社会服务行业行业周报：多地高中恢复双休，蜜雪进入招股阶段

Investment Rating - The report does not explicitly state an overall investment rating for the social services industry, but it provides recommendations for specific companies within various segments [3][59]. Core Insights - The SW social services industry experienced a weekly change of +0.9%, with education and professional services showing positive growth of 1.9% and 2.8% respectively, while tourism and hotel dining sectors declined by -1.0% and -2.1% [3][59]. - The report highlights the recovery of high school weekend breaks in cities like Hangzhou, which may boost demand for extracurricular training and AI education products [3][7]. - The issuance of travel consumption vouchers has significantly stimulated demand, with record participation rates indicating strong consumer willingness to spend [3][7]. - The upcoming IPO of the chain service company Mixue is seen as a sign of stabilization in industry competition, with a planned global issuance of 17.06 million shares at a price of HKD 202.5 per share [3][8]. - AI technology is expected to enhance recruitment processes in human resources, leading to potential improvements in service providers' performance [3][9]. Summary by Sections 1. Segment Tracking and Insights - Education: The restoration of weekend breaks in high schools may increase demand for non-academic training and AI education products, with recommendations for companies like Xueda Education and Bean Education [3][7]. - Tourism: The positive impact of travel consumption vouchers has been validated, with record participation rates reflecting resilient consumer spending [3][7]. - Chain Services: Mixue's IPO is anticipated to stabilize competition within the industry, with a significant number of stores and consistent revenue growth [3][8]. - Human Resources: The integration of AI in recruitment processes is expected to lead to improvements in service providers, with recommendations for companies like Kelly Services and Beijing Human Resources [3][9]. 2. Industry Data - Retail: In December 2024, China's total retail sales reached CNY 4.5172 trillion, showing a year-on-year increase of 3.7% [11][13]. - Hotel Performance: The hotel occupancy rate was reported at 55.2%, with significant declines in average daily rates and revenue per available room due to high comparative figures from the previous year [24][31]. - Gambling: Macau's gross gaming revenue in January was MOP 18.25 billion, reflecting a year-on-year decrease of 6% [49][51]. 3. Industry News - Tourism Retail: The establishment of a new duty-free store in Wuhan is part of a broader strategy to enhance retail offerings [53]. - Hotel Sector: International hotel chains reported profit increases, indicating a recovery trend in the hospitality industry [54]. - Education Sector: New policies encouraging industry-part-time teachers in universities aim to enhance educational quality and relevance [57]. 4. Market Trends - The social services sector's performance is influenced by AI technology trends, with education and professional services sectors showing potential for innovation and growth [59][60]. 5. Key Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for key companies across various segments, with several companies recommended for investment based on their projected performance [66].