社会服务行业周报：全方位扩大内需，节假日旅游产品预定拉开帷幕

Investment Rating - The report maintains a "Positive" outlook on the social services industry, highlighting the potential for growth driven by government policies aimed at boosting domestic demand [2]. Core Insights - The Central Political Bureau's meeting on December 9 emphasized the need to stimulate consumption and improve investment efficiency, signaling strong government support for domestic demand expansion [26][28]. - The "first store economy" is emerging as a trend, focusing on emotional consumption and innovative retail experiences, which is expected to invigorate traditional retail and urban economies [4][29]. - The tourism market is showing signs of recovery, with significant increases in travel demand for the upcoming New Year and Spring Festival holidays, indicating a rebound in consumer spending [31][33]. Summary by Sections Government Policy and Economic Outlook - The Central Political Bureau's meeting indicated a shift towards more proactive fiscal and monetary policies, with expectations of increased government leverage and liquidity measures to stimulate domestic demand [3][28]. - The emphasis on stabilizing the real estate and stock markets reflects the government's intent to enhance social expectations and consumer confidence [26]. Consumer Trends and Market Dynamics - The "first store economy" is characterized by new products and unique retail experiences, moving away from traditional cost-cutting strategies to meet emotional and social consumer needs [4][29]. - The upcoming holiday seasons are expected to drive significant growth in tourism, with domestic flight bookings for the New Year showing a 14% year-on-year increase and international bookings up by 58% [33][35]. Investment Recommendations - The report suggests focusing on specific sectors and companies that are likely to benefit from the anticipated increase in consumer spending, including: 1. Scenic spots: Changbai Mountain, Jiuhua Tourism, Emei Mountain, and others [4][66]. 2. Travel agencies: Lingnan Holdings, Zhongxin Tourism [4][66]. 3. Hotels: Jinjiang Hotels, Shoulu Hotels, Huazhu Group [4][66]. 4. Restaurants: Quanjude, Tongqinglou, Guangzhou Restaurant [4][66]. 5. Duty-free: China Duty Free Group, Wangfujing [4][66].