Industry core view:
Last week (February 7-february 13), the Shanghai Composite Index rose 3.02%, the Shenwan social service index rose 4.88%, and the social service index outperformed the Shanghai Composite Index by 1.86 percentage points; Last week, the main sub sectors of social services, except professional services, closed up: hotel catering 9%, tourism and scenic spots 13.33%, education 2.61%, professional services – 1.33%, sports 2.13%. Hainan’s commerce department and duty-free operators actively promoted preferential sales around the consumption scene of the new year. Hainan outlying island duty-free welcomed the Spring Festival and made a good start. From January 30 to February 5, the total sales of 10 outlying island duty-free stores were 1.983 billion yuan, a year-on-year increase of 144%. They are optimistic about the duty-free industry for a long time. Duty free leader China Tourism Group Duty Free Corporation Limited(601888) won the bid for the entry and exit duty-free operation right of terminal T4 of Hangzhou Xiaoshan International Airport, further consolidating its channel advantages and better undertaking the return of overseas consumption. During the Winter Olympics and Spring Festival, tourism and scenic spots led the industry, and hotel catering performed well. Under the main tone of the local Chinese new year, the trend of travel around the Spring Festival is obvious, and the heat of the Winter Olympics has driven ice and snow leisure to become the mainstream of the market. During the Spring Festival, the sales volume of prefabricated vegetables increased by more than three times, helping hotel catering to hand over good transcripts in the secondary market. In addition, Pfizer covid-19 oral drug was urgently approved in China to inject a tranquilizer into the volatile epidemic, which strongly supports the good market expectation of the tourism industry. It is a fact that the tide of out of school training has ebbed, and vocational education has become a hot spot. The key points of the work of the Ministry of education in 2022 put forward that the after-school training of senior high school should refer to the compulsory education policy and the attribute of non subject public welfare. At the same time, the State Council issued relevant notices requiring the construction, reconstruction and expansion of a number of secondary vocational schools in the county and central towns, and the establishment of a farmers’ education and training system with short-term training, vocational training and academic education. It is suggested to pay attention to the education companies that promote the development of educational technology, deeply cultivate the sub track of quality education and vocational education.
1. Tourism: it is suggested to pay attention to: 1) the tax-free leader benefiting from the recovery expectation of inbound and outbound tourism and significant channel advantages; 2) The performance leader benefiting from the recovery of passenger flow and consumption under the normalization of the epidemic; 3) Head travel agencies benefiting from the expected recovery of cross-border travel and the popularity of surrounding tourism; 4) Hotel leader with long-term competitiveness. 2. Education: it is a fact that the tide of out of school training has ebbed, and vocational education has become a hot spot. The key points of the work of the Ministry of education in 2022 put forward that the after-school training of senior high school should refer to the compulsory education policy and the attribute of non subject public welfare. At the same time, the State Council issued relevant notices requiring the construction, reconstruction and expansion of a number of secondary vocational schools in counties and central towns, and improving the farmers’ education and training system. It is suggested to pay attention to the education companies that promote the development of educational technology, deeply cultivate the sub track of quality education and vocational education.
Key investment points:
Last week (February 7-february 13), the Shanghai Composite Index rose 3.02%, the Shenwan social service index rose 4.88%, and the social service index outperformed the Shanghai Composite Index by 1.86 percentage points, ranking 14th in the rise and fall of Shenwan 31 primary industry indexes. Since the beginning of the year, the Shanghai Composite Index has fallen by 4.86%, the Shenwan social service index has fallen by 2.59%, and the Shenwan social index has outperformed the Shanghai Composite Index by 2.27 percentage points, ranking 12th among the 31 primary sub industries of Shenwan.
Industry related news: 1) Tourism: the sales volume of duty-free shops on outlying islands in the seven days of Hainan Spring Festival was nearly 2 billion, with a year-on-year increase of 144%; China tax exemption group won the bid for the entry and exit tax-free operation right of terminal T4 of Hangzhou Xiaoshan International Airport; Pfizer oral drug was urgently approved by China; When the spring festival meets the Winter Olympics, the tourism year has a strong flavor; Sales of prefabricated vegetables more than tripled during the Spring Festival. 2) Education: the key points of high school are coming; The State Council: improve the education and training system for farmers and expand the scale of farmers enrolled in agricultural vocational education; 8 Department issued a document: strive to provide 2 million high-quality employment opportunities for college graduates in 2022.
Important announcements of listed companies: Anhui Jiuhuashan Tourism Development Co.Ltd(603199) stock pledge, Xi’An Tourism Co.Ltd(000610) resumption of operation, Shenzhen Anche Technologies Co.Ltd(300572) foreign investment, Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) , Wuhan Sante Cableway Group Co.Ltd(002159) stock reduction, Jinling Hotel Corporation Ltd(601007) personnel change; Xueda (Xiamen) Education Technology Group Co.Ltd(000526) , Offcn Education Technology Co.Ltd(002607) stock pledge.
Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Investment, M & A and integration risk.
