社会服务行业双周报：8月消费数据平稳运行，国庆中秋双节将至-20250924

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][49]. Core Insights - The social services sector saw a 1.40% increase in the last two trading weeks, ranking 15th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 0.47 percentage points [2][13]. - The upcoming National Day and Mid-Autumn Festival holidays are expected to boost travel and consumption, with a notable increase in travel demand and consumption policies aimed at stimulating domestic demand [5][42]. - The report highlights a stable economic environment with August retail sales showing a year-on-year increase of 3.4%, indicating a steady recovery in consumer spending [5][3]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was positive, with notable increases in sub-sectors such as tourism retail (+4.94%) and tourism and scenic spots (+4.88%) [17][21]. - The overall consumer spending data reflects a stable trend, with service consumption categories like cultural and recreational services showing double-digit growth [5][3]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands benefiting from business travel recovery and employment policies [5][42]. - The recovery of cross-border travel is expected to accelerate the introduction of new tax-free policies, with recommendations to monitor companies like China Duty Free and Wangfujing [5][42]. Company News & Announcements - The report notes significant developments such as the opening of a new city duty-free store in Changsha and the launch of a new hotel development plan by JD.com, indicating ongoing innovation and expansion in the sector [29][30]. - The report also mentions the increasing popularity of domestic travel destinations and the rise of AI tools in travel planning, reflecting changing consumer preferences [30][31].