消费者服务行业双周报（2025、11、7-2025、11、20）：国务院提出在文旅领域加快数字技术推广应用-20251121

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The consumer services industry index rose by 3.82% from November 7 to November 20, 2025, outperforming the CSI 300 index by approximately 6.56 percentage points during the same period [9][10]. - The report highlights strong growth in domestic travel, with outbound hotel and flight bookings reaching 140% of the levels seen in the same period of 2019, and inbound tourism bookings increasing by over 100% year-on-year [33][27]. - The implementation of digital technologies in the cultural and tourism sectors is expected to enhance the supply side of the tourism industry, promoting upgrades and new consumption scenarios [22][33]. Summary by Sections Market Review - The consumer services index continued its upward trend, ranking fourth among all CITIC first-level industry indices [9]. - The performance of sub-sectors varied, with comprehensive services down by 0.43%, while tourism and hotel sectors saw increases of 4.54% and 6.26%, respectively [10]. - A total of 27 listed companies in the industry reported positive returns, with the top five performers being Jinjiang Hotels, Junting Hotels, Caesar Travel, Changbai Mountain, and China Duty Free, showing increases of 11.23%, 9.49%, 9.16%, 9.08%, and 8.48% respectively [14] [10]. Industry News - The State Council issued an opinion to accelerate the application of digital technologies in the cultural and tourism sectors, aiming to integrate various digital experiences [22]. - Xiangyuan Cultural Tourism signed a strategic cooperation agreement with the government of Kunshan City to enhance the local tourism industry [23]. - Ctrip's Q3 report indicated a robust recovery in domestic travel, with significant increases in international bookings [27]. Company Announcements - Junting Hotels announced a cash acquisition of the remaining 21% stake in its subsidiary, aiming for full ownership [28]. - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, with a total revenue of 30.6 billion yuan [24]. Weekly Perspective - The report suggests focusing on specific stocks such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand [34][35].