图片由人机协同生成 编者按 从北方的"雪假"到南方的"春秋假"，打破传统寒暑假边界的特色假期，以多元形态重塑教育与生活的联 结。从多部门联合推出优惠政策、优化交通服务，到企业创新产品，再到弹性休假制度为亲子陪伴保驾 护航，特色假期的落地离不开多方合力。这既体现了教育理念的革新，也激活了"假期经济"的潜力，为 释放服务消费潜力、推动高质量发展注入了持久动力。 近年来，关于"春秋假""雪假"等假期的讨论在不少地方持续升温。从多地中小学探索放春假、秋假，到 北方部分地区结合冰雪资源安排"雪假"，假期调整不再只是教育系统内部的安排，而逐渐被置于更大的 现实背景中加以审视。在稳增长、扩内需的当下，如何通过更合理的时间安排，激活被压抑或分散的消 费潜力，被寄予了更多期待。 长期以来，居民假期消费在时间分布上高度依赖春节、国庆等长假，需求集中释放的同时，也带来了人 流拥堵、价格上涨和体验下降等问题。相比之下，通过更加均衡地安排休闲时间，让消费在一年中有更 多平稳释放的节点，有助于改善服务消费的节奏和结构。"春秋假""雪假"等假期，正是在这种现实需求 中，逐渐被视为一种值得探索的路径。 更值得关注的是，这种变化并不是简单"多 ...

Core Insights - The report indicates that the social service sector has underperformed the market, with a year-to-date increase of 4.95%, lagging behind the CSI 300 by 14.75 percentage points [4][9] - The report maintains an "Outperform" rating for the sector, suggesting a favorable investment window due to improving fundamentals and market conditions [2][4] Industry Overview - The social service sector has seen a decline in fund holdings, reaching a historical low of 0.29% by the end of Q3 2025, down 0.10 percentage points from Q2 [10][13] - The report highlights a divergence in performance among sub-sectors, with high-growth areas such as scenic spots and duty-free shops leading the gains since Q3 2025 [4][9] Financial Performance Summary - The travel chain sector showed signs of stabilization in Q3 2025, with a year-on-year revenue increase of 1%, although net profits decreased by 20% [18] - The education and human services sectors reported revenue growth of 15% and 7% respectively, with net profit growth slightly declining compared to Q2 [18][14] Sub-sector Analysis Duty-Free - The duty-free sector in Hainan has stabilized since September, with sales increasing by 3.4% year-on-year in September and 13.6% during the National Day holiday [23] - New policies implemented in November are expected to further stimulate demand and enhance the sector's performance [23] Hotels - The hotel sector has seen a narrowing decline in RevPAR (Revenue per Available Room), with Q3 declines of -2.4% for Shoulv and -2.0% for Jinjiang [27] - The report suggests that the sector is poised for recovery as supply growth stabilizes and operational efficiencies improve [27] Scenic Spots - The performance of scenic spots has varied, with natural scenic areas outperforming artificial ones, driven by consumer trends and external acquisitions [28] - The report emphasizes the importance of aligning with consumer trends and pursuing growth through acquisitions [28] Education - The education sector is experiencing robust growth, particularly in public examination preparation, with a record number of applicants for national exams [18][14] - The K12 education sector is shifting focus from supply shortages to quality, benefiting leading institutions [18] Human Services - The human services sector is in a bottoming phase, with leading companies focusing on improving operational efficiency [18] - The BCI index has shown signs of recovery, indicating a gradual improvement in hiring confidence [18]