社会服务行业双周报（第97期）：市内免税店项目招标陆续落地，推动免税行业中线发展

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [29][64]. Core Insights - The recent bidding results for city duty-free shops are expected to directly benefit the winning companies, particularly China Duty Free Group and Wangfujing, as they secure multiple projects in major cities [41][50]. - The implementation of the "Interim Measures for the Management of City Duty-Free Shops" is anticipated to enhance the mid-term growth of the duty-free industry, especially if consumer spending stabilizes [41][50]. - The report highlights that city duty-free shops offer more flexible shopping times and a wider range of SKUs compared to airport shops, positioning them as a key channel for consumer spending recovery [50]. Summary by Sections Weekly Perspective - The bidding for city duty-free shop projects is progressing, with several projects awarded to major players like China Duty Free Group and Wangfujing in cities such as Guangzhou, Shenzhen, and Wuhan [41][50]. Sector Review - The consumer services sector underperformed the market, with a decline of 9.03% during the reporting period, lagging behind the Shanghai and Shenzhen 300 Index, which rose by 1.22% [51][64]. Industry and Company Dynamics - The report discusses various industry news, including the introduction of a gift feature in WeChat stores and the first price increase by KFC China in two years, reflecting changes in operational costs [59][60]. - The report also notes the issuance of consumption vouchers in Sanya to stimulate consumer activity, alongside plans by Japan and South Korea to ease travel restrictions for Chinese tourists [61][62]. Investment Recommendations - The report suggests focusing on companies like Trip.com Group, Haidilao, and China Duty Free Group for mid-term investments, given the favorable policy environment aimed at boosting domestic demand [29][64].