社会服务行业周报：拼搭和智能或成潮玩新基建，春节假期机票预定火热

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the transformation of offline service industries through super platforms, enhancing efficient living [2] - There is an optimistic outlook for tourism consumption in 2025, with a significant increase in flight bookings during the Spring Festival [10][56] - The report emphasizes the growth potential in the instant retail sector, particularly with players like Meituan expanding overseas [20][100] Summary by Sections Tourism - The expectation for tourism consumption in 2025 is positive, with 95.1% of respondents planning to travel, maintaining similar levels to 2024 [18][56] - Flight bookings for the Spring Festival have seen a year-on-year increase of over 40%, with popular destinations including Sanya and Xishuangbanna [57] Restaurant and Dining - The "Little Garden" brand is positioned as a convenient "home kitchen" for the public, with a market size of RMB 22,529 billion in 2023, expected to grow at a CAGR of 9.1% to RMB 55,871 billion by 2028 [19][40] - In the first eight months of 2024, "Little Garden" achieved revenue of RMB 35.44 billion, a year-on-year increase of 15.4% [41][69] Instant Retail - Meituan's "Little Elephant Supermarket" has begun its overseas expansion, with Saudi Arabia as its first destination, capitalizing on the growing demand for grocery delivery [20][100] - Walmart's collaboration with Meituan aims to enhance their omnichannel retail strategy, leveraging Meituan's delivery capabilities [77][102] Market Performance - The A-share social service sector underperformed the broader market, with a decline of 4.3% compared to the CSI 300 index [21][83] - The report recommends several stocks across tourism, education, and dining sectors, highlighting potential beneficiaries from the ongoing trends [21][92]