社会服务行业周报：扩大服务消费，新消费持续受资金青睐

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1][27]. Core Insights - The report emphasizes the importance of expanding service consumption and highlights that new consumption continues to attract funding [1][3]. - The macroeconomic environment is supportive of service consumption growth, with government policies aimed at increasing income for low- and middle-income groups and enhancing consumption's role in economic growth [4][5]. - The report notes that service consumption has a high frequency of transactions, strong multiplier effects, and sustainable growth potential, with significant contributions to overall consumer spending [5]. Summary by Sections Macroeconomic and Industry Dynamics - The Politburo meeting on April 25 discussed the current economic situation, emphasizing support for technology innovation, consumption expansion, and stable foreign trade [3][4]. - The State Taxation Administration revised the management measures for tax refunds for overseas travelers, facilitating easier tax refund processes [4]. - Recent reports highlight the importance of service consumption as a key driver for domestic demand, with a projected 6.2% growth in service retail sales in 2024, outpacing goods retail sales [5]. Company Dynamics - Traditional retail continues to optimize, with companies like Yonghui Supermarket successfully launching products through green channels for foreign trade [6][7]. - Beauty industry companies reported strong financial performances, with Jinbo Bio achieving a 62.51% year-on-year revenue increase in Q1 2025 [3][13]. - The report highlights the performance of various companies, including a significant turnaround for Bubugao, which reported a 164.16% increase in net profit in 2024 [7][14]. Investment Recommendations - The report notes that the social services sector has seen a rotation in performance, with key companies trading at a PE ratio of 20-40 times for 2025, indicating stable operations and solid growth potential [3][27]. - The report suggests that the market is favoring high-growth companies within the social services sector, with significant year-to-date increases in stock prices for companies like Shangmei and Maogeping [24][27].