Group 1 - The report highlights the expectation of a "de-involution" trend, which may lead to a temporary rise in market sentiment, particularly focusing on domestic computing power, robotics, and innovative pharmaceuticals as key investment opportunities [1][2][10] - The humanoid robotics industry is experiencing significant catalysts, with Yuzhu Technology set to debut on the A-share market, marking a critical milestone for the industry and enhancing resource integration and supply chain optimization [2][30][32] - The computing power industry is also seeing renewed catalysts, with the introduction of the H20 chip, which is expected to alleviate supply pressures and stimulate demand across the AI industry chain [2][36][40] Group 2 - The report indicates that the luxury car market will benefit from a reduction in tax thresholds for super luxury vehicles, which may disrupt the current market dynamics and provide competitive advantages for electric luxury cars [2][47] - The innovative pharmaceutical sector is poised for growth due to recent policy adjustments that expand payment options for innovative drugs, enhancing their market potential [2][40][43] - The report emphasizes the importance of monitoring the performance of key sectors, with the automotive, pharmaceutical, and communication industries receiving significant capital inflows recently [2][43][44]

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [3][26]. Core Views - The report highlights a strong recovery in tourism during the Qingming Festival, with a record 790 million cross-regional trips, a 7.1% year-on-year increase, surpassing previous forecasts. Rail and air passenger volumes also saw significant growth of 8.2% and 10.9% respectively [1][17]. - The report emphasizes the resilience of tourism consumption as a leading sector in domestic demand, driven by favorable weather and policies promoting extended holidays, which are expected to create new market opportunities [1][17]. - The report suggests that the social services sector's valuation is likely to continue recovering due to ongoing government policies aimed at expanding domestic demand [3][26]. Summary by Sections Industry Investment Rating - The social services sector is rated as "Outperform" [3][26]. Industry Insights - The report notes that the Qingming Festival travel data indicates a robust recovery in tourism, with significant increases in both domestic and international travel, particularly to Japan and European destinations [1][17]. - The report identifies a trend of increased consumer interest in travel, supported by favorable weather conditions and government policies [1][17]. Key Company Earnings Forecasts and Investment Ratings - Companies such as Ctrip Group, Tongcheng Travel, Haidilao, and Meituan are rated as "Outperform" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios for 2025 and 2026 [4][26]. - Specific EPS and PE forecasts for key companies are provided, indicating strong growth potential in the sector [4][26]. Investment Recommendations - The report recommends investing in companies like Tongcheng Travel, Shouqi Group, Jiuhua Tourism, and others, highlighting their potential for growth in the current economic environment [3][26].