社服板块2025年度策略:从人口结构、消费变迁、政策导引中挖潜行业投资机会

国信证券股份有...
24 Dec 2024

出行消费回顾及展望:1)“量增价减”,性价比消费风起:机票、酒店、景区等典型出行赛道在2025年均呈现客流增长、但客单价走低趋势,消费龙头也主动调整以适应消费者性价比偏好;2)线上流量结构化增长:线上渗透率提升+用户习惯培养,线上流量增速高于整体增长;3)下沉城市增长动能强劲:VS高线城市,低线城市社零增速更高,系当前消费中更具增长韧性和潜力的方向。2025年出行消费趋势展望,1962-1973年...

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