社会服务|顺周期休闲景气持续,成长性龙头增长出挑

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Sep 07, 2025

文|姜娅 刘济玮 常欣仪 谢聪王诗然 李振寰 蒋若涵2025年上半年服务业消费延续结构性分化,休闲出行(OTA、博彩)维持高景气,供给增长加快、竞争仍较激烈的餐饮、酒店、景区等板块仍承压,但出现企稳迹象。假期出行韧性显著,价格端逐步止跌,商旅需求增长仍相对缓慢。头部企业凭借产品升级、效率优化与业态创新实现逆势增长,轻资产扩张与供应链降本成为盈利关键。细分板块中,现制饮品、人力资源、OTA...

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