社会服务行业周报：元旦假期180.3万人次出入境，蜜雪冰城再冲港股上市

Investment Rating - The report maintains a "Recommended" rating for the social services industry [2] Core Insights - The report anticipates a significant reversal in the market, expressing optimism for leading consumer companies, particularly in light of recent policy changes aimed at boosting domestic demand and economic growth [3] - The report highlights a focus on leading companies in the hospitality sector, such as Jin Jiang Hotels and Huazhu, as well as opportunities in the education and travel sectors [3] - The beauty and personal care sectors are identified as cyclical favorites, with recommendations for companies like Aimeike and Jinbo Biological, while the cosmetics industry faces challenges with slowing growth [3] Industry Performance - The social services index has seen a decline of 10.00% year-to-date, underperforming the broader market [5] - The retail sector has shown resilience with a 9.59% increase year-to-date, while the beauty care index has dropped by 13.94% [5] Sub-Industry Dynamics Restaurant and Tourism - The aviation sector is projected to execute approximately 5.5 million passenger flights in 2024, a 10.5% increase year-on-year, with total passenger numbers expected to exceed 700 million [17] - The New Year's holiday saw 1.803 million people entering and exiting the country, marking a 13.7% increase from the previous year [17] Gold and Jewelry - Gold prices have surged nearly 30% in 2024, leading to promotional activities by major brands to stimulate demand [19] Retail - The report emphasizes the importance of expanding domestic demand as a key driver for economic growth, with recommendations for companies like Huazhi Wine and Chongqing Department Store [19] Beauty and Personal Care - The beauty sector is experiencing significant challenges, with over 40 companies filing for bankruptcy in 2024, indicating a tough market environment [23] - The report notes the emergence of new trends in cosmetic ingredients, particularly in exosomes, which are gaining traction in the market [23]