Core view
Plate resumption: from March 14 to March 25, 2022, the consumer service sector fell 7.68%, underperforming the CSI 300 index by 4.61pct, ranking the last among all industry indexes. The top gainers in Guoxin social service sector were Guangzhou Lingnan Group Holdings Company Limited(000524) (18%), one-way travel (16%), Xi’An Qujiang Cultural Tourism Co.Ltd(600706) , Utour Group Co.Ltd(002707) , Huatian Hotel Group Co.Ltd(000428) , China Education Holdings, Ctrip group-s, Dalian Shengya, Anhui Jiuhuashan Tourism Development Co.Ltd(603199) , hope education; The stock with the top loseramong the stocks among the stocks with the highest decline among the stocks with the highest among among the stock among the stock among the stocks among the top among the decline among the stocks that are among the most among the stocks that have been among the most among the stocks that have been among the most among the stocks that have been among the most among the among the stocks that have been among the most among the decline among the most among the stocks that have been among the most among the stocks that have been among the most among the stocks that have been among the most among the most declining declines, among the most declining stocks that are China Pacific Insurance (Group) Co.Ltd(601601) 888888 ”’ . Under the background of the further spread of the epidemic in China, disturbing the recovery expectation, heavyweights led the decline, causing the pressure on the sector to retreat sharply, only some theme stocks performed, and the Hong Kong stock catering / OTA / education sector rebounded steadily.
Industry news: Wei Jian has released the ninth version of New Coronavirus pneumonia diagnosis and treatment plan. Hua Hua Group has signed a strategic cooperation agreement with COSTA. The national health and Health Committee released the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth), including 1) increased antigen detection on the basis of nucleic acid detection. 2) The second is to classify and treat the cases; 3) Adjust the release of isolation management, discharge standards, release of isolation management, precautions after discharge, etc. Liu he presided over the meeting of the financial committee of the State Council and mentioned: 1) China concept shares: China and the United States maintain good communication and continue to support overseas listing; 2) Actively introduce policies that are beneficial to the market, prudently introduce contractive policies, coordinate major policies in advance, and maintain the stability and consistency of policy expectations; PCAOB of the United States responded to a comprehensive inspection of the audit manuscript, which is not negotiable. Huazhu and Costa coffee signed a strategic cooperation agreement.
Shanghai Shenzhen Gangtong: China Tourism Group Duty Free Corporation Limited(601888) / Haidilao / Helens / Naixue gained an increase in holdings. From March 14 to March 25, the core subject matter of A-Shares was only exempted from overweight China Tourism Group Duty Free Corporation Limited(601888) 97%/+0.1pct， Songcheng Performance Development Co.Ltd(300144) 67%/-0.1pct，6 Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) 4%/-0.6pct， Shanghai Jin Jiang International Hotels Co.Ltd(600754) 45%/-0.2pct。 Core target of Hong Kong stocks: Haidilao / Naixue’s tea / Helens was overweight. Jiumaojiu 37.5% / -0.7pct, Haidilao 18.5% / + 0.2pct, Naixue tea 18.9% / + 2.7pct, sipping sipping 20.5% / -0.01pct, Helens 12.6% / + 1.2pct.
Risk tips: natural disasters, epidemic situations and other systematic risks; Policy risk; The acquisition is lower than expected, etc
Investment suggestion: focus on the marginal relaxation expectation and continue to focus on the recovery layout. Maintain the “over allocation” rating of the midline of the sector. Since March, the epidemic situation in China has been sporadic and spreading again. In the short term, the operation of enterprises in the epidemic area will be disturbed again, and China’s business and tourism travel may decline again month on month. 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 is still looking forward to the gradual improvement on the edge in the future. Based on the short-term uncertainty of repeated short-term outbreaks and the positive expectation of a midline epidemic stabilizing on the back line, based on the 3-6-month dimension, based on the uncertainty of repeated short-term outbreaks and the positive expectation of a mid line epidemic, the positive expectation of a mid line epidemic stabilistabilisation, the three-six-month dimension, based on the three-six-month dimension, based on the uncertainty of repeated short-term outbreaks, the repeated uncertainty of repeated short-term outbreaks and the positive expectation of a midline epidemic, the positive expectation of a mid line epidemic stabilistabilisation, based on the three-six-six-month dimension, slightly repeating the Soviet logic, taking into account performance, valuation, subject matter, etc, taking into account performance, valuation, subject matter, etc. preferred preferred Guangxi Wuzhou Zhongheng Group Co.Ltd(600252) 52525258 Beijing Career International Co.Ltd(300662) , Tongcheng travel, Huazhu group-s, yum China-s, Haidilao, etc. Based on the dimension of the next 1-3 years, it is suggested to focus on China Tourism Group Duty Free Corporation Limited(601888) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Songcheng Performance Development Co.Ltd(300144) , hellens, jiumaojiu, Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) , Huazhu group-s, Tongcheng travel, Beijing Career International Co.Ltd(300662) , yum China-s, Haidilao, Btg Hotels (Group) Co.Ltd(600258) , Naixue tea, etc.
