零售社服行业点评：扩大内需，提振消费

Investment Rating - The report maintains a "Recommended" investment rating for the retail and social services industry [2]. Core Insights - The government work report emphasizes the need to boost consumption and expand domestic demand, particularly in new consumption, cultural tourism, duty-free, and education sectors, indicating potential growth opportunities for the retail and social services sector [3][5]. - The report highlights the importance of accelerating the development of new consumption models, leveraging technology such as big data and artificial intelligence to enhance consumer experiences through innovations like unmanned retail and smart e-commerce [5]. - Cultural and tourism consumption is expected to rebound, with policies aimed at optimizing holiday systems and enhancing duty-free shopping, which will stimulate related industries and local economies [5]. - The education sector is poised for growth through the implementation of a high-quality education system, with AI technology playing a crucial role in driving efficiency and expanding user bases [5]. Summary by Sections Recent Trends - The report notes a strong recovery in the theme park sector and anticipates growth in inbound tourism, which will positively impact the social services industry [3]. Investment Recommendations - The report suggests focusing on companies such as Focus Technology, Kid King, Core International, Miao Exhibition, and Doctor Glasses, which are expected to benefit from the ongoing recovery in consumption [5]. - In the tourism sector, it recommends companies with high earnings certainty like Songcheng Performance and Zhongxin Tourism [5]. - The duty-free industry is expected to improve due to the recovery of cross-border travel, with a recommendation to pay attention to China Duty Free Group [6].