社会服务行业周报：多方政策提振消费促发展，国际快消巨头在华仍承压

Investment Rating - The industry investment rating is "Outperform the Market" [1][27][33] Core Insights - The report highlights that various government policies are boosting consumption and promoting development, while international fast-moving consumer goods giants are still under pressure in China [2][12] - The report notes significant growth in the tourism sector, particularly during the Winter Asian Games, with a 388% increase in related travel package orders [2][6] - The performance of major companies in the beauty and personal care sector is mixed, with L'Oréal and Unilever facing challenges in the Chinese market, while luxury brands like Hermès continue to show robust growth [8][11][12] Summary by Sections Macro and Industry Dynamics - The State Council is actively working on measures to boost consumption, including the approval of the "2025 Action Plan for Stabilizing Foreign Investment" [2][4] - The National Development and Reform Commission reported a significant increase in the sales of old-for-new consumer goods during the Spring Festival, with over 860,000 units sold and sales exceeding 31 billion yuan [6][8] - The report mentions a notable increase in tourism orders during the Winter Asian Games, with inbound tourism to Harbin growing by 157% [6][8] Company Dynamics - L'Oréal's sales in North Asia decreased by 3.2% in 2024, reflecting the challenges posed by the sluggish recovery of the Chinese economy [8][11] - Unilever reported a record turnover of €60.76 billion in 2024, but faced a decline in sales in the Chinese market [9][11] - Luxury brands like Hermès reported a 13% increase in revenue, indicating strong performance across all regions except for the Greater China area [12][14] Investment Recommendations - The report indicates that the leisure service sector has shown resilience, with key companies like Ctrip Group, Aimeike, and Jinjiang Hotels performing well, all seeing increases of over 3% [25][28] - The report maintains that companies in the social service sector are trading at a price-to-earnings ratio of 20-30 times, reflecting solid and stable operations [27][28]