社会服务行业研究：五一酒旅数据向好，关注茶饮上升及基本面改善

Investment Rating - Buy (maintained rating) [10] Core Views - The tourism and hotel sectors are experiencing high demand, with positive data from the May Day holiday indicating a strong recovery in domestic travel and hotel performance [15][17] - The IPOs of tea brands like Hu Shang A Yi and Ba Wang Cha Ji are noteworthy, with significant improvements in same-store sales due to a low base in April [15] - The report emphasizes the resilience of domestic tourism demand and the potential for growth in the restaurant and hotel sectors, driven by favorable policies and improving fundamentals [15][8] Summary by Sections Weekly Insights - The May Day holiday saw 314 million domestic trips, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [17][19] - Key tourist destinations like Jiu Hua, Huang Shan, and E Mei experienced significant visitor growth during the holiday [15][32] Key Company Updates - Hu Shang A Yi completed its IPO with a valuation of approximately 16.6 billion HKD, reporting a revenue of 3.29 billion yuan in 2024, a decrease of 1.9% [3][29] - Jiu Hua Mountain received 234,200 visitors during the May Day holiday, a year-on-year increase of 29.93% [32] - Huang Shan's various scenic spots welcomed 2.3658 million visitors, up 28.58% [32] - E Mei Mountain saw 907,400 visitors, achieving a total revenue of 830 million yuan, a 15.82% increase [32] Market Performance - The hotel industry's RevPAR increased by 12.0% year-on-year during the May Day week, with improvements in both occupancy and average daily rate [24] - The report notes that the social service sector's performance ranked 27th among 31 sectors in terms of growth over the past two weeks [33] Investment Recommendations - The report suggests focusing on the restaurant sector, particularly growth-oriented companies and those in turnaround situations, such as Gu Ming and Da Shi Shares [15][8] - In the hotel sector, the sustained tourism demand and favorable market conditions suggest potential for companies like Shou Li Hotel and Atour [15][8]