社会服务行业周报（2025年第1周）

Investment Rating - The industry rating is maintained at "Outperform the Market" [4][3] Core Viewpoints - The social service sector experienced a decline of 8.60% during the week from December 30, 2024, to January 3, 2025, underperforming the Shanghai and Shenzhen 300 index by approximately 3.43% [7][3] - All sub-sectors within the social service industry saw declines, with education experiencing the largest drop of 10.46% [8][3] - The increase in cross-border personnel flow during the New Year holiday, with a total of 1.803 million people entering and exiting the country, represents a year-on-year growth of 13.7% [27][3] Summary by Sections Industry Weekly Performance - The Shanghai and Shenzhen 300 index fell by 5.17%, while the social service industry dropped by 8.60%, ranking 25th among the primary sectors [7] - Sub-sectors' performance included: - Hotel and catering: -5.63% - Professional services: -8.61% - Tourism and scenic spots: -8.69% - Education: -10.46% [8][9] Industry High-Frequency Data Tracking - The average daily number of domestic flights from December 30, 2024, to January 5, 2025, was 12,323, reflecting a week-on-week increase of 0.69% and a year-on-year increase of 2.64% [18] - The total tourism consumption price index in Hainan was 101.38, showing a week-on-week decrease of 2.41% and a year-on-year decline of 4.23% [21] - In November 2024, the duty-free sales amounted to 1.872 billion, with a month-on-month decrease of 12.69% and a year-on-year decline of 22.40% [25] Industry News and Company Announcements - The National Immigration Administration reported that 1.803 million people entered and exited the country during the New Year holiday, a 13.7% increase from the previous year [27] - The Ministry of Transport projected that the total cross-regional personnel flow during the New Year holiday would reach 18.24 million, a week-on-week increase of 10.1% but a year-on-year decrease of 9.1% [28] - In 2024, the total amount of duty-free shopping in Hainan reached 30.94 billion, with 5.683 million shoppers [29]