Industry core view:
Last week (may 16-may 22), the Shanghai Composite Index rose 2.02%, the Shenwan social service index rose 1.25%, and the social service index lost 0.77 percentage points to the Shanghai Composite Index. The main sub sectors of social services rose or fell: Hotel Catering – 0.93%, tourism and scenic spots 2.22%, education 2.24%, professional services 0.98% and sports 1.56%. On May 19, the main venue of “China Tourism Day” in 2022 was held online. A series of tourism products and services and nearly 5000 tourism benefit measures were launched all over the country, trying to further boost the confidence of the industry and help restore the development of the tourism market. Recently, Hainan Development Holdings Nanhai Co.Ltd(002163) and Hainan Haiqi Transportation Group Co.Ltd(603069) successively disclosed announcements related to the injection of tax-free assets, and two local tax-free enterprises in Hainan are expected to be “transferred” to listed companies. At present, all 16 districts in Shanghai have achieved social clearance, and the end of this round of epidemic has ushered in the dawn. This year marks the 25th anniversary of the establishment of the Hong Kong Special Administrative Region. The Hong Kong Tourism Board will host and support more major events. According to the International Air Transport Association (IATA), international air travel has been recovering strongly this year. Last year, global international travel was only about 25% of 2019. By the first quarter of this year, global growth had reached 42%. In terms of education, the Ministry of Education issued a document to introduce the implementation of the “looking back” work of discipline after-school training governance. More than 80000 discipline training institutions have been investigated nationwide, maintaining a high-pressure situation and consolidating the achievements of “double reduction”. For non disciplinary off campus training, the Ministry of education continues to deepen the governance of off campus training and guide non disciplinary off campus training to become a useful supplement to school education. Over the past decade, China has built the world’s largest higher education system; In addition, by the end of February 2022, the number and application scale of Mu class in China had ranked first in the world, forming a Chinese paradigm for the development of Mu class and online education.
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: a vocational education company that actively transforms and develops and meets the policy requirements.
Key investment points:
Industry related news: 1) Tourism: two listed companies in Hainan announced that they would inject tax-free assets (Haikong global boutique tax-free and hailv tax-free), and the tax-free business will drive the growth of performance; Shanghai has just announced that the social aspect of the city has been cleared; The Hong Kong Tourism Board means to pave the way for the restart of cross-border tourism with the industry; IATA: international travel is recovering and high-end consumer demand is growing; The seven ASEAN countries pledged to jointly support the recovery of the aviation industry; Ministry of culture and Tourism: the main venue of “China Tourism Day” in 2022 will be held. 2) Education: Ministry of Education: more than 80000 discipline training institutions have been identified nationwide, maintaining a high-pressure situation and consolidating the achievements of “double reduction”; Ministry of Education: China has built the world’s largest higher education system; The Ministry of education continues to deepen the governance of out of school training and guide non subject out of school training to become a useful supplement to school education.
Important announcements of listed companies: Shenzhen Anche Technologies Co.Ltd(300572) , Suzhou Electrical Apparatus Science Academy Co.Ltd(300215) , Tibet Tourism Co.Ltd(600749) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , state Shanghai New Culture Media Group Co.Ltd(300336) senior management changes Centre Testing International Group Co.Ltd(300012) , Guangzhou Shiyuan Electronic Technology Company Limited(002841) profit distribution Xuchang Ketop Testing Research Institute Co.Ltd(003008) cash investment.
Risk factors: 1. Risk of natural disasters and safety accidents. 2. Policy risk. 3. Investment, M & A and integration risk.
