社会服务行业周报（2024年第48周）

Investment Rating - The report maintains an "Outperform" rating for the social service industry [4]. Core Insights - The social service sector experienced a decline of 5.24% from November 18 to November 22, 2024, underperforming the Shanghai and Shenzhen 300 index by approximately 2.64% [9][11]. - The report highlights that the education sector's profitability aligns well with its valuation levels, as indicated by the PB-ROE analysis [15]. Industry Weekly Performance - The Shanghai and Shenzhen 300 index fell by 2.6%, while the social service industry dropped by 5.24%, ranking 31st among sectors [9]. - Sub-sectors such as tourism and scenic spots, professional services, hotel and catering, and education saw declines of -2.79%, -2.81%, -3.65%, and -11.83%, respectively [11]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from November 18 to November 24 was 12,299, reflecting a week-on-week increase of 0.84% and a year-on-year increase of 4.54% [20]. - The total tourism consumption price index in Hainan was 105.90, showing a week-on-week decrease of 1.48% but a year-on-year increase of 1.93% [22]. - In October 2024, the duty-free sales improved by 27.90% month-on-month, totaling 2.144 billion yuan, although it represented a year-on-year decline of 35.40%. Cumulatively, from January to October 2024, the duty-free sales reached 26.15 billion yuan, down 31.60% compared to 2023 [32]. Industry News and Company Announcements - The World Vocational Education Development Alliance, led by China, was established on November 21, 2024, with 89 institutions from 43 countries and regions as its first members [34]. - The Ministry of Foreign Affairs introduced measures to facilitate visa processes for foreign personnel, enhancing the ease of travel to China [35]. - The Ministry of Education released guidelines to strengthen food safety and dietary fund management in primary and secondary schools [36]. - Ctrip's "Old Friends Club" was launched at the 10th China International Aging Industry Expo, targeting the silver-haired tourism market [39]. - Tencent and Wanda Hotels announced a new esports hotel brand aimed at the mid-to-high-end market [40].