社会服务行业周报：出行链热度攀升，政策+需求延续出游高景气

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Viewpoints - The travel chain sector is experiencing a surge in popularity, driven by favorable policies and sustained demand for travel, leading to a high level of activity in the sector [1][2] - The upcoming holiday periods, including the Spring Festival and various school breaks, are expected to boost travel demand and enhance revenue performance for companies in the travel chain sector [2] - The report suggests focusing on sub-sectors with performance elasticity during the peak season, such as duty-free shops, certain tourist attractions, supermarkets, and jewelry [3] Summary by Relevant Sections Industry Performance - The social service index increased by 3.20%, outperforming the Shanghai Composite Index by 2.37 percentage points during the specified period [10] - Notable stock performances include Sanxia Tourism (+18.73%), Jiuhua Tourism (+10.89%), and Dalian Shengya (+6.01%) [1][16] Policy Environment - Continuous favorable policies for service consumption are being introduced, including an increase in statutory holidays and support for travel-related activities [1] - Specific policies aimed at enhancing travel and leisure consumption are expected to be implemented, which will further benefit the travel chain sector [1] Demand Trends - The report highlights a series of upcoming holiday periods that are likely to sustain high travel demand, including the Spring Festival, which is projected to have a 9-day holiday in 2026 [2] - Data indicates a significant increase in flight bookings for the Spring Festival, with domestic flight reservations exceeding 5.21 million, reflecting a year-on-year growth of approximately 22% [2] Investment Recommendations - The report recommends focusing on sectors with strong performance potential during the peak season, particularly duty-free shops and tourist attractions, while also observing the impact of AI applications in e-commerce [3] - For 2026, the report suggests a positive outlook on service consumption and product consumption, emphasizing the cyclical nature of the duty-free and travel chain sectors [3]