社会服务行业双周报：免签范围再度扩张，25年法定节假日增加

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1]. Core Insights - The social services sector experienced a decline of 7.52% in the last two trading weeks, ranking 26th among 31 industries in the Shenwan classification, underperforming the CSI 300 index by 1.72 percentage points [1][27]. - Recent policy changes, including the expansion of visa-free travel and an increase in statutory holidays for 2025, are expected to boost inbound tourism and domestic travel [1][55]. Market Review & Industry Dynamics - The Shanghai Composite Index fell by 5.36%, while the CSI 300 dropped by 5.81% during the same period [1][27]. - The sub-sectors within social services, including professional services, education, tourism, and hospitality, all reported declines, with tourism retail experiencing the largest drop at 11.08% [1][32]. - The number of domestic flights executed from November 11 to November 17 was 99,297, slightly down by 0.04% from the previous week, but still at 99.25% of the levels seen in 2019 [1]. Key News - The visa-free policy will expand to include nine countries starting November 30, 2024, which is anticipated to significantly enhance inbound tourism [1][41]. - The addition of two statutory holidays in 2025 is expected to stimulate travel demand, particularly benefiting the tourism sector [1][41]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel and related industries, such as Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [1][55]. - It also highlights the potential benefits for hotel brands like Junting Hotel and Jinjiang Hotel due to the recovery of business travel and increased market share post-pandemic [1][55].