社会服务行业信息更新：扩内需方向明确，服务新消费有望受益

Investment Rating - The report maintains a "Neutral" rating for the social services industry [5] Core Insights - The Central Economic Work Conference has emphasized that three new economies in service consumption will be crucial for expanding domestic demand, particularly focusing on the "first launch economy," "ice and snow economy," and "silver economy" [2][3] - The "first launch economy" includes new technologies, products, services, and models, highlighting supply-side innovation. It aims to meet consumer demand for high-quality offerings [2] - The "ice and snow economy" represents a significant new market for tourism consumption, with the industry scale reaching 890 billion yuan, a 70% increase compared to 2019. The goal is to expand this to 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [3] - The "silver economy" focuses on products and services for the elderly, capitalizing on the growing economic power and willingness to spend among retirees [3] Summary by Sections First Launch Economy - This economy encompasses innovations in products, channels, and IP, with examples like Luckin Coffee's successful introduction of coconut milk lattes [2] Ice and Snow Economy - The report highlights the potential for balanced tourism development in regions rich in ice and snow resources, particularly during off-peak seasons [3] Silver Economy - The elderly demographic is expected to contribute significantly to tourism during off-peak times, driven by their economic capability and willingness to travel [3] Investment Recommendations - For the first launch economy, companies with strong market appeal and innovative capabilities are recommended, such as Lansen Co., Miao Exhibition, and Santasoda [3] - In the ice and snow economy, companies with substantial ice and snow resources like Changbai Mountain and Xiyu Tourism are highlighted [3] - For the silver economy, companies benefiting from services and channels, such as Trip.com Group and Tongcheng Travel, are recommended [3]