消费者服务行业双周报（2025、3、28-2025、4、10）：关注需求回流机会-20250411

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [31]. Core Insights - The consumer services industry index rose by 0.38% from March 28, 2025, to April 10, 2025, outperforming the CSI 300 index by approximately 5.40 percentage points during the same period [7][31]. - The tourism and hotel sectors showed strength, with the tourism and leisure sector increasing by 7.04%, while the education sector continued to decline, dropping by 9.80% [11][31]. - The overall price-to-earnings (PE) ratio for the consumer services industry is approximately 32.58 times, which is below the average valuation of 50.81 times since 2016 [16][31]. Summary by Sections Market Review - The consumer services industry outperformed the CSI 300 index, achieving a positive return amidst global market fluctuations [7]. - The tourism and hotel sectors experienced a rise in valuation due to lower valuations and supportive policies, while the education sector continued its downward trend [11]. - A total of 22 listed companies in the consumer services sector reported positive returns, with the top five performers being Lingnan Holdings, *ST Kaiyuan, ShouLai Hotel, Zhangjiajie, and China Duty Free, with increases ranging from 12.53% to 36.62% [13]. Industry News - Recent geopolitical tensions have led to favorable policies for inbound tourism, with a notable increase in domestic travel during the Qingming Festival, where domestic tourist numbers rose by 6.3% year-on-year [21]. - Various provinces have introduced differentiated policies to promote cultural and tourism development, aiming to enhance local tourism industries [24]. Company Announcements - China Duty Free signed a strategic cooperation agreement with Beijing Tongrentang to expand its overseas market presence [25]. - Jin Jiang Hotels reported a slight decline in revenue but plans to increase mid-term dividends [26]. - Foreign Service Holdings received industry policy support funds amounting to 10.35 million, positively impacting its financial outlook for 2025 [27]. Weekly Outlook - The report suggests focusing on sectors directly benefiting from local tourism development policies, such as scenic spots and online travel agencies (OTAs), while also considering cyclical sectors like human resources and education [31].