社会服务：文旅消费政策发力，看好2025年旅游消费β受益

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [4] Core Viewpoints - The cultural and tourism consumption policy aims to leverage cultural empowerment and tourism-driven growth, establishing the tourism sector as a pillar industry, which is expected to drive tourism consumption beta continuously [2][4] - Tourism consumption is projected to show "weakening cycles and strong resilience" in 2023, "continued resilience and scarce prosperity" in 2024, and anticipates "policy efforts and multiple blossoms" in 2025 [2] - The report suggests that the cultural tourism consumption policy will have positive implications for cyclical consumption, with a focus on sectors that are currently at a relatively low emotional bottom [2] Summary by Sections Policy Measures - The report outlines six key areas with 18 specific measures aimed at enhancing cultural and tourism consumption, including: 1. Enriching consumer benefits through promotional activities and discounts [1] 2. Catering to diverse age group needs by optimizing family and senior tourism services [1] 3. Expanding the supply of unique quality products, including themed tourism and trendy cultural products [1] 4. Cultivating new consumption scenarios and enhancing nighttime tourism economy [1] 5. Innovating industrial policies with increased financial support for cultural and tourism projects [2] 6. Optimizing the consumption environment by improving public services and tourism policies [2] Investment Recommendations - The report highlights specific companies to watch within the tourism and cyclical consumption sectors: 1. Travel: Ctrip Group, Tongcheng Travel, Jiuhua Tourism [2] 2. Cyclical beneficiaries: Tongqinglou, Haidilao, Yum China, ShouLai Hotel, Beijing Renli, Keri International [2] 3. Beauty and personal care: Jinbo Biological, Proya, Juzi Biological, Runben Co., Marubi, Shumei [2] 4. Retail: Pop Mart, Aiyingshi, Blukoo, Miniso, Yonghui Supermarket, Chongqing Department Store [3]