社会服务行业周报：推动中长期资金入市，国货美业稳健发展

Investment Rating - The industry investment rating is "Outperform the Market" [1][29][34] Core Views - The report highlights the recent initiative by the central financial office and other departments to promote long-term capital market entry, focusing on increasing the investment of commercial insurance funds, social security funds, and other long-term funds [3][5] - The report notes that the domestic beauty industry is developing steadily, with companies like Runben and Jinbo Bio showing significant profit growth forecasts for 2024 [3][16] - The report indicates that the social service sector is expected to maintain solid performance, with key companies operating within a PE range of 20-30 times for 2024 [3][29] Summary by Sections Macro and Industry Dynamics - The central financial office has issued a plan to encourage long-term funds to enter the market, aiming to enhance the investment stability of commercial insurance funds and social security funds [3][5] - Companies in the social service sector, such as Songcheng Performance, are expected to achieve net profits close to pre-pandemic levels, driven by strong consumer demand in regions like the Greater Bay Area [3][12] - The beauty industry is witnessing robust growth, with Runben and Jinbo Bio projecting significant profit increases for 2024 [3][16] Company-Specific Dynamics - Songcheng Performance anticipates a net profit of 9.3-12 billion yuan for 2024, benefiting from new attractions and increased performance [3][12] - Runben expects a net profit of 3-3.1 billion yuan for 2024, reflecting a year-on-year growth of 32.73%-37.15% [3][16] - Jinbo Bio forecasts a net profit of 7.19-7.37 billion yuan for 2024, with a remarkable year-on-year growth of 139.83%-145.83% [3][16] Market Performance - The report notes that the Shanghai Composite Index rose by 0.33% and the CSI 300 Index increased by 0.54% during the week of January 20-24, 2025 [3][20] - The leisure service sector saw a 0.69% increase, while the beauty care sector experienced a decline of 0.27% [3][20] - Key companies like Ctrip and Proya performed well, while others faced slight fluctuations [3][25]