Huachuang Securities·2025-11-24 11:20Investment Rating - The report maintains a "Recommended" rating for the hotel and duty-free industries, indicating a positive outlook for operational improvements in these sectors [1]. Core Viewpoints - Despite the overall pressure on consumption in the current macro environment, a structural recovery trend in certain consumer service sectors is becoming increasingly evident. Operational improvements are being observed, suggesting a gradual exit from the bottom range [4]. - The hotel industry is experiencing an optimization in supply-demand dynamics, with core operational data showing marginal improvements, indicating a mild upward trend in industry prosperity supported by sustained travel demand [4]. - The duty-free industry is expected to benefit from policy incentives, particularly with the upcoming operational phase in Hainan and the continued rollout of related policies, which are anticipated to catalyze new growth opportunities [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services sector experienced a decline of 4.86% this week, while the overall A-share market fell by 5.14%. The CSI 300 index decreased by 3.77% [7][23]. - Notable stocks in the consumer services sector that performed well include Dalian Shengya, Chuangye Heima, and Shangri-La (Asia) [4]. Important Announcements - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, reaching 30.6 billion yuan, with net profit of 1.5 billion yuan [30]. - Ctrip Group's Q3 net operating revenue was approximately 18.3 billion yuan, reflecting a 16% year-on-year growth, with a net profit increase of 192.6% [30]. - Wanwu Xingsheng achieved a total revenue of 5.15 billion yuan in Q3 2025, marking a 27.1% year-on-year increase [30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Bubu Gao on December 11, Guilin Tourism on December 5, and Guangzhou Restaurant on November 28 [31].