CTG DUTY-FREE(SH:601888) Guoxin Securities·2026-03-02 05:45Investment 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 Chinese Spring Festival consumer market shows strong recovery momentum, with significant increases in travel and domestic tourism orders, as well as a notable rise in duty-free shopping sales in Hainan [2][21]. - The restaurant sector, particularly Haidilao, reported receiving over 14 million customers during the Spring Festival, showcasing effective marketing strategies to meet diverse consumer needs [22][23]. - The education sector, represented by China Oriental Education, is experiencing a surge in enrollment inquiries, driven by positive employment prospects for skilled workers [26]. Summary by Sections Market Review - The consumer services sector declined by 4.02% during the reporting period, underperforming the market by 5.09 percentage points [13][14]. - Notable stock performances included SanTe Cableway (+9.95%), JinJiang Hotels (+6.24%), and China Oriental Education (+4.84%) [14][17]. Industry and Company Dynamics - The travel sector saw a significant increase in passenger flow, with domestic travel orders reaching historical highs during the Spring Festival [18][19]. - Duty-free sales in Hainan during the Spring Festival reached 27.2 billion CNY, a year-on-year increase of 30.8% [21]. - Haidilao's marketing strategies led to a record number of customers during the holiday, highlighting its strong market presence [23]. Stock Holdings Analysis - Key stocks in the sector, such as Haidilao and China Oriental Education, saw increases in shareholding percentages during the reporting period [30]. Investment Recommendations - The report suggests focusing on companies like China Duty Free Group, Huazhu Group, and Haidilao, among others, for potential investment opportunities [4][32].