社会服务行业专题研究报告：国庆出行持续旺盛，关注弹性-绩优两条主线

!"#$%&'()*+,!!" 国金证券研究所 分析师：叶思嘉（执业 S1130523080001） yesijia＠gjzq.com.cn 分析师：赵中平（执业 S1130524050003） zhaozhongping＠gjzq.com.cn 国庆出行持续旺盛，关注弹性&绩优两条主线 䫏餴鹤鳓
#$%&'()*+,-./01234156789:.;<=>?@ABCDEFGHIJKLMLN 2#$O PQRSTUV04WXYZ[\] L^ 2#$O P Q_^`La1b !c 2#$dO P Q_LN`!a.efgOhijkl!c 2_!P`!am1nojkl!c 2_!P`Pam1pqjkl!c 2_L^`ram.st7ubeKvwxyz{|()}~•€•‚ƒ}~.„… LN 2#$#†‡ˆ4‰*+7u1‚ƒnŠ‹ŒF•.*+Ž••e#†‘’‡ˆ“”•–K;<}~—>˜™”eHK"()'#$OšQZ[()4‰b !c 27u LNa.G›()œ•*+,-Kž~z{|}~.LMLN 2#$O P QZ[RSTUV04WXY L`c^ Ÿ4‰.\] L^ 2#$O P Q_^`La1b !c 2#$dO P Q_LN`!a.dOz{ ¡|„….¢2#$£¤¥=¦.R#UV04WXY§¨I !c`N Ÿ4‰.Z[ L`rr Ÿ4‰.b©27u M`ra.] LM!c2\=7u !c`Na.OšZ}~•78efz{|dO„ªK«¬t()-®•.#$O P Z¯°±²°j³´µ”m±²°j´µ”m±¶°±·¸Z[«¹b L^ 2Z[_r`Ma±_L`ra±_^`ºa±_c`ca±_!L`ra»b !c 2Z[_Lr`¼a±_^`ºa±½NP`^a±½LP`¼a±_LL`MaK"#†ˆ'/01234156789:.¾¿‘ÀÁX*+7u.ÂÃÄÅÆÇÈÉÊK!m‡ˆËÌÍÎ-Ï./0з1MM Ñ156ÒÓ7uÔÕ.‡ˆËÌ)Ó-Ï.Ö׈dØÙÚ.ÛÃ/0ÜÝÞ78:ßLmàá}Fâ|¾¿‘ÀãVÁX—äå\]æç}7u.èéê¿j\] L^ 2_!c`Na1\] !c 2_¼^`ºam1£¿jZ[ë>ˆÁ}\] L^ 2_!Lam1uì¿jí=O º Që>ˆÁ\] L^ 2_L!`LaKmîß^mïðñò-Ï.ÂÃÄÅó‘ô]õö÷øÜZ[Ä(ù‰ÆÇú !c 2 c^a1û]hid_!NüýþKáfÿ!n"™#‡÷$*+%(1´@&'.()n*+1t,Z-.”.vw*+•e‡ˆ/A§‘’012.3hF45ù156Ò12347u„…§9:K"(6ˆ'¸7ÿ!89:;Ê.„…#$Z[(<64‰\]_!¼`ºaK~#=>·?“@„A.¢2#$d=¦(<6Z[ !rº B4‰±_!¼`ºa1CDÆÇú !c 2\= !M!a.gOhidZ[(<6 !rº B4‰1ÆÇú !c 2Ý ccaKEú LMLN±!M±P #FÁ ¸78ÆÇú !c 2Ý ¼Na1b ¼ GHÝ r¼aÉÊ PüýþK"•I'<JKÉÊ1L‚—‹F•Kž~•IM=}~.N#$O¥¥[}~C]jLMLN±c±L^P!M±P" kl"LML^±c±LºP!M±¼m.R#•I QRkSTQ \]½N`Pa.U«8‚ TVQ" ½!!`La1WXX \]_^`Müýþ.«Y‰•.Z[\•IQRkSTQj½^`^am]^ef‘_K";<'`]ab$càá}Fde—f‘.g>BCDEF;hKž~ij}~.LMLN 2#$OšQ`]kl$cI[@mn1ÁX8«¹\]½!ra1_L`^a.Z[opK º`¼ ‰±½!La.bàá}F‹ŒFqß`]*+;$cI[@mn1ÁX8«¹\]½^La1½LLa.qrbhi‹Œs‘K"䫏餴䒊雳
Ú‰#$()4‰}~t:7u.c GHuJ?@ABCvew(.vw*+•e*+ˆ“”•–.=>;<1x‡();h.yzõÕ{| !mµ}1ª~•€•¦—b‘Ý‚”ƒÝ.è„…„1ÂÃÄÅ1†‡•IßLmáÚÏ*+t‡.ˆ^1ˆN µ}th‰eÝ}"ƒÝ.è WŠT ‹p1Œ•1Ž•h#K"굥ꤗ䲿爙
/Aœ••=ÆÇ‘•„=.’Ye•“.”•–‚ƒ‘r•—îK"

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） "#$%&'() !!"#$%&'()*+,!L"!

!"#$%!1˜Õ'#$()*+,-.{|‚”™}"Ošï›"```````````````````````````````````````````````"N"L1()'OšQZ[()4‰b !c 27u LNa.G›()œ•*+,-"```````````````````````````````"N"^1‡ˆ'„…#†ˆ4‰*+7u1/05ùkœ.<(6ˆ*+ÆÇ"````````````````````````````````"º"N1•I'•‡ˆœÈžY.WXX \];Ê.‚ƒ\]—‹F•"```````````````````````````````````````"!L"º1;<'`]$c#$\]àá}Fde—f‘"```````````````````````````````````````````````````"!^"Ÿ É¡"``````````````````````````````````````````````````````````````````````````````````````"!N""&'#$%¢] !'"LMLN 2#$ZÈRSTUV0XY4‰£¤"````````````````````````````````````````````````"N ¢] L'"LN 2díZ«()-®Z[4WXY878jb LML^ 2m"```````````````````````````````````"º ¢] ^'"LN 2díZ«()-®Z[4WXY878jb LM!c 2m"```````````````````````````````````"º ¢] N'"¥•díZ#†‡ˆ}~ÆÇÈ"``````````````````````````````````````````````````````````"º ¢] º'"LN 2#$6†€¦‚ƒst§f L^ 2\="`````````````````````````````````````````````````"P ¢] P'"LMLN #$ÛÃз‡ˆ/A]^Ô¨"``````````````````````````````````````````````````````"r ¢] r'"©©ª‹p•Ö׈1ÛÃ/0ˆœÈbà"````````````````````````````````````````````````"¼ ¢] ¼'"#†|«õÕãV LMLN #$dÁX78«…"```````````````````````````````````````````````"c ¢] c'"ÂÃÄÅ«òVdZZ[Ä(ù‰jù±Qm"```````````