Investment Rating - The report maintains an "Outperform" rating for the social services industry, indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [1][47]. Core Insights - The social services sector experienced a decline of 1.13% in the last two trading weeks, ranking 8th among 31 industries in the Shenwan classification. Despite this, the sector outperformed the CSI 300 index by 1.06 percentage points [1][12]. - The winter season typically sees a slowdown in cultural and tourism activities, but interest in winter snow tourism is rising, particularly in northern regions [1][4]. - The upcoming full closure of Hainan Island on December 18 is expected to positively impact the local tourism industry, with preparations already in place for this transition [1][4]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was relatively better compared to the overall market, with the CSI 300 index down by 2.19% and the Shanghai Composite Index down by 2.55% during the same period [1][12]. - Among the sub-sectors, education saw a rise of 3.67%, while tourism and retail sectors faced declines of 4.03% and 10.48%, respectively [1][16]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others. It also highlights hotel brands like Junting Hotel and Jinjiang Hotels that are expected to benefit from the recovery in business travel [1][4]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to monitor companies like China Duty Free Group and Wangfujing [1][4]. Industry Company News - Notable developments include the launch of the 2025 China Duty Free Year-End Festival, which aims to enhance sales across various duty-free outlets [1][29]. - Junting Hotel is undergoing a potential change in control, which may affect its market position [1][29]. Travel Data Tracking - Domestic travel is showing signs of recovery post-pandemic, with significant increases in passenger flow. The report notes that in the first ten months of 2025, cross-regional passenger flow reached 56.88 billion, a year-on-year increase of 3.6% [1][34].

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

11月27日，米奥会展涨5.77%，截至发稿，报15.77元/股，成交7049.95万元，换手率2.72%，总市值 47.14亿元。 资料显示，浙江米奥兰特商务会展股份有限公司位于上海市恒丰路218号现代交通商务大厦21楼2104 室，成立日期2010年6月30日，上市日期2019年10月22日，公司主营业务涉及会展项目的策划发起、组 织承办、推广及运营服务。主营业务收入构成为：自办展100.00%。 从米奥会展十大流通股东角度 数据显示，嘉实基金旗下1只基金位居米奥会展十大流通股东。嘉实主题新动力混合（070021）三季度 减持18.92万股，持有股数137.94万股，占流通股的比例为0.8%。根据测算，今日浮盈赚取约118.63万 元。 嘉实主题新动力混合（070021）成立日期2010年12月7日，最新规模6.54亿。今年以来收益21.63%，同 类排名3608/8130；近一年收益14.2%，同类排名5068/8054；成立以来收益135.6%。 嘉实主题新动力混合（070021）基金经理为孟夏。 截至发稿，孟夏累计任职时间5年130天，现任基金资产总规模68.3亿元，任职期间最佳基金回报 65.24 ...

陈茂波表示，去年，亚洲国际博览馆和香港会议展览中心有超过350场活动，吸引超过900万人次参与。 今年随着海内外旅客增加，会展活动的成绩让人有更大期待。特区政府和业界在策划大型盛事活动时， 亦积极安排活动接连举行，创造更大的联乘效应和经济效益。 来源：中国新闻网 11月17日，"香港海运周2025暨2025世界航商大会"举行开幕典礼。(香港特区政府新闻处供图) 香港特区政府财政司司长陈茂波23日表示，受地缘政局影响，全球投资者都重新评估其资产组合的风 险，并调整投资策略、分散风险，香港成为资金避险的安全港。 陈茂波在当日发表的网志中提到，香港银行存款总额继去年上升7%后，今年来进一步上升超过10%至 逾19万亿港元；新股集资活动领先全球、财富管理业界蓬勃发展、与世界各地的金融合作也持续深化， 这些都反映国际资金垂青香港市场。 陈茂波表示，面对国际上单边主义抬头，全球供应链、产业链正加快重整，在此背景下，香港的商品出 口连续19个月录得按年增长，今年首三季合计更是显著增加11.3%。 他续指，特区政府致力抓紧全球变局下航运业新机遇，向全球推广香港航运业的优势。他提到，在日前 举办的"香港海运周2025"期间，特 ...

陈茂波表示，面对国际上单边主义抬头，全球供应链、产业链正加快重整，在此背景下，香港的商品出 口连续19个月录得按年增长，今年首三季合计更是显著增加11.3%。 他续指，特区政府致力抓紧全球变局下航运业新机遇，向全球推广香港航运业的优势。他提到，在日前 举办的"香港海运周2025"期间，特区政府公布了首批与中国内地及共建"一带一路"国家和地区的战略合 作伙伴港口、见证了香港船东互保协会正式在香港成立，以及促成两项业界的合作协议等，这些都对香 港国际航运中心的发展及促进业界的国际合作，具有里程碑意义。 (机遇香港)香港财政司司长：香港银行存款总额今年升至逾19万亿港元 中新社香港11月23日电 香港特区政府财政司司长陈茂波23日表示，受地缘政局影响，全球投资者都重 新评估其资产组合的风险，并调整投资策略、分散风险，香港成为资金避险的安全港。 陈茂波在当日发表的网志中提到，香港银行存款总额继去年上升7%后，今年来进一步上升超过10%至 逾19万亿港元；新股集资活动领先全球、财富管理业界蓬勃发展、与世界各地的金融合作也持续深化， 这些都反映国际资金垂青香港市场。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载 ...

Core Points - The "Gou in China · All Fujian Happy Shopping" event was officially launched on November 21, 2023, as part of the Ministry of Commerce's "Gou in China · 2025 Boutique Consumption Month" initiative, aiming to boost consumer spending in Fujian province [1][3] - The event features a comprehensive "1+4+N" activity system designed to stimulate consumption across the region, including a main launch ceremony, four core segments focusing on boutique shopping, exquisite food, exciting tourism, and fine performances, along with numerous local activities [3][12] Event Highlights - The event includes various activities such as the Old Brand Carnival, Foreign Trade Quality Products Exhibition, Taiwan Products Pavilion, and a competition for e-commerce influencers, showcasing a diverse range of consumer experiences [4][6] - The Old Brand Carnival features 52 provincial-level old brand enterprises, highlighting the craftsmanship and innovation of Fujian's traditional brands [6] - The Foreign Trade Quality Products Exhibition aims to expand domestic sales channels for integrated development enterprises, while the Taiwan Products Pavilion showcases well-known Taiwanese brands [6] Regional Participation - Different cities in Fujian are showcasing their unique cultural products, with Fuzhou presenting 688 local specialty items and over 300 classic dishes, while Xiamen and Longyan focus on innovative traditional brands [7][9] - The event also emphasizes the promotion of local specialties, such as Wuyi rock tea and traditional ceramics from Dehua, enhancing the regional consumption landscape [9] Exhibition Details - The Fourth Fujian Product Expo features a professional, market-oriented, and international approach, with a total exhibition area of 40,000 square meters and participation from over 1,000 exhibitors [10][11] - The expo includes specialized sub-exhibitions focusing on themes like restaurant exports, lacquer art, and new food and beverage industries, attracting over 30,000 professional buyers [10][11] Cultural and Economic Impact - This carnival not only aims to boost consumption in Fujian but also serves as a platform to showcase the cultural and industrial vitality of the region, promoting the concept of "Fujian products sold globally" [12]

酒店：经营端环比改善，关注供需关系变化 2025年三季度，酒店集团经营层面环比改善，主要驱动因素为房价，入住率受行业整体供需关系影响， 表现相对较弱。单2025年三季度，锦江、首旅-不含轻管理RevPAR分别恢复至2019年同期的101.1%、 94.3%，二季度恢复率分别为96.4%、88.3%，环比恢复率提升。其中ADR分别恢复至2019年同期的 113.7%、113.2%，OCC分别恢复至2019年同期的88.9%、83.3%。 旅游及景区：业绩分化明显 2025年单三季度，各旅游景区业绩分化较为明显。与2024年相比，23家景区公司中，8家公司归母净利 润同比正增长，12家公司营收同比正增长。从归母净利润增速上看，增速最高为*ST张股（000430）(张 家界)405%，其次为西藏旅游（600749）34.7%，最低为曲江文旅（600706）-277%；从营收增速上看， 增速最高为祥源文旅（600576）35.1%，其次为凯撒旅业（000796）19.8%，最低为云南旅游 （002059）-53.6%。 华创证券发布研报称，2025年前三季度，社会服务行业整体营收平稳增长，利润率有所下滑。细分行 业， ...

Core Insights - The upcoming dual exhibitions in Shenzhen, focusing on "family building" and "wedding preparation," aim to enhance year-end consumer spending in the Greater Bay Area [1][5] Group 1: Exhibition Overview - The 36th Shenzhen Home Expo will take place from November 28 to 30, while the 42nd Guangdong-Hong Kong-Macau Greater Bay Area Wedding Expo will be held concurrently on November 29 and 30 [1] - Both exhibitions will feature nearly 400 brands, providing a "one-stop" service model to facilitate efficient purchasing for consumers [1][3] Group 2: Industry Coverage - The Home Expo will cover the entire home decoration process, including design, building materials, furniture, soft furnishings, and home appliances, with around 300 brands participating [3] - The Wedding Expo will integrate resources from the wedding industry, featuring approximately 100 brands in areas such as wedding photography, banquet venues, wedding attire, and planning services [3] Group 3: Market Trends - The year 2025 is considered a "double spring year" in the lunar calendar, traditionally viewed as an auspicious time for weddings, with a reported 20% increase in marriage registrations in Q3 2025 compared to the previous year [5] - The wedding expo is expected to experience a "volume and price increase" trend, with a rise in service orders and a growing demand for quality and personalized wedding experiences [5] Group 4: Consumer Experience - The exhibitions will utilize a "neighboring exhibition" model, allowing consumers to manage home decoration and wedding preparations in one location, significantly reducing time and decision-making costs [6] - Brands will shift from traditional product displays to providing lifestyle solutions, enhancing consumer experience through immersive setups and interactive demonstrations [6] Group 5: Economic Impact - The dual exhibitions are anticipated to stimulate significant consumer spending in home and wedding sectors, with positive ripple effects on related industries such as design, finance, logistics, and tourism [6]

（原标题：专访澳门招商局主席谢永强：以多元文化构筑澳门会展独特竞争力） 南方财经 21世纪经济报道记者田静 澳门报道 澳门特区统计暨普查局最新数据显示，澳门特区2025年前三季旅客非博彩总消费达582.5亿澳门元，同 比增长3.6%。其中，以参加会展为目的的旅客人均消费表现尤为亮眼，高达4,398澳门元，显著高于平 均水平。这组数据印证了会展业作为澳门经济多元化重要引擎的地位正不断增强。 近日，南方财经记者专访了澳门特区招商投资促进局行政管理委员会主席谢永强，围绕会展业如何通过 国际化、专业化提升核心竞争力，其在"1+4"经济适度多元战略中的角色，以及在全球竞争中打造差异 化优势等话题，进行了深入交流。 "让参会不仅是'商务行为'，更是'文化体验'。"采访过程中，谢永强详细阐述了澳门会展业已构建的四 大发展基础，并表示将通过一系列优化措施与重磅活动，持续推动会展业高质量发展，助力澳门打造联 通内外的国际会展中心。 （澳门特区招商投资促进局行政管理委员会主席谢永强。） 四大基石支撑会展业提质增效 南方财经： 2025 年上半年澳门共举办了 918 项会展活动，专业展览观众同比增长近三成，海外专业观众 增长两成。 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry [3]. Core Insights - The consumer services industry is experiencing a marginal improvement in revenue growth driven by strong travel demand [2]. - For the first three quarters of 2025, the social services industry achieved a revenue of 178.43 billion yuan, a year-on-year increase of 1.2%, and a net profit of 10.09 billion yuan, a year-on-year decrease of 14.4% [11]. - The overall gross profit margin for the industry is 23.8%, down by 2.0 percentage points year-on-year [11]. Summary by Sections Overall Industry Situation - In the first three quarters of 2025, the social services industry saw stable revenue growth but a decline in profit margins, with revenue reaching 178.43 billion yuan and net profit at 10.09 billion yuan [11]. - The comprehensive gross profit margin was 23.8%, with a net profit margin of 5.7%, reflecting a year-on-year decrease of 1.0 percentage points [11]. Sub-Industry Analysis - **Hotels**: The hotel sector showed a sequential improvement in operations, with RevPAR for Jinjiang and Shouqi recovering to 101.1% and 94.3% of 2019 levels, respectively [31]. - **Tourism and Scenic Areas**: There is significant performance differentiation among tourism companies, with some showing positive net profit growth while others face declines [40]. - **Dining**: The dining sector's performance is mixed, with some leading companies demonstrating resilience through innovation and brand strength [27]. - **Duty-Free**: The duty-free sector is showing signs of stabilization, with a narrowing revenue decline and positive growth in Hainan's duty-free sales [27]. - **Human Resources Services**: The human resources sector continues to thrive, driven by flexible employment needs and digital transformation [27]. - **Exhibitions**: The exhibition industry is under short-term pressure but is benefiting from a recovery in domestic demand and international exchanges [27].