社会服务行业双周报：扩内需重要性提升，文旅消费有望持续迎利好-20260309

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][46]. Core Insights - The importance of expanding domestic demand has increased, and the cultural and tourism consumption sector is expected to continue benefiting from favorable policies [2]. - The social services sector experienced a decline of 2.01% in the last two trading weeks, ranking 22nd among 31 industries in the Shenwan classification [2][13]. - The government work report emphasizes the need to boost domestic demand, which is likely to provide ongoing support for the cultural and tourism sectors [5][34]. Summary by Sections Market Review & Industry Dynamics - The Shanghai Composite Index rose by 1.03%, while the social services sector underperformed, with a decline of 2.01% [13]. - All sub-sectors within social services, including tourism retail, saw declines, with the tourism retail sector down by 19.04% [17]. - During the Spring Festival, domestic travel reached 596 million trips, with total spending of 803.48 billion yuan, marking a year-on-year increase of 5.5% [34]. Investment Recommendations - The report suggests focusing on companies with strong earnings growth potential in the travel and related industries, such as Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [5]. - It also highlights the recovery of business travel and recommends hotel brands like Jinjiang Hotels and Shoulv Hotels, as well as companies benefiting from employment policies like Keri International [5]. Company News & Announcements - The report notes significant growth in duty-free shopping in Hainan during the Spring Festival, with a 30.8% increase compared to the previous year [30]. - Ctrip has announced the removal of its "Price Adjustment Assistant" to reduce irrational pricing in the hotel industry [30]. - The report mentions the booming ice and snow tourism in Heilongjiang, with a 10.4% increase in visitor numbers and a 15.1% increase in spending [30]. Travel Data Tracking - The domestic travel market shows good momentum, while business travel demand is still recovering [34]. - The report indicates that international travel policies are gradually being relaxed, with an increase in the number of visa-free countries [34].