Core Viewpoint - The opening of Changchun Wanda Jiahu and Wanda Meihua dual-brand hotels marks a significant step in Wanda Hotels and Resorts' strategy in Jilin Province, integrating the "ice and snow + city" dual-driven approach into practice [1] Group 1: Hotel Features and Offerings - The two hotels offer a total of 290 rooms, with Wanda Jiahu focusing on high-end business and banquet markets, featuring a nearly 900 square meter column-free banquet hall and comprehensive leisure facilities [3] - Wanda Meihua creates a trendy space that combines lobby, coffee, retail, and social areas, with smart room configurations and high-quality hardware to meet the needs of young travelers [3] - Both brands complement each other in functionality and style, contributing to a new urban hub that enhances Changchun's urban renewal and consumption upgrade [3] Group 2: Regional Development Integration - Wanda Hotels and Resorts' development in Jilin Province aligns closely with the cultural context and development rhythm of the city, having established a series of high-end hotels since 2016 [5] - The new dual-brand hotel in Changchun is strategically located in a government and business hub, enhancing regional service capabilities and consumer experiences [8] - Future plans include a hotel cluster in Yongchun Modern Pharmaceutical City, set to be completed by 2027, which will further expand service boundaries and cater to the pharmaceutical industry and exhibition activities [8] Group 3: Ice and Snow Economic Integration - Jilin Province, as a key origin of ice and snow sports in China, provides unique resources for developing an ice and snow economic ecosystem that integrates outdoor skiing and urban consumption [9] - Wanda Hotels and Resorts leverages its integrated development and operational capabilities to establish a comprehensive tourism and leisure service model, exemplified by successful projects like Changbai Mountain and Changchun ski resorts [13] - The synergy between various projects creates a "1-3 hour ice and snow lifestyle circle" in Jilin Province, catering to both professional athletes and general consumers [14]

Investment Rating - The industry is rated as "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [11][48]. Core Insights - The report highlights a significant acceleration in the growth of the catering sector, with March retail catering revenue increasing by 5.6% year-on-year, up from 4.3% in the previous month. Notably, revenue from enterprises above a certain threshold rose by 6.8%, marking the first time in 12 months that this segment outpaced overall growth [2][18]. - The "2025 Service Consumption Quality Improvement and Benefit Action Plan" was released, outlining 48 specific measures across six areas to enhance service consumption, including catering, accommodation, and tourism [2][21]. - High booking interest for the upcoming May Day holiday was reported, with hotel and flight searches on Ctrip increasing by 100% and 80% respectively week-on-week, and a year-on-year increase of 200% in hotel searches for inbound travel [3][22]. Summary by Sections Industry Updates - The catering sector continues to show improvement, with March retail catering revenue growth accelerating. The report emphasizes the importance of service consumption policies and the upcoming May Day holiday as key drivers [2][18]. - The acquisition of Wanda Hotel Management by Tongcheng Travel for approximately 2.497 billion yuan is noted, with an EV/EBITDA valuation of 9.5 times. This acquisition is seen as strategically beneficial for enhancing Tongcheng's hotel supply chain [4][26]. Market Performance - The report indicates that the social service sector has shown a strong performance, with the sector's index rising by 8.64% over the past two weeks, ranking third among 31 major industry sectors [8][29]. - Specific stock performances are highlighted, with notable increases in the catering sector, including a 12.73% rise in A-share catering stocks [8][29]. Company Performance - Action Education reported a revenue of 780 million yuan for 2024, reflecting a 16.5% increase, with a net profit of 270 million yuan, up 22.4% [5][28]. - Jiuhua Tourism is expected to achieve a net profit of approximately 69 million yuan in Q1 2025, representing a 32% year-on-year growth, driven by strong visitor traffic [4][27]. Investment Recommendations - The report suggests focusing on the catering sector, particularly on growth-oriented companies and undervalued leaders affected by tariff impacts, with specific mentions of brands like Gu Ming and Da Shi [9][16]. - In the hotel and tourism sectors, attention is drawn to quality scenic spots and hotel stocks, particularly Shou Lv Hotel [9][16].