社会服务：三问三答再看政策，全面看好消费机会

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes a comprehensive approach to boosting consumption through a recent policy initiative that includes 30 key tasks across eight areas aimed at enhancing consumer confidence and income levels [9][10] - The report outlines three rounds of consumption stimulus policies, highlighting their increasing specificity and direct impact on consumer behavior [5][6][11] - The expected transition from "short-term stabilization" to "full recovery" in consumer spending is anticipated as a gradual process influenced by consumer confidence and income expectations [11][13] Summary by Sections Industry Overview - The closing index for the industry is 8745.19, with a 52-week high of 9343.57 and a low of 5985.5 [1] Policy Analysis - The first round of policies initiated in August 2024 focused on stimulating consumption through financial support and incentives [5] - The second round in September 2024 introduced targeted measures such as consumption vouchers and employment policies to directly address consumer pain points [6] - The third round, initiated in March 2025, is characterized by a more comprehensive approach, addressing various dimensions of consumer support [10] Market Outlook - The report predicts a gradual recovery in consumer spending, with a shift from essential goods to discretionary spending as consumer confidence improves [15][17] - The investment strategy is categorized into three phases, focusing on different types of stocks based on their recovery potential and market conditions [17][18] Investment Recommendations - Short-term investment opportunities are identified in sectors such as dining, travel, and alcohol, while long-term opportunities are seen in cyclical sectors [21][22] - Specific companies highlighted for investment include Yum China, Haidilao, and various tourism and hotel companies [22]