证券研究报告 | 2025年11月24日 社会服务行业双周报（第 119 期） 优于大市 三亚发放新一轮免税消费券，2026 届预计新增 48 万普通高校毕业生 板块复盘：消费者服务板块报告期内下跌 2.03%，跑赢大盘 2.78pct。报告 期内（2025 年 11 月 10 日-11 月 23 日），国信社服板块涨幅居前的股票为 百胜中国（9.53%）、科德教育（9.20%）、锦江酒店（8.99%）、华住集团 -S（8.69%）、云南旅游（6.96%）、君亭酒店、首旅酒店、米奥会展、兰生 股份、长白山。国信社服板块跌幅居前的股票为呷哺呷哺（-20.20%）、中 国东方教育（-13.28%）、全聚德（-11.93%）、新高教集团（-11.67%）岭 南控股（-11.26%）、学大教育、澳博控股、豆神教育、海伦司、东方甄选。 行业与公司动态：三亚启动第六期免税消费券发放，通过 CDF 三亚国际免税 城、三亚海旅免税城等四家主要免税店的微信小程序发放；2026 届全国普 通高校毕业生规模预计达 1270 万人，同比增长 48 万人，教育部已部署开展 促就业行动；外交部提醒中国公民近期避免前往日本旅游，或冬季出境 ...

Core Viewpoint - Haikou's Xiuying District government has launched a special event titled "Hi Buy Xiuying Enjoy Duty-Free" to stimulate year-end consumer spending by distributing 500,000 yuan in duty-free consumption vouchers [1] Group 1: Event Details - The "Hi Buy Xiuying Enjoy Duty-Free" event is a collaboration between the Xiuying District government and China Duty Free Group, aiming to create a vibrant shopping experience for residents and tourists during the year-end shopping season [1] - The consumption vouchers will be exclusively distributed on Douyin's official platform and will feature multiple discount tiers [1] Group 2: Additional Incentives - During the event, offline consumers can enjoy additional payment incentives from banks such as Beijing Bank, China Merchants Bank, and Shanghai Bank, which include multiple points, cash back, and extra discounts [1] - The initiative aims to meet diverse consumer expectations for duty-free shopping through layered discounts and promotions [1]