On the morning of March 5, 2022, Premier Li Keqiang delivered a government work report, which pointed out:
\u3000\u30001. In terms of catering and tourism, we will promote the reduction of production and operation costs of enterprises, including giving preferential policies to industries heavily affected by the epidemic, such as catering, accommodation and tourism. At the same time, we mentioned that "based on financing support for enterprises in industries seriously affected by the epidemic", "increase credit extension, and continue to implement the policies of deferred repayment of principal and interest and credit loan support for small and micro enterprises"; 2. In terms of employment, more than 11 million new jobs were created in cities and towns, and 100 billion yuan of unemployment insurance fund was used to support job stabilization and training; 3. In terms of the three child policy, improve the supporting policies of the three child fertility policy, reduce the parenting cost and improve the fertility rate. We will include the care expenses of infants and young children under the age of 3 into the special additional deduction of individual income tax, develop inclusive childcare services, and reduce the burden of family rearing.
The following are the corresponding comments of each section of social service retail:
Catering Tourism: catering, accommodation and tourism industry is an important part of the government's work to ensure employment / stimulate consumption. In recent years, the government work report has clearly supported the above industries, including a number of targeted tax reductions, which fully reflects the government's attention to catering, accommodation and tourism industry. It is optimistic that a number of subsequent assistance / relief / consumption stimulus policies will be implemented one after another, It is directly beneficial to sector formation.
Human resources: flexible employment is an important way to alleviate employment pressure. We are optimistic about policies to help promote the sustained and high growth of the industry. Under the background of covid-19 epidemic, many enterprises are under pressure and employment instability factors are increasing. This government work report also highly emphasizes the importance of stabilizing and ensuring employment. "Improving the flexible employment security policy" will promote the improvement of relevant policies for flexible workers and guide the standardized development of the industry. Compared with developed countries such as Europe, America and Japan, China's human resources service industry is still in the early stage of development, with low overall concentration and weak business standardization. In the follow-up, with policy support for industry growth, capacity expansion / standardized development, the leading advantage of flexible employment is expected to be further highlighted and usher in the golden period of development.
Vocational Education: vocational education is a key area of concern of the Chinese government and an important way to transport employment counterparts. In the working meeting, the government continued to emphasize the improvement of the school running mechanism integrating industry and education, and further affirmed the general direction of enterprises participating in vocational education. In vocational education, the government focuses on two major tasks and breaks through the "five key points". At present, a number of policies have been issued to help the development of vocational education.
Mother and child: in May 2021, the decision on optimizing fertility policy and promoting long-term balanced development of the population proposed that a couple can have three children and supporting measures. The introduction of the three Taiwan policy means that China's fertility policy has officially entered the era of "comprehensive three children" from "double only two children", "single two children" and "comprehensive two children". The "inclusion of the care expenses of infants and young children under the age of 3 into the special additional deduction of personal income tax" mentioned in the government work report can be considered as the improvement and extension of the previous policy, which is conducive to further reducing residents' reproductive costs, thus enhancing the willingness to bear, and the combination of "double reduction" and housing security, In the medium and long term, China's birth rate is expected to return to a high level.
Investment suggestions:
Hotel sector: mandatory attribute for travel, strong demand toughness; The depth of supply is gone, and the cycle reversal is in sight; The leader expanded against the trend and the trend of structural upgrading was clear. Recommend Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) / Shanghai Jin Jiang International Hotels Co.Ltd(600754) / Btg Hotels (Group) Co.Ltd(600258) , and pay attention to Huazhu group. Duty free sector: affected by the Hainan epidemic in March, the offline business of China free stores was suspended, and the company made efforts to broadcast live broadcasts and make up purchases online, or directly reduce the sales pressure. Recommended China Tourism Group Duty Free Corporation Limited(601888) .
Scenic spot: April / may Tomb Sweeping Day and may day are the peak travel season. The 14th five year plan for tourism and the relief policy for the service industry at the beginning of the year have brought substantial benefits to the scenic spot. Recommend Jiangsu Tianmu Lake Tourism Co.Ltd(603136) / Songcheng Performance Development Co.Ltd(300144) , and pay attention to China Cyts Tours Holding Co.Ltd(600138) / Fosun travel culture / Emeishan A / Huangshan Tourism Development Co.Ltd(600054) .
Catering sector: we are optimistic about the continuous recovery of offline consumption such as catering and tea with the warmer weather, the peak tourism consumption season and consumption promotion policies. We are optimistic about the valuation repair of catering leading targets and restart the growth logic. Recommend Helen's company and pay attention to jiumaojiu / Naixue's tea / Haidilao / sipping sipping.
Human resources sector: Beijing Career International Co.Ltd(300662) is the leader of China's human resources service. The high growth of flexible industry / the continuous standardization of human resources industry will drive the company's continuous growth and consolidate its leading position. In the follow-up, the infrastructure construction of the technology center and the digital center was promoted, and the company made efforts to make digital / platform transformation, which brought new growth highlights. It is suggested to pay attention to it.
Vocational education sector: the state has taken many measures to stabilize employment, and there are frequent policies related to employability training. The vocational education sector may welcome the opportunity of recovery. It is suggested to pay attention to the leader of public examination recruitment Offcn Education Technology Co.Ltd(002607) ; Core target of it vocational education training Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) ; Leading enterprise business management training Shanghai Action Education Technology Co.Ltd(605098) ; China Education Holding Co., Ltd., the leader of private higher education.
Maternal and infant sector: it is suggested to pay attention to the National Digital maternal and infant retailer Kidswant Children Products Co.Ltd(301078) , as well as the regional retail leader of maternal and infant products Shanghai Aiyingshi Co.Ltd(603214) .
Risk tip: the macroeconomic growth rate is lower than expected, the industry competition pattern worsens, the policy is uncertain, and the epidemic situation repeats
