Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [4][29]. Core Insights - The current consumer market is characterized by diversified supply, transparent information, and rational demand, highlighting the advantages of companies with high cost-performance products and mature membership systems [2][13]. - The supply chain is identified as a core foundation for ensuring the continuous output of high cost-performance products, while the decline of public traffic benefits has increased customer acquisition costs, making private membership systems essential for converting low-frequency users into high-loyalty customers [2][13]. - Recent performance improvements in companies like Dongfang Zhenxuan validate this logic, with significant growth in self-operated product categories and membership numbers [2][14][15]. Summary by Sections Industry Overview - The consumer services sector experienced a decline of 1.55% during the reporting period, underperforming the broader market by 1.01 percentage points [3][16]. - Notable performers in the sector included Dongfang Zhenxuan, Xizang Tourism, and KEEP, while companies like Tongcheng Travel and Lansheng suffered significant declines [17][20]. Company Dynamics - Dongfang Zhenxuan has shown marginal improvements in operations, with a focus on expanding its self-operated product lines, achieving a total of over 400 product SKUs and significant sales growth [14][15]. - The WS Jiangtun membership store has successfully attracted customers through a tiered membership fee structure and a selection of global products, demonstrating the effectiveness of high cost-performance products combined with a membership model [2][15]. Investment Recommendations - The report suggests a continued focus on companies such as Atour, Beijing Renli, and Keri International, among others, as potential investment opportunities in the current economic environment [4][29]. - Mid-term recommendations include companies like China Duty Free, Meituan, and Dongfang Zhenxuan, indicating a broad range of sectors for potential investment [4][29].

Core Insights - The core competitiveness of Chinese products lies in their high cost-performance ratio, which naturally attracts market demand [1] - Nasta Group's subsidiary, Pantum Electronics, is a high-tech company focused on the R&D and manufacturing of printers and consumables, having developed China's first laser printer with independent intellectual property rights in 2010 [1] - Pantum's product offerings include single-function, multifunction, and high-speed duplex printers, with a sales network covering 42 countries and regions globally [1] Company Performance - Over 70% of Nasta's revenue is generated from overseas markets, despite currently losing the U.S. market [2] - The company remains confident in its ability to navigate complex market conditions due to its technological foundation and global presence [2] - Nasta aims to become a top global printer manufacturer, providing better and more cost-effective products to consumers worldwide [2]