社服&零售&美护行业：4月社会消费品零售总额同比增长2.3%，上海家化换帅

Investment Rating - The report maintains the investment rating for the social services, retail, and beauty care sectors [1]. Core Viewpoints - The tourism sector has shown sustained high demand this year, with a focus on stocks that have data catalysts and those that are undervalued with potential improvements in 2024 [34]. - The education and human services sectors are experiencing stable fundamentals, with a positive policy environment and increasing attention on leading companies [34]. - The gold and jewelry sector is benefiting from strong gold prices, with leading companies actively expanding their store networks [34]. - In the beauty care sector, there are structural opportunities targeting high-end consumers and high-margin products [34]. Summary by Sections 1. Industry Performance - In the period from May 13 to May 17, 2024, the social services index fell by 0.10 percentage points relative to the CSI 300, while the retail index rose by 0.36 percentage points [6]. - The beauty care index decreased by 1.04 percentage points compared to the CSI 300 [6]. 2. Sub-industry Dynamics 2.1 Restaurant and Tourism - Hotel bookings in Japan have increased nearly sixfold year-on-year, indicating a recovery in travel demand [14]. - Huazhu Group reported a revenue of 5.3 billion yuan in Q1 2024, a 17.8% increase year-on-year [14]. 2.2 Gold and Jewelry - In April, gold and jewelry sales decreased by 0.1% year-on-year, with total sales amounting to 23.1 billion yuan [16]. 2.3 Comprehensive Services - The government has launched initiatives to cultivate a high-level digital talent workforce to support economic development [18]. 2.4 Retail - Alibaba reported a 7% revenue growth in Q4 2024, with significant increases in its core cloud and overseas e-commerce businesses [21]. 2.5 Beauty Care - In April, the total retail sales of consumer goods reached 356.99 billion yuan, a year-on-year increase of 2.3%, while cosmetics sales fell by 2.7% [22][23]. 3. Recent Company Developments 3.1 Social Services - Zhou Daxing announced the addition of seven new self-operated stores in April 2024, with a total investment of approximately 39.93 million yuan [24]. 3.2 Retail - Lianhua Supermarket received a capital increase of 360 million yuan from Bailian Group to support its business transformation [21]. 3.3 Beauty Care - Shanghai Jahwa announced the resignation of its chairman and the appointment of a new CEO [27].