國慶旅遊加速恢復，科鋭定增加大技術投入，維持“看好”行業評級
機構：太平洋證券
評級：看好
報告摘要
行業觀點及投資建議
本週社會服務行業受大盤影響小幅下跌，整體走勢優於大盤，雙節期間，行業迎來需求旺季，受疫情壓制的旅遊需求有望集中釋放，酒店、景區、免税等子行業均有望加速恢復。
雙節臨近，旅遊行業迎年內高峯。受疫情影響，旅遊行業從2月低點持續恢復，今年國慶中秋長達8天假期，全國將有超過1500家景區免費或打折，20多個省市政府發放旅遊優惠券，加上各大旅遊平台的促銷補貼，今年十一是近年來性價比最高的旅遊長假。攜程預測旅遊人次可能達到6億，但對比2019年的7.82億人次，同比仍有超過20%的降幅。從旅遊線路來看，目前國際旅遊尚未放開，預計國慶期間居民出遊仍以中短線為主，長線國內遊環比會有顯著提升。旅遊消費方面，預計住宿消費可望恢復至往年同期水平，旅遊景區消費則可能恢復至七至八成，離島免税預計同比3倍左右增幅，旅遊消費將有望達到疫情後的新高點。
科鋭國際公佈定增預案計劃募資8億元。公司計劃向不超過35名（含35名）特定對象發行不超過5,468.61萬股（含本數），募集資金總額不超過80,000.00萬元（含80,000.00萬元），扣除發行費用後，募集資金擬投入以下項目：數字化轉型人力資本平台建設項目（33000萬元）、集團信息化升級建設項目（23000萬元）和補充流動資金（24000萬元）。公司作為國內人力資源龍頭企業，持續通過技術賦能提升服務效率，此次定增資金主要用於公司內部的信息化和數字化轉型，提升業務生態佈局，為公司未來的可持續發展帶來新引擎。
投資建議：持續看好國內免税行業的發展空間，繼續推薦中國中免。此外，重點推薦細分子行業龍頭王府井、宋城演藝、錦江酒店、科鋭國際。
板塊行情
本期（9月21日-9月25日），消費者服務行業指數下跌1.96%，同期滬深300指數下跌3.53%，消費者服務行業指數跑贏滬深300指數1.55pct,在24個WIND二級行業中排名第6。兩個細分子行業均下跌，幅度依次為：酒店、餐館與休閒指數（-1.88%），綜合消費者服務指數（-2.44%）。本週重點關注的箇中漲幅最大的三隻個股分別為嶺南控股（+5.13%）、西安飲食（+3.45%）、騰邦國際（+3.37%）；跌幅最大的三隻個股分別為西域旅遊（-13.21%）、首旅酒店（-12.7%）、華天酒店的（-10.23%）。
風險提示：系統性風險，疫情風險、政策推進、企業經營情況低於預期等風險。
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