社服与消费视角点评11月国内宏观数据：十一月消费增速回落，过境免签政策再度放宽

Investment Rating - The industry investment rating is "Outperform the Market" [7][16]. Core Insights - November retail sales growth has slowed, with total retail sales reaching 43,763 billion yuan, a year-on-year increase of 3.0%, and a month-on-month decrease of 1.8 percentage points [16]. - The consumer confidence index is still in a recovery phase, with expectations for future policies to boost consumer confidence and spending [16]. - The recent relaxation of transit visa policies is expected to positively impact inbound tourism, with a significant increase in foreign visitors [16]. Summary by Sections Retail Sales Performance - In November, retail sales growth decreased, with retail sales totaling 43,763 billion yuan, a year-on-year increase of 3.0% and a month-on-month decrease of 1.8 percentage points [16]. - For the first eleven months, total retail sales reached approximately 44 trillion yuan, with year-on-year growth of 3.5% [16]. Consumer Confidence and Employment - The service industry production index grew by 6.1% year-on-year in November, while the service PMI remained stable at 50.1 [16]. - The urban unemployment rate was 5.0%, with an increase in average working hours for employees [16]. Policy Impacts - The transit visa policy has been expanded, allowing foreign visitors to stay for up to 240 hours, which is expected to enhance inbound tourism [16]. - The number of foreign visitors in November reached 29.218 million, a year-on-year increase of 86.2%, with 17.446 million entering through visa-free policies, up 123.3% [16]. Investment Recommendations - Focus on companies likely to benefit from the recovery in tourism and travel demand, such as Lingnan Holdings and Zhongxin Tourism, as well as those benefiting from business and exhibition recovery [16].