rate (ADR) of 185.15 yuan and revenue per available room (RevPAR) of 102.68 yuan [44] - Major hotel groups like Hyatt and Marriott are expanding their presence in the Greater China region, with strong momentum in store openings [52] Education Sector - The report notes a positive policy environment for the education sector, particularly for K12 and public service training [55] - The number of candidates for civil service exams is expected to reach a record high, with a 12.6% year-on-year increase in the number of applicants [60] Medical Beauty Sector - The medical beauty sector is expected to recover with the implementation of supportive policies and improved consumer sentiment [5] Beauty Industry - The beauty industry is experiencing a recovery during promotional seasons, with domestic brands showing resilience [6] Retail Sector - The retail sector is advised to focus on low-valuation opportunities, particularly in cross-border e-commerce brands [6]