每(mei)經(jing)AI快訊，中國銀河04月10日發布研報稱：給予社會服務業推薦（維持）評級。

重點(dian)公告(gao)&事件：

板(ban)(ban)(ban)塊(kuai)表現：本周(zhou)(zhou)社服行(xing)業(ye)漲(zhang)(zhang)跌(die)幅為(wei)+0.53%，在(zai)所有(you)(you)(you)31個(ge)行(xing)業(ye)中(zhong)(zhong)(zhong)(zhong)周(zhou)(zhou)漲(zhang)(zhang)跌(die)幅排名第顧熹(xi)閩（1）三亞(ya)鳳凰機場(chang)(chang)免(mian)(mian)稅(shui)(shui)店(dian)(dian)(dian)已(yi)完成免(mian)(mian)稅(shui)(shui)二期(qi)(qi)項(xiang)目的相(xiang)關權證辦(ban)理、招(zhao)商和裝(zhuang)修；（2）錦(jin)江酒(jiu)店(dian)(dian)(dian)與雅高(gao)(gao)酒(jiu)店(dian)(dian)(dian)集(ji)團(tuan)(tuan)簽(qian)署諒解備(bei)忘錄共同探(tan)索酒(jiu)店(dian)(dian)(dian)業(ye)可持(chi)續(xu)發(fa)(fa)展(zhan)實(shi)踐(jian)路線；（3）清(qing)明節假期(qi)(qi)國(guo)(guo)內(nei)(nei)旅游(you)(you)出游(you)(you)2376萬人次；核心(xin)觀(guan)點：免(mian)(mian)稅(shui)(shui)：關注(zhu)免(mian)(mian)稅(shui)(shui)板(ban)(ban)(ban)塊(kuai)回(hui)調后的布局機會。Q1海(hai)(hai)南(nan)離島免(mian)(mian)稅(shui)(shui)銷售額(e)169億元/同比(bi)增(zeng)長(chang)(chang)+18%，弱于(yu)海(hai)(hai)南(nan)主要機場(chang)(chang)客(ke)流增(zeng)長(chang)(chang)，我們認為(wei)主要受(shou)(shou)運營(ying)商備(bei)貨(huo)節奏等(deng)(deng)短(duan)期(qi)(qi)因素影響，中(zhong)(zhong)(zhong)(zhong)長(chang)(chang)期(qi)(qi)看(kan)國(guo)(guo)內(nei)(nei)免(mian)(mian)稅(shui)(shui)業(ye)發(fa)(fa)展(zhan)邏輯(ji)未(wei)變(bian)，國(guo)(guo)人市內(nei)(nei)免(mian)(mian)稅(shui)(shui)政(zheng)策(ce)落(luo)地后板(ban)(ban)(ban)塊(kuai)仍(reng)有(you)(you)(you)催(cui)化(hua)(hua)，推(tui)(tui)薦中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)中(zhong)(zhong)(zhong)(zhong)免(mian)(mian)，海(hai)(hai)南(nan)機場(chang)(chang)，建(jian)議(yi)(yi)關注(zhu)王府井、海(hai)(hai)汽集(ji)團(tuan)(tuan)、海(hai)(hai)南(nan)發(fa)(fa)展(zhan)、上(shang)(shang)海(hai)(hai)機場(chang)(chang)、白云機場(chang)(chang)、百聯股(gu)份。會展(zhan)：出行(xing)領域(yu)景氣(qi)度有(you)(you)(you)望持(chi)續(xu)超預(yu)(yu)(yu)(yu)期(qi)(qi)的板(ban)(ban)(ban)塊(kuai)，持(chi)續(xu)推(tui)(tui)薦米奧會展(zhan)。我們預(yu)(yu)(yu)(yu)計受(shou)(shou)益疫(yi)情(qing)期(qi)(qi)間累計的需求釋放+政(zheng)策(ce)支(zhi)持(chi)，國(guo)(guo)內(nei)(nei)展(zhan)覽(lan)業(ye)今年(nian)(nian)有(you)(you)(you)望恢(hui)復(fu)至19年(nian)(nian)7-8成，外展(zhan)行(xing)業(ye)則將同時受(shou)(shou)益于(yu)出入境恢(hui)復(fu)+政(zheng)策(ce)支(zhi)持(chi)展(zhan)現高(gao)(gao)景氣(qi)。持(chi)續(xu)看(kan)好(hao)會展(zhan)板(ban)(ban)(ban)塊(kuai)景氣(qi)度，重點推(tui)(tui)薦海(hai)(hai)外辦(ban)展(zhan)龍頭(tou)(tou)米奧會展(zhan)，建(jian)議(yi)(yi)關注(zhu)蘭生股(gu)份。旅游(you)(you)：OTA平臺“五一”預(yu)(yu)(yu)(yu)定數據(ju)向(xiang)好(hao)，推(tui)(tui)薦澳門(men)博彩及部分優質景區。攜程五一假日國(guo)(guo)內(nei)(nei)游(you)(you)訂單已(yi)追(zhui)平2019年(nian)(nian)，同比(bi)增(zeng)長(chang)(chang)超7倍，推(tui)(tui)薦澳門(men)博彩板(ban)(ban)(ban)塊(kuai)（景氣(qi)提(ti)升+結(jie)構改(gai)善有(you)(you)(you)望推(tui)(tui)動板(ban)(ban)(ban)塊(kuai)迎接戴維斯雙(shuang)擊(ji)，關注(zhu)美高(gao)(gao)梅中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)、金沙中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)、銀河娛(yu)樂）、天(tian)目湖(hu)（增(zeng)量(liang)項(xiang)目釋放成長(chang)(chang)性，實(shi)控(kong)人變(bian)更帶來資源整(zheng)合預(yu)(yu)(yu)(yu)期(qi)(qi)）、大(da)豐實(shi)業(ye)（文體旅裝(zhuang)備(bei)龍頭(tou)(tou)，轉型中(zhong)(zhong)(zhong)(zhong)的“小宋城(cheng)”）。酒(jiu)店(dian)(dian)(dian)：關注(zhu)宏(hong)觀(guan)經(jing)濟弱復(fu)蘇(su)下(xia)，加盟商開(kai)店(dian)(dian)(dian)信心(xin)回(hui)歸。Q1行(xing)業(ye)受(shou)(shou)益于(yu)補(bu)償性需求，經(jing)營(ying)數據(ju)復(fu)蘇(su)較快，但我們認為(wei)由于(yu)宏(hong)觀(guan)經(jing)濟整(zheng)體仍(reng)處(chu)弱復(fu)蘇(su)，短(duan)期(qi)(qi)需同時觀(guan)察(cha)經(jing)濟復(fu)蘇(su)斜率(lv)變(bian)化(hua)(hua)+加盟商開(kai)店(dian)(dian)(dian)信心(xin)。中(zhong)(zhong)(zhong)(zhong)長(chang)(chang)期(qi)(qi)看(kan)，國(guo)(guo)內(nei)(nei)酒(jiu)店(dian)(dian)(dian)行(xing)業(ye)供需、競爭格局邏輯(ji)清(qing)晰，頭(tou)(tou)部酒(jiu)店(dian)(dian)(dian)集(ji)團(tuan)(tuan)受(shou)(shou)益于(yu)供給(gei)出清(qing)+輕資產擴張(zhang)+中(zhong)(zhong)(zhong)(zhong)高(gao)(gao)端升級，仍(reng)有(you)(you)(you)較大(da)空間，推(tui)(tui)薦錦(jin)江酒(jiu)店(dian)(dian)(dian)、首旅酒(jiu)店(dian)(dian)(dian)、華住(zhu)集(ji)團(tuan)(tuan)-S、君亭酒(jiu)店(dian)(dian)(dian)。餐(can)(can)飲：經(jing)營(ying)數據(ju)穩步修復(fu)，預(yu)(yu)(yu)(yu)期(qi)(qi)穩定后關注(zhu)開(kai)店(dian)(dian)(dian)和新(xin)品(pin)(pin)牌(pai)孵化(hua)(hua)進展(zhan)。上(shang)(shang)市餐(can)(can)企(qi)開(kai)年(nian)(nian)至今經(jing)營(ying)恢(hui)復(fu)良好(hao)，奈(nai)(nai)雪/海(hai)(hai)倫司等(deng)(deng)已(yi)恢(hui)復(fu)營(ying)業(ye)門(men)店(dian)(dian)(dian)同比(bi)均(jun)超2019年(nian)(nian)。此外，伴隨多個(ge)餐(can)(can)飲品(pin)(pin)牌(pai)開(kai)放加盟/類加盟機制，我們認為(wei)未(wei)來2-3年(nian)(nian)或將是強勢能品(pin)(pin)牌(pai)開(kai)店(dian)(dian)(dian)提(ti)速的最佳階(jie)段，推(tui)(tui)薦強品(pin)(pin)牌(pai)勢能餐(can)(can)企(qi)九毛(mao)九、海(hai)(hai)倫司、奈(nai)(nai)雪的茶。

風險提示：疫情(qing)二(er)次傳(chuan)播風險；宏觀經濟下行風險；行業競爭(zheng)格(ge)局惡化風險。

每經頭條(tiao)（nbdtoutiao）——

(記者 王曉波)

免責聲明(ming)：本文內(nei)容與數據僅供(gong)參考(kao)，不構成投資建議(yi)，使用前(qian)請核(he)實。據此(ci)操作，風險自擔。