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 report maintains a "Positive" investment rating for the consumer services sector [39]. Core Insights - The consumer services sector in Hong Kong has shown mixed performance, with the restaurant and education segments performing well, while some companies like Haichang Ocean Park and Nayuki Tea experienced significant declines [7][30]. - The tourism sector is expected to see a positive trend in 2025, with a notable increase in flight bookings for the upcoming Spring Festival, indicating a recovery in travel demand [21][45]. - The report highlights the growth potential in the casual dining market, with the "Little Garden" brand achieving a revenue of 3.544 billion yuan in the first eight months of 2024, reflecting a year-on-year growth of 15.4% [24][66]. Summary by Sections 1. Travel and Tourism - The report indicates that 2025 tourism consumption expectations are optimistic, with 95.1% of respondents planning to travel, maintaining similar levels to 2024 [21][33]. - Flight bookings for the Spring Festival have surged, with over 1.3 million domestic tickets and 910,000 international tickets booked, representing a year-on-year increase of over 40% [45][39]. 2. Consumer Services Performance - The consumer services index in Hong Kong decreased by 1.94% during the week of December 16-20, underperforming the Hang Seng Index by 0.69 percentage points [30][91]. - The report notes that the consumer services sector ranked 16th among 30 primary industries during the same period, while it ranked 2nd year-to-date [30][91]. 3. Restaurant Sector - The "Little Garden" brand is positioned as a leading player in the casual dining market, with a market share of 0.2% and a projected compound annual growth rate of 9.1% from 2023 to 2028 [24][65]. - The brand's average dining expenditure per customer decreased by 8.7% to 59.5 yuan in the first eight months of 2024, while same-store sales saw a decline of 11.4% [53][66]. 4. Instant Retail - Meituan's Little Elephant Supermarket has initiated its overseas expansion, starting in Saudi Arabia, where the grocery delivery market is expected to grow faster than the restaurant delivery market [72][75]. - Walmart has partnered with Meituan to enhance instant delivery services, focusing on digital marketing and customer engagement [98][94].