社服&零售&美护行业周报：中国对韩国免签带动上海旅游预订暴增，铁路年发送旅客创新高

Investment Rating - The report maintains an "Overweight" rating for several companies including China Duty Free, Jin Jiang Hotels, Aimeike, Proya, Dengkang Dental, Jinbo Biological, and Runben Co [1] Core Views - The report expresses optimism for leading consumer companies, anticipating a valuation and performance uplift in the consumer sector due to recent economic policies and recovery momentum [1][3] - It highlights the importance of expanding domestic demand as a key driver for economic growth, particularly in the context of the current economic environment [1] Summary by Sections 1. Industry Performance - The social service index increased by 4.50%, ranking 6th among 31 industry indices, while the retail index rose by 3.38%, ranking 9th [11] - The beauty and personal care index saw a slight increase of 1.21%, ranking 28th, but has declined by 2.79% year-to-date [11] 2. Sub-industry Dynamics 2.1 Catering and Tourism - A significant increase in travel bookings to Shanghai from South Korea, with a 178% rise following the introduction of visa-free travel [22][23] - National railway passenger numbers exceeded 4 billion for the first time, indicating strong travel demand [23] 2.2 Gold and Jewelry - De Beers has reduced diamond rough prices by 10%-15%, impacting market dynamics [24] 2.3 Comprehensive Services - Hightut reported a revenue increase of 53.1% but a net loss of 471 million yuan in Q3 2024 [25][27] 2.4 Retail - The retail sector is expected to benefit from government initiatives to stimulate consumption, including the issuance of consumption vouchers [27] - Red Flag Chain has undergone management changes, with new leadership appointed [28] 2.5 Beauty and Personal Care - Aimeike received approval for clinical trials of a new product, indicating ongoing innovation in the sector [40] - Proya and other companies are actively engaging in market strategies to enhance their competitive positions [30]