Market review last week:
Last week (March 14-march 18), the social service sector (Shenwan) rose by 0.85%, the Shanghai Composite Index fell by 1.77%, the Shenzhen Component Index fell by 0.95%, and the Shanghai and Shenzhen 300 fell by 0.94%. The social service sector outperformed the Shanghai Composite Index by 2.62 percentage points last week, ranking fourth among the weekly increases and decreases of Shenwan’s 34 primary sub industries.
Core view:
In March 15, 2022, the National Health Council released the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth). This new version of the diagnosis and treatment plan has made several important revisions: the application of antigen detection has further improved the ability of early detection of cases; Centralized management of light cases can be implemented; Specific drugs are added to “antiviral treatment”: paxlovid and ambacizumab / romisizumab injection; After discharge, the isolation time was changed from 14 days to 7 days at home. On March 16, 2022, the financial stability and Development Commission of the State Council held a special meeting, which put forward that “we should effectively revitalize the economy in the first quarter, take the initiative to respond to monetary policies, and maintain a moderate growth in new loans”. It once again emphasized stable growth, broad currency and wide credit. At the same time, we should emphasize the enthusiasm and accountability of policies, actively introduce policies beneficial to the market, and carefully introduce contractive policies to boost market confidence. We believe that the newly issued covid-19 virus diagnosis and treatment plan reflects the further improvement of the current national capacity in epidemic prevention and control and epidemic treatment, or will effectively improve the national willingness to travel. At present, the travel restrictions caused by the scattered recurrence of local epidemic have a great impact on the consumption scenes of tourism, duty-free, hotel, catering and other industries. With the dynamic adjustment of epidemic prevention policies, the follow-up prevention and control and travel restrictions are expected to be further relaxed, superimposed with the good economic environment of external steady growth, which may effectively boost the prosperity of relevant industries and accelerate the recovery process.
Company announcement and industry information:
Utour Group Co.Ltd(002707) : the cumulative reduction of repurchased shares is 5500000 shares, accounting for 0.6068% of the latest total share capital of the company, and the total capital obtained from the reduction is 4135125900 yuan (excluding transaction expenses) St tengbang group: it has passively reduced 6328275 shares of the company, reaching 1% of the total share capital of the company Anhui Jiuhuashan Tourism Development Co.Ltd(603199) : after the reduction, Jiarun Jindi holds 12700000 shares of Anhui Jiuhuashan Tourism Development Co.Ltd(603199) , accounting for 11.47% of the total share capital of the company.
Investment suggestions:
Duty free industry: we are optimistic about the relatively clear recovery trend of the duty-free industry supported by the recovery of passenger flow. The related targets are China Tourism Group Duty Free Corporation Limited(601888) , which is expected to show a recovery in revenue and profit after the recovery of passenger flow. Hotel Industry: the upgrading of industry structure and chain trend are obvious, the brand, scale and management advantages of leading hotel groups are obvious, and there is good growth space in the future. Related targets include leading enterprises Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) , Huazhu group. Catering and Tourism: the industry chain trend is obvious, and attention is paid to the store expansion and business performance of leading catering enterprises. The relevant targets include seabed fishing, sipping and sipping.
Risk tips:
Repeated epidemic impact; Macroeconomic fluctuations; Policy supervision risk.
