行 业 周 报 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 消费者服务行业 超配（维持） 消费者服务行业双周报（2025/9/26-2025/10/9） 国庆中秋双节国内出游消费创新高 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 ◼ 行情回顾：2025年9月26日-2025年10月9日，中信消费者服务行业指数 整体回落3.34%，涨跌幅在所有中信一级行业指数中居第二十九位，跑 输同期沪深300指数约5.87个百分点。国庆中秋双节结束后2025年公众 假期结束，缺少黄金周导致后续出游淡季预期较低，市场情绪阶段性回 落。细分板块中，综合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分 别为-3.54%、-3.77%、-5.02%、-1.77%。旅游、酒店等出行链板块跌幅 较大，教育板块回调幅度较小。行业取得正收益的上市公司有4家，涨幅 前五分别是豆神教育、*ST传智、外服控股、ST联合、博瑞传播，取得负 收益的有48家，其中跌幅前五的 ...

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [30]. Core Views - The upcoming National Day and Mid-Autumn Festival are expected to significantly boost domestic travel demand, with long-distance travel bookings showing remarkable growth. Data indicates a 28% increase in average daily domestic flight bookings compared to the previous year, and a 16% increase for international routes [20][30]. - The consumer services industry index rose by 2.82% from September 5 to September 18, 2025, although it underperformed the CSI 300 index by approximately 0.22 percentage points during the same period [7][30]. - The report highlights that the tourism and hotel sectors continue to gain momentum, supported by favorable policies and increasing consumer confidence in travel [30]. Summary by Sections Market Review - The consumer services industry index increased by 2.82%, ranking fifteenth among all CITIC first-level industry indices, and lagging behind the CSI 300 index by about 0.22 percentage points [7]. - The sub-sectors of the consumer services industry showed mixed performance, with tourism and hotel sectors continuing their upward trend, while the comprehensive services sector slightly declined [8]. Key Industry News - Data from aviation travel platforms shows a significant increase in flight bookings for the upcoming holidays, with domestic flight bookings exceeding 5.93 million and international bookings over 1.4 million [20]. - A joint policy initiative from nine government departments aims to expand service consumption, proposing 19 specific measures to enhance service quality and stimulate demand [21]. - A strategic partnership between JD.com and Jinjiang Hotels was established to innovate dining and hospitality services, integrating AI-driven solutions [22]. Company Announcements - Notable companies in the consumer services sector include Yunnan Tourism, Xiyu Tourism, and Jinjiang Hotels, which have shown significant stock price increases during the reporting period [12]. - Jinjiang Hotels and other companies are positioned to benefit from the anticipated rise in travel demand during the holiday season [30][31].

Core Viewpoint - New Hope Service (03658) announced a change in its executive leadership, with Executive Director Liu Xu transitioning to a non-executive director role to focus on other business ventures, effective September 10, 2025 [1] Group 1 - Liu Xu will dedicate more time to other business matters, leading to his appointment as a non-executive director [1] - Wu Min, the current non-executive director and co-chair of the board, will be promoted to executive director [1] - The leadership changes are set to take effect on September 10, 2025 [1]

Investment Rating - The report assigns an "Overweight" investment rating to the consumer services industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [34]. Core Views - The consumer services sector has shown a continued upward trend, particularly in the hotel and restaurant segments, likely driven by a recovery in overall market risk appetite. Recent performance reports indicate stabilization in operational metrics for domestic leisure tourism hotels, reflecting an improvement in the economic environment and consumer spending willingness since September 2024. The increase in long-distance travel during the summer season has positively impacted the valuation of the tourism sector [34]. - The total cross-regional passenger flow during the summer transportation period reached 11.697 billion trips, a year-on-year increase of 7%. Among these, road trips accounted for 8.7 billion trips, representing 70% of the total [22][34]. - The report highlights that the overall consumer services industry valuation is expected to continue recovering, supported by enhanced market risk appetite and strengthened policy expectations. Future consumer promotion policies may further boost the sector's outlook [34]. Summary by Sections Market Review - From August 22 to September 4, 2025, the CITIC consumer services industry index rose by 0.89%, underperforming the CSI 300 index by approximately 0.91 percentage points. The increase was primarily driven by strong summer travel data and a recovery in market risk appetite [10][34]. - The tourism and hotel restaurant sectors continued to rise, while the education sector experienced a pullback. The performance of the consumer services sector was mixed, with 34 listed companies achieving positive returns, while 19 companies reported negative returns [11][15][34]. - The overall PE (TTM) for the CITIC consumer services industry was approximately 35.97 times, significantly higher than the previous quarter but still below the average valuation of 46.76 times since 2016 [17][34]. Industry News - Key industry news includes the release of the "2025 Summer Travel Market Report" by Ctrip, indicating that nearly half of domestic travelers opted for long-distance trips during the extended summer period, with a more rational consumption structure emerging [23][34]. - The report also notes that inbound travel orders are experiencing rapid growth, and outbound travel is also showing strong increases, with popular destinations primarily within a three-hour flight radius [23][34]. Company Announcements - The report includes significant announcements from various companies, such as Ctrip's second-quarter net profit of 4.8 billion yuan, reflecting a 16% year-on-year increase in net operating income [24][34]. - Other companies like Zhonggong Education and Shoulu Hotel reported varying financial performances, with some experiencing declines in net profits while others showed growth in revenue [27][28][30][32][33]. Weekly Perspective - The report emphasizes the potential for continued recovery in the consumer services industry, with specific companies recommended for attention, including Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, among others [34][35][37].

Group 1 - The company *ST Rendo (SZ 002647) announced on August 29 that its sixth board meeting was held on August 27, 2025, to discuss the proposal for establishing a "Trust Management System" [1] - For the fiscal year 2024, the company's revenue composition is as follows: 93.5% from the service industry and 6.49% from financing leasing [1]

Core Viewpoint - The legal opinion letter from Beijing Chang'an Law Firm confirms that the company has fulfilled the necessary approvals and authorizations for its 2024 restricted stock incentive plan, including the granting and cancellation of certain restricted stocks [2][12]. Group 1: Approval and Authorization - The company has completed the required legal procedures for the implementation of the 2024 incentive plan, including the approval of relevant proposals by the board of directors and the supervisory board [5][7]. - The granting date for the reserved restricted stocks is set for August 25, 2025, with a total of 325,000 shares to be granted at a price of 13.72 yuan per share [7][8]. Group 2: Specifics of the Grant - The granting of restricted stocks involves four recipients, with a total of 325,000 shares allocated [8][9]. - The conditions for the grant have been met, and the company has verified that the recipients do not fall under any disqualifying criteria as per the relevant regulations [9][10]. Group 3: Cancellation of Restricted Stocks - The company will cancel a total of 340,000 shares of restricted stocks due to one recipient's departure and the failure to meet performance targets for the first vesting period [11][12]. - The cancellation aligns with the company's incentive plan and has been approved by the board without needing further shareholder approval [12]. Group 4: Conclusion - The legal opinion concludes that all actions regarding the granting and cancellation of restricted stocks comply with the relevant laws and the company's incentive plan [12].

Group 1 - The stock price of Xianfeng Service Group (00500.HK) closed at HKD 0.085 on August 25, down 7.61% from the previous trading day, with an intraday low of HKD 0.084, marking a new low for the past year [1] - The net capital outflow for the day was HKD 4.58 thousand, with no significant inflow or outflow reported [1] - Xianfeng Service Group is a publicly listed company on the Hong Kong Stock Exchange, headquartered in Hong Kong, with its business headquarters in Beijing and branches in Shanghai, Dubai, Nairobi, and Johannesburg [1] Group 2 - The company offers a range of integrated services including security, logistics, insurance, and engineering, leveraging its international and multilingual team to navigate complex market environments [1] - Xianfeng focuses on four major regions: Southern Africa, the Middle East and North Africa, Northwest, and Southwest [1] - Its clientele spans various sectors including finance, oil and gas, mining, energy, international organizations, and infrastructure development [1]

Group 1 - The establishment of Linuo Innovation Technology (Shanghe) Co., Ltd. has been reported, with a registered capital of 926.5 million yuan [1] - The company's business scope includes the sale of agricultural and sideline products, consulting and planning services, etiquette services, and conference and exhibition services [1] - The company is jointly held by Linuo Pharmaceutical Packaging (301188) and others, indicating a collaborative investment structure [1]

Group 1 - Shanghai Yumingjing Industrial Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Liao Shenghong [1] - The business scope includes technology services, cultural and artistic exchange activities, sports performance organization, and various consulting services [1] Group 2 - The company is involved in advertising design and agency, supply chain management services, and marketing planning [1] - It also offers services related to conference and exhibition, business agency, and information consulting (excluding licensed information consulting) [1] - The company is permitted to operate independently based on its business license, except for projects that require approval [1]

Core Insights - The Yangshan Special Comprehensive Bonded Zone has achieved an average annual growth rate of 28.3% in import and export volume since the 14th Five-Year Plan began [1] - The Lin-gang New Area has seen a compound annual growth rate of approximately 9.8% in actual foreign investment since 2020, with actual foreign investment reaching $1.018 billion from January to July 2025, a year-on-year increase of 142.3% [1] - The Lin-gang New Area's bonded maintenance import and export value reached 30 billion yuan in 2024, a year-on-year increase of 180% [1] - The number of headquarters enterprises in the Lin-gang New Area has increased from 14 in 2020 to 89 in 2024 [1] Group 1: Service Platform Development - The Lin-gang New Area established an online and offline "Going Global" comprehensive service platform in June 2024 to address common challenges faced by Chinese enterprises going abroad [2] - The platform features a physical center over 2,000 square meters, serving as the first public service hall dedicated to "going global" in China, with ten consultation windows covering various services [2] - The platform has signed agreements with local commerce departments and trade promotion agencies, extending services to over ten provinces and dozens of cities across the country [2] Group 2: Talent Development and Service Network - The platform has gathered over 500 professional service institutions and served more than 1,000 outbound enterprises, conducting nearly 60 activities related to "going global" [3] - An online service matrix has been established, providing practical tools such as risk assessments and data queries, enhancing integrated service efficiency [3] - The platform has facilitated over 15,000 offshore trade verifications, with a total foreign exchange amount exceeding 430 billion yuan, indicating a 70% share of offshore trade [3] Group 3: Attractiveness of Lin-gang New Area - The Lin-gang New Area offers unique advantages for enterprises, including geographical, cost, and capital benefits, making it an attractive location for businesses [5] - The area serves as a bridgehead for high-level national openness and a testing ground for economic development [5] - The "Going Global" platform aims to convert the Lin-gang area's resource advantages into accessible, high-quality services for enterprises nationwide [5]