金吾财讯 | 华泰证券表示，9月16日，商务部等9部门对外发布《关于扩大服务消费的若干政策措施》（以下简称《措施》），提出培育服务消费促进平台、丰富高品质服务供给等5方面19条举措，针对连锁服务、文娱旅游、IP消费、托育养老等板块推出支持政策，意在提升服务业品质、优化消费环境，推动经济高质量发展，短期建议关注政策驱动下服务消费板块估值修复机会。中长期，该机构认为我国服务消费扩容存在长足发展潜力，发达国家服务业增加值占GDP的比重通常保持在70%左右，24年我国服务业增加值占GDP的比重仅为57%，还有较大上升空间。需求侧消费习惯养成和信心提振有望撬动增量需求，新场景/新技术/新商业模式则有望推动供给侧提质升级、推进行业整合，消费龙头底部配置机遇凸显。随需求多元化、个性化分层，高质且具迭代能力的龙头有望胜出，建议关注：1）兼具成长性和渗透率提升逻辑的茶饮和餐饮龙头；2）受益政策催化、行业整合和自身商业模式迭代的线下连锁服务及文旅龙头。3）高成长新消费龙头。
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