社会服务行业月报：2月投资前瞻：假期客流量再创新高，出境游增速优于国内

Investment Rating - The report does not explicitly state an investment rating for the social services industry Core Insights - The social services industry is experiencing a significant increase in travel volume during the holiday season, with a total of 1.32 billion trips made from January 28 to February 1, representing a year-on-year increase of 5.8% and a 32.1% increase compared to 2019 [8][10] - Domestic tourism is seeing a resurgence, with strong growth in lesser-known destinations and cultural tourism, particularly in third and fourth-tier cities [9][10] - The hotel occupancy rate (OCC) has decreased significantly ahead of the holiday season, while the average daily rate (ADR) has seen a slight increase [21][27] Summary by Sections 1. Holiday Travel Data - Travel volume reached 1.32 billion trips, with rail transport totaling 48.16 million trips (up 2.6% YoY), road transport at 1.26 billion trips (up 5.9% YoY), and civil aviation at 10.89 million trips (up 4.4% YoY) [8][10] - Notable increases in travel were observed in Hunan (+34.12%) and Guangdong (+6.17%) [9] 2. Industry Data - December retail sales in China reached 45,172 billion yuan, with a year-on-year growth of 3.7% [12] - The retail sales growth rate for non-automotive goods was 4.2% YoY, indicating a positive trend in consumer spending [12][14] 3. Market News - The report highlights the ongoing recovery of international travel, particularly to Japan, with a 50% increase in flight bookings from China compared to the previous year [10] - The hotel industry is undergoing consolidation, with 82 hotels in Chongqing being integrated under a single management platform [48] 4. Market Performance - The social services industry saw a decline of 5.2% in January, underperforming the Shanghai and Shenzhen 300 index by 5.6 percentage points [52] - The hotel and restaurant sector experienced a decrease of 2.3%, while the tourism and scenic area sector fell by 3.3% [52] 5. Key Stock Predictions and Valuations - The report includes earnings predictions for key companies in the industry, with several companies rated as "recommended" for investment [62]