Guoxin Securities·2025-12-30 11:48Investment 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][14]. - Key companies such as China Duty Free Group and others have demonstrated significant stock price increases, with China Duty Free Group rising by 16.91% [14][17]. - The report highlights the positive impact of government policies aimed at expanding domestic demand, which are expected to support the valuation recovery of the sector [4][37]. Industry Dynamics - The first week of Hainan's duty-free shopping saw sales reach 1.1 billion CNY, a year-on-year increase of 54.9%, with an average spending of 6,667 CNY per person, up 16% [19]. - Major airports in Shanghai and Beijing have awarded duty-free store contracts to China Duty Free Group, enhancing its market position [18]. - The tourism market is heating up ahead of the New Year, with domestic flight bookings exceeding 1.06 million, a 45% increase year-on-year [23]. Company Performance - The report details stock performance for key companies, with notable increases in holdings for companies like Haidilao and China Oriental Education during the review period [3][36]. - Specific companies such as Atour, Ctrip Group, and Huazhu Group are recommended for investment due to their strong market positions and growth potential [4][37]. Future Outlook - The report suggests a focus on companies that are well-positioned to benefit from ongoing economic recovery and consumer spending, including China Duty Free Group, Huazhu Group, and others [4][37]. - The introduction of new products and services, such as Atour's modular hotel concept and the expansion of brands like Mixue Ice City into international markets, indicates a trend towards innovation and market adaptation [20][25].