营收增长利润承压，旅游景区业绩稳健 [Table_ReportType] ——社会服务行业 2024 年业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 社会服务板块全年业绩增收不增利。2024 年上市公司业绩出炉，社会 服务板块增收不增利，营业收入合计 1907.95 亿元，同比增长 6.95%， 在申万一级行业中排名第 3；归母净利润合计 73.66 亿元，同比下降 31.26%，在申万一级行业中排名第 22。 旅游及景区板块：2024 年旅游及景区板块实现营收 354.23 亿元，同比 +15.24%，归母净利润 16.73 亿元，同比+7.19%。五一黄金周居民旅游 热情高涨，旅游市场持续回暖。调休工作日的减少使得更多游客选择拼 假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和 丰富消费场景，以多元供给激发消费潜力、市场活力，为游客带来深度 体验。 3288 酒店餐饮板块：2024 年酒店餐饮板块实现营收 298.53 亿元，同比- 1.49%，归母净利润 15.67 亿元，同比-19.73%。消费承压导致板块业绩 出现波动，全年表现不佳。行业 ...

北服毕业展在国际设计周永久会址举行。本报记者 陈强 摄 城市绿心森林公园，草木葱茏，美不胜收。 本报特约摄影 马文晓 活力汇。 本报记者 陈强 摄 副中心政务服务中心。 本报记者 白继开 摄 北光厂光学楼外立面上有很多爬山虎。 北光厂 供图 通州体育场蓝色跑道惊艳亮相。 常鸣 摄 关键词 老厂房 北泡厂车间▶▶▶国际设计周永久会址 工业美感融合时尚设计 今年，北京服装学院将在通州设立新校区。作为入驻副中心的先导活动，北服本科生毕业作品展目前正在张家湾设计小镇举行，汇聚了1000多名学生的数千 件作品。 这场毕业大展的举办地是国际设计周永久会址。这里曾是张凤路上的明星企业北泡厂，它见证了"通州第一工业重镇"的辉煌。 北泡厂建于1999年，是一家生产压型钢板、夹芯板等材料的国有企业。如今的国际设计周永久会址，正是利用北泡厂夹芯板车间改造而来。进入副中心时 代，张家湾逐渐从工业区蜕变为设计小镇，"腾笼换鸟"的过程中，北泡厂夹芯板车间遵循"不拆真，不做旧"理念，将原有钢结构悉数保留，最大限度保持原 有厂区空间形态和厂区肌理。2023年，国际设计周永久会址亮相后，立马成了设计小镇的新地标，很多人称赞它：成功继承了老厂房 ...

Supply and Demand Dynamics - Two industry categories are highlighted: "supply clearance" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion[2] - Industries exhibiting "supply clearance" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services[2] - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports[2] Export Chain Analysis - Key export chain industries with high overseas revenue proportions include other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery[3] - Industries with high revenue exposure to the U.S. face uncertainty until trade relations improve, with potential valuation recovery for sectors like entertainment products and textiles if tariffs ease[3] High Dividend Yield Insights - High dividend yield sectors identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods[4] - Notable increases in dividend yields for transportation and consumer sectors compared to the previous year, particularly in shipping ports, logistics, and white goods[4] Market Strategy and Outlook - The A-share market shows resilience, with ETF net outflows indicating reduced support from protective funds, yet maintaining a steady upward trend with transaction volumes above 1 trillion[5] - The market is at a turning point, with key factors to monitor including U.S.-China trade talks and domestic economic indicators[5] - A broad fluctuation is expected in the A-share market, with strong support likely at lower levels, suggesting potential for increased positions if support levels are tested[5] Investment Recommendations - Balanced asset allocation is advised to navigate uncertainties, with a focus on technology sectors potentially regaining momentum[6] - Transitioning trading strategies from exceeding expectations to focusing on high-growth industries such as feed, motorcycles, plastics, and animal health[6] - Defensive assets like banks, insurance, and utilities remain viable as core holdings, with attention to sectors with rising dividend yields[6]

Group 1: Supply and Demand Dynamics - Two categories of industries are highlighted: "supply clearing" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion [2][15]. - Industries exhibiting "supply clearing" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services [2][15]. - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports [2][17]. Group 2: Export Chain Analysis - Industries with high overseas revenue ratios are expected to maintain independent growth despite domestic demand pressures, including other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery [3][20]. - The report notes that industries with high revenue from the U.S. face uncertainties until U.S.-China trade relations improve, with potential valuation recovery for sectors like entertainment products, textile manufacturing, and lighting equipment if tariff issues ease [3][23]. Group 3: High Dividend Yield Industries - High dividend yield industries identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods [4][26]. - Notably, the dividend yield for transportation and consumer sectors has significantly increased compared to the previous year, particularly in shipping ports, logistics, and white goods [4][26]. Group 4: Market Performance and Strategy - The A-share market shows resilience, with a net outflow of ETFs indicating reduced support from protective funds, yet the market remains stable with transaction volumes exceeding 1 trillion [5][29]. - The report suggests a cautious approach to position management due to ongoing uncertainties, with a focus on potential support levels for the index [5][29]. - A balanced allocation strategy is recommended to navigate uncertainties, with a renewed interest in technology sectors, particularly in AI, and a shift towards high-growth industries such as feed, motorcycles, and plastics [5][30].

Group 1 - Jin Xing Beer launched two new products: Jin Xing Ice Sugar Hawthorn Chinese Craft Beer and Jin Xing Qing Jiao Chinese Craft Beer, combining unique flavors with traditional elements [4] - Minor Figures introduced Hyper Oat, a new line of oat drinks focusing on both taste and functionality, available in four unique flavors [4] - Birkenstock 1774 launched the Arizona CosNy new product series, featuring minimalist designs and durable materials [4] Group 2 - Luzhou Laojiao unveiled two new products during the Jiao Zhu Festival, emphasizing the integration of traditional liquor culture with modern healthy lifestyles [5] - Yuanqi Forest launched a new plant-based drink called "Slow Boil," developed over two years in collaboration with young consumers [5] - Lay's relaunched its spicy series of potato chips with three levels of spiciness, catering to diverse consumer preferences [7] Group 3 - The first shared store between Lianjia and Luckin Coffee opened, allowing customers to handle real estate transactions while enjoying popular coffee products [10] - Alien Electrolyte Water collaborated with the show "Big Detective" to launch a limited edition product, featuring low-sugar coconut-flavored electrolyte water [10] - Michael Kors opened a limited-time tea and alcohol shop in Hangzhou, showcasing its new spring-summer collection [10] Group 4 - Bobbie launched an organic whole milk infant formula, certified by the USDA, emphasizing quality and safety [22] - Suntory released a limited edition "Master's Dream" beer with an alcohol content of 4.5%, themed around Japan's seasonal changes [23] - Panpan Beverage introduced a new Chenpi water product, combining traditional ingredients for digestive health [24] Group 5 - KIKO Milano appointed Patricia Ho as the new head for the Asia-Pacific region, following a majority stake acquisition by L Catterton [27] - Charlotte Tilbury's founder made a live debut in China, promoting new products in collaboration with influencer Li Jiaqi [30] - Proya became the first beauty group in China to achieve over 10 billion yuan in revenue, reporting a 21.04% year-on-year growth [31]

Group 1 - The report highlights the impact of recent tariff negotiations on the A-share market, suggesting that the market sentiment has improved due to expectations of tariff easing and liquidity release from the central bank [3][10][12] - The central bank's recent actions, including a 0.5 percentage point reserve requirement ratio cut and a 10 basis point interest rate reduction, are expected to provide approximately 1 trillion yuan in long-term liquidity, which is anticipated to support market stability [9][10] - The report indicates a shift in focus towards sectors such as low-volatility dividend stocks, banking, and public utilities, while also suggesting potential opportunities in technology and new consumption sectors like tourism and entertainment during market corrections [3][12] Group 2 - The bond market is expected to see further declines in yields, with a target range for ten-year government bond yields set between 1.50% and 1.55%, indicating a favorable outlook for short-term interest rate bonds [3][12] - The report notes that the A-share market's average daily trading volume has increased to 1,353.426 billion yuan, reflecting heightened market activity following the easing of tariff concerns and monetary policy adjustments [20] - The report emphasizes the importance of monitoring upcoming economic indicators, such as the U.S. CPI and China's M2 growth, which could influence market dynamics in the near term [21]

登记编号：S0890521120001 分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 分析师： 蔡梦苑 | | 关税缓和信号显现,但行业关税仍存变数: | | --- | --- | | | > 美国一季度GDP萎缩，后续走势取决于关税谈判及减税政策进展 | | | ◆ 今年第一季度美国实际国内生产总值(GDP)按年率计算奏缩至-0.3%,主要受到抢进口和政府投资减少的抱累。后续美国经济走势 | | | 取决于关税谈判的进展(商品消费),以及减税政策的支持(私人投资)。 | | 海外宏观 | > 对等关税税率后续有望下调，行业关税仍存变数 | | | ◆ 基于财政收益最大化及后续行业关税实施空间的考量,对等关税存在下调预期。预计最终调整方向或与特朗普竞选大致医配一 | | | 即全球基准税率降至10%,中国维持约60%高位。 | | | ◆ 对华关税政策方面,特朗普表示"对中国达成协议的前景泵现得更加乐观"。然而潜在的行业关税(特别是医药、关键矿产及半 | | | 导体等敏感行业)关税仍存变致,伴随着协议谈判进程,市场波动或将延续。政策不确定性 ...

Group 1 - The core viewpoint of the article emphasizes the need to strengthen investment support to stimulate consumer potential and expand consumption infrastructure and services [1] - The plan aims to create a virtuous cycle of mutual promotion between consumption and investment through effective investments in new consumption formats and models [1] - The government will utilize various funding sources, including central budget funds, local government special bonds, and ultra-long-term special treasury bonds, to support projects in education, healthcare, skills training, elderly care, and cultural tourism [1] Group 2 - The initiative includes active support for eligible projects in the cultural tourism sector to issue Real Estate Investment Trusts (REITs) in the infrastructure sector [1] - The focus is on addressing public service shortcomings through increased investment in key areas [1]

近日，中山市商务局发布《2025年中山市大力提振消费若干措施》（下称《措施》），围绕以旧换新、 消费供给、美食经济、文旅消费等12个方面推出系列创新举措，明确将通过"两个一百"促消费行动计 划、跨境消费圈构建等组合拳，全年撬动超100家企业开展100场以上促消费活动，构建"季季有主题、 月月有活动"的消费格局，全力打造珠江西岸消费新高地。 依托深中通道等交通优势，《措施》提出构建"1小时跨境消费圈"，建设退税商店、推广离境退税"即买 即退"服务。文旅和体育消费方面将承办全省乡村旅游消费季启动仪式，升级夜间消费阵地，支持景区 设施迭代；同时，借力大湾区全运会举办高水平赛事，开展"体育惠民乐动中山"活动。住房领域则推出 5—6月购房电子消费券补贴。 网络销售及电商发展也获多重支持，《措施》提到将对直播基地、电商园区及达标企业给予办公租金、 运营等支持；对新纳统且零售额达标的电商企业给予奖励。此外，《措施》还强化消费环境保障，推行 首席质量官制度，严厉打击假冒伪劣，健全消费争议多元化解机制。 《措施》首先为以旧换新扩围加码。聚焦汽车、家电、家装等品类，支持电动自行车换购，加倍投入资 金并扩大补贴范围，推动本地制造业 ...

Core Viewpoint - The article highlights the vibrant cultural and tourism activities in Yuhang during the May Day holiday, showcasing over 60 events aimed at enhancing cultural experiences and stimulating tourism consumption [3][4]. Group 1: Cultural and Tourism Activities - Yuhang introduced new cultural tourism scenes and products, including the "Strawberry Universe Yangtze River Delta Life Party" and various other activities to invigorate the tourism market [3]. - The "Strawberry Universe Yangtze River Delta Life Party" featured immersive experiences with music performances, intangible cultural heritage crafts, and family interactions, creating a poetic atmosphere [3]. - Various themed markets, such as the "Liangzhu Growth Power Market" and "Jingyuan Ancient Craftsman Market," attracted visitors with diverse offerings of ethnic handicrafts and local agricultural products [4]. Group 2: Visitor Statistics - As of May 5, 11 AM, Yuhang's key scenic spots received 1.3534 million visitors during the holiday, marking a year-on-year increase of 17.08% [5]. - The total revenue generated during this period reached 115 million yuan, reflecting a 4.3% increase compared to the previous year [5]. - Ticket revenue amounted to 17.9813 million yuan, showing a significant year-on-year growth of 75.53% [5].