Wanlian Securities·2025-08-19 07:52Investment Rating - The industry is rated as "stronger than the market" with an expected relative increase of over 10% compared to the market index in the next six months [38]. Core Insights - The heavy holding ratio for the social service industry in Q2 2025 is 0.09%, a decrease of 0.03 percentage points from the previous quarter, ranking 30th among 31 first-level industries, indicating a position at the bottom of the industry [11][35]. - The current heavy holding ratio is significantly below the five-year historical average of 0.49%, suggesting substantial room for rebound [11][35]. - The education sector shows a rebound in interest, while the hotel and restaurant sector remains at a low holding ratio [18][35]. - The implementation and optimization of the national visa-free policy is expected to continue boosting the tourism market, alongside new opportunities arising from the establishment of duty-free shops [35]. Summary by Sections Heavy Holding Ratio Analysis - In Q2 2025, there are 344 funds heavily invested in the social service industry, a decrease of 59 funds from the previous quarter, with a total market value of 6.225 billion yuan, down by 1.786 billion yuan [11][35]. - The heavy holding ratio for the hotel and restaurant sector is at 0.02%, down 0.01 percentage points, while the tourism and scenic area sector is at 0.03%, showing a slight decline [18][35]. Sector Performance - The professional services sector has seen a decrease in heavy holding ratio to 0.03%, while the education sector has slightly increased to 0.01% [18][35]. - The hotel and restaurant sector's heavy holding ratio has been declining since reaching a peak in Q2 2022 [18][35]. Individual Stock Performance - The top ten stocks in the social service sector have a combined heavy holding ratio of 0.072%, down 0.03 percentage points from Q1 2025 [27][28]. - Notable increases in heavy holding ratios were observed for stocks such as Dou Shen Education and Changbai Mountain, while significant decreases were noted for Huace Detection and Su Shi Testing [30][31].