Industry core view:
Last week (from January 3 to January 9), the Shanghai Composite Index fell by 1.65%, the Shenwan social service index fell by 0.86%, and the social service index outperformed the Shanghai Composite Index by 0.79 percentage points; Last week, the main sub sectors of social services were mixed: Hotel Catering – 0.54%, tourism and scenic spots – 3.65%, education – 0.99%, professional services – 3.4% and sports – 0.07%. In terms of tourism industry, the heat of duty-free market in Hainan outlying islands continued during the new year’s Day holiday this year. Under the background of strict epidemic prevention and control measures in China, the impact of the epidemic on various places is gradually weakening. Combined with the factors of the peak tourist season during the new year’s Day holiday, the amount of duty-free shopping on outlying islands was supervised for three days, with a year-on-year increase of 9.7%. All parts of Henan strictly implemented the “circuit breaker” mechanism for the management of inter provincial tourism business activities, and immediately suspended the operation of inter provincial team tourism and “air ticket + Hotel” business by travel agencies and online tourism enterprises. In terms of the education industry, the Shenzhen Municipal Bureau of Education issued the reply on the “business to non-profit” of 45 out of school training institutions such as XRS training center, and has completed the classified review of the application materials for the unified registration of 45 discipline institutions involved in compulsory education as non-profit institutions. In 2021, the national online comprehensive lifelong education market continued to improve, and it courses were the most popular. “Business to non business” is the only way for K9 education and training institutions after the implementation of the government’s guidance price for out of school training. It can be predicted that the company’s future resource allocation and revenue sources will be more and more close to the fields of quality education and adult education. Small and medium-sized institutions that fail to transform in time in the medium and short term will be eliminated by the market, so as to improve the industry concentration. It is suggested to pay attention to the education companies with good cash flow and transforming the sub track of quality education and vocational education.
1. Tourism: it is suggested to pay attention to: 1) head travel agencies and tourist destinations that benefit from the integration of peripheral tourism and sports tourism; 2) Hotel leaders benefiting from the recovery of consumption and diversified product layout. 2. Education: Shenzhen has completed the classified examination of application materials for the unified registration of 45 discipline institutions involved in compulsory education as non-profit institutions. In 2021, the national online comprehensive lifelong education market continued to improve, and it courses were the most popular. It is suggested to pay attention to the education companies with good cash flow and transforming the sub track of quality education and vocational education. 3. Tourism retail: it is suggested to pay attention to the tax-free leader benefiting from policy support and comprehensive licensing channels.
Key investment points:
Last week (from January 3 to January 9), the Shanghai Composite Index fell by 1.65%, the Shenwan social service index fell by 0.86%, and the social service index outperformed the Shanghai Composite Index by 0.79 percentage points, ranking 16th among the 31 primary industry indexes of Shenwan.
Industry related news: 1) Tourism: on New Year’s Day holiday, Hainan outlying islands collected 600 million yuan of tax-free money, and the per capita consumption was nearly 10000 yuan; Henan immediately suspended inter provincial team tourism and “air ticket + Hotel” business; The Tourism Research Institute released the 2022 China ice and snow tourism report, and the ice and snow tourism market has been for 8 years
Education: Shenzhen has completed the classified examination of the application materials for the unified registration of 45 discipline institutions involved in compulsory education as non-profit institutions; In 2021, Tencent classroom big data: it courses are the most popular, and Post-00 and post-95 are the main paying groups; Ministry of rural agriculture: stabilize the investment in farmers’ education and training and strengthen farmers’ online education and training; Henan: in principle, students from colleges and universities related to vocational education shall obtain at least one vocational skill certificate upon graduation.
Important announcements of listed companies: Utour Group Co.Ltd(002707) , Shenzhen Esun Display Co.Ltd(002751) pledge freeze, Zhongjin Irradiation Incorporated Company(300962) performance forecast, Huatian Hotel Group Co.Ltd(000428) personnel change, Cloud Live Technology Group Co.Ltd(002306) capital investment; Dongguan Kingsun Optoelectronic Co.Ltd(002638) suspension prompt, personnel change, Shanghai Xinnanyang Only Education & Technology Co.Ltd(600661) related party transactions, Chengdu B-Ray Media Co.Ltd(600880) loan guarantee.
Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Integration risk of investment and M & A
