社会服务业行业研究：政府报告指出推动生活服务消费恢复

!"#$%&'()*+,!!" 国金证券研究所 分析师：苏晨（执业S1130522010001） suchen＠gjzq.com.cn 联系人：叶思嘉 yesijia＠gjzq.com.cn 政府报告指出推动生活服务消费恢复 ワ錜挿#$%&'()*#$+,-.*/0123456789:#$6;<)&'(:=>?1+@AB-C;<)DEFGH5IJIKLKLIMNO45IJ!PQRSTTUVPTUVPPUV!WXU-&'(YZ[\6]Q^8<)_`abcdefghij-H5KLK-KKkl9<)mITk2nIJ!PQRSop-qmDEFGHMNO45IJ!PQRS!JXUV!!!UV!!JUV!JPU8r/0sO4t-H5IJIKLKLI-.*V.u>?/01vIJ!PQRSPTUV!wU-.*2345+6op-.uxyABm8"z{%|}E3m~ÄzÅÇÉÑÇfÖÜ-áàIIQâäãå-xyçéE)èêëíGZìÜ(îïñó8H5IJIKLILIT-ÅÇòôÉÑö.õoúùO45IIQ~I!QRS!JIUVXKU-M<);C;Vû;Vü;†°¢<)H£IJIKLKLIMN+IIQRSúùO4PXUV!JIUV!JWU8H5ILIT§ÅÇÄz•¶ÉÑö.Rß®©úùO45IIQRS!JXU-I™° ́ ̈x≠!JÆU°Eop-Çf+Ü8Ø∞6±≤≥¥MÅÇ•¶z{ÉÑdμ-!∂I™∑∏π∫ª7ºΩæøQ¿° ́úùO4Zc¡8¬√E)èê-áàIIQƒ≈!KILP∆«V»wwLPU-II...Wƒ≈vKwLPÆ∆«V»Æ!LPU IJIIöQÀƒÃÕ!!LÆw∆«V»K!WLÆU-II...WÀƒÃÕKL!K∆«V»KÆPLKU IJIIöQŒœ–—“””‘’ÃÕ!JLWT∆«V»!JÆÆL!U-II...W"Œœ–—“””‘’ÃÕ!LwX∆V»Æ!!LWU-âä÷fãå◊ÿ8H5IJIIQŸ-áà⁄¤‹ßdvTI!W›-Rfifl‡KwLWU-‹ß·‚„C}‰Â8"ÊÁ%ÊÁO4ËÈ-Í<ÎÏ~ÌÓ~›ÔÒÚÛÙO4&ı8ˆ ̃ ̄Á”‘‘ ̆π( ̇ ̊ ̧ ̋ILI!—ILIX ̨ ̧ˇ!”ë+IIQVI!Q ̆π( ̇ ̊ ̧MN»IPUV!TU- ̄Á"#A$%Z+@8Ø∞&≥'E)èê()*+,À-.5m6/Êß-0μ123-IJIKLIL!P∂ILIÆ345‘”3Rfi»WWU6788»IJ9:;~”!3»IJU<-IJIKLIL!I∂IL!T ̋&'( ̇ü ̧ ̨345‘”3=fiIIQ&'( ̇ü ̧»WKU6788»!K9:;~”!3»!PU<8K™W∫>-Í<?@ÎÏ~ÌÓ~›ÔÒÚÛÙ¬A&ı-qmÌÓ ̧ŸKLW~KLÆMNÏBw~ÆC-ÎÏ ̧Ÿ¿}ÏBKCVD-Â›Ô ̧ŸvICVD"侨䰘⿺Ⱆデ騈驶E ̧ ̋&EFGIJIKVIVIX∂IJIKVKVK ̨HGKJJ~IJcdMN»!LX!U~»ILXPU KLMN ̋OP ̨»ILW!U-QM ́t-z{”R~SRcdMN»ILKÆU~»TLXKU-Êß”R~SRcdMN»KLKKU~»ILÆTU-ÛÙcd»KLPTU-TUMNcd»!LTIU8VW=fi ́t-KLMNVWE ̧Xä≠KJkOPCY$ZVWm7[ ̇X8"䫏餴䒊雳IJIKQK™Æ∫-.N\]^_`Yabc'ade-c#fU‰â.*"# gO4h‰âijk≠Ül7m nopflq<rsr≈t |uâvij-wxJyMNijO48zÚ° ́;¢MNgij{CÛ|}~-ÄÅhz{Z“!‘≠“!‘]1mÇfiÉIJ!PQ,!LT!U¢Ñ5IJIIQ,!LWTU-ÖÜ+vá¬à34âGâ-äã%! ̨9:K_"#åçxy34-CéèIJIKQ≈têëíì(¥MzîÑ9flï(ÀƒñóëËïòñó~©ßÿÃopåç\ôöõ-úCéèz{AùÉÑìî‡ûü-öQ ̈Zw†34°¢»î‡¢£§¡,8I ̨Êß$Z•¶üQß®ê#©»$Y»™ ́ ̈m-Aflß®≠≠FÆÚØ¢-∞ù± ́w∂Pk™åç≤ ́ß"≥¥μ∂- ́¥•¶Çμ∑∏Ù7~ÉÑUπÉU∫ª+Ü-ºÖÈΩ{$Zß®#©æÃ8K ̨Áø¿ij¡¬~ºUABåç√ƒd¢Yj34-ÖtÈ≈∆Ü«-RF»§≠134»fl1ñó,¡,8"9 ̧... Àª%ÃÕÃÕ~ŒœŒ~–Ä ̈—~Í<?@~4“Áø”ì8"굥ꤗ䲿爙zÚ34F‡‘’u¢ ‹ß÷◊‘†∞S î9E$ÿŸ dμ⁄ù¤ï‹÷uÚØ›fiÿŸ8" " 行业周报 证券研究报告 社会服务业行业研究 2023年03月05日 买入（维持评级） "#$% !!"#$%&'()*+,!I"!!"#$%!~ ̧fl‡%bcdec#wxJyMNijO4-áàâäãå"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"W !L!~ ̧·√%bc'adec#wxJyMNijO4-‚utÈz{ÊÁ"#Aù"LLLLLLLLLLLLLLL"W !LI~#$%&'()*#$+,-.*/01234567"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"W !LK~z{%|}E3m~ÄzÅÇÉÑÇfÖÜ-áàâäãå"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ !LW~ÊÁ%ÊßÀƒO4xyËÈ-Í<ÎÏ~ÌÓ~›Ô&ı"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T I~$ÚA„"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"P K~¬√E)èê‰Â"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"!K W~ÿŸÊÁ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"!K &'#$%ËÇ!%"<):=>?1O4Z ̋UIJ!P ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"W ËÇI%"<)_`abcdO4Z ̋UIJ!P ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ ËÇK%".*>?/01O4Z ̋UIJ!P-ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ ËÇW%".u>?/01O4Z ̋UIJ!P-ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ ËÇÆ%"ÈS>?/01O4Z ̋UIJ!P-ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ ËÇw%"Í‹>?/01O4Z ̋UIJ!P-ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"Æ ËÇX%"ÅÇòô•¶ö.RßõoúùO4Z ̋ÖA5IJIKVJIVIT ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇT%"ÅÇòô•¶M<);RßõoúùO4Z ̋ÖA5IJIKVJKVJI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇP%"ÅÇÎ{•¶ö.RßúùO4Z ̋ÖA5IJIKVJIVIT ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇ!J%"ÅÇÄz•¶ö.RßúùO4Z ̋ÖA5IJIKVJIVIT ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇ!!%"ÏÏö.Ì6ÓߡÔ7d ̋ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇ!I%"òôö.Ì6ÓߡÔ7d ̋ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"w ËÇ!K%"áàƒ≈ÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!W%"áà’ÃÕ ̋Œœ–—“””‘ ̨ÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!Æ%"áà‹ßÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!w%"áàÒƒßÚèÃÕÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!X%"áà™ˇ_Û>Ùd"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!T%"áàıƒR߈ ̃fl‡ ̄ÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"X ËÇ!P%"ˆ ̃ ̧ˇ!”ë†fl%"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇIJ%"ˆ ̃ ̄Á”‘‘ ̧ˇ!”ë†fl%"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇI!%"À-.5m6/Êß ̧Z345‘”3 ̋ÖA5IJIKVJIVIÆ ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇII%"À-.5m6/Êß ̧Z”!3 ̋ÖA5IJIKVJIVIÆ ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇIK%"ü ̆>?/01O4Z ̋UIJ!P-ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇIW%" ̇ ̊>?/0 ̧ ̋1O4Z ̋UIJ!P§"ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"T ËÇIÆ%"ÎÏ>?/0 ̧ ̋1O4Z ̋UIJ!P§"ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"P ËÇIw%"î ̨>?/0 ̧ ̋1O4Z ̋UIJ!P§"ÖA5IJIKVKVI ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"P ËÇIX%"Í<?#Cs ̋ÖA5IJIKVKVW ̨"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"P "#$% !!"#$%&'()*+,!K"!ËÇIT%"E ̧VWXˇäÚØ"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL"!J ËÇIP%"E ̧z{VWXˇä!j"LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL