社服周报：餐饮修复迎全国拐点，酒旅高端先行受益

2023年1月8日 买入（维持评级） 行业周报 证券研究报告 社会服务业行业研究 国金证券研究所 分析师：苏晨（执业S1130522010001）suchen＠gjzq.com.cn 联系人：叶思嘉yesijia＠gjzq.com.cn ワ錜挿 餐饮修复迎全国拐点，酒旅高端先行受益 #$%&'(#$)*+,-./01(23456ffi89:;&(#$%<(=>?@ABC-1DEF&GHI JKLMNO+PQR-STUVWXYZIJ[1\]^_`abcdefcdagcdD\chGHi9jklAC-F&GHm&nNIJKopqPrs-STUtuvwuxyuz[u|]u~yÄÅÇgb1\]^_ÉÑ;'(#$%Ö[gbgÜd1da-áàà1>?âä@Ogb1\]^_facuãVåçégbggd1gdÜbèqPfpëí-Tà1(àì>?âä@O1\]^_D.ïc-ãVåçqP1.gpëí-1.Dñ./01(234N6ffi8“9:”óB./òôöõúffiffiü †a¢£§£•`¶ßA®-Ö[f©™ƒa¨-ÇÈï17ؘ±È:]ê1(; ¥µ%áàPJö≈\Ø-SºÛÇæøx¿¡¬Z;&åƒé1.fèáà®H¡L˝«_»…ABã ÀÃÕŒ+œ-–—ÅÇ“”‘’1b÷ÉÑ-ST√√±\bÿŸuã À1ebÿŸ+œ-–—˝⁄1b÷¤Øé‹ ÀèÉÑ-SºÛ±g1bÿŸuã ÀÜÜbÿŸ+œ-–—”‘’›]2fiÉÑ;Ö[gbgÜ.1.1flM¥µ‡·áà‚„‰+œ[1.ec-áà©ÊÁÑLË„æãÈ]^_IJK±ïfcuopVå`g\c+P1Dpëí- À]Í©ŠÉIJÈ]^ _f\cu˝⁄àÏéfgcè;UÌÈ«GHIJKÓÔ∑VP-IJ[VÔ]^_fbcÒ¤VÉÑ-ÚÌÔÛGHVÙuWXıØö≈;ˆ˜ˆm&øxgg]K¿¡¬Z-SºÛß¿1D¯uÇæøx1e¯˘˙-h¸ß¿1bg¯-˝Õ1Ü¯Ä˛Pˇ–¿„¨!"]-#¬11e¯-m&øxá]1gb¯¬Z-£$˘]gÜ]¿¡¬ZOh¸1gb¯é%&gg]1ܯ"¿'¡è-Sge¯-˘˙ãO()-ST*+,SCˇSáà-./; 01%23J4™˝56789u:;J<1=->G1÷Tы¿@A*¿B; ÀÃC_-áàà11D#D egf17ØE-^pÿb.ïïc-FGpHIIJ[1\] ÀÃC©^_`ïg.Dch4Nà11DJKgaeL -^pÿï.bc-IJ[1\] ÀÃC©^_`Üe.1c-LM⁄àÏÉÑ-–>NffiIJ[1\]^_DgcuO]1P˝ÉÑ;J<1= À_!QRRòSTU`Ë„æÄ%^VKÇÈgg]u1\] ÀC_-†W"ØEX±Ü.f7ØEu 侨䰘⿺Ⱆデ騈驶 YZZO\f.ïcu[\]OgfÜa hZ^_`abcdefgibiyjKCkÒUlmnoÙpKCkWqrshtuJDGË„æ^vgfcuÑLw©x…ffiyO1bgf -23J4™Cˇ£$6789;>G1.1ÜñIJQRz[|]ô-1.ggñu1.gÜñtuu~Æ]ôÄÅIJ¿B-˘]Ä¿ÇÉÑ9Ö; 䫏餴䒊雳 VåÜXÜbbuáàlAYZÿg.gcuÿÜ.gchâäãåéç7è–b.\ac-èYØC-¥µ[êu/êlAYZ–g.\Dcuÿb.ïec-0¡[êu/êlAYZ–ï.Üïcuÿb.DÜc-]ôlA–g.bc-ØëãålAÿï.\c;âäãåíìVåîï’ÜbEç7Ôñ$„íìT…óòg\; ¥µıáàö≈u6ôöõÿxú-01˝57$89;&(¥µùû’ ÀåıØáàõö≈-ü¯VH£$ À ^¡ABIJ[VÔ]^_Dbc¤V-*+†R¢£PJöõ§¿¡xú•¶-)*ß6:;®:öõÿxú˙`- ©^¡PJãˇ`™´™´ugg]¿¡¬Zøxãˇ`ˆ˜ˆu0¨„söõãÑ`ÙÆ$»;01ÌØ- Àö ±ABÀI-–>NffiPJ6⁄ØE-˝5O¥µõ<≈-VH£$©J<1=QRRò ÀYZZX\f.ïc-Ç›Ô ≈:∂˝501ªÃºvMN-,Sæffiy5öõÕø¿\¡¬YÓƒ; 굥ꤗ䲿爙 &åêú—#%™´™´uJ<1=uˆ˜ˆuT«1uÙÆ$; ¢|»J-… ÀffiyVî-ÃÁëÕŒœ–-Ù—“”‘’÷Ëœ–»; !"#$ 1uåÇŸ%#$)*+,-¥µ6ôöõÿxú-01˝57$ï 1.1uå”≈%¥µ:;öõÿxú˙`-01˝5‰789u:∂]ô¿B£MNï 1.gu#$%&'(#$)*+,-./01(23456ffi89:ï 1.Üu¥µ%áàPJö≈\Ø-SºÛÇæøx¿¡¬Za 1.ïu01%23J4™˝56789u:;J<1=->G1÷Tы¿@A*¿B1b gu$|+⁄11 ÜuÔ≈VH£$¤‹1e ïuœ–q›1e &'#$ fiM1%GH(=>?@IJKécgb1\^_èï fiMg%GHi9jklAIJKécgb1\^_èe fiMÜ%áàö±>?âä@IJKécgb1\-¡ß[gbgÜdb1dbaèe fiMï%Ut>?âäfl‡@IJK+Pécgb1\·¡ß[gbgÜdb1dbaèe fiMe%VÙ>?âä@IJK+Pécgb1\-¡ß[gbgÜdb1dbaèa fiMa%X‚>?âäfl‡@IJK+Pécgb1\·¡ß[gbgÜdb1dbaèa fiMf%àì>?âä@IJKécgb1\-¡ß[gbggdb1dbaèa fiMD%„'>?âäfl‡@IJKécgb1\·¡ß[gbggd1gdÜ1èa fiM\%flM‡·¥µ‰Â‚„‰é¡ß[gbgÜd1d1èf fiM1b%flM‡·¥µŠÉIJVé¡ß[gbgÜd1d1èf fiM11%flM¥µlA–#$ÑKopf fiM1g%WÊ¥µŠÉIJÁËé¡ß[gbgÜd1d1èD fiM1Ü%VÙ¥µŠÉIJÁËé¡ß[gbgÜd1d1èD fiM1ï%√√áà®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDèD fiM1e%SºÛáà®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDèD fiM1a%√√Ut®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDèD fiM1f%SºÛUt®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDèD fiM1D%√√VÙ®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiM1\%SºÛVÙ®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiMgb%√√WÊ®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiMg1%SºÛWÊ®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiMgg%√√X‚®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiMgÜ%SºÛX‚®H˝«_¡L»…AÈ-é¡ß[gbgÜd1dDè\ fiMgï%ÃC©à11DIJ|Íécgb1\è1b fiMge%ÎVåL\[ÏÒv/1b fiMga%QR>?âä@IJK+Pécgb1\-¡ß[gbgÜd1daè1b fiMgf%ÌÚ>?âäfl‡@IJK+Pécgb1\-¡ß[gbgÜd1daè1b fiMgD%úª>?âäfl‡@IJK+Pécgb1\-¡ß[gbgÜd1daè11 fiMg\%>GÓ#ÔEé¡ß[gbgÜd1d1è11 fiMÜb%Våíìî‚ï|Í1g fiMÜ1%V奵íìî‚ïÒR1g fiMÜg%Vå0¡íìî‚ïÒR1g fiMÜÜ%Vå]ôíìî‚ïÒR1g fiMÜï%VåØëãåíìî‚ïÒR1g fiMÜe%Vå$„î‚ïÚÛ1Ü fiMÜa%V奵$„îïu‚ï]çÙ1Ü fiMÜf%Vå0¡$„îïu‚ï]çÙ1Ü fiMÜD%Vå]ô$„îïu‚ï]çÙ1ï fiMÜ\%VåØëúıãåEêî‚ï1ï fiMïb%Vå$„ˆµúo˜ŠK]ç1ï fiMï1%Vå$„ˆµúo˜Š#]ç1ï fiMïg%Ô≈VH£$¤‹M1e 1ծワ⚁곿ⴀ遤絩絯㔐军귬껏⠏鷥䔀䚍+䧭Ɤꂊ假넞畮⯓遤 1.1uå”≈%¥µ:;öõÿxú˙`-01˝5‰789u:∂]ô¿B£MN óB*+`gbgÜ]K¯Å˘+,QRÄ]-˙˚ø0¥µ˝-˛øgbgÜ]-*+ˇO’!¢ö¯"]ƒ#|͙ۙ#$ùûÅıØ"]õ`m&Ø»$-˜¬íìIJEÛ0Ù—‘ŠãOÔ&-&(ùû7⁄'(ùû-'¥µ(0¡(1D-#)D¡ü8ö¯*-;Õ_IJ`¥µY-u+5AB,ÕŠ-./01»|Íi2™Å˜¬HÔ˜_u|3—G4#Nã56Á-—Õ˜_78ˆähTú_—9Ô≈˙˚„:;N"]õ¡ÑuÕxú•¶`6<˙`;Ç›=#>?PJEÛu„:öõuv@C≈Ò¤‹õffipÓ$ffi83•@-ST¡APJíì67> ?„:"]õ§αBØ•¶; ¥µıáàö≈u6ôöõÿxú-01˝57$89;&(¥µùû’ ÀåıØáàõö≈-ü¯VH£$ À ^¡ABIJ[VÔ]^_Dbc¤V-*+†R¢£PJöõ§¿¡xú•¶-)*ß6:;®:öõÿxú˙`- ©^¡PJãˇ`™´™´ugg]¿¡¬Zøxãˇ`ˆ˜ˆu0¨„söõãÑ`ÙÆ$»;01ÌØ- Àö ±ABÀI-–>NffiPJ6⁄ØE-˝5O¥µõ<≈-VH£$©J<1=QRRò ÀYZZX\f.ïc-Ç›Ô ≈:∂˝501ªÃºvMN-,Sæffiy5öõÕø¿\¡¬YÓƒ; &åêú—#%™´™´uJ<1=uˆ˜ˆuT«1uÙÆ$; 1.gu#$%&'(#$)*+,-./01(23456ffi89: &(#$%<(=>?@ABC-1DEF&GHIJKLMNO+PQR-STUVWXYZIJ[1\]^_` abcdefcdagcdD\c;GHi9jklAC-F&GHm&nNIJKopqPrs-STUtuvwuxyuz[u |]u~yÄÅÇgb1\]^_ÉÑ; fiM1%GH(=>?@IJKécgb1\^_è 上海 北京 广州 深圳 成都 南京 武汉 西安 苏州 郑州 重庆 长沙 合肥 石家庄 昆明 厦门 南宁 东莞 2023-01-05 57% 60% 62% 89% 124% 47% 66% #N/A 71% 78% 82% 178% 134% 79% 77% 218% 91% 44% 2023-01-04 49% 54% 58% 81% 118% 42% 63% #N/A 64% 71% 77% 164% 124% 74% 73% 191% 87% 42% 2023-01-03 42% 51% 52% 70% 101% 41% 62% 67% 49% 43% 69% 115% 72% 71% 69% 65% 66% 41% 2023-01-02 37% 49% 50% 64% 100% 38% 60% 63% 44% 40% 66% 107% 67% 68% 67% 59% 63% 38% 2023-01-01 37% 52% 49% 62% 106% 38% 61% 62% 42% 40% 67% 103% 66% 68% 68% 60% 62% 35% 2022-12-31 33% 47% 47% 56% 102% 35% 59% 57% 39% 39% 64% 99% 72% 69% 70% 64% 64% 35% 2022-12-30 31% 46% 45% 51% 102% 33% 57% 53% 36% 37% 62% 93% 69% 62% 68% 69% 61% 32% 2022-12-29 28% 43% 41% 46% 99% 30% 54% 47% 34% 35% 58% 85% 63% 58% 65% 79% 55% 29% 2022-12-28 26% 39% 38% 40% 96% 27% 51% 42% 32% 32% 56% 77% 58% 54% 62% 90% 50% 26% 2022-12-27 26% 36% 35% 38% 91% 24% 48% 37% 33% 29% 53% 73% 55% 50% 58% 114% 46% 26% 2022-12-26 27