社会服务行业2025年度策略：消费趋于理性，品质化与性价比需求旺盛

Investment Rating - The report maintains an investment rating of "Maintain-A" for the consumer services sector in the social services industry for 2025 [1] Core Insights - The social services industry is experiencing a significant adjustment, with valuations continuing to digest. In 2024, the industry ranked 24th among 31 primary industries in A-shares, with a decline of 5.11% [13][15] - There is a strong demand for quality and cost-effectiveness in consumer behavior, particularly in the hotel, travel, and dining sectors [2][3] - The ice and snow economy is rapidly growing, with the industry size expected to exceed 1 trillion yuan by 2025, driven by favorable policies and market conditions [2][3] Summary by Sections 1. 2024 Social Services Industry Performance - The social services industry index fell by 5.11%, underperforming the broader market indices [13][15] - The industry is currently in a bottom range of adjustment, with significant valuation corrections observed [14][16] 2. 2025 Social Services Industry Outlook - Hotels: The mid-range and high-end hotel markets are the main focus, with a stable market structure among leading hotel brands. The hotel industry saw a decline in key metrics compared to the previous year, primarily due to high base effects and increased competition [2][3][24] - Travel: In 2024, the civil aviation sector transported 730 million passengers, a 17.8% increase year-on-year, with expectations to reach 800 million passengers in 2025 [45][53] - Dining: The dining industry is entering a phase of rational consumption, with a focus on quality and cost-effectiveness. The overall dining revenue reached 5.02 trillion yuan in 2024, growing by 5.7% year-on-year [58][64] - Performing Arts: The integration of culture and tourism is gaining traction, with increased consumer interest in diverse consumption scenarios [69] 3. Investment Recommendations and Key Companies - Recommended companies include Shouqi Hotel, Jinjiang Hotel, China Youth Travel Service, Songcheng Performing Arts, Tianmu Lake, Huangshan Tourism, and Zhongxin Tourism [3][4]