社会服务行业深度报告：本地生活之存量篇：超级平台重塑线下服务业，赋能高效生活

Investment Rating - The report rates the social services industry as "Positive" [2] Core Insights - The growth rate of service consumption is outpacing that of retail, with service retail growth at 6.5% compared to 3.2% for goods retail in the first ten months of 2024 [4][27] - The restaurant market in China reached a scale of 5.29 trillion yuan in 2023, with a year-on-year growth of 20.4% [5][45] - The penetration rate of the takeaway market has exceeded 20%, with the market size for takeaway services estimated to have surpassed 1 trillion yuan [5][45] - The service sector's contribution to GDP is increasing, with service industry value added accounting for over 50% of GDP [31][20] Summary by Sections 1. Service Industry - Service consumption is becoming a major driver of overall consumption, with service spending accounting for 45.6% of total consumption in H1 2024, projected to exceed 50% by 2030 [20][22] - The service sector's value added reached 34.96 trillion yuan in H1 2024, growing by 4.6% year-on-year [20][31] 2. Restaurant and Takeaway - The restaurant market continues to expand, with a significant increase in new registrations of restaurant businesses, totaling 4.1 million new registrations in 2023, a 24.2% increase year-on-year [5][46] - The competitive landscape in the takeaway market is characterized by a duopoly, with Meituan and Ele.me dominating the market [5][45] 3. In-store Services - New players like Douyin and Kuaishou are entering the local service market, contributing to market growth [6][7] - The integration of in-store and takeaway services is being emphasized, with Meituan launching an upgraded membership program to enhance customer engagement [6][7] 4. Emerging Services - The online delivery market for various services is projected to grow significantly, with a market size of approximately 15.2 trillion yuan, but the current online penetration rate is only 2.1% [7][20] - New service categories such as fitness, pet services, and home services are rapidly growing, aligning with consumer trends among younger demographics [7][20]