社会服务行业双周报：冰雪旅游季开启，日本或放宽对我国签证

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1]. Core Insights - The social services sector saw a 9.22% increase over the last two trading weeks, ranking 4th among 31 industries in the Shenwan classification, outperforming the CSI 300 index by 6.44 percentage points [1][27]. - The sector's performance was driven by strong growth in sub-sectors such as education (+14.07%), tourism and scenic spots (+10.43%), and hotel and catering (+8.92%) [1][30]. - Recent policy expansions, including visa exemptions, are expected to further benefit inbound tourism [1]. Market Review & Industry Dynamics - The Shanghai Composite Index rose by 4.19%, while the CSI 300 increased by 2.78% during the same period [1][27]. - The number of domestic flights executed was 98,645, slightly down by 1.60% from the previous week, but still at 99.56% of the level seen in the same period in 2019 [1]. - International flights reached 11,782, recovering to 76.52% of 2019 levels, indicating potential for further recovery [1]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel chain and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [1][59]. - It also highlights the potential benefits for hotel brands like Junting Hotel and Jinjiang Hotel due to the recovery in business travel [1][59]. - Companies benefiting from cross-border travel recovery, such as China Duty Free and Wangfujing, are also recommended [1][59]. Company Dynamics & Announcements - The report notes significant developments in the industry, including the launch of a new round of duty-free shopping incentives in Haikou and a rise in hotel project signings [1][37]. - The report highlights the increasing popularity of ice and snow tourism, with a 50% increase in search volume for skiing-related products [1][38]. - It also mentions the ongoing recovery in the restaurant sector, with a positive outlook for December [1][40].