社会服务行业二季度策略：重视线下周期，电商竞争格局边际向好

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The offline cycle is approaching, supported by macroeconomic factors, pricing stability, and consumer policies, driving innovation and enhancing profitability [3][4] - Local life service consumption demand is strong, with intensified competition in same-city retail [3][4] - The leisure economy continues to thrive, with traffic consolidating on platforms, and the OTA landscape remains stable with ongoing growth and profitability [3][4] Summary by Sections 1. Travel Chain: Resilient Leisure Demand - Q1 travel volume increased while prices decreased, with 9.02 billion cross-regional trips during the Spring Festival, a year-on-year increase of 7.1% [2][9] - The hotel sector is expected to see a narrowing supply-demand gap, with a focus on leading hotel brands [2][11] - OTA platforms are experiencing high growth and strong barriers, with increased overseas investments [2][19] 2. Retail: Offline Cycle Reversal - CPI is marginally improving, which is expected to benefit same-store sales [4][24] - Retail adjustments are entering a verification phase, with significant renovations in major chains like Yonghui [4][29] 3. Local Life: Strong Service Consumption Demand - Service consumption expenditure is projected to increase, with a notable rise in the share of service consumption [3][33] - Competition in the takeaway market is intensifying, with platforms enhancing rider protections [3][35] 4. Comprehensive E-commerce: Emerging from Q1 Slump - E-commerce platforms are recovering from the Q1 slump, with macro pressures easing [4][45] - The focus is on optimizing the business environment and enhancing user experience, particularly through AI applications [4][48] 5. Key Investment Targets - Recommended stocks include Yonghui Supermarket, Meituan-W, Alibaba-W, and Huazhu Group among others [3][4]