Core Insights - The tourism market in Hainan is experiencing a surge in family-oriented travel during the overlapping holidays of Dragon Boat Festival and Children's Day, with family orders accounting for 35% of bookings [2] - Hotel bookings for family rooms have seen a significant increase, with a 45% rise in searches for family-friendly accommodations compared to the same period last year [2][3] Group 1: Hotel Industry - Hotels in Hainan are adapting to the growing demand for family travel, with many reporting increased inquiries and bookings for family rooms and activities [3] - Specific hotels, such as Hyatt Place and voco, are offering tailored family packages that include various activities, enhancing the overall experience for families [3] Group 2: Activities and Attractions - Various unique activities are being organized across Hainan to attract family visitors, such as the "Children's Day Painting Carnival" at the Wenchang Mulan Bay, which allows children to engage creatively while learning about local culture [3] - Popular attractions like the Donggu Ridge Scenic Area are seeing increased family visits, with parents and children participating in outdoor activities to enjoy the natural beauty of the island [4] Group 3: Transportation Trends - The trend of renting cars for self-driving tours has gained popularity among families, with a 47% increase in rental bookings during the holiday period [4] - Hainan cities, particularly Sanya, are ranked among the top destinations for self-driving tours, indicating a shift in travel preferences among families [4] Group 4: Future Outlook - As the summer season approaches, Hainan's tourism enterprises are preparing to launch more diverse and high-quality products to meet the evolving demands of family travelers [4] - The "Tourism+" model is being utilized to enhance product offerings and service quality, aiming to provide a fulfilling experience for all visitors [4]

Core Insights - The article discusses the emergence of the "ticket root economy" in Shanghai, particularly in the context of large-scale events and performances that drive consumer spending across various sectors [1][3][8] - The initiative aims to transform ticket sales into broader economic benefits by linking entertainment with tourism, hospitality, and retail, thereby creating a closed-loop economy [1][3] Event and Economic Impact - As of April 30, 2023, the Pudong New Area hosted 8,856 performances, including 44 large-scale events with over 10,000 attendees, accounting for 69.84% of the city's total [2] - These events attracted nearly 4.78 million attendees and generated approximately 500 million yuan in ticket sales [2] - The "Follow the Performance to Travel Pudong" initiative aims to encourage longer stays and increased spending by offering discounts on hotels and attractions for ticket holders [3][4] Consumer Incentives - From May 30 to September 30, 2023, consumers can upload their electronic ticket stubs to platforms like Ctrip and Meituan to receive discounts on hotel stays and attraction tickets [4][5] - The maximum discount for hotel bookings is 1,000 yuan per order, while attraction tickets can be discounted by up to 100 yuan [5] Government and Business Collaboration - The Pudong government has allocated 20 million yuan to support this initiative, with a 30% subsidy for hotel bookings and a 20% discount from participating hotels and attractions [6][5] - The collaboration aims to enhance the overall consumer experience and extend the economic benefits of events beyond ticket sales [6][8] Challenges and Future Considerations - Despite the rapid growth of the ticket root economy, challenges remain, including the need for improved incentive mechanisms, data sharing, and consumer experience optimization [8] - The success of the ticket root economy relies on the active participation of both ticket issuers and surrounding businesses, necessitating a comprehensive approach to policy, technology, and evaluation [8]

Core Viewpoint - The "Follow the Performance Tour in Pudong" initiative aims to boost tourism consumption by leveraging concert ticket sales, with a significant multiplier effect on local spending [1][3]. Group 1: Economic Impact of Concerts - Concert ticket sales have a local consumption multiplier effect of 1:4.8, indicating that for every unit spent on tickets, an additional 4.8 units are generated in local spending [1][3]. - Pudong has hosted 8,856 commercial performances as of April, with 44 large-scale events attracting nearly 4.78 million attendees and generating close to 500 million yuan in ticket sales [3]. Group 2: "Follow the Performance Tour in Pudong" Initiative - The initiative runs from May 30 to September 30, allowing consumers to redeem discounts on hotels and attractions by presenting their concert ticket stubs on platforms like Ctrip and Meituan [4][5]. - Discounts include a maximum of 1,000 yuan off hotel bookings and 100 yuan off attraction tickets, supported by a 30% subsidy from district funds and a 20% discount from participating hotels and attractions [4][5]. Group 3: Future Plans and Assessments - An evaluation of the initiative will occur in late September, with potential for a second phase if necessary [2]. - Pudong plans to host nearly 5,000 performances by September, including major artists, to further enhance the ticket economy [3]. Group 4: Cross-Industry Collaboration - The initiative aims to create a seamless connection between different industries, enhancing the overall consumer experience and driving cross-industry traffic [6][7]. - A robust technical support system is needed to ensure accurate ticket stub recognition and benefit redemption, addressing previous challenges in data sharing across platforms [7].

丨证券研究报告丨 行业研究丨专题报告丨消费者服务Ⅱ [Table_Title] 社会服务行业 2024A&2025Q1 业绩综述：青山 愈显处，韧行见新章 报告要点 [Table_Summary] 2024 年，社会服务行业整体营业收入同比+0.97%，较 2019 年提升 13.71%，酒店、景区、餐 饮等出行链子行业受益于需求韧性、龙头扩张份额提升等，经营修复持续向好，2024 年营收分 别同比+1.4%/+0.9%/+3.2%，2025Q1 进一步改善。各板块利润层面表现分化，社服行业整体 归母净利润同比下降 43.61%，恢复至 2019 年的 50.08%，其中景区/人资/酒店/餐饮/免税/出境 游/教育分别同比+61.49%/+56.11%/-4.67%/-36.59%/-54.84%/-99.55%/减亏。2025Q1，行业整 体营收同比-1.58%，较 2019 年同期提升 23.45%；归母净利润同比-5.9%，系免税等板块拖累。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [11] Core Insights - In 2024, the overall revenue of the social services industry is expected to grow by 0.97% year-on-year, with a 13.71% increase compared to 2019. Key sectors such as hotels, scenic spots, and restaurants are benefiting from resilient demand and market share expansion [2][6] - The overall net profit attributable to shareholders in the social services industry is projected to decline by 43.61% year-on-year, recovering to 50.08% of 2019 levels. Specific sectors show varied performance, with scenic spots and human resources experiencing significant growth [2][6] - In Q1 2025, the industry is expected to see a revenue decline of 1.58% year-on-year, but a 23.45% increase compared to the same period in 2019 [2][6] Revenue Overview - The social services industry is projected to achieve a revenue of 2,627.71 billion yuan in 2024, with various sectors showing different growth rates: outbound tourism (+83.2%), human resources (+14.7%), education (+5.1%), restaurants (+3.2%), hotels (+1.4%), scenic spots (+0.9%), and duty-free shops (-13.5%) [25] - In Q1 2025, revenue growth is expected to continue in outbound tourism, human resources, education, and restaurants, with respective year-on-year increases of 10.2%, 10.0%, 6.8%, and 2.6% [25] Profitability Analysis - The overall gross margin of the social services industry is expected to decline by 2.37 percentage points to 24.28% in 2024, with specific sectors showing varied changes [28][29] - Despite the decline, the gross margin is approaching pre-pandemic levels, with duty-free, hotel, restaurant, human resources, and education sectors recovering to 86%, 49%, 45%, 40%, and 75% of 2019 levels, respectively [29] Cash Flow Insights - The industry is experiencing a decline in operating cash flow, with an overall decrease of 33.25 percentage points year-on-year. Specific sectors like duty-free, hotels, and outbound tourism are seeing significant cash flow declines [36] - In Q1 2025, while revenue slightly declines, cash flow from duty-free and hotel sectors remains above 2019 levels, indicating strong sales collection capabilities [36] Sector-Specific Highlights - **Education**: The demand remains strong, with AI+ education products emerging. The K12 training sector is experiencing a supply-demand imbalance, leading to accelerated growth for compliant institutions [7][44] - **Human Resources**: The employment market is showing structural recovery, with AI technology enhancing efficiency and reducing reliance on manual labor. Recommended stocks include 科锐国际 and 北京人力 [7][44] - **Scenic Spots**: The tourism sector is recovering, with visitor numbers and spending showing double-digit growth. Recommended stocks include 黄山旅游 and 宋城演艺 [8] - **Hotels**: The hotel industry is undergoing deep adjustments, with performance not matching 2023 levels. Recommended stocks include 首旅 and 锦江 [8] - **Restaurants**: The restaurant sector is stabilizing with the help of consumption vouchers, and growth is expected to rebound in Q1 2025. Recommended stocks include 同庆楼 and 百胜中国 [8] - **Duty-Free**: The duty-free sector is seeing positive trends, with sales expected to grow. Recommended stock is 中国中免 [9]

Core Points - The article highlights the various benefits and cultural activities prepared by the Miyun District for the upcoming "5·19 China Tourism Day" to attract citizens and tourists [3][4][28]. Group 1: Discounts and Free Tickets - Visitors can receive free admission tickets to various scenic spots by presenting train or high-speed rail tickets to Miyun Station, valid until May 31, 2025 [3][4][5]. - Specific attractions offering discounts include: - Yunlongjian Scenic Area: Free ticket with valid transportation [3]. - Yishi Manor: 98 yuan voucher for admission [3]. - Honeybee World: Free ticket with valid transportation [3]. - Gubei Water Town: Ticket available for 100 yuan [4]. - Zhangyu Aifei Castle: 20% discount on admission [4]. - Happy Squirrel Valley: 30% discount on admission [4]. Group 2: Accommodation Offers - Various accommodations are offering special spring discounts, valid until May 31, 2025: - Yundong Wild Luxury Resort: 40% off from Monday to Thursday, 50% off for stays of two days or more [6]. - Impression Yunxi Inn: Special packages with significant discounts for weekdays and weekends [7]. - Other inns and hotels are providing various discounts ranging from 20% to 50% off regular prices [10][19][24]. Group 3: Cultural Activities - The Miyun District Cultural Center is hosting a series of training classes and cultural events throughout May, including singing, dancing, and traditional arts [28][31]. - Special performances, such as a youth crosstalk event, are scheduled with ticket discounts available [31]. Group 4: Special Offers for Specific Groups - Discounts are available for labor models and other advanced groups, with significant reductions on accommodation prices [29][30].

Core Insights - The pet economy in China has surpassed 300 billion yuan in 2024, showing a rapid growth trend [1] - "Pet-friendly travel" is emerging as a new trend in tourism, with more scenic spots opening their doors to pets, creating new opportunities for the tourism industry [1][9] Industry Developments - Scenic spots like Jinan Lingyan Temple and Jinan Sunac Paradise have started allowing pets, enhancing visitor experiences and receiving positive feedback from pet owners [3][5] - Various scenic areas in Shandong province are now pet-friendly, with specific conditions for pet entry, indicating a growing trend in the tourism sector [5] - The introduction of pet transportation services on high-speed trains has made traveling with pets more convenient, receiving widespread acclaim [5][7] Consumer Behavior - Pet owners, especially dog owners, are generally open to traveling with their pets, while cat owners exhibit more caution due to concerns about their pets' safety [8] - The differing attitudes between dog and cat owners highlight the need for safety measures and pet-friendly accommodations to encourage pet travel [8] Market Opportunities - The rise of pet-friendly tourism reflects a broader societal trend towards humanistic care for pets, indicating potential for increased revenue in the tourism sector [9][10] - Pet-owning families tend to have higher disposable incomes, presenting a lucrative market for tourism businesses that cater to this demographic [9] - The development of pet-friendly facilities in scenic spots can enhance visitor experiences and drive additional revenue streams for the tourism industry [9][10]

#【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：5月1日至5日，预计全社会跨区域人员流动量累计14.67亿人次，日均2.93亿人次，同比增长8.0%。 其中：铁路客运量同比增长10.8%。 其中：铁路客运量同比增长10.8%。 公路人员流动量同比增长7.6%。 公路人员流动量同比增长7.6%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； # #【华西商社】五一数据更新：旅游消费保持旺盛，多景区创新高，酒店数据超预期，茶饮热度攀升 #客流：5月1日至5日，预计全社会跨区域人员流动量累计14.67亿人次，日均2.93亿人次，同比增长8.0%。 水路客运量同比增长24.9%。 民航客运量同比增长11.8%； #酒店：根据酒店之家数据，五一假期OTA酒店销量同比增长24.93%，OTA用户酒店消费支出同比增长24.8%。 五一假期全国房价同比+2%，其中经济型优于中高端，低线城市优于高线城市； #餐饮：五一期间微信支付餐饮行业交易笔数同比增长12.3%，地区搜索词TOP10中茶饮品牌居多。 #入境游：携程数据显示入境游订单同比激增130%，五一假期 ...

文 ｜ 姜娅 陈聪 杨清朴 杜一帆 刘济玮 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完善。近日国家税务总局发布离境退税管理 办法修订细则，三方面推动前期离境退税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容覆 盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受益；③进一步提升退税便利度。根据我们测算 乐观假设下离境退税市场潜在空间近千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板块包 括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营商、出行服务提供商、景区目的地。 ▍ 离境退税管理办法修订细则发布，"即买即退"推广加速落地。 4月2 6日国家税务总局发布关于修改《境外旅客购物离境退税管理办法（试行）》的公告，从推动退税商店增量扩容、丰富退 税商品供给、提升离境退税服务水平3个方面提出8条政策举措，有望推动"即买即退"推广加速落地。具体来看： 2）额度优化拓宽场景，品类明晰下优质国货受益。 额度上，单笔消费退税上限从5万元提升至1 0万元，现金退税限额从1万元 上调至2万元，起退点从同 ...

以下文章来源于劲旅网 ，作者陈杰tigereat 劲旅网 . 劲旅网-文旅新经济增量价值发现平台。我们以理性、严谨、客观、专业、务实的视角，为中国文旅业界和关注文旅产业的金融界、科技界、 产业界、学界等领域的精英们，实时输出有深度、有态度、高品质的原创内容，以及产业社群服务。 直到前两天，劲旅君去南昌参加2025中国旅游产业高质量发展主题活动，期间旅游业资深专家魏小安的一个观点让我恍然大悟，他提到： 2025年以来，旅游业没有看到想象中的繁荣。冰雪季正常，春节正常，清明节也正常。更没有前两年动辄出现的旅游网红事件， 这一切都预示着旅 游业正在走向常态化。 何为常态化？ 本文来自微信公众号： 劲旅网 ，作者：陈杰tigereat，编辑：壮壮，头图来自：AI生成 劲旅君最近在旅游业内做了一圈小调研，了解大家对今年#五一#以及全年旅游市场的预判与期待。 原以为旅游从业者会对这个五一小长假信心满满，摩拳擦掌准备创造新的业绩奇迹。然而让劲旅君意外的是，绝大多数接受调研的旅游从业者都认为 今年五一旅游业很难一飞冲天， 2025年自己所在旅游企业的业绩能够确保与去年持平或者不再下滑就已经心满意足， 对未来也不抱有太高幻想。 ...