社会服务行业双周报：免签持续利好入境游，春节出行景气度高

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the market index in the next 6-12 months [1]. Core Insights - The social services sector saw a 3.45% increase in the last two trading weeks, ranking 8th among 31 industries in the Shenwan classification, outperforming the CSI 300 index by 1.25 percentage points [1][11]. - The tourism market remains robust, with expectations for steady growth in cultural tourism and consumer spending throughout the year, supported by favorable visa-free policies for inbound travel [1][4]. Summary by Sections Industry Performance - The social services sector's performance was highlighted by a 3.45% increase, ranking 8th among 31 industries, with the CSI 300 index rising by 2.20% during the same period [11]. - Sub-sectors such as education (+7.22%) and professional services (+4.78%) showed significant gains, while tourism and scenic areas increased by 0.63% [14]. Market Dynamics - The report notes a strong recovery in travel demand during the Spring Festival, with over 2.3 billion people traveling, a 6% increase from the previous year [24]. - The implementation of visa-free policies for ASEAN countries is expected to boost inbound tourism, particularly in regions like Xishuangbanna, which saw a 264.67% increase in foreign visitors in 2024 [1][24]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel chain and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [4][38]. - It also highlights the potential of hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel and increased market share post-pandemic [4][38]. Company Announcements - Notable company announcements include the establishment of new business divisions by Lingnan Holdings to enhance market competitiveness and the investment by Miao Exhibition in a wholly-owned subsidiary to expand its professional exhibition business [30].