Last week (2022.5.162022.5.20) market review: last week, the Shanghai index opened slightly lower on the first day, soared higher on the third day, fell back, opened sharply lower on the fourth day, maintained high, and closed up on the fifth day. The Shenzhen index rose and fell after opening high and going low on the first day. To opening low and going high on the fourth day, the main index rose generally. The Shanghai Composite Index rose 2.02% to close at 314657. The CSI 300 rose 2.23% last week to close at 407760. Last week, four social service sub sectors and tourism retail sectors rose, with the range from high to low: Education (+ 2.24%), tourism and scenic spots (+ 2.22%), tourism retail (+ 1.59%), professional services (+ 0.98%) and hotel catering (- 0.93%). Last week, 30 of Shenwan (2021) 31 Tier-1 industries rose, and the five largest gainers were coal, power equipment, non-ferrous metals, automobile and electronics. Among them, the social service sector rose by 1.25%, ranking 25th among Shenwan (2021) 31 industries. The social service industry underperformed the CSI 300 index by 0.98pcts. SAIC entered the duty-free track and increased its performance scale by taking advantage of the wind; The demand for medium and high-end hotels is rising, and portable hotels develop the sinking market; All localities should promote cultural tourism consumption stimulus activities and join hands with the layout of new tourism formats to jointly promote the recovery.
The tax-free sector is booming, and HNA cut into the track across the border: on May 16 Hainan Haiqi Transportation Group Co.Ltd(603069) issued a suspension announcement, planned major asset restructuring, and planned to issue shares and pay cash to acquire the tax-free equity of HNA. From July 1, 2020, the tax exemption policy of Hainan outlying islands will be greatly relaxed and Hainan duty-free free free trade port will be built. The new policy of outlying islands tax exemption is making Hainan one of the main shopping destinations for Chinese people. The policy guidance superimposed on the good market and the hot performance of the duty-free track drive HNA to take the tax-free business outlet to promote development. It is expected that the tax-free scale of Hainan outlying islands is expected to continue to maintain a high growth trend.
The consumption of resort hotels is increasing, and portable hotels are taking root: according to the data of qunar platform, the number of users booking hotels on “5.20” has increased by 85% compared with that on May 19. Among the orders, the order growth of Zhonggao star hotel is 20% higher than that of low star hotel. At present, the main consumer groups of the hotel are gradually inclined to the “generation Z” group, and the per capita consumption increases with the spiritual demand, such as the popularity of hot springs, resorts, lakeside and other hotels. As of May 16, the comprehensive rental rate of more than 80 stores under Dongcheng group was higher than 80%, of which more than 60 stores were located in the sinking market, and the performance was gradually “rejuvenated”. The changes of the epidemic superposition era led the portable hotel brand to gradually open the market development process of sinking low-line cities, highlighting the sinking development trend of China’s hotel market.
The policy leverages the potential of tourism consumption and diversified layout to promote the development of business forms: May 19 is China tourism day. In order to stimulate the tourism market that has been deposited for many months, all localities have successively launched consumption promotion policies, and each major scenic spot has launched nearly 5000 tourism measures in six categories; Zhejiang launched a series of activities to promote cultural and tourism consumption, and Sanya officials jointly launched the issuance of tourism consumption vouchers with Ctrip group. At the same time, Hainan has actively promoted the development of “tourism +” new formats, and expanded diversified consumption formats in conjunction with sports, industry and health care. Among them, the scale of sports tourism has increased greatly, and the high-end consumer groups are obvious.
Investment suggestions:
Hainan Haiqi Transportation Group Co.Ltd(603069) announced that it plans to acquire the tax-free equity of hailv, the second largest offshore island tax-free company in Hainan, and take advantage of the favorable tax-free policy to enter the tax-free market in Hainan with considerable development potential, so as to seize and expand the market share; According to OTA platform, now the main consumer groups of hotels are gradually iterating into the post-90s and post-00s, and the consumer preference is gradually shifting to Gaoxing resort hotels. The living environment of urban portable hotels may be impacted to some extent, and then the pace of market development will sink; Many places took advantage of the tourism day to launch tourism consumption activities to promote recovery. Hainan actively arranged a number of cross-border linkages to meet diversified needs. 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, as well as destination targets benefiting from high-frequency travel in the city, surrounding and suburban areas; 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.
