Guoxin Securities·2025-12-30 11:14Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][37]. Core Insights - The social services sector has shown resilience, with a reported increase of 6.28% during the review period, outperforming the broader market by 4.61 percentage points [13][37]. - Key drivers of growth include the strong performance of duty-free sales in Hainan, which reached 1.1 billion CNY in the first week of operation, marking a 54.9% year-on-year increase [19]. - The report highlights significant developments in the tourism and education sectors, with rising travel bookings and new educational policies aimed at reducing exam burdens [23][28]. Summary by Sections Market Performance - The consumer services sector outperformed the market, with a 6.28% increase from December 15 to December 28, 2025, compared to a 1.67% rise in the CSI 300 index [13][14]. Industry and Company Dynamics - Duty-free shopping in Hainan saw a remarkable increase, with sales reaching 11 billion CNY, and average spending per person rising to 6,667 CNY, a 16% increase year-on-year [19]. - Major companies like China Duty Free Group won multiple bids for airport duty-free operations, enhancing their market position [18]. - The hotel sector is innovating with the launch of the "Atour 3.6" brand, which has successfully opened over 20 locations, achieving high occupancy rates and revenue per available room (RevPAR) [20]. Stock Holdings Analysis - Notable changes in stock holdings during the review period include an increase in holdings for Haidilao and Gu Ming, while others like Tea Baidao saw slight decreases [3][36]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Huazhu Group, Ctrip, and Atour, among others, as they are expected to benefit from favorable government policies aimed at boosting domestic demand [4][37].