Market review last week (2022.4.182022.4.22): the Shanghai stock index remained volatile last week, fell down on the third day, opened low on the fourth day, and closed up slightly on the fifth day. After opening low on the first day of last week, the Shenzhen index maintained a shock to the third day of decline, and then maintained a low level, with slight ups and downs. The Shanghai Composite Index fell 3.87% to close at 308692. The CSI 300 fell 4.19% last week to close at 401325. Last week, 0 of the sub sectors of social services and tourism retail rose, with the range from high to low: professional services (- 1.65%), tourism retail (- 2.89%), education (- 4.20%), hotel catering (- 5.82%), tourism and scenic spots (- 6.54%). Last week, one of Shenwan (2021) 31 primary industries rose, and the five largest gainers were textile and clothing, public utilities, beauty care, food and beverage and communication. Among them, the social service sector fell 4.52%, ranking 17th among Shenwan's 31 industries. The social service industry underperformed the CSI 300 index by 0.33 PCTs. Light franchise, balance operating pressure, medium and high-end chain to boost hotel development; Implement the blueprint of tourism restoration in many places and develop rural ecotourism; The government stepped up the rescue of the service industry and repaired the layout of catering transportation.
Light franchising leads to cost reduction and efficiency increase, and the hotel explores medium and high-end chains: Licheng group began to focus on "light franchising" after the impact of the epidemic continues to escalate, and cooperatively develop low franchising costs. Under the current pressure situation, the investment costs are appropriately changed to increase revenue. The latest "2021 National Star Hotel statistical survey report" issued by the Ministry of culture and tourism pointed out that the number of three-star and four-star hotels in 2021 was 6010, accounting for 78.3%; In 2020, this figure was 76.85%. The serious "Involution" of the hotel market forces all brands to push through the old and bring forth the new in terms of service and experience, and move towards medium and high-end. The chain of brands can better drive the operation of economies of scale.
All localities implement the tourism recovery plan and deepen the development of Rural Tourism: the Department of culture and tourism of Shanxi Province issued the outline of Shanxi Province wide tourism development plan. By 2025, the provincial national wide tourism demonstration area will be basically completed. On the morning of the 20th, at the press conference of the "Implementation Opinions on promoting the high-quality development of tourism" held in Jiangxi Province, it was mentioned that nine tourism product systems such as innovative development of red tourism, sustainable development of ecotourism, promotion and development of rural tourism, in-depth development of cultural tourism and full development of health tourism should be highlighted. All localities will refine the development pattern of new cultural tourism, promote the all-round and high-quality development of cultural tourism, and strive to achieve a breakthrough in 2025.
Sustained efforts were made to assist enterprises in the rescue, and the recovery of catering and transportation enterprises accelerated: on April 18, Jiangsu Province held a government press conference to introduce the "policies and measures on effectively responding to the new changes and impacts of the epidemic and further assisting enterprises in the rescue", and provide key assistance to the transportation, logistics, catering and other industries greatly affected by the epidemic, including rent reduction, enterprise stabilization assistance, financial support, etc.
Investment suggestions:
Under the pressure of the epidemic, many hotel brands have adopted the "light franchise" model to save themselves, and the synergistic effect has led to cost reduction and efficiency increase. Under the pressure of high-level competition, China's hotel industry has transformed and developed medium and high-end chain operation, boosting the increase of scale effect; China has implemented tourism development plans in many places, taking rural tourism as the main development selling point, and made every effort to expand the new tourism product system; Catering, transportation and other enterprises involved in epidemic prevention and control and providing guarantee for living materials will usher in a new round of government assistance to accelerate the recovery of the industry. Continue to recommend tax-free leading enterprises China Tourism Group Duty Free Corporation Limited(601888) ; Recommend Btg Hotels (Group) Co.Ltd(600258) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , China Cyts Tours Holding Co.Ltd(600138) , Songcheng Performance Development Co.Ltd(300144) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , Lijiang tourism, Utour Group Co.Ltd(002707) , Guangzhou Lingnan Group Holdings Company Limited(000524) , and other hotels, scenic spots and comprehensive tourism service targets in the logic of cultural tourism restoration; Recommend Changbai Mountain Tourism Co.Ltd(603099) to release the benefit target of ice and snow tourism demand and Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) to focus on high-frequency consumption scenes and innovation target of life services.
Risk tips:
Covid-19 virus epidemic situation is repeated, the industry recovery is less than expected, and the implementation and implementation of policies are less than expected.
