Market review of the previous week (2022.2.282022.3.4): the stock index fell after rising sharply on the first day of this week, and the situation in Russia and Ukraine continued to ferment, resulting in the low volatility of the stock index this week. Shenzhen index continued to fall this week and hit new lows. The Shanghai Composite Index fell 0.11% to close at 344765. The CSI 300 fell 1.68% last week to close at 449643. Last week, three of the sub sectors of social services and tourism retail rose from high to low: hotel catering (+ 6.19%), tourism and scenic spots (+ 4.92%), education (+ 0.96%), professional services (- 0.59%) and tourism retail (- 4.13%). Last week, 13 of Shenwan (2021) 31 primary industries rose, and the top five were coal, transportation, agriculture, animal husbandry and fishery, comprehensive and social services. Among them, the social services sector rose 2.30%, ranking fifth among Shenwan’s 31 industries. The social service industry outperformed the CSI 300 index by 3.98pcts. Beijing will upgrade its consumption hub and expand duty-free shops at the airport port; Policies support catering and travel, and the consumer market may recover; Multi brand efforts have triggered investment fever, and the hotel industry is expected to usher in spring.
Beijing expands airport duty-free stores and creates double consumption hubs: on March 1, the general office of Beijing municipal government issued the implementation plan for building a “double hub” international consumption bridgehead (20212025), which will add port duty-free stores and expand the scale of airport duty-free stores; Support the airport duty-free shops to sell high-quality domestic products and help domestic brands expand the international market. Strengthen and balance the supply and demand of tourists for business shopping, cultural tourism and other consumption, and attract the return of international consumption.
The relief policy for the service industry has been put on the agenda, and the tourism, catering and other markets may recover: Recently, the national development and Reform Commission, together with the Ministry of culture and tourism and other relevant departments, formulated and issued several policies on promoting the recovery and development of difficult industries in the service industry (hereinafter referred to as “several policies”), taking catering, transportation and travel as key assistance industries, Launched a series of targeted relief support policies and measures to give play to the policy integration effect and synergy. It aims to relieve the pressure on the offline consumer industry and help the service industry out of the off-season under the environment of continuous improvement of the epidemic.
Sports brands enter the market across borders, and the investment trend in the hotel market is active: Hyatt Hotels Group officially announced that it has reached an agreement with FILA FILA, a brand of Anta sports, and the two sides will work together to build a boutique sports lifestyle hotel of Hyatt Shangxuan – FILA house eshanghai. On March 3, Marriott International Group announced that it is expected to open more than 50 hotels in more than 30 destinations in China in 2022 to meet the expectations of guests to constantly explore more destinations. With the improvement of vaccination and control, the performance of the hotel industry is strong under the dual recovery of the economy and tourism market, and the investment amount of the industry is in a regular rising period.
Investment suggestions:
The introduction of several policies on promoting the recovery and development of difficult industries in the service industry indicates that the state’s support for the service industry has entered a strong stage. Under the support of policy guidance, the main tone of recovery can be predicted in sub industries such as hotel, tourism and tax exemption. Beijing plans to add airport duty-free stores to promote the return of international consumption; The policy has laid the foundation for the trend of the service industry, and the market has a better space for recovery. Continue to recommend tax-free leading enterprises China Tourism Group Duty Free Corporation Limited(601888) ; Recommend Btg Hotels (Group) Co.Ltd(600258) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , China Cyts Tours Holding Co.Ltd(600138) , Songcheng Performance Development Co.Ltd(300144) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , Lijiang tourism, Utour Group Co.Ltd(002707) , Guangzhou Lingnan Group Holdings Company Limited(000524) , and other hotels, scenic spots and comprehensive tourism service targets in the logic of cultural tourism restoration; Recommend Changbai Mountain Tourism Co.Ltd(603099) to release the benefit target of ice and snow tourism demand and Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) to focus on high-frequency consumption scenes and innovation target of life services.
Risk tips:
Covid-19 virus epidemic situation is repeated, the industry recovery is less than expected, and the implementation and implementation of policies are less than expected.
