社会服务行业投资策略周报：教育、旅游、跨境高景气，板块超跌建议关注

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Views - The education, tourism, and cross-border sectors are experiencing high growth, with the report suggesting that the sectors are currently undervalued [1] - The report highlights a significant increase in local and surrounding travel during the Dragon Boat Festival, with a 20% year-on-year growth in bookings for nearby travel [3] - The hotel industry shows signs of recovery, with occupancy rates (OCC) and average daily rates (ADR) improving compared to 2019 levels, although still below pre-pandemic figures [30] - The public service examination training sector is expected to maintain high growth due to an increase in the number of graduates and stable employment policies [46] - The medical beauty market is projected to grow moderately in the first half of 2024, with expectations of new product approvals boosting market sentiment in the second half [53] Summary by Sections Tourism - The report notes that local and surrounding travel is expected to dominate during the Dragon Boat Festival, with a focus on cultural experiences [3] - Scenic stocks are recommended, particularly those with solid fundamentals like Changbai Mountain and Huangshan Tourism [3] Hotel Industry - National hotel occupancy (OCC) for week 22 of 2024 is reported at 55.36%, showing a slight decline from the previous week but an improvement compared to 2019 [30] - Average daily rate (ADR) is at 190.79 yuan, with revenue per available room (RevPAR) at 105.62 yuan, indicating ongoing recovery efforts [30] - The report suggests monitoring the performance of leading hotel companies as summer travel begins [30] Education Sector - The K12 non-academic training sector is entering a peak season, with leading institutions increasing staff to meet demand [43] - The public service examination training sector is expected to see high growth due to a record number of graduates and stable job market conditions [47] - The report emphasizes the importance of compliance and the shift towards quality education services in the sector [46] Medical Beauty - The medical beauty market is expected to see moderate growth in H1 2024, with new product approvals anticipated to enhance market conditions in H2 [53] - The report highlights the increasing focus on collagen products and the expansion of compliant botulinum toxin markets [53] Retail - The report indicates that the retail sector is showing signs of recovery, with CPI increases expected to drive same-store sales growth [4] - The jewelry sector is facing challenges due to high gold prices, but there is potential for recovery in Q3 [4] Cross-Border E-commerce - The report notes opportunities in the cross-border e-commerce sector as overseas consumption patterns shift [4]