消费者服务行业双周报（2025/4/11-2025/4/24）：2025年一季度国内出游17.94亿人次，五一出游升温-20250425

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 [33]. Core Insights - In Q1 2025, domestic travel reached 1.794 billion trips, with total spending of 1.8 trillion yuan, reflecting a year-on-year increase of 26.4% in travel volume and 18.6% in spending [25][33]. - The consumer services industry index fell by 3.86% from April 11 to April 24, 2025, underperforming the CSI 300 index by approximately 5.18 percentage points [8]. - The report highlights a recovery trend in tourism consumption, supported by favorable policies such as visa exemptions with Malaysia and Azerbaijan, and a predicted daily cross-regional movement of over 270 million people during the May Day holiday [22][24][33]. Summary by Sections Market Review - The consumer services index experienced a decline, with the tourism and hotel sectors correcting after previous gains. The comprehensive service sector saw a rise of 5.10%, while tourism and hotel sectors fell by 7.28% and 4.38%, respectively [10][13]. - As of April 24, 2025, the overall PE ratio for the consumer services industry was approximately 31.95 times, slightly down from previous levels and below the average valuation of 50.65 times since 2016 [16]. Industry News - Key developments include a significant increase in domestic travel and spending, with Q1 2025 seeing 1.794 billion trips and 1.8 trillion yuan spent, marking increases of 26.4% and 18.6% year-on-year, respectively [25]. - The report notes the extension of visa exemptions with Malaysia and Azerbaijan, which is expected to boost inbound tourism [22]. Company Announcements - Notable company performances include Jiuhua Tourism reporting a 30.13% increase in revenue to 235 million yuan in Q1 2025, driven by a rise in visitor numbers [27]. - Xiangyuan Cultural Tourism reported a 19.64% increase in revenue for 2024, while also providing a Q1 earnings forecast [28]. Weekly Perspective - 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 exhibitions and education [33].