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 ...

Core Insights - Hong Kong China Travel, a subsidiary of China Travel Group, operates an integrated tourism destination platform with approximately 60 domestic and international scenic spots by the end of 2024, including 18 5A and 18 4A scenic areas [1][2] Financial Performance - The company is projected to achieve a revenue of HKD 46.27 billion in 2024, reflecting a year-on-year growth of 3%, with the revenue distribution across four main segments: tourism scenic spots and related (44%), tourism certificates and related (7%), hotels (18%), and passenger transport (24%) [1] Market Trends - Domestic travel is expected to maintain robust growth, with a forecasted increase of 20.6% in the number of domestic travelers and a 15.2% rise in total spending by mid-2025, supported by favorable service consumption policies [1] Business Segments - Scenic Spots: The company has a nationwide layout of scenic spots, with projected revenues for 2024 from various segments: theme parks (HKD 5.96 billion), natural and cultural sites (HKD 12.41 billion), leisure resorts (HKD 4.58 billion), and supporting services (HKD 0.50 billion) [1] - Hotel Business: Focused on the high-end market in Hong Kong and Macau, with six hotels and one serviced apartment in operation, showing improved performance with a RevPAR of HKD 731 in the first half of 2025, up 12% year-on-year [2] - Passenger Transport: The company operates bus and ferry services, benefiting from cross-border passenger flow in the Greater Bay Area, with projected revenue of HKD 10.93 billion in 2024, an increase of 11% year-on-year [2] Growth Strategy - The company is continuously expanding its project portfolio, including new developments in Chongqing and Shenzhen, and plans to acquire the Jilin Songhua Lake project for snow tourism, which is expected to contribute to future revenue growth [2][3] Profit Forecast - The company is expected to achieve net profits of HKD 2.7 billion, HKD 4.2 billion, and HKD 6.0 billion for the years 2025 to 2027, with corresponding PE ratios of 32, 21, and 15 times [3]

央视网消息：黑龙江的秋天是一幅浓墨重彩的画卷。记者从黑龙江省文旅厅获悉，有关平台数据显示，黑龙江东北虎林园、哈尔滨极地公 园等景区预订火爆，漠河北极村找北、扎龙湿地观鹤、五大连池康养等项目备受青睐，假日旅游预订量预计比去年假期增长81%以上。 节日期间，黑龙江将举办各类特色文旅活动500余场，推出200余场促消费活动。各地将聚焦汽车、家电等领域，计划发放政府消费券及各 类促消费资金超5000万元。 假期游 浙江10大主题线路供选择 在国庆中秋假期期间"逛展"也被很多人添加在了自己的计划当中。在四川广汉，三星堆博物馆门票预约火爆。 为满足广大观众观展需求，三星堆博物馆在假期期间计划实行延时服务，开放时间调整为每日08:30至20:00，让更多人能够走近古蜀文 明，感受中华文化。 记者从浙江省文化广电和旅游厅获悉，根据假期前预测，浙江245家4A及以上景区整个国庆中秋假期的到访人数将超2800万人次。结合国 庆主题与中秋特色，浙江围绕"红色游""赛事游""演艺游""文博游""美食游""新潮游"等10大主题，为每个主题精选10个经典打卡点位，为市民 游客提供多样化出游选择。 江西丰富文旅供给 解锁多样假期体验 记者 ...

Investment Rating - The report maintains a "Positive" investment rating for the consumer services sector [11] Core Insights - In H1 2025, the overall industry revenue increased by 1.0% year-on-year, indicating a stable upward trend, while the overall non-recurring net profit decreased by 7.1% year-on-year. However, in Q2 2025, the non-recurring net profit increased by 15% year-on-year, showing a recovery in profitability [2][19] - Structural opportunities are emerging across various segments, with notable improvements in profitability for human resources and hotel sectors [2][19] Revenue Overview - In H1 2025, the revenue growth was driven by a price-volume trade-off, with human resources, outbound tourism, education, dining, and scenic spots showing year-on-year increases of 10.7%, 8.6%, 3.4%, 3.3%, and 0.5% respectively. The duty-free sector is gradually recovering from a weak period, with a year-on-year decline of 10.1% [20][19] - The hotel industry faced pressure, with a year-on-year decline of 2.7% in performance [20] Profitability Analysis - The overall non-recurring net profit for the industry in H1 2025 decreased by 7.1%, but improved by 15% in Q2 2025. The human resources and hotel sectors saw increases of 6.4% and 1.0% respectively in H1 2025 [24][19] - The duty-free, dining, education, and scenic sectors experienced significant declines in non-recurring net profit, primarily due to weak consumer recovery in Q1 [24][19] Cash Flow Insights - The overall operating cash flow net amount decreased by 15.72% year-on-year in H1 2025, with the dining sector showing a positive growth of 28.89% [31][19] - By Q2 2025, the operating net cash flow for outbound tourism and education sectors turned positive, with increases of 38.51% and 18.02% respectively [31][19] Sector-Specific Highlights - **Tea Beverage**: The segment continues to thrive, with significant revenue and profit growth driven by delivery services and seasonal demand. Notable brands like Gu Ming are recommended for their robust growth potential [7][50] - **Dining**: The sector is recovering, but performance among listed companies varies. Brands with strong value propositions and rapid expansion are highlighted for investment [7][52] - **Education**: Quality institutions are experiencing steady growth, with a focus on AI applications enhancing revenue and profit margins. Recommended companies include Xue Da Education and Action Education [8][50] - **Human Resources**: The demand is structurally improving, with AI technology enhancing efficiency and reducing reliance on manual labor. Recommended companies include Keri International and Beijing Human Resources [8][50] - **Scenic Spots**: The tourism sector is witnessing growth in visitor numbers, supported by favorable policies. Recommended companies include Tianmu Lake and Songcheng Performance [8][50] - **Hotels**: The sector is under pressure, but major hotel groups are achieving cost reductions and efficiency improvements. Recommended companies include Shoulu Hotel and Jinjiang Hotel [9][50] - **Duty-Free**: The decline in offshore duty-free sales is narrowing, with positive trends in port stores. Recommended company is China Duty Free [9][50]

Group 1 - The stock price of Tibet Tourism fell by 2.00% on August 26, trading at 23.99 CNY per share, with a total market capitalization of 5.445 billion CNY [1] - Year-to-date, Tibet Tourism's stock price has increased by 123.79%, but it has seen a decline of 18.65% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on August 15, where it recorded a net purchase of 25.996 million CNY [1] Group 2 - Tibet Tourism, established on June 27, 1996, operates in the tourism and cultural media sectors, with 76.48% of its revenue coming from tourism attractions [2] - The company reported a revenue of 90.3397 million CNY for the first half of 2025, a year-on-year decrease of 1.49%, while net profit attributable to shareholders increased by 181.22% to 2.0932 million CNY [2] - As of June 30, 2025, the number of shareholders decreased by 3.91% to 25,600, with an average of 8,879 circulating shares per person, an increase of 4.06% [2] Group 3 - Tibet Tourism has distributed a total of 4.7284 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, the ninth largest circulating shareholder is the Fortune CSI Tourism Theme ETF, holding 1.766 million shares, a decrease of 220,400 shares from the previous period [3]

Core Viewpoint - The continuous rainfall forecasted in Lanzhou, Gansu Province, poses significant risks of geological disasters, leading to the temporary closure of various tourist attractions to ensure public safety [1][3]. Group 1: Weather and Geological Risks - From August 25 to 28, Lanzhou is expected to experience heavy rainfall, with areas like Yongdeng County and Honggu District facing severe weather conditions including thunderstorms and strong winds [1]. - The saturated soil and loose ground conditions increase the likelihood of secondary landslides and collapses, while localized heavy rainfall may trigger floods in small rivers and mountain torrents [1]. Group 2: Tourist Safety Measures - To protect the safety of tourists and residents, all tourist sites in Yongdeng County, Honggu District, and other specified areas will be temporarily closed starting from 5 PM on August 25, with reopening times to be announced based on weather conditions [1]. - Tourists and residents are advised to closely monitor weather and geological disaster warnings, adjust travel plans accordingly, and avoid camping in dangerous areas such as mountains and riverbanks [3].

Core Insights - The Dragon Boat Festival holiday in Jiangsu from May 31 to June 2 saw a total of 12.42 million visitors and a total consumption of 4.693 billion yuan, representing a year-on-year increase of 2.15% and 0.20% respectively [1] - Despite adverse weather conditions, the tourism sector in Jiangsu managed to achieve slight growth in visitor numbers and spending [1] - The province launched over 1,880 cultural and tourism activities during the holiday, highlighting the integration of intangible cultural heritage with tourism [1] Group 1: Visitor Statistics - A total of 12.42 million visitors were recorded across 644 A-level tourist attractions, 195 key rural tourism villages, and 84 museums [1] - The total consumption reached 4.693 billion yuan, with a 1.5% year-on-year increase in off-site tourism consumption through UnionPay channels [1] Group 2: Cultural Activities - The "Water Rhythms Jiangsu" event featured various cultural activities, including dragon boat races and heritage exhibitions, attracting significant participation [2] - The holiday also included 584 performances, with attendance reaching 287,000 and ticket revenue increasing by 574% year-on-year to 224 million yuan [2] Group 3: Sports and Family Engagement - The Dragon Boat Festival coincided with Children's Day, leading to increased family visits to attractions, with ticket bookings for major scenic spots rising by 25% [3] - The integration of sports events with tourism was evident, as local football leagues and dragon boat races attracted large crowds and boosted local tourism spending [3] Group 4: Promotional Offers - Various local governments introduced promotional packages, including free admission to popular attractions and discounts on travel services, to enhance visitor experience [4] - Specific initiatives included free public transport for tourists in Changzhou and the distribution of over 3,000 tourism vouchers in Suqian [4]

Group 1 - The core viewpoint of the article highlights the integration of commerce, culture, sports, and tourism in Linyi City to boost urban consumption through various sporting events [1][3][4] - As of now, Linyi has hosted over 40 national and provincial-level large-scale self-branded events and more than 600 community events, attracting over 100,000 participants and generating related consumption of 210 million yuan [1][3] - The city has successfully secured 17 national-level and 24 provincial-level events, including the Chinese women's basketball warm-up match and the Shandong Provincial Athletics Championship, with ongoing efforts to attract more events for the 2025 season [3][4] Group 2 - The city plans to continue enhancing its efforts to attract more national and provincial events, focusing on creating interconnected and integrated consumption scenarios to support urban consumption [4] - Upcoming events include the Linyi Marathon, the Red Revolutionary "City BA," and the Linyi River Sports Festival, along with innovative events like the "City Super" and various outdoor sports competitions [4] - The strategy includes promoting outdoor sports events such as hiking, trail running, cycling, and marathons, with over 30 events planned, as well as water sports events like dragon boat racing and kayaking [4]

Core Insights - The tourism market is experiencing steady growth, with various regions reporting significant increases in visitor numbers during the recent holiday period [1][2][3] Group 1: Tourism Performance - During the "May Day" holiday, multiple regions showcased impressive tourism statistics, with Heilongjiang receiving 9.215 million visitors, a year-on-year increase of 13.8% [1] - Hubei's A-level tourist attractions welcomed 12.1703 million visitors, marking a 24.15% increase compared to the previous year [1] - Gansu's rural tourism attracted 3.346 million visitors, with spending reaching 1.154 billion yuan, reflecting growth rates of 18.5% and 29.81% respectively [1] - Guangdong's monitored red tourism sites received 774,000 visitors, up by 12.2% year-on-year [1] Group 2: Innovative Tourism Products - Various regions are enhancing their tourism offerings by integrating cultural elements and hosting diverse holiday activities, such as over 100 events in Chongqing that include sports and music [2] - Zhejiang's Dongqian Lake resort introduced the "Qianhu Has Drama" theme with over 20 creative activities, including immersive performances and music events [2] - Yunnan's Dali Ancient City hosted a themed lantern festival, providing visitors with a blend of cultural experiences and local cuisine [2] Group 3: Rural Tourism and Community Engagement - Rural tourism is thriving, with events like basketball matches and cultural performances in Guizhou attracting significant participation and engagement [2] - Jiangxi's Nancheng organized a series of cultural and sports activities that combined traditional farming practices with intangible cultural heritage [2] Group 4: Red Tourism and Educational Initiatives - Red tourism is being enriched through interactive and educational activities, such as the "Revolutionary Army Blanket Friendship" event in Anhui, which attracted 24,000 visitors [3] - Henan's New County implemented programs like "Little Docents" to make red education more engaging [3] - Shandong's immersive performance "Yimeng Mountain Melody" transformed traditional exhibitions into interactive experiences [3] Group 5: Management and Visitor Experience Enhancements - Many tourist sites are optimizing management practices by extending operating hours and increasing night activities, such as the Hunan Museum extending hours to 8 PM and adding 5,000 reservation slots daily [3] - The Qin Shi Huang Mausoleum in Shaanxi introduced night openings with an additional 15,000 tickets available each day [3] - Various regions are implementing measures to improve visitor experiences, including increased transportation options and volunteer support [3]

Core Viewpoint - Hong Kong Travel's 2024 financial report shows a 3% increase in total revenue to HKD 46.27 billion, but a 56% drop in net profit to HKD 1.06 billion, primarily due to a HKD 204 million loss in the fair value of investment properties [2][3] Financial Performance - Total revenue for 2024 reached HKD 46.27 billion, a 3% year-on-year increase [2][3] - Net profit fell to HKD 1.06 billion, a 56% decrease compared to the previous year [2][3] - Operating profit attributable to shareholders increased by 8% to HKD 3.07 billion [3] - Fair value loss of investment properties amounted to HKD 204 million, accounting for approximately 70% of the profit decline [2][3] Business Segment Analysis - Hotel and passenger transport businesses showed strong performance, with hotel revenue growing by 18% to HKD 8.20 billion and passenger transport revenue increasing by 11% to HKD 10.93 billion [3] - The core tourism and related business faced challenges, with total revenue of HKD 23.45 billion, a 2% increase, but only HKD 140 million in attributable profit, compared to a loss of HKD 100 million the previous year [4] - Revenue from natural and cultural scenic spots increased by 30% to HKD 12.41 billion, but attributable profit decreased by 39% [4] Strategic Adjustments - Hong Kong Travel is accelerating strategic adjustments, adding 5 new managed scenic spots, bringing the total to 27 [5] - The company is exploring new growth areas through partnerships, such as the "tourism + sports" initiative with the Hong Kong Jockey Club [5] - Digital transformation efforts include upgrading digital platforms and exploring AI and drone technology applications in scenic areas [5] Market Expansion Plans - The company aims to increase investment and asset allocation in Hong Kong, focusing on tourism and cultural projects [6] - Plans to enhance the tourism transportation business and develop the Anbala Resort project in Hainan, targeting completion by 2026 [6] - Future strategies include balancing asset allocation with core business profitability, enhancing service quality, and optimizing scenic area planning [6]