Industry core view:
Last week (April 18 to April 24), the Shanghai Composite Index fell 3.87%, the Shenwan social service index fell 4.52%, and the social service index underperformed the Shanghai Composite Index by 0.65 percentage points. The main sub sectors of social services continued to decline: Hotel Catering – 5.82%, tourism and scenic spots – 6.54%, education – 4.2%, professional services – 1.65% and sports – 3.91%. Ernst & young and AI click jointly released the 2022 white paper on China’s travel and shopping. The data show that in 2021, China’s tourism retail consumption turned back to China’s tourism, and China’s duty-free market increased by 66.8% year-on-year. It is estimated that by 2025, China’s tourism retail market will increase to US $23.5 billion. The epidemic hit the tourism industry hard. According to the statistical results of China’s tourism sampling survey, the total number of Chinese tourists in the first quarter of 2022 was 830 million, a decrease of 194 million or 19.0% over the same period last year. All localities have introduced measures to encourage tourism within the province, such as sharply reducing ticket prices and providing tax relief, hoping to save the tourism industry. The world tourism and Travel Council forecasts the development trend of global tourism through the global economic impact report. The contribution of tourism and tourism to the global economy will return to the pre epidemic level in 2023; The industry will be the driving force of the global economic recovery. In terms of education, the vocational education law was overhauled for the first time, which made it clear that vocational education has the same important status as general education, focused on improving the recognition of vocational education, deepened the integration of industry and education and school enterprise cooperation, and demonstrated the government’s attention to the development of Vocational education. For the first time, China has released a white paper on youth groups, which shows that more than half of the social youth have participated in vocational skills training; Non public economic organizations and new social organizations have gradually become the main channels of youth employment. The employment choice of “non industry or agriculture” is gone forever, and the tertiary industry has become an important field to attract youth employment.
1. Tourism: suggestions: 1) tax exemption leader with excellent and stable business performance and benefiting from policy support and channel advantages; 2) The performance leader benefiting from the recovery of passenger flow and consumption under the normalization of the epidemic; 3) Head travel agencies benefiting from the popularity of suburban travel, peripheral travel and more relaxed support policies; 4) A hotel leader with strong anti risk ability. 2. Education: family education and vocational education companies that actively transform and develop and meet the policy requirements.
Key investment points:
Industry related news: 1) Tourism: sales in China’s duty-free market increased by 66.8% year-on-year in 2021; Reuters: the epidemic has hit the tourism industry hard. All localities help themselves and encourage tourism in the province; Ministry of culture and Tourism: the total number of Chinese tourists in the first quarter of 2022 was 830 million; In March, the passenger volume of the three major airlines fell year-on-year; WTTC report: tourism industry will return to pre epidemic level in 2023. 2) Education: the first overhaul of vocational education law; The third review of the revised draft of the Vocational Education Law: institutions can appropriately reduce the academic requirements when recruiting posts with vocational skill level requirements; More than half of the social youth have participated in vocational skills training! China released its first white paper on youth groups.
Important announcements for listed companies: important announcements for the important announcements of listed companies of the listed companies of the important announcements of the listed companies of the listed companies of the listed companies of the important announcements of the following: the , Pony Testing International Group Co.Ltd(300887) , China Quanjude(Group) Co.Ltd(002186) , Songcheng Performance Development Co.Ltd(300144) , Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) , Beijing Kaiwen Education Technology Co.Ltd(002659) , Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Dongguan Kingsun Optoelectronic Co.Ltd(002638) , 300 annual report disclosure.
Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Investment, M & A and integration risk.
