海外社服行业2025年投资策略：新兴需求，供给重塑，政策发力

Investment Rating - The report maintains an "Overweight" rating for the overseas social services industry [3][8]. Core Insights - The social services sector has vast upward potential driven by emerging demands, supply reform, and policy initiatives. Changes in population structure, urbanization, technological advancements, and digital reforms are reshaping service models and diversifying consumer demands. Continuous policy efforts are stabilizing the market and improving service quality [1][26]. - The report highlights a gradual and differentiated growth in resident demands, with new business forms and consumption patterns emerging. Companies like Atour Lifestyle Holdings Limited, Luckin Coffee, and Trip.com Group are recommended for their strong market positions [1][26]. - The supply side is undergoing a long-term integration and reshaping process, leading to a competitive landscape where benchmark enterprises can maintain their leading positions. Companies such as Yum China Holdings, Huazhu Group, and Sands China Ltd. are noted for their robust operational performance and high shareholder returns [1][26]. Catering Sector - The catering sector shows a synchronous trajectory with economic cycles, exhibiting greater elasticity due to its dual nature of being both optional and necessary. The report anticipates a return of consumer confidence as the external environment normalizes [1][37]. - Digital technology and membership cultivation are becoming increasingly important for catering enterprises to enhance efficiency and reduce costs. Companies like DPC, Jiu Mao Jiu, and Super Hi International are recommended for their proactive strategies [1][37]. Hotel and Travel Sector - The hotel industry is experiencing continuous supply-side updates, with an increasing chain rate and a focus on mid-to-high-end quality improvements. The report emphasizes the importance of consumer service experience and product development in this sector [1][18]. - The leisure vacation market is vibrant, while the business market is slowly recovering. The potential for inbound tourism is rapidly increasing, with chain hotels actively expanding their operations [1][18]. Macau Gaming Industry - The Macau gaming sector is characterized by a stable structure among the six major companies, with increasing willingness among mainland tourists to travel abroad. The report forecasts significant growth in Macau's Gross Gaming Revenue (GGR) for 2024, 2025, and 2026, with year-on-year increases of 22%, 10%, and 8% respectively [1][26]. - Companies like Galaxy Entertainment, which is set to open a new high-end hotel, are highlighted as key players in the recovering market [1][26].