社会服务业行业研究：关注首发经济、冰雪经济概念，茶饮品牌上市重启

Investment Rating - The report suggests a focus on cyclical sectors, particularly recommending hotels, restaurants, human services, and vocational education as key investment areas [19][32]. Core Insights - The report emphasizes the importance of stimulating domestic demand through various policies, including promoting consumption and enhancing investment efficiency [21][22]. - It highlights the potential growth in sectors such as the "first launch economy," "ice and snow economy," and "silver economy," which are expected to drive future consumption [39][40]. - The report notes that the hotel industry is showing signs of recovery, with RevPAR maintaining a low single-digit year-on-year decline, indicating a gradual improvement in operational conditions [8][27]. Summary by Sections Market Overview - Recent market activity has seen significant gains in sectors like hotels, restaurants, and human services, driven by policy stimuli such as consumption vouchers [7]. - The report tracks the performance of various indices, noting that the social services sector has shown resilience with a +0.24% increase [13][30]. Industry Data Tracking - The hotel industry's RevPAR for the week of December 9-15 showed a year-on-year decline of -5.6%, with a slight improvement expected in Q4 due to low base effects [8][27]. - The report provides detailed performance metrics for the tea beverage sector, with notable companies like Gu Ming showing a total GMV of 166 billion yuan for the first three quarters of 2024, reflecting a 20.4% year-on-year growth [28][29]. Key Company Updates - Gu Ming has resumed its IPO process, with significant revenue growth reported, including a 15.6% increase in revenue for the first three quarters of 2024 [28][29]. - The report highlights the performance of various companies within the restaurant and hotel sectors, noting specific stocks that have outperformed in recent weeks [66][67]. Investment Strategy - The report outlines a strategy focusing on cyclical recovery, recommending specific companies within the hotel and restaurant sectors, such as Atour and Yum China, as potential investment opportunities [19][32].