社会服务行业双周报（第112 期）：东方甄选及江豚会员店“山姆范式”引关注-20250811

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][29]. Core Viewpoints - The current consumer market is characterized by diversified supply, transparent information, and rational demand, highlighting the advantages of companies with high cost-performance products and mature membership systems [2][13]. - Supply chain efficiency is crucial for sustaining high cost-performance products, while membership systems help convert low-frequency users into high-loyalty customers, thereby reducing customer acquisition costs [2][13]. - Recent performance improvements for companies like Dongfang Zhenxuan indicate the effectiveness of these strategies, with significant growth in self-operated product categories and membership numbers [2][14][15]. Summary by Sections Industry Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector, anticipating continued valuation recovery due to favorable national policies aimed at expanding domestic demand [4][29]. Market Trends - The consumer services sector underperformed the market, with a decline of 1.55% during the reporting period, lagging behind the broader market by 1.01 percentage points [16][17]. - Companies such as Dongfang Zhenxuan, Xizang Tourism, and KEEP showed significant gains, while others like Tongcheng Travel and Nine Mao Jiu experienced notable declines [17][20]. Company Dynamics - Dongfang Zhenxuan's recent operational improvements include the launch of over 400 new self-operated products, achieving a total sales volume of 2.1 billion units, and a significant increase in paid membership numbers [14][15]. - The WS Jiangtun membership store has successfully attracted customers with its tiered membership fees and a selection of global products, validating the effectiveness of high cost-performance products combined with a membership model [2][15]. Investment Recommendations - The report suggests focusing on companies such as Atour, Beijing Renli, and Keri International, among others, for potential investment opportunities in the current economic environment [4][29].