社会服务行业双周报（第104期）：明假期出行热度延续，关注内需主线行情-2025-04-07

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [3][26]. Core Views - The report highlights a strong recovery in tourism during the Qingming Festival, with a record 790 million cross-regional trips, a 7.1% year-on-year increase, surpassing previous forecasts. Rail and air passenger volumes also saw significant growth of 8.2% and 10.9% respectively [1][17]. - The report emphasizes the resilience of tourism consumption as a leading sector in domestic demand, driven by favorable weather and policies promoting extended holidays, which are expected to create new market opportunities [1][17]. - The report suggests that the social services sector's valuation is likely to continue recovering due to ongoing government policies aimed at expanding domestic demand [3][26]. Summary by Sections Industry Investment Rating - The social services sector is rated as "Outperform" [3][26]. Industry Insights - The report notes that the Qingming Festival travel data indicates a robust recovery in tourism, with significant increases in both domestic and international travel, particularly to Japan and European destinations [1][17]. - The report identifies a trend of increased consumer interest in travel, supported by favorable weather conditions and government policies [1][17]. Key Company Earnings Forecasts and Investment Ratings - Companies such as Ctrip Group, Tongcheng Travel, Haidilao, and Meituan are rated as "Outperform" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios for 2025 and 2026 [4][26]. - Specific EPS and PE forecasts for key companies are provided, indicating strong growth potential in the sector [4][26]. Investment Recommendations - The report recommends investing in companies like Tongcheng Travel, Shouqi Group, Jiuhua Tourism, and others, highlighting their potential for growth in the current economic environment [3][26].