行业周报：蜜雪冰城、古茗4月加速开店，618国货品牌势能向上-20250518

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The social services sector has shown a decline in performance compared to the broader market, with the A-share social service index down 0.54%, underperforming the CSI 300 index by 1.66 percentage points [8] - The report highlights strong growth in specific segments such as tea drinks and educational services, with significant increases in store openings and profitability [6][52] Summary by Relevant Sections 1. Trend in Social Services - The social services index has underperformed the market, ranking 27th among 31 primary industries [8] 2. Tea Beverage Industry - As of April 2025, the number of tea beverage stores reached 486,000, with a net increase of 7,600 stores in the first four months of 2025 [44] - Major players like Mixue Ice City and Gu Ming have accelerated store openings, with Mixue reaching 38,337 stores and Gu Ming surpassing 10,000 [48] 3. Educational Services - Youdao reported a revenue of 1.3 billion yuan in Q1 2025, a year-on-year decrease of 6.72%, but achieved a record operating profit of 104 million yuan, up 247.7% [52] - The company is focusing on AI-driven growth strategies, with significant increases in sales for AI-related products [52] 4. Beauty and Personal Care - The 618 shopping festival saw a strong performance from domestic beauty brands, with significant sales growth noted for brands like Proya and Loreal [7] - The hair care market is experiencing steady growth, particularly through online channels, with Douyin becoming a major contributor [7] 5. Market Performance - The report indicates that the consumer services sector in Hong Kong has also underperformed, ranking 29th among 30 primary industries [8] - Recommended stocks include those in tourism, education, and beauty sectors, highlighting potential investment opportunities [8]