消费行业快评报告（三）：服务消费政策延续升级，新兴赛道蓄势发力

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][8]. Core Insights - The government work report emphasizes the continuation of service consumption as a key focus for expanding domestic demand, with specific measures aimed at enhancing consumer experiences and removing unreasonable restrictions in the consumption sector [2][3]. - The report highlights the importance of optimizing the domestic tourism market, with a focus on enhancing travel experiences during peak holiday seasons and promoting inbound consumption through improved policies [2][3]. - The newly introduced "Service Consumption Quality Improvement Action" aims to address structural supply shortages in the service sector, particularly targeting emerging fields such as cultural tourism, automotive aftermarket, sports events, and performing arts, which are expected to meet the evolving demands of different consumer demographics [3]. Summary by Sections Government Policy Focus - The government is set to implement actions to enhance service consumption, aiming to create new consumption scenarios and stimulate new growth points in the economy [3]. - Specific measures include promoting spring and autumn breaks in schools and implementing paid staggered leave for employees to boost travel and leisure spending [2][3]. Market Trends - The report notes a shift in consumer spending from goods to services, with service consumption projected to become a primary growth engine by 2026, despite a gradual recovery in the overall economic environment [3]. - The social service sector is expected to present structural opportunities in the first half of the year, particularly benefiting companies in the travel chain and chain restaurant sectors [3]. Investment Recommendations - Companies that are likely to benefit from the implementation of the spring and autumn break policies and the gradual recovery of consumer confidence should be closely monitored [3]. - Attention is also recommended for leading chain restaurants that are in a critical phase of scaling and market share expansion, as well as early-stage investments in emerging experiential sectors such as sports events and concerts [3].