Core view
Tourism industry: sometimes, the best layout is waiting for flowers to bloom. Since 2020, the epidemic situation has continued to take a big test, but the impact rhythm of the epidemic is different, resulting in expected differences, and the tourism industry is also recovering from twists and turns. In 2020, the epidemic affected all sub industries. The operation was under pressure in the first half of the year, but it began to recover gradually in the second half of the year. The expectations of both operators and market investors were basically low first and then high, and gradually improved. The leader expanded against the trend, dominated by the final thinking of the capital market, and the capital was highly focused on the leader. However, the improvement of valuation implied optimistic expectations for the subsequent recovery and the strengthening of the logic of the middle line. In 2021, the main theme of the whole year is the repeated epidemic situation and the differentiated recovery of the leading enterprises. After the two-year epidemic, the anti risk ability of the leader meets the comprehensive test. In the post epidemic era, the competition pattern of the leader has also brought new changes. The differentiation of the leader's operation has increased and the market divergence has also increased significantly. In 2022, the favorable policy relief was superimposed on the marginal changes in the positions of epidemic prevention and control experts. The market expected that the situation of epidemic control would improve marginally. The sector showed some performance under the recovery expectation, but then it was under pressure again under the disturbance of epidemic spread. Generally speaking, the coexistence of short-term epidemic and enterprise operation may still be the norm, but different impact rhythms of the epidemic will lead to differences in sector recovery. At present, the central government has also successively issued rescue policies for the service industry, and the prevention and control measures are becoming more and more accurate and scientific. The market still looks forward to the gradual improvement on the edge in the future. It is suggested to pay close attention to the edge of the sector, relax expectations and continue to focus on the layout of recovery.
Policy support: the foundation of relief policy, precise epidemic prevention and overcoming difficulties. The tourism industry has been hit hard by the cold winter of the epidemic for two years. On February 18, 14 departments including the national development and Reform Commission jointly issued several policies on promoting the recovery and development of difficult industries in the service industry. Based on the current situation, the industry fundamentals are still low under the repeated epidemic situation. The state continues to give preferential policies to the catering and tourism sectors to help the industry improve its business status. In the future, with the stabilization of China's epidemic situation and the introduction of more flexible epidemic prevention policies, the steady recovery of the policy industry will also drive a new round of investment opportunities in the sector.
Look at the situation again and again and try to develop a new situation. Tax exemption: focus on the tax-free leader China Tourism Group Duty Free Corporation Limited(601888) . Although the short-term epidemic has repeatedly affected the passenger flow and the recovery of sales and gross profit margin remains to be seen for some time, the company's midline growth depends on the continuous consolidation of scale advantages, the deepening of omni-channel layout and traffic tapping potential, and the continuous strengthening of the subjective driving force of central enterprises under internal and external competition; Hotels: if the follow-up epidemic situation stabilizes gradually, the lasting experience proves that the leading hotel revenue and performance are expected to show good recovery elasticity, and the sinking market chain centralized logic supports the growth of the leading hotel; Acting: track the recovery rhythm in the short term, and support the long-term center with new projects and new models; Aviation & Airport: waiting for the recovery of demand, the long-term value is still worth adhering to; Scenic spots: it is difficult to recover from repeated epidemics, and transformation and upgrading are more needed in the post epidemic era. It is suggested to pay attention to scenic spots with replication genes. Investment value of CSI tourism theme index. The CSI tourism theme index (930633) was released on May 8, 2015. Taking the CSI full index as the sample space, the CSI tourism theme index selects the stocks of listed companies involved in scenic spots, travel agencies, hotels, airports and other sectors as constituent stocks to reflect the overall performance of listed tourism companies and provide diversified investment targets for the market. As of March 16, 2022, on March 16, 2022, the end of March 16, 2022, the total share of the top ten heavweights of the CSI's tourism theme index is 76.52% of the total. As of March 16, 2022, the total share of the top ten of the Chinese travel theme index is 76.52% of the total. As of March 16, 2022, the total share of the top ten heavheavheavweighting of the top ten of the China '''s tourism theme index, the total share of the total of the total of the top ten heavweight shares of the top ten of the China '''s tourism theme index, the total 76.52%, with a high degree of concentration, and a high degree degree of concentration, with a high concentration of high concentration, high concentration of high concentration of high concentration, which includes the , including the ' China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) '' China Tourism Group Duty Free Corporation Limited(601888) ' China Tourism Group Duty Free Corporation Limited(601888) ''' China Tourism Group Duty Free Corporation Limited(601888) 888888 '' ''' China Tourism Group Duty Free Corporation Limited(601888) 888888 '' '' '' China Tourism Group Duty Free Corporation Limited(601888) and Spring Airlines Co.Ltd(601021) and other leading companies.
China Securities tourism theme ETF. Huaxia CSI tourism theme ETF is a contractual open-ended equity fund and passive index fund. It closely tracks the CSI tourism theme index. It was established on December 21, 2021 and listed on December 30, 2021. The fund manager is Yan Xiaoxian. Since taking office, the rate of return has been - 1.48%, which corresponds to the rate of return of CSI 300 of - 21.8% during this period. She has significantly outperformed the market in the management of funds.
