Investment Rating - The industry investment rating is "Outperform the Market" [1][25][30] Core Viewpoints - The report emphasizes the shift towards high-quality economic development in China, focusing on domestic consumption as a key driver [3][4] - Cross-border e-commerce platforms are gaining popularity in the U.S., indicating a growing trend in international trade [4] - The tourism sector is experiencing a resurgence, with significant increases in travel bookings and consumer spending during the upcoming holiday [7][8] Summary by Sections Macro and Industry Dynamics - The report highlights the importance of boosting domestic demand and consumption to adapt to changing international conditions [4] - Recent government policies in Yiwu aim to enhance economic quality, with 47 measures across eight key areas, supported by a budget of 70.03 billion yuan [4] - March retail sales reached 40,940 billion yuan, showing a year-on-year growth of 5.9%, an improvement from the previous months [8][11] Company Dynamics - Tongcheng Travel announced the acquisition of 100% of Wanda Hotel Management for approximately 2.49 billion yuan, reflecting a valuation of 9.5 times the adjusted EBITDA for 2023 [7][14] - Yonghui Supermarket is undergoing significant store renovations, with plans to modify 124 stores by mid-2025 [14] - Xiaogongsi City signed a strategic cooperation agreement with Alibaba Cloud to enhance digital trade and integrate with the real economy [14] Investment Recommendations - The report notes that the Shanghai Composite Index rose by 1.19% and the social service sector increased by 0.14% during the week [25][20] - Key companies in the social service sector, such as Up Beauty and Ctrip Group, showed notable stock performance, with Up Beauty rising by 7.0% [23][25] - The report maintains a positive outlook for the industry, with key companies trading at a PE ratio of 20-30 times, indicating stable operations [25][29]
社会服务行业周报：扩内需，促外贸-20250421
Ping An Securities·2025-04-21 08:14