社会服务行业周报春节海南高端消费保持快增，iphone 17 Pro Max、黄金等品类二手交易持续升温

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights a strong growth trend in high-end tourism consumption in Hainan during the Spring Festival, driven by an extended holiday period that encourages longer leisure travel [4][14] - The restaurant sector experienced accelerated growth during the Spring Festival, with leading brands like Gu Ming and Guo Quan showing strong performance [6][27] - The beauty industry, particularly domestic cosmetics, continues to see steady growth in exports, with a narrative shift towards international markets [7][28] - The second-hand economy is thriving, particularly with high-end products like the iPhone 17 Pro Max, which has seen increased demand and trading activity [7][28] Summary by Sections 1. Travel and Tourism - The 2026 Spring Festival saw a "9-day no adjustment" policy, leading to increased travel intentions, with cross-regional movement expected to grow by approximately 9.4% to 12.3% during the holiday [14][15] - Hainan's airport passenger throughput increased by 7.8% and 9.7% compared to the same period in 2025, indicating robust tourism activity [15][16] 2. Restaurant Sector - Restaurant consumption during the Spring Festival showed a year-on-year increase, with key retail and restaurant enterprises reporting an average sales growth of 8.6% compared to 5.4% in 2025 [6][27] - Notable brands like Hai Di Lao reported significant customer traffic, with over 700 million customers served during the holiday period [27] 3. Beauty Industry - China's cosmetics exports have shown consistent growth, with export values surpassing 55 billion yuan in 2025, reflecting a positive trend in international market penetration [7][28] 4. Second-Hand Economy - The second-hand market has seen a surge, with the iPhone 17 Pro Max's share in trade increasing from 5.1% to 11.5% from late November to early February, indicating strong demand for high-end second-hand products [7][28] 5. Market Performance - The Hong Kong stock market for consumer services, media, and retail sectors underperformed compared to the Hang Seng Index, with declines of 1.56%, 1.97%, and 4.36% respectively [8][29] - Recommended stocks include those in tourism, education, and restaurant sectors, highlighting potential investment opportunities [8]