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]:出行需求持续上修,重点关注三条主线 - 发现报告

出行需求持续上修,重点关注三条主线

休闲服务 2023-09-03 叶思嘉 国金证券 浮云
报告封面

4333333334 2023年09月03日 社会服务业行业研究 买入(维持评级) 行业专题研究报告 证券研究报告 社会服务组 分析师:叶思嘉(执业S1130523080001)yesijia@gjzq.com.cn 呍䗱ⰻ㺂 出行需求持续上修,重点关注三条主线 !"#$%&'()*+, 1 #$%1&'()*+ƒ-./0123456789:;<=>+ƒ?@ABCDEFG)H1&'(IJK45KLMNAOPQR1&''STU1V(.VXKYZ.(XKU(1.ZX6QR1&1ZST[(\.'XKU1Z.YXKU]V.\X123^_=>`a+ƒbcd e1f^_gIJ645*AEFh<1LMijklm;¬t?@H45%Q'¿|A2AB„fiŸSñ1Q(ÏB*A9C`¢ƒóòH'Q'(DEKFIKGHKIJKNKLMNˆ45OPQR®OSTS0S'V1ZàQøg1VZ.(XKZZ.ZXéTUVWX1VZ.1XïK1'1.YXK11].1XK11Y.õX1∆RQ1g1V(XKZ]XéTUVWXZZXïK11õXK1VõXK11îXYZo[éLMS0`∆RœÄl©1Q1Z\]f^ï123GH6LM6IJS 0„fidFG)H_5`41Q'a_6bc∆RQ1=D1jfi=>deYZ?f1DE6GHa_#`ghH56Q(19aº|i·jƒ1kßO£lU3mU3w45OPQR®OS0`⁄\[õn\ÅoY⁄1Zàg1'VXp1(îX:q1opqrDEqrÏsQ(Nˆij˛tF1ZàQøg11îXp1'VX1GHu&Q(OPÏBCyYZXpî(X6vUıˆOPQR®OS0`1'(Xp1'õX1-FwxHQY=>`af¿|1yIFz#¤[/01|¢Ïø…f]~1ÖÄÅF⁄ÇÉÑŒ9œ145*AijˇÖ)Ü6~z”3áuFxâ1A234dD;`aI*¨R¢ƒ1Ç–)NJˇÖÖS0fÑÆØ’vSI*îqrABS0`Ff^678F∞-Ü/0±˙H 굥ꤗ䲿爙 56œµà]'V'Yà1∏¢p™F⁄â¥ÀÃÄÕŒ9œ ø+ƒS0gƒYZ:]vS*AˇÖ?ƒØ’µ1ƒÕ1ÖÄxfl;<+ûlå%1ï«⁄zS*A∞ªº:úæ67ø¿¡:e1 øÀì¶°˜œF∞6Ï1Cygqr1ƒÿLM1;+ƒ?f⁄D6yIF∞-Ü«q1' Y6IJ%789:YZºã1¶ß®h<åoñ„fiG)1Y –—¢¤......................................................................................1] &'#$ ‹„1%LM4I*A1&'(3›AB°˜Y ‹„'%LM4I*A‡'Q'(AB°˜éfi®2ïY ‹„(%LM*A1&'(3›AB°˜î ‹„Y%LM*A'Q'(AB°˜éfi®2ïî ‹„î%LMqrÀÃÕ¨OPR] ‹„]%LMqr%˙xŨOPR] ‹„\%LMqrfl‡]†·‚„¨OPR] ‹„õ%LM[¿L‰34£NçÌ≈] ‹„Z%1&'(ÂÊ3ı6ÁËÈ6ÍÎÍÎ[¿a_BÏÌx`-w\ ‹„1V%ÓÔg◊ÒÚ∂tÛñõ ‹„11%ÂÙrıˆ˜C%Bψ˘õ ‹„1'%ÂÙr=>5ÒÚ∂ts˙é˚[56¸å]˝œ†pF˛s˙ïZ ‹„1(%45qrNˆOPQR®OS0`éX'V1ZïV ‹„1Y%45qrNˆ¶ˇˇS0`éX'V1ZïV ‹„1î%45qrNˆ®DOS0`éX'V1ZïV ‹„1]%45qr3m]˝oú"¨R¢ƒV ‹„1\%45+e'V''àa_5BÏÌx°˜11 ‹„1õ%45+e|`a_5]ié.ï11 ‹„1Z%45qrå_5]ié.ï11 ‹„'V%45qrRi$P%i&P]ié.ï11 ‹„'1%45*A1&'(3›AB°˜11 ‹„''%45*A'Q'(AB°˜éfi®2ï1' ‹„'(%GH‡|`ABCò'wn1ZàQø1' ‹„'Y%LM‡|`ABCò'wn1ZàQø1' ‹„'î%'V'(à9a45£N](S0oYw)é£ltS3wmï1( ‹„']%'V'(àZn=>)*deoY-w6y’)*de∞«œÄ1( ‹„'\%*+I&Gn.ı](145=>`a+ƒS0.ny’+ƒ1Y ‹„'õ%IJ*A1&'(3›AB°˜1î ‹„'Z%QûI*lNA’OP]CD1î ‹„(V%QûI*SA’OP-1ZàQøCD1î ‹„(1%QûI*$ç≈]+ÃÛñ1] ‹„('%QûI*¯ç˘˙Ûñ1] ‹„((%IJ*A'Q'(AB°˜éfi®2ï1] 1ծ䚪錢ⴀ遤꨽宠䭯絯♳⥝ꅾ挿Ⱒ岤♲勵⚺絁 1&'()*+ƒ-./0123456789:;<=>+ƒ?@ABCDEFG)HOPÖ11&'(IJK45KLMNAOPQR1&''STU1V(.VXKYZ.(XKU(1.ZX6QR1&1ZST[(\.'XKU1Z.YXKU]V.\X123=>`a+ƒ”3Ì• U''àQø^\]1f^_gIJ645*AOPQRCDgh1/LM*AOP-1ZàOPCDghl©opqrs5Ø∂D]Ün1ZàQø1IJ*A3789:OPúù.n%ì9:1¶ß®˛ęh<åoñ´¨fiÜ0=vSI*î)NA’hˇÖÖ1öFc6S0.nß®I*îHABÖ1LM1&'(äãåçKôöé£/iïåçQR1&''àSTàâKU(\Y.(X6QR1&1ZSTU''V.'XéèêëíìUîV.ZXïKU'õ.YX1;n@AB/CDEFGHFIJ676KLMNOPQR2–TUUVWXYAZDB/[\C]C^PC]Z_`ab6K67cdefg hijklmnopqrstufgvwopD4&xy Q'F)*ÀÃ4fi¿|1®261789:6LMABF7n1Zà1%ì9:AB/0á`ghH®2LMK45KIJNAOPQR'Q''STUY1.VXKUî1.]XKU1\'.õX1ôöåçt8fiàâÑ91ZàQøR1LM6789:645 OPÖCû:1ZàQø1ôöäãåçÖLM6789:‚Cûü1ZàQø123LMl©s5Ø∂fiÜéE2‰ =>∂¡qrï1789:klm;t@I*îk©)NJA’ˇÖS0-ÑQ'-1ZàF∞-Ü/0«q1OP6ôöäãåç-1ZàCDSTF[\].1XK[1(1.]X6∆R1Q'(O=1V.îK(].Y$>tH 56œµà]'V'Yà1∏¢p™F⁄â¥ÀÃÄÕŒ9œ ø+ƒS0gƒYZ:]vS*AˇÖ?ƒØ’µ1ƒÕ1ÖÄxfl;<+ûlå%1ï«⁄zS*A∞ªº:úæ67ø¿¡:e1 øÀì¶°˜œF∞6Ï1Cygqr1ƒÿLM6Q’A1;n@ 2ծ귬껏遤⚌꨽宠⥝㢕➠剣岚䫔倝Ⱓㅷ碫ծ倝ㅷ晥䧭Ɤ❭滚 '.16‘’„fi%+ƒS0F∞I†1~zÄÅCÇxÍÎfi1zS[|Ÿxy*÷ oµà+ƒS0F∞I†1ú‡·QR∞«œCHoµàLM+ƒS0üûŸ⁄¤‹I†1Q'¿|∆RQ1∞«?1 …© øÀÃÄÕŒ9œ–)—L+ƒdD”3n‘’É‘÷”3Ì•6©ÿLMÀß⁄¤‹Ä›fifl1D]LDYp]nQ5S0`](∆RQ1¶˙CÜ1Òę≈Ùj1ZàF∞-ÜS0«qHÇ–1ú‡·E`61oµàopq rú‡·D]Ÿ⁄¤‹œÄ1ŒìlmFn1ï[¿lGH±+ƒÖw:·R+ƒ/ƒ)w:·RIL6JK˚LMGÉ1+ÂÊÁ3ıÜNs5ú‡·QR['.]Ô1B$BOœP¸[¿ú‡·QR[(Ô1ÍÎÍÎOœÍÎ6QQ [¿ú‡·STQR[Y.\K[Y.ZÔÑ'ï*Aµ1ffiS:=T1~z[¿)nUVW_6XYÀÃZ+ilG_õ·[ \1+&'*Agëí6]^H ÂÊÁËÈxÍÎfiûÏøH1&'(OP1õõ.ZÓÔKU'Y.]X1äãåçÌ''.]ÓÔKU'Zõ