消费者服务行业双周报（2025、5、16-2025、5、29）：端午假期国内出游回归短途，出境游维持高增速-20250530

Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [33]. Core Insights - The report highlights a return to local and nearby short trips during the Dragon Boat Festival, with a notable increase in family travel orders due to the upcoming Children's Day. The data shows that domestic flight bookings for the holiday have slightly increased year-on-year, while international flight bookings have grown by approximately 19% compared to the same period in 2024 [33][24]. - The report suggests that hotel groups should focus on rapid market penetration through short-cycle renovations and the establishment of mid-to-high-end hotel brands in lower-tier markets to achieve competitive differentiation [33]. - The upcoming graduation travel season and summer tourism peak are expected to improve the outlook for travel attractions and dining sectors, potentially boosting policies for cultural tourism development [33]. Summary by Sections Market Review - The consumer services industry index experienced a slight decline of 0.04% from May 16 to May 29, 2025, outperforming the CSI 300 index by approximately 1.20 percentage points [10]. - The performance of sub-sectors varied, with tourism and comprehensive services showing gains of 2.86% and 0.28%, respectively, while the hotel and education sectors declined by 1.81% and 0.52% [11]. - A total of 31 listed companies in the industry reported positive returns, with the top five performers being BoRui Communication, Chuangye Heima, Miao Exhibition, ST United, and Guangzhou Restaurant, with increases ranging from 5.04% to 9.46% [13]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.68 times, reflecting a slight decrease and remaining below the average valuation of 50.19 times since 2016 [18]. Industry News - The report notes the implementation of a visa-free policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain from June 9, 2025, to June 8, 2026, which is expected to enhance tourism [23]. - The Ministry of Culture and Tourism, along with 19 other departments, issued guidelines to improve tourism services for the elderly, promoting the development of travel and family tourism products [25][26]. Company Announcements - The report includes significant announcements from various companies, such as the strategic partnership between Junting Hotel Group and Select International Hotel Group, which will enhance distribution channels for hotel bookings in China [29]. - Other notable announcements include the investment plans of companies like Guotour Cultural Investment Group and Lingnan Holdings to expand their operations in the tourism sector [28][32].