Sector review: tourism sector callback, education stocks rebounded, and the industry underperformed the market 4pct From 02.14 to 02.25, CITIC consumer service sector underperformed the CSI 300 index by 4.34pct The top gainers in Guoxin social service sector are Doushen(Beijing) Education&Technology Inc(300010) (8%), Suzhou Kingswood Education Technology Co.Ltd(300192) (7%), Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) , Xueda (Xiamen) Education Technology Group Co.Ltd(000526) , Tibet Tourism Co.Ltd(600749) , Beijing Career International Co.Ltd(300662) , Guangzhou Restaurant Group Company Limited(603043) , yum China-s; The stocks with the largest decline were Utour Group Co.Ltd(002707) , Caissa Tosun Development Co.Ltd(000796) , Xi’An Qujiang Cultural Tourism Co.Ltd(600706) , Yunnan Tourism Co.Ltd(002059) , hope education, Huatian Hotel Group Co.Ltd(000428) , Naixue’s tea, China Education Holdings, Helen company and Tongcheng travel. Repeated outbreaks in South China, Beijing and other places, coupled with the disturbance of the international situation, individual stocks in the tourism sector generally callback; Recently, with the frequent occurrence of national vocational education incentive policies (the establishment of Vocational Education Development Center, the introduction of strategic agreement to help the high-quality development of vocational education, etc.), the performance of A-share education sector has warmed up.
Industry news: the national development and Reform Commission issued relief policies and vocational education incentive policies frequently. Fourteen ministries and commissions jointly issued several policies on promoting the recovery and development of difficult industries in the service industry; Zhang Xiaoqiang was appointed president of Jinjiang Group; Yang Guofu submitted a prospectus to the Hong Kong stock exchange, which is expected to become the “first share of Malatang”; Louis Vuitton, the world’s largest luxury brand, announced price increases. The Ministry of education and Bank Of China Limited(601988) held the signing ceremony of the strategic cooperation agreement on promoting the high-quality development of Vocational Education in Beijing; With the approval of the central Editorial Committee, the Ministry of education established a vocational education development center; The State Council recently issued the “opinions on doing a good job in the key work of comprehensively promoting rural revitalization in 2022”, promoting vocational colleges to give full play to their training functions and carry out cooperation with industrial enterprises.
Shanghai Shenzhen Hong Kong stock connect: China Tourism Group Duty Free Corporation Limited(601888) , Haidilao, Naixue and hailun were all marginally increased. Core target of a shares:
Only China Tourism Group Duty Free Corporation Limited(601888) was increased. During the reporting period (02.14-02.25), China Tourism Group Duty Free Corporation Limited(601888) period shareholding ratio 10.3% / + 0.1pct, Songcheng Performance Development Co.Ltd(300144) 7.1% / – 0.1pct, 6 Zhejiang Reclaim Construction Group Co.Ltd(002586) .2% / – 0.6pct, Shanghai Jin Jiang International Hotels Co.Ltd(600754) 5.1% / – 0.2pct The core targets of Hong Kong stocks: Jiumao 9, Xiabu Xiabu were reduced and the rest were increased. During the reporting period (ibid.), jiumaojiu was 39.1% / – 0.7pct, Haidilao was 18.6% / + 0.2pct, sipping was 15.2% / – 0.01pct, Naixue’s tea was 16.2% / + 2.7pct, and Helens was 11.5% / + 1.2pct.
Risk tips: natural disasters, epidemic situations and other systematic risks; Policy risk; Investment suggestions such as acquisition lower than expected: the worst time of fundamentals has passed, and the preferred layout is waiting for flowers to bloom. Maintain the “over allocation” rating of the sector. Although the short-term epidemic continues to repeat and still interferes with the operation of enterprises, it has been marginally improved month on month. At present, investors expect a “marginal improvement” in the epidemic prevention and control situation after March, and the worst moment of the industry has passed. Based on the short-term uncertainty of repeated short-term outbreaks and the positive expectation of the midline epidemic stabilising on the back line, based on the mid line logic, and the positive expectation of the mid line epidemic, based on the mid line logic, and based on the 3-6-month dimension, we’re based on the mid line logic, based on the short-term uncertainty of repeated short-term uncertainties and the short-term uncertainty of repeated short-term uncertainties and the positive expectation of the midline epidemic stabilising. Based on the mid line logic, based on the mid line logic, based on the 3-6-6-month dimension, based on the 3-6-month dimension, we slightly repeat the Soviet logic, and slightly repeat the Soviet logic, taking into account performance, valuation, subject matter, etc. taking into account performance, valuation, subject matter, etc. preferred preferred China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) 888888888888888\\\\\\\\\\\\\\\\\\, Huazhu group-s Yum China-s, etc. Based on the time dimension of 1-3 years, we suggest to continue to focus on the high-quality leaders of the boom sub circuit, combined with the logical changes of the middle line, and focus on recommending China Tourism Group Duty Free Corporation Limited(601888) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Songcheng Performance Development Co.Ltd(300144) , hellens, jiumaojiu, Huazhu group-s, Beijing Career International Co.Ltd(300662) , yum China-s, Haidilao, Btg Hotels (Group) Co.Ltd(600258) ., Naixue’s tea, Guangzhou Restaurant Group Company Limited(603043) etc.
