Industry core view:
Last week (February 28 – March 6), the Shanghai Composite Index fell 0.11%, the Shenwan social service index rose 2.3%, and the social service index outperformed the Shanghai Composite Index by 2.41 percentage points; Last week, all the main sub sectors of social services rose except professional services: hotel catering 6.19%, tourism and scenic spots 4.92%, education 0.96%, professional services – 0.59% and sports 1.18%. On March 1, the Beijing municipal government issued the implementation plan for building a “double hub” international consumption bridgehead (20212025), which will focus on accelerating the construction of international consumption functional areas in the Capital International Airport, Daxing International Airport “double hub” and two airport economic zones, adding port and shore duty-free stores, expanding the scale of airport duty-free stores and attracting the return of international consumption. After Shenzhen, another Tier-1 city focused on duty-free tracks, with favorable release policies, and the long-term trend of international consumption return remained unchanged. Sinopharm international, the duty-free parent company of CSCEC, signed a strategic cooperation agreement with jd.com and lagdale to explore and promote the multi-channel integration of duty-free and cross-border e-commerce, and seek to open up a new track under the pressure of duty-free leader China Tourism Group Duty Free Corporation Limited(601888) . Chalk technology, which ranks third in the market share of China’s vocational education industry, launched a Hong Kong stock IPO. According to the number of paid people in 2020, chalk technology is China’s largest online vocational examination and training service provider. New Oriental has reached strategic cooperation with JD logistics education to promote vocational education Offcn Education Technology Co.Ltd(002607) launched the “enterprise easy school” platform to expand the business layout. Under the background that the education industry as a whole is suppressed by the “double reduction” policy, there are many highlights for the future of the vocational education track.
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: Chalk technology is listed in Hong Kong. New Oriental and JD logistics education have reached a cooperation to promote vocational education. New and old education companies go hand in hand. The vocational education track will not be bothered in the future. It is suggested to pay attention to vocational education companies that actively transform and develop and meet the policy requirements.
Key investment points:
Last week (February 28 – March 6), the Shanghai Composite Index fell 0.11%, the Shenwan social service index rose 2.3%, and the social service index outperformed the Shanghai Composite Index by 2.41 percentage points, ranking fifth in the rise and fall of Shenwan’s 31 primary industry indexes. Since the beginning of the year, the Shanghai Composite Index has fallen by 5.28%, the Shenwan social service index has fallen by 3.8%, and the Shenwan social index has outperformed the Shanghai Composite Index by 1.48 percentage points, ranking 12th among the 31 primary sub industries of Shenwan.
Industry related news: 1) Tourism: the two airports in Beijing will set up duty-free shops at the port to support the duty-free shops at the airport to sell high-quality domestic products; Since this year, 23 luxury and beauty brands have been set up in Sanya; With the rise of marketing against the wind, how to grasp the changeable tourism demand of tourism destinations; China Service duty-free parent company signed strategic cooperation agreements with jd.com and lagdale. 2) Education: Chalk Technology launched the IPO of Hong Kong stocks, with a revenue of 2.633 billion yuan from January to September 2021; New Oriental launched vocational education online and reached strategic cooperation with JD logistics education Offcn Education Technology Co.Ltd(002607) layout enterprise services, launch the “enterprise easy school” and set up a number of enterprise training courses.
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Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Merger and acquisition investment risk
