社服行业周报：春节假期消费数据总结

Investment Rating - The industry investment rating is "Overweight (Maintain)" [6] Core Viewpoints - The travel market during the Spring Festival was robust, with outbound tourism reaching a four-year peak. The total number of travelers during the Spring Festival exceeded 1.6 billion, with daily average travelers recovering to 347.95% of the same period in 2019 [7][29] - High visitor numbers were sustained in multiple regions, with notable performance in key scenic spots. For instance, Beijing's parks received 505,400 visitors on the seventh day of the Lunar New Year, a year-on-year increase of 103.14% [8][33] - Local consumption saw record-breaking box office revenues during the Spring Festival, with daily average box office recovering to 116.39% of the same period in 2019 [12][36] Summary by Sections 1. Spring Festival Consumption Data Summary - The outbound travel market was vibrant, with a total of over 1.6 billion travelers during the Spring Festival, and daily average travelers recovering to 347.95% of 2019 levels [7][29] - High visitor numbers were reported in various regions, with Beijing, Shanghai, and Guangdong showing significant increases in tourist numbers compared to previous years [8][33] - Local consumption, including box office revenues and dining, saw substantial growth, with the box office reaching 7.852 billion yuan during the Spring Festival [12][39] 2. Recent Market Performance (2024.02.05-02.16) - The social service industry index rose by 2.10%, underperforming the CSI 300 index by 3.73 percentage points [15][41] - Among the sub-sectors, hotel and catering increased by 3.32%, while education saw a decline of 5.51% [15][41] 3. Industry Data Tracking - Travel data indicated a significant recovery in passenger volumes, with major airports seeing increased throughput compared to pre-pandemic levels [50][52] - Hotel occupancy rates and booking volumes exceeded 2019 levels, with high-star hotels experiencing a nearly 150% increase in night stays [40][52] - The restaurant sector also reported a surge in dining orders, particularly in major cities like Shanghai and Chongqing [39][57] 4. Investment Recommendations - Recommendations include focusing on specific companies within the hotel, catering, tourism, and retail sectors, such as Huazhu Group, Haidilao, and Changbai Mountain [16][59]