社服视角解读2025年《政府工作报告》：积极丰富保障，大力提振信心

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The government work report emphasizes boosting consumption and expanding domestic demand as primary objectives, showcasing the government's commitment to enhancing consumer confidence and willingness [3][6] - The report outlines various supportive measures for the social service industry, including policies for cultural, tourism, and sports consumption, employment support, education quality improvement, and increased openness to foreign investment [1][3] Summary by Sections Investment Recommendations - The report suggests focusing on travel-related companies with strong earnings growth certainty, such as Lingnan Holdings, Changbai Mountain, Huangshan Tourism, Songcheng Performance, Lijiang Shares, China Youth Travel, Fengshang Culture, Junting Hotel, Jinjiang Hotels, and Shoulu Hotel, as well as paying attention to Ctrip Group and Tongcheng Travel [3] - In the duty-free sector, it recommends China Duty Free Group and Wangfujing due to the improving policies [3] - For employment support, it highlights the leading human resources company, Kelly Services [3] - It also recommends Miao Exhibition and Lansheng Shares in light of policies promoting foreign trade and exhibition economy [3] Government Work Report Highlights - The report outlines key areas of focus, including: - Boosting consumption and investment efficiency through various special actions [6] - Strengthening the education system and promoting high-quality education [6] - Expanding high-level openness and stabilizing foreign trade and investment [6] - Enhancing social welfare and governance effectiveness [6]