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 ...

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。 ...

文 ｜ 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 在彻底取消所有对华单边关税措施前，中美贸易谈判可能进展有限；国内的政策是托底和应对式的，4月只是第一波以试验和预防为特征 的政策；筹码出清相对彻底且对业绩不敏感的主题阶段性占优；市场整体情绪位置不算低，科技板块相对医药和消费更接近冰点，对风偏 回升更敏感。配置上，5月关注新技术和产业题材轮动、海外科技映射链修复以及服务业扩内需政策落地。 在彻底取消所有对华单边关税措施前， 中美贸易谈判可能进展有限 近期特朗普针对关税问题表态持续反复，美股市场反应较为敏感。但我们认为国内投资者不需要花精力关心这些高频变化，特朗普试图灵活 利用关税武器来制造谈判筹码，而中国商务部新闻发言人何亚东表示"如果美方真的想解决问题，就应该正视国际社会和国内各方理性声音， 彻底取消所有对华单边关税措施，通过平等对话，找到解决分歧的办法"。我们建议还是关注特朗普未来一年面临的两大约束，一是7~8月需 要推进债务上限谈判和减税法案通过，二是明年中期选举。尽管目前特朗普的民调支持率已经开始明显下降，但这属于每个美国总统百日新 政后正常的回落，而特朗普两次任期的民调本身就比其他美国总统偏低，目前 ...

重要新闻提示 中共中央国务院印发《关于实施自由贸易试验区提升战略的意见》 中国人民银行、金融监管总局、国家外汇局、上海市人民政府近日联合印发《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》 3. 4月21日，工业和信息化部信息通信发展司司长谢存在国新办举行的新闻发布会上表示，工信部将推 动电信领域有序扩大开放，支持服务业扩大开放综合试点建设，并将加快推进政策的宣贯实施，优化服 务管理，支持更多外资企业参与试点，探索更多新业态新功能，激发市场活力。 诺德股份（600110）决定终止"通过发行股份购买湖北诺德锂电材料有限公司37.50%股权并募集配套资 金"的重大资产重组 今日提示 央行今日有1645亿元7天期逆回购到期。 2025全球汽车领袖闭门峰会今日在上海举办。 华为兆瓦超充新品今日发布。 华为乾崑智能技术大会今日在上海举办，多家车企将出席本次大会。 财经新闻 1. 新华社消息，近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》，对自由贸 易试验区建设工作作出系统部署。 2. 中国人民银行网站4月21日消息，近日，中国人民银行、金融监管总局、国家外汇局、上海市人民政 府联合印发《上 ...

Core Viewpoint - Service consumption is a key focus of policies aimed at boosting domestic demand, with significant growth potential in both supply and demand sides, particularly in the tourism and cultural industry [1][2][3] Group 1: Service Consumption Policies - The Ministry of Commerce and nine other departments have issued a "Service Consumption Quality Improvement Action Plan for 2025," outlining 48 specific measures across various sectors including dining, accommodation, health, and tourism [2] - The government's frequent issuance of work plans to support service consumption has enhanced market expectations for policy support [2] Group 2: Tourism and Cultural Industry - The tourism and cultural industry is characterized by its large capacity, broad scope, high resilience, and strong driving force, making it a significant area for potential subsidies to stimulate consumption [3] - Historical data indicates that tourism consumption subsidies can have a multiplier effect, with ratios ranging from 1:4 to 1:5, and in some cases, as high as 1:12 [3] Group 3: Beneficiary Sectors - Key sectors expected to benefit from the "old-for-new" policy include platforms, transportation, accommodation, scenic spots, and dining [4][5] - Past consumption voucher distributions show that hotel accommodation typically accounts for 20%-40%, scenic spot tickets for 15%-30%, and transportation for 5%-20% of total subsidies [5] Group 4: Investment Strategy - With the government's clear direction to stimulate domestic demand, there is an expectation of continued policy support for service consumption [7] - The upcoming May Day holiday is projected to maintain high passenger traffic growth, with airline ticket prices expected to turn positive, indicating a significant holiday effect [7]

裘翔｜中信证券首席A股策略师 S1010518080002 板块配置｜六大主线板块当前处在什么位置？ 一个季度过去了，市场最关注的几个主线板块都处在什么位置？后续还可以期待什 么？我们从股价、估值、基本面等维度自上而下梳理了科技、消费、医药、新能源、 红利、出海六大板块一季度运行动态，并给出了相关配置线索。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复 苏不及预期；海内外宏观流动性超预期收紧；地缘政治风险。 尹欣驰 ｜中信证券 汽车及零部件行业首席分析师 S1010519040002 商用车｜卡车电动化最后一块拼图：重卡混动发展前瞻 重卡新能源化进展如火如荼，趋势明确不可逆。但现有主流的纯电动重卡受限于续航 里程限制，主要在短途和特定场景下渗透，中长距离场景的新能源化仍待开拓。复盘 乘用车新能源化进程，混动车型于纯电车型普及后两年开始加速渗透，我们认为混动 也将成为重卡新能源化的最后一块拼图。混动重卡在政策大力支持的新能源重卡范畴 内、且在中长距离运输场景中满足高效运输需求，经济性表现远超柴油重卡、且混动 技术已较为成熟，我们认为其已具备大范围商业化基础。我们预计2024/202 ...