社会服务行业双周报（第95期）：出入境政策持续优化，降温带热冰雪游及火锅消费

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][42]. Core Viewpoints - The report highlights the continuous optimization of entry-exit policies, which is expected to boost tourism and consumption in the ice and snow sectors. The consumer services sector experienced a decline of 2.03% during the reporting period, underperforming the market by 0.71 percentage points [2][17]. - The report emphasizes the significant recovery in valuations for the social services sector due to favorable national policies aimed at expanding domestic demand [4][42]. Summary by Sections Sector Review - The consumer services sector underperformed the market, with a decline of 2.03% from November 18 to December 1, 2024, ranking 28th out of 30 industry indices [17]. - Notable gainers in the sector included Dalian Shenya (20.64%), Quanjude (14.61%), and Tongcheng Travel (12.44%), while New Higher Education Group saw a significant drop of 48.30% [2][19]. Industry and Company Dynamics - Recent news includes the expansion of visa-free travel to nine countries, increasing the total to 38, which is expected to enhance tourism [23]. - The report notes a 73% year-on-year increase in hotel bookings in Harbin, a popular winter tourism destination [23]. - The report also mentions a decline in Beijing's restaurant revenue, which fell by 6.6% year-on-year in October, although the decline is narrowing compared to previous months [26]. Investment Recommendations - The report suggests focusing on companies such as Trip.com Group, Meituan, Haidilao, and others, indicating a favorable outlook for these stocks in the current economic environment [4][42]. - Mid-term recommendations include China Duty Free Group, Meituan, Huazhu Group, and others, reflecting a diversified investment strategy across the sector [4][42]. Hong Kong Stock Connect Holdings - Key stocks in the social services sector, including Haidilao and Naixue Tea, saw increases in their holdings during the reporting period [4][39].