您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[国金证券]:社会服务业行业研究:国庆出行持续旺盛,关注弹性&绩优两条主线 - 发现报告
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社会服务业行业研究:国庆出行持续旺盛,关注弹性&绩优两条主线

休闲服务2024-10-07叶思嘉、赵中平国金证券林***
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社会服务业行业研究:国庆出行持续旺盛,关注弹性&绩优两条主线

行业专题研究报告 证券研究报告 社会服务业行业研究 2024年10月07日 买入(维持评级) 国金证券研究所 分析师:叶思嘉(执业S1130523080001)分析师:赵中平(执业S1130524050003) yesijia@gjzq.com.cn 䫏餴鹤鳓 zhaozhongping@gjzq.com.cn 国庆出行持续旺盛,关注弹性&绩优两条主线 !"#$%&'()*+, 1 #$%&'()*+,-./01234156789:.;<=>?@ABCDEFGHIJKLMLN2#$OP QRSTUV04WXYZ[\]L^2#$OPQ_^`La1b1c2#$dOPQ_LN`1a.efgOhijkl1c2 _1P`1am1nojkl1c2_1P`Pam1pqjkl1c2_L^`ram.st7ubeKvwxyz[|()]~hÄÅffiÉ]~.ÑÖLN2#$#Üáà4â*+7u1ffiÉnäãåFã.*+éèêe#ÜëíáàìîïñK;<]~ó>òôîeHK ()'#$OöQZ[()4âb1c27uLNa.Gõ()úù*+,-Kû~z[|]~.LMLN2#$OPQZ[RSTUV04WXYL`c^ü4â.\]L^2#$OPQ_^`La1b1c2#$dOPQ_LN`1a.dOz[†°|ÑÖ.¢2#$£§•=¶.R#UV04WXYß®I1c`Nü4â.Z[L`rrü4â.b©27uM`ra.]LM1c2\=7u1c`Na.OöZ]~ê78efz[|dOÑ™K´¨t()®Æê.#$OPZØ‚±W‚jı¥µîm ±W‚j¥µîm±0‚±∫÷Z[´]bL^2Z[_r`Ma±_L`ra±_^`*a±_c`ca±_1L`raªb1c2Z[_Lr`ºa±_^`*a±"NP`^a±"LP`ºa±_LL`MaK#Üà'/01234156789:.æøë¿¡X*+7u.¬zƒ◊ô«»… K1máàÀÃÕŒ®œ./0Ø∫1MM—156“D7u‘’.áàÀÃ)D®œ.÷éàdÿŸ⁄.¤z/0‹›fi78:flLm‡·]F‚ |æøë¿„V¡Xó‰Â\]ÊÁ]7u.ËÈÍøj\]L^2_1c`Na1\]1c2_º^`*am1£øjZ[Î>à ¡]\]L^2_1Lam1uÏøjÌ=O*QÎ>à¡\]L^2_L1`LaKmÓfl^mÔ˘ÒÚ®œ.¬zƒ◊ÛëÙ]ıˆ˜¯‹Z[ƒ(˘âô«˙1c2c^a1˚]hid_1Np˝˛K·fˇ!n"ôYá˜$*+%(1¥@&'.()n*+1tŠZ-Tî.vw*+êeáà/Aßëí012.3hF45˘156“12347uÑÖß9:K(6à'÷7ˇ!89:; .ÑÖ#$Z[(<64â\]_1º`*aK~#=>∫?ì@ÑA.¢2#$d=¶( <6Z[1r*B4â±_1º`*a1fiDô«˙1c2\=1M1a.gOhidZ[(<61r*B4â1ô«˙1c2›ccaK E˙LMLN±1M±P#F¡†÷78ô«˙1c2›ºNa1bºGH›rºa… Pp˝˛K ÅI'<JK… 1LffióãFãKû~ÅIM=]~.N#$O••[]~fi]jLMLN±c±L^P1M±PklLML^±c±L*P1M±ºm.R#ÅIQRkSTQ\]"N`Pa.U´8ffiTVQ"11`La1WXX\]_^`Mp˝˛.´Yâê.Z[\ÅIQRkSTQj"^`^am]^efë_K 䫏餴䒊雳 ;<'`]ab$c‡·]Fdeófë.g>BCDEF;hKû~ij]~.LMLN2#$OöQ`]kl$cI[@mn1¡X8´]\]"1ra1_L`^a.Z[oęK*`ºâ±"1La.b‡·]FãåFqfl`]*+;$cI[@mn1¡X8´]\]"^La1"LLa.qrbhiãåfiëK ⁄â#$()4â]~t:7u.cGHuJ?@ABCvew(.vw*+êe*+àìîïñ.=>;<1xá();h.yzı’[|1mµ]1™~4ÄŶóbë›ÇîÉ›.ËÑÖÑ1¬zƒ◊1ÜáÅIflLm·⁄œ* 굥ꤗ䲿爙 +tá.Q^1QNµ]thâe›]"É›.ËWäTãę1å¿1éèh#K /Aúùê=ô«ëhÑ=.íYeêì.îïñffiÉër4óÓK !"#$ 11ò’'#$()*+,-.[|Çîô]"OöÔõ```````````````````````````````````````````````NL1()'OöQZ[()4âb1c27uLNa.Gõ()úù*+,-```````````````````````````````N ^1áà'ÑÖ#Üà4â*+7u1/05˘kú.<(6à*+ô«````````````````````````````````*N1ÅI'ùáàú»ûY.WXX\]; .ffiÉ\]óãFã```````````````````````````````````````1L *1;<'`]$c#$\]‡·]Fdeófë```````````````````````````````````````````````````1^ ü†…°``````````````````````````````````````````````````````````````````````````````````````1N &'#$ ¢]1'LMLN2#$Z»RSTUV0XY4⣧````````````````````````````````````````````````N ¢]L'LN2dÌZ´()®ÆZ[4WXY878jbLML^2m```````````````````````````````````* ¢]^'LN2dÌZ´()®ÆZ[4WXY878jbLM1c2m```````````````````````````````````* ¢]N'•èdÌZ#Üáà]~ô«»``````````````````````````````````````````````````````````* ¢]*'LN2#$6ÜĶffiÉstßfL^2\=`````````````````````````````````````````````````P ¢]P'LMLN#$¤zØ∫áà/A]^‘®``````````````````````````````````````````````````````r ¢]r'©©™ãę4÷éà1¤z/0àú»b‡````````````````````````````````````````````````º ¢]º'#Ü|´ı’„VLMLN#$d¡X78´Ö```````````````````````````````````````````````c ¢]c'¬zƒ◊´ÚVdZZ[ƒ(˘âj˘±Qm```````````````````````````````````````````````c ¢]1M'¬zƒ◊Z[ƒ(˘âô«»jaLM1cm``````````````````````````````````````````````````c ¢]11'LMLN2#$d¬z´„Vƒ(˘âj˘m````````````````````````````````````````````````1M ¢]1L'LN2#$h#Z[(<64âÑÖ\]7u1º`*a````````````````````````````````````````1M ¢]1^'#F¡†÷78ô«˙1c2\=ÿºNaj9¨˙LMLN±1M±Pm``````````````````````````````1M ¢]1N'LMLN2#$Ì=©©™ãę(6àÑè7räop1M#=````````````````````````````````````11 ¢]1*'R#ÅI•»QRkSTQ]^`````````````````````````````````````````````````````````````1L ¢]1P'#$Ê•ÅI]~\]ÆØ````````````````````````````````````````````````````````````1L ¢]1r'R#ÅI•»TVQ]^````````````````````````````````````````````````````````````````1L ¢]1º'R#ÅI•»WXX]^````````````````````````````````````````````````````````````````1L ¢]1c'´YâêZ[\ÅIQRkSTQ78ˆO```````````````````````````````````````````````````1^ ¢]LM'´z5õêßõz5QRkSTQ78‡f‡õ```````````````````````````````````````````````1^ ¢]L1'R#•»ÅI]±0``````````````````````````````````````````````````````````````````1^ ¢]LL'`]kl$cdZI[78]^````````````````````````````````````````````````````````1N ¢]L^'`]kl$coęKjâ±Qm]^`````````````````````````````````````````````````````1N ¢]LN'`]*+;$cdZI[78]^``````````````````````````````````````````````````````1N 1、观点:国庆出行持续旺盛,关注弹性&绩优两条主线 #$%&'()*+,-./01234156789:.;<=>?@ABCDEFGHIJKû~z[|]~. LMLN2#$OPQZ[RSTUV04WXYL`c^ü4â.\]L^2#$OPQ_^`La1b1c2#$dOPQ _LN`1a.efgOhijkl1c2_1P`1am1nojkl1c2_1P`Pam1pqjkl1c2_L^`ram.st7ubeKvwxyz[|()]~hÄÅffiÉ]~.ÑÖLN2#$#Üáà4â*+7u1ffiÉnäãåFã.*+éèêe#ÜëíáàìîïñK⁄â#Üà‘’'1máàÀÃÕŒ®œ./0Ø∫1MM—156“D7u‘’.áàÀÃ)D®œ.÷éàdÿŸ⁄.¤z/0‹›fi78:flLm‡·]FÈÍø1£ø1uÏøÓ¡X‰Â\]ÊÁ]7ufl^mÔ˘ÒÚ®œ.¬zƒ◊ÛëÙ]ıˆ˜¯‹Z[ƒ(˘âô«˙1c2c^a1˚]hid_1Np˝˛K·fˇ!n"ôYá˜$*+%(1¥@&'.()n*+1tŠZ-Tî.vw*+êeáà/Aßëí012.3hF45˘156“12347uÑÖß9:K ÅI®œ.<JK… 1LffióãFãKû~ÅIM=]~.N#$O••[]~fi]jLMLN±c±L^P1M±PklLML^±c±L*P1M±ºm.R#ÅIQRkSTQ\]"N`Pa.U´8ffiTVQ"11`La1WXX\]_^`Mp˝˛.´Yâê.Z[\ÅIQRkSTQj"^`^am]^efë_K ;<®œ.`]$c‡·]Fdeófë.g>BCDEF;hKû~ij]~.LMLN2#$OöQ`]kl$cI[@mn1¡X8´]\]"1ra1_L`^a.Z[oęK*`ºâ±"1La.b‡·]FãåFqfl`]*+;$cI[@mn1¡X8´]\]"^La1"LLa.qrbhiãåfiëK ⁄â#$()4â]~t:7u.cGHuJ?@ABCvew(.vw*+êe*+àìîïñ.=>;<1xá();h.yzı’[|1mµ]1™~4ÄŶóbë›ÇîÉ›.ËÑÖÑ1¬zƒ◊1ÜáÅIflLm·⁄œ* +tá.Q^1QNµ]thâe›]"É›.ËWäTãęjòƒ1\ƒm1å¿1éèh#K 2ծ出行:前六天日均出行人次较19年增长24%,反映出行意愿持续旺盛 û~z[|]~.LMLN