2025年社会服务行业投资策略：重视内需主线，出行链筑底回暖

Investment Rating - The report suggests a positive investment outlook for the social service industry, particularly focusing on domestic demand recovery and opportunities in the travel and hospitality sectors [1]. Core Insights - The report emphasizes the importance of domestic demand as a driving force for recovery in the hotel and human resources sectors, with expectations of improved performance in business travel and leisure tourism [3][4]. - Mergers and acquisitions in the scenic area sector are anticipated to accelerate, with quality tourism assets expected to be integrated into listed companies, enhancing performance [4][5]. - The report highlights the potential for increased outbound tourism due to policy facilitation, benefiting travel agencies and online travel platforms [5][17]. Summary by Sections Tourism Sector - The tourism industry is identified as a key driver for domestic demand, with expectations for significant recovery in visitor numbers and spending [19]. - Scenic areas are expected to benefit from improved transportation and government support, enhancing their economic contribution [15][16]. Hotel Sector - The hotel industry is showing signs of recovery, with a clearer supply-demand balance and increased interest in mid-to-high-end hotel franchises [3][30]. - The report notes that the total number of hotel rooms has recovered to 94% of pre-pandemic levels, indicating a positive trend in the sector [30][34]. Duty-Free and Professional Services - The duty-free market, particularly in Hainan, is expected to see marginal recovery, driven by increased consumer spending [19]. - The human resources sector is projected to experience growth, particularly in flexible employment and headhunting services, as corporate budgets increase [3][4]. Investment Opportunities - The report recommends focusing on companies like Huazhu, Atour, and Jinjiang Hotels in the hotel sector, and Keri International and BOSS Zhipin in the human resources sector [3][4]. - In the scenic area sector, companies such as Xiyu Tourism and Xiangyuan Cultural Tourism are highlighted as potential investment opportunities due to their quality assets and expected performance improvements [4][5].