Guoxin Securities·2025-11-10 08:42Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [4][26][29]. Core Insights - The implementation of the new duty-free shopping policy in Hainan has led to a remarkable 35% year-on-year increase in shopping amounts during its first week, with total shopping reaching 506 million CNY [2][18]. - The consumer services sector outperformed the market, with a 4.04% increase during the reporting period, surpassing the Shanghai and Shenzhen 300 Index by 3.65 percentage points [1][13][14]. - The report highlights various initiatives aimed at enhancing consumer spending, including the "Urban Commercial Quality Improvement Action Plan" issued by multiple government departments to stimulate urban commercial vitality [2][19]. Summary by Sections Market Performance - The consumer services sector saw a notable increase of 4.04% from October 27 to November 7, 2025, ranking fifth among all industry indices [1][13][14]. - Key stocks that performed well include Caesar Travel (up 18.39%), China Duty Free (up 12.01%), and Quanjude (up 11.86%) [1][14][15]. Industry and Company Developments - The new duty-free policy in Hainan has expanded the range of duty-free goods to 47 categories, significantly boosting consumer spending [2][18]. - The Ministry of Commerce and other departments have launched a plan to enhance urban commercial structures, aiming to create a more efficient and consumer-friendly shopping environment [2][19]. - Notable corporate actions include Starbucks selling 60% of its Chinese business for 4 billion USD, and Dazhong Dianping committing 30 billion CNY to upgrade its information infrastructure over the next five years [2][22][21]. Stock Holdings Analysis - The report notes changes in stock holdings among key companies, with Haidilao and Tianli International Holdings seeing increases in shareholding percentages [3][25]. Investment Recommendations - The report suggests a focus on companies such as Atour, Huazhu Group, China Duty Free, and Ctrip, among others, for potential investment opportunities [4][26].