社会服务行业·周观点：Applovin业绩超预期，AI应用有望加速商业化

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [87]. Core Insights - The report highlights that the performance of overseas AI advertising companies, such as AppLovin, is beneficial for the commercialization of AI applications in China. AppLovin reported Q3 2024 revenue of $1.2 billion, a year-on-year increase of 39%, and a net income of $434 million, up 300% year-on-year, primarily due to the sales increase of AI+advertising products [30][2]. - The report suggests that domestic companies can learn from AppLovin's successful business model to accelerate the implementation of related businesses and achieve performance growth [30][2]. Market Performance Review - The social services sector index experienced a weekly decline of 2.41%, ranking 7th out of 31 in the Shenwan first-level industry performance [20][22]. - The performance of sub-industries within social services showed varied results, with education and sports sectors seeing increases of 1.64% and 1.04%, respectively, while hotel and restaurant sectors declined by 6.59% and 6.83% [24][26]. Sub-industry Performance - The report details that the education sector performed positively, while the hotel and tourism sectors faced significant declines, indicating a mixed performance across different areas within the social services industry [24][26]. Individual Stock Performance - Notable stock performances included Dou Shen Education, which surged by 30.51%, and Lan Sheng Co., which increased by 29.37%. Conversely, Jun Ting Hotel saw a decline of 16.30%, marking the worst performance in the sector [26][30]. Investment Themes - The report identifies two main investment themes: 1. The successful revenue realization of overseas AI advertising companies, which is expected to catalyze the commercialization of AI applications in China [2][30]. 2. The ongoing growth of the ice and snow economy, supported by government policies and increasing participation in winter sports, is anticipated to boost the tourism market in 2024 [57][62]. Industry News Dynamics - The report notes that the Chinese government is actively promoting the development of the ice and snow economy, with significant growth in ice and snow tourism participation and revenue expected in the upcoming season [57][62].