CICC: after the improvement of overseas epidemic, the final repair level of offline service industry depends on Residents' income and consumption ability

China International Capital Corporation Limited(601995) 4-3 research report believes that during the high-frequency tracking of the epidemic situation, policies, offline activities and resumption of work in major European and American countries, it is found that the core of the repair degree of offline service industry is the disturbance of the epidemic situation according to the degree of policy openness and rhythm, but the final repair level depends on the residents' income and consumption ability. Specifically, the progress of European opening-up is earlier and faster than that of the United States; However, due to the weak fiscal stimulus, the overall consumption of residents is not strong; After the opening of the border, the restoration of offline Hotel and aviation data in Europe is immediate; However, due to the weak fiscal stimulus since the outbreak in Europe and the slower repair of residents' balance sheets than the United States, the repair speed and level of service consumption in Europe are weaker than that in the United States.