Industry core view:
Last week (February 21-february 27), the Shanghai Composite Index fell 1.13%, the Shenwan social service index fell 3.14%, and the social service index underperformed the Shanghai Composite Index by 2.01 percentage points; Last week, all the main sub sectors of social services except education fell: Hotel Catering – 5.63%, tourism and scenic spots – 4.66%, education 0.65%, professional services – 3.67% and sports – 4.79%. The hotel market recovered under the normalization of the epidemic. The total transaction volume of China’s hotel investment market reached US $2.1 billion in 2021, which has returned to the pre epidemic level and is expected to remain at this level in 2022. The gap between Hainan outlying island duty-free market and South Korea, the world’s largest duty-free market, has narrowed again. The sales of outlying island duty-free stores have maintained high growth. With the recovery of consumer demand, the duty-free sector is expected to maintain a high outlook. Affected by covid-19 pneumonia, Chengdu suspended the operation of inter provincial team tourism and other businesses. In January 2022, CAAC completed 29.512 million passenger trips, the lowest in nine years. The Ministry of education focused on the development of vocational education and promoted the diversified development of secondary vocational schools, from simply “employment oriented” to “paying equal attention to employment and further education”. Non disciplinary after-school training is being stepped up into the supervision, and we will resolutely curb malicious price increases, overtime charges and other behaviors that violate the public welfare attribute of non-disciplinary training.
1. Tourism: suggestions: 1) tax exempt leaders benefiting from policy support and 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) A hotel leader with strong anti risk ability. 2. Education: the Ministry of education focuses on the development of vocational education, and non subject after-school training is being stepped up into supervision. It is suggested to pay attention to the companies for improving the quality of vocational education and non disciplinary education companies that promote the development of educational technology and meet the policy requirements.
Key investment points:
Last week (February 21-february 27), the Shanghai Composite Index fell 1.13%, the Shenwan social service index fell 3.14%, and the social service index beat the Shanghai Composite Index by 2.01 percentage points, ranking 22nd in the rise and fall of Shenwan 31 primary industry indexes. Since the beginning of the year, the Shanghai Composite Index has fallen by 5.18%, the Shenwan social service index has fallen by 5.96%, and the Shenwan social index has lost 0.78 percentage points to the Shanghai Composite Index, ranking 16th among the 31 primary sub industries of Shenwan.
Industry related news: 1) Tourism: the transaction volume of China’s hotel investment market reached US $2.1 billion in 2021; Hainan 9.4 billion vs South Korea 14.7 billion! Hainan once again narrowed the gap with South Korea’s duty-free market; Chengdu: suspend the operation of inter provincial team tourism and other businesses; Civil Aviation Administration: in January, the passenger traffic volume of civil aviation hit the lowest value in 9 years. 2) Education: the Ministry of education should make vocational education “promising”: expand the college entrance examination of vocational education and promote both secondary vocational employment and further education; Ministry of Education: take the supervision of non disciplinary training as a new focus.
Important announcements of listed companies: Anhui Jiuhuashan Tourism Development Co.Ltd(603199) share reduction; Personnel changes of the great wall of culture Beijing Career International Co.Ltd(300662) restricted stock circulation and performance express Dlg Exhibitions & Events Corporation Limited(600826) foreign investment Centre Testing International Group Co.Ltd(300012) government subsidies and performance express Guangzhou Shiyuan Electronic Technology Company Limited(002841) additional issuance plan Chengdu B-Ray Media Co.Ltd(600880) mergers and acquisitions Kaiyuan Education Technology Group Co.Ltd(300338) share pledge and performance express.
Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Investment, M & A and integration risk.
