Investment Rating - The industry is rated as "Outperform" compared to the market, indicating an expectation that the industry index will perform better than the benchmark index over the next 6-12 months [2][46]. Core Insights - The social services sector saw a 1.87% increase in the last two trading weeks, ranking 5th among 31 industries in the Shenwan classification. This performance outpaced the CSI 300 index by 2.23 percentage points [2][13]. - The upcoming New Year holiday is expected to boost consumer travel demand, with significant increases in travel bookings. Domestic flight ticket reservations have exceeded 1.06 million, a year-on-year increase of approximately 45% [5][28]. - The Ministry of Commerce and other departments have issued a plan to promote high-quality development in the service outsourcing sector, aiming to cultivate competitive enterprises and enhance employment opportunities by 2030 [28][32]. Market Review & Industry Dynamics - The social services sector's performance was highlighted by sub-sector increases, particularly in education (+5.21%), hotel and catering (+4.43%), and tourism and scenic spots (+2.48%) [17][21]. - The overall market saw the Shanghai Composite Index decline by 0.32%, while the social services sector managed to rise, indicating resilience in this industry [13][20]. - The sector's price-to-earnings ratio (PE) stands at 36.29, which is at the 38.15% historical percentile, suggesting a relatively high valuation compared to historical averages [21][24]. Investment Recommendations - Companies with strong growth prospects in the travel chain and related industries are recommended for investment, including Tongcheng Travel, Huangshan Tourism, and Lijiang Shares [5][39]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [5][39]. - The recovery of cross-border travel is anticipated to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [5][39].

除了国内市场火爆外，这个元旦假期出境游市场也同步升温。 元旦期间热门地区出境机票预订量增长四成以上 ，欧洲等长线目的地热度也 持续上涨。 2026年的元旦比2025年多放2天假，为文旅消费市场带来乘数级拉动效应。数据显示，截至12月17日， 元旦假期国内航线机票预订量超 176万张，同比增长约46%。 元旦假期国内机票预订量同比增长约46% 近一个月以来， 在线旅游预订平台上"跨年""元旦"等关键词搜索热度环比上涨超280% 。进入12月份，元旦假期的机票、酒店民宿等主要 产品预订逐步上涨，整体预订热度较去年同期提升近30%。 "冰雪游"和"避寒游"成为两大主流旅行趋势。 有平台数据显示，元旦期间从全国各地飞往哈尔滨、长春、长白山、阿勒泰、乌鲁木齐等热门冰雪旅游目的地的机票预订热度不断走高， 旺盛需求也推动机票价格"水涨船高"。 此外，这个元旦假期从北京、天津等主要城市飞往三亚、海口、昆明、广州、厦门等 热门避寒目的地的机票预订热度环比上涨36% 。飞到 大湾区多个城市的机票量同比大幅增长。其中，揭阳机票预订量增幅达2.2倍，前往广州的机票预订量超14万张，同比增长约47%；深圳、 珠海机票预订量也均实现翻倍 ...

近一个月以来，在线旅游预订平台上"跨年""元旦"等关键词搜索热度环比上涨超280%。进入12月份，元旦假期的机票、酒店民宿等 主要产品预订逐步上涨，整体预订热度较2024年同期提升近30%。"冰雪游"和"避寒游"成为两大主流旅行趋势。 同程旅行国内机票商务经理苗彩云介绍，平台数据显示，元旦期间，从全国各地飞往哈尔滨、长春、长白山、阿勒泰、乌鲁木齐等 热门冰雪目的地的机票预订热度不断升高，旺盛需求也推动机票价格"水涨船高"。 央视网消息：2026年的元旦比2025年多放两天假，为文旅消费市场带来乘数级拉动效应。数据显示，截至12月17日，元旦假期国内 航线机票预订量超176万张，同比增长约46%。 其中，揭阳机票预订量增幅达2.2倍，前往广州的机票预订量超14万张，同比增长约47%。深圳、珠海机票预订量也均实现翻倍增 长，整体增幅领跑全国。 此外，这个元旦假期，从北京、天津等主要城市飞往三亚、海口、昆明、广州、厦门等热门避寒目的地的机票预订热度环比上涨 36%。飞到大湾区多个城市的机票量同比大幅增长。 ...

从二级市场来看，航空、酒店、景区今日早盘表现活跃，南京商旅、南方航空、中国东航、大连圣亚、 中国国航等领涨，旅游ETF（562510）已连续多日上涨。 据官方放假安排，元旦假期将于1月1日至1月3日放假三天；若在12月29日至31日请三天假，就能拼出8 天长假，拼假攻略在社交媒体火爆，公众出行意愿较强。 旅游ETF（562510）跟踪中证旅游主题指数，覆盖旅游景区、航空机场、旅游零售、酒店餐饮等细分领 域。在冰雪游、境外游、免签政策以及元旦+春节假期等多重催化下，旅游板块热度显著提升。 元旦是春节前最后一个法定假期，公众的出行和休闲需求有望集中释放。同程旅行12月5日发布《2026 元旦假期旅行趋势报告》，该平台上"跨年"、"元旦"等关键词搜索热度环比高增，机票、酒店民宿等主 要产品预订逐步起量； ...

Core Insights - The winter sports season in Chongli, Hebei, has officially begun, attracting ski enthusiasts from across the country as ski resorts open their doors [1][3] Industry Developments - Ski resorts in Chongli have upgraded their facilities, with two new ski trails certified by the International Ski Federation, bringing the total to 42 trails catering to various skill levels [7] - The number of visitors to the four main ski resorts has reached 80,000, with all ski resorts expected to open by mid to late November [11] Consumer Trends - There is a significant increase in demand for professional ski instruction, with participation in lessons up nearly 200% compared to last year [9] - Sales of ski equipment have surged, with core ski gear sales increasing by over 30% compared to the same period last year, and hotel bookings are also experiencing a notable rise [17] Local Economic Impact - The local economy is benefiting from the winter sports season, with ski equipment sales and accommodation bookings seeing a boost, indicating a positive "thermal effect" from the winter sports resources [11] - Hotels are enhancing visitor experiences by offering "stay + ski" packages, integrating ski passes and equipment rentals for a comprehensive travel solution [19]

Group 1 - The summer tourism accommodation demand shows differentiation, with county-level homestay orders increasing by 76.5% year-on-year [1] - Popular historical and cultural cities during the summer include Beijing, Xi'an, Nanjing, Hangzhou, and Luoyang [1] - Emerging travel destinations include Pingtan in Fujian, Antu in Jilin, Changli in Hebei, Yangshuo in Guangxi, Nanao in Guangdong, and Jiuzhaigou in Sichuan [1] Group 2 - Safety, cost-effectiveness, and convenient transportation are key concerns for consumers regarding hotel and homestay options during summer travel [2] - Didi Chuxing launched multiple promotional activities in 81 cities to meet the surge in travel demand, including a "one order gets two vouchers" campaign [2] - The popularity of the Jiangsu Province City Football League ("Su Super") has significantly boosted homestay orders in cities like Nanjing, Suzhou, and Xuzhou, with growth rates exceeding 50% [2]