Guoxin Securities·2026-02-24 00:35Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][32]. Core Insights - The consumer services sector saw an increase of 0.68% during the reporting period, outperforming the market by 1.65 percentage points [1][13]. - Key stocks that performed well include Yum China (+12.34%), Melco International Development (+11.35%), and H World Group (+8.99%) [1][14]. - The report highlights the progress in hotel REITs, with Jin Jiang Hotels and H World Group's commercial real estate REITs being accepted by exchanges, which is expected to revitalize hotel assets [2][18]. - The new duty-free shops at Beijing Capital International Airport have opened, marking a significant upgrade in the commercial offerings at the airport [2][19]. - The travel and tourism market is experiencing heightened interest ahead of the longest Spring Festival holiday, with cultural destinations and visa-free countries becoming popular search topics [2][20]. Summary by Sections Market Performance - The consumer services sector outperformed the market, with a 0.68% increase compared to a 0.98% decline in the CSI 300 index during the same period [1][13]. Industry and Company Dynamics - Jin Jiang Hotels and H World Group's REITs have been accepted for trading, which is expected to enhance hotel asset liquidity [2][18]. - The new duty-free shops at Beijing Capital International Airport have opened, enhancing the shopping experience for travelers [2][19]. - The travel market is seeing increased interest, with a 253% rise in searches for Spring Festival travel destinations [2][20]. Stock Holdings - Notable increases in holdings for key stocks include Haidilao (+1.80% to 27.66%) and China Oriental Education (+1.17% to 33.04%) during the reporting period [3][29]. Investment Recommendations - The report suggests maintaining an "Outperform" rating and recommends stocks such as China Duty Free Group, Haidilao, H World Group, and China Oriental Education for investment [4][32].