社会服务行业双周报：“双旦”将至，入境免签迎优化

Investment Rating - The report maintains a "stronger than market" rating for the social services industry, indicating a positive outlook for the sector in the coming months [50]. Core Insights - The social services sector experienced a decline of 0.41% in the last two trading weeks, ranking 11th among 31 industries in the Shenwan classification. However, it outperformed the CSI 300 index by 0.73 percentage points [50][90]. - Recent policy changes, such as the optimization of the transit visa policy, are expected to stimulate inbound tourism demand, which is seen as a positive development for the industry [50][76]. - The report highlights the performance of various sub-sectors, with hotel and catering showing an increase of 1.06%, while education saw a decline of 2.52% [68][90]. Summary by Sections Market Performance - In the last two trading weeks, the social services sector saw a median stock performance of -0.52%, with 36 out of 75 companies in the sector experiencing gains [39]. - The overall market, including the Shanghai Composite Index, saw a decline of 1.06%, while the CSI 300 fell by 1.14% [50][66]. Sub-sector Analysis - The hotel and catering sub-sector increased by 1.06%, while the tourism and scenic spots sub-sector rose by 0.48%. In contrast, the education sub-sector decreased by 2.52% [68][90]. - The current price-to-earnings ratio (P/E) for the social services industry is 24.45, which is relatively high compared to the CSI 300's P/E of 12.15 [69]. Industry News - The report notes significant policy changes, including the extension of the transit visa stay period to 240 hours, which is expected to enhance the attractiveness of inbound tourism [19][50]. - The report also discusses the upcoming holiday season, indicating that short trips and local tourism will likely dominate travel patterns during this period [76]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and tourism sector, such as Huangshan Tourism and Lijiang Shares, as well as hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [50][76].