Views of this month: 1) medical beauty: the supervision continues to be stricter, which is good for the industry leader. The regulatory policies for the medical and beauty industry are still being issued one after another, with stricter regulation and better compliance. Upstream pharmaceutical and machinery manufacturers, consumers' demand for beauty is becoming stronger and stronger, and they are optimistic about the four sub circuits of hyaluronic acid, botulinum toxin, renewable materials and energy sources, Continue to recommend compliant upstream pharmaceutical faucets Imeik Technology Development Co.Ltd(300896) (300896. SZ), Bloomage Biotechnology Corporation Limited(688363) (688363. SH); 2) cosmetics: the implementation period of the new regulations on cosmetics is approaching, and the leader with strong fundamentals is always strong. The end of the year is approaching, and the new regulations on cosmetics are paid attention again. The efficacy test puts forward higher requirements for the comprehensive strength of cosmetics enterprises, which will greatly benefit Longtou brand and leading OEM manufacturers. It is recommended to pay attention to Fujian Green Pine Co.Ltd(300132) (300132. SZ). Under the change of traffic, the internal differentiation of brands has intensified. Large single products and multi-channel are important logic to verify the cosmetics industry. Continue to recommend Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (300957. SZ) and Proya Cosmetics Co.Ltd(603605) with the increase of the proportion of online direct sales (603605. SH). 3) tax exemption: there is more room for passenger flow to recover in peak season, and China waives the suspension of Hong Kong stock issuance to alleviate the potential dilution pressure. In the impact of Q3 epidemic, China waives the pressure on short-term operation and performance caused by increasing promotion, the marginal impact of Q4 epidemic is weakened, and the gross profit margin is expected to be controllable. If the subsequent passenger flow in Hainan does not return to the cliff like decline, we expect that the passenger flow in Hainan will have a great recovery Complex elasticity, Continue to recommend China Tourism Group Duty Free Corporation Limited(601888) (601888. SH); 4) catering: the medium and long-term chain development trend remains unchanged. Since the outbreak of the epidemic for two years, the passenger flow of catering stores has been limited, but in essence, the industry continues to clear. The head catering enterprises focus on the optimization of store location, digital construction, supply chain construction, internal assessment, etc., and the strategic positioning is becoming clearer. Under the general trend of increasing the chain rate of the catering industry, let's see Good long-term development of chain catering and catering supply chain enterprises, Continue to recommend Zhengzhou Qianweiyangchu Food Co.Ltd(001215) (001215. SZ); 5) hotel / Tourism: the impact of the epidemic continues to weaken and the recovery resilience is strong. Under the repeated epidemic, China's demand is under short-term pressure from travel control, but China's epidemic prevention system is becoming more and more mature, and the impact of the repeated epidemic on the hotel industry continues to weaken. In the follow-up, with the gradual relaxation of China's travel policy, the industry performance and valuation are expected to resonate, and the industry is expected to grow β Under the bonus, continue to recommend Shanghai Jin Jiang International Hotels Co.Ltd(600754) (600754. SH) with strong integrated management ability, and Btg Hotels (Group) Co.Ltd(600258) (600258. SH) with rapid expansion relying on asset light mode and large medium and short-term performance flexibility.
Market review: in November 2021, the social service index outperformed the CSI 300 index by 15.06 PCT, and the retail trade index outperformed the CSI 300 index by 2.07 PCT. By the end of November, the median valuation of the social service industry was 48.70 times, which was at the historical 60.77% quantile since 2011, and the median valuation of the commercial retail industry was 25.49 times, which was at the historical 38.46% quantile since 2011.
Risk warning: macroeconomic fluctuation risk; Industry competition risk; Policy regulatory risk.
