社会服务行业双周报：全年扩消费政策预期足，有望修复消费信心

Investment Rating - The industry is rated as "Outperform" [2][67] Core Viewpoints - The social services sector has seen a 2.49% increase in the last two trading weeks, outperforming the CSI 300 index by 3.23 percentage points, ranking 9th among 31 sectors [2][17] - The issuance of the "Consumption Promotion Special Action Plan" is expected to restore consumer confidence and address key issues hindering consumption [5][54] Summary by Sections Industry Performance - In the last two trading weeks (March 10-21, 2025), the Shanghai Composite Index fell by 0.23%, while the CSI 300 dropped by 0.74%. The social services sector rose by 2.49%, outperforming the CSI 300 [17][24] - Among sub-sectors, hotel and catering saw the highest increase at 5.00%, followed by tourism and scenic spots at 4.98% [21][24] Market Dynamics - The "Consumption Promotion Special Action Plan" aims to expand domestic demand and enhance consumer willingness by addressing prominent consumption constraints [5][54] - Retail sales data for January-February 2025 showed a year-on-year growth of 4.0%, with total retail sales reaching 83,731 billion yuan [5][54] Investment Recommendations - Companies with strong growth potential include Huangshan Tourism, Lijiang Co., Songcheng Performance, and others in the travel and related industries [5][54] - Hotel brands benefiting from the recovery of business travel include Junting Hotel, Jinjiang Hotel, and Shoulu Hotel [5][54] Company Announcements - Lijiang Co. reported a revenue of 808 million yuan for 2024, a year-on-year increase of 1.19%, with a net profit of 211 million yuan [41] - Jiuhua Tourism announced a revenue of 764 million yuan for 2024, reflecting a growth of 5.64% [41] Travel Data Tracking - Domestic travel has largely recovered post-pandemic, with significant increases in international travel due to relaxed policies [44][45] - The number of inbound tourists to Shanghai reached 6.71 million in 2024, a year-on-year increase of 84% [35]