Core view
Plate resumption: from May 9 to May 20, 2022, the consumer service sector outperformed the CSI 300 index by 2.04pct. Among the top gaingaingaingaingaingaingaingainamong the sectors of the China Trust for the letter of the letter of the letter to the letter of the letter to the letter of the letter to the letter of the letter to the letter of the letter to the letter of the letter to the letter of the letter to the letter of the letter of the letter of the letter of the letter of the letter of the letter of the letter of the letter of the nation ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ”the most among the top gaingaingaingaingainamong the shares of the Dalian Saint Asia (32.16%) and ‘ Tibet Tourism Co.Ltd(600749) (32.16%) forthe Jiangsu Sopo Chemical Co.Ltd(600746) 00749 \ ; The stocks with the largest decline in Guoxin social service sector are China Education Holdings (- 14.08%), Tongdao Liepin, Yuhua education, hope education, Ctrip group -s, Guangzhou Restaurant Group Company Limited(603043) , Tongcheng travel, Btg Hotels (Group) Co.Ltd(600258) . Under the current epidemic prevention policy, local travel / peripheral travel is still a Travel Hotspot, and relevant topics are still sought after by funds during the period.
Industry news: two listed companies in Hainan ( Hainan Development Holdings Nanhai Co.Ltd(002163) , Hainan Haiqi Transportation Group Co.Ltd(603069) ) announced that they would inject tax-free assets (Haikong global boutique duty-free, sea travel duty-free); Liu He: support the sustained and healthy development of platform economy and private economy; The interest rate of LPR over 5 years is lowered; SASAC said it would continue to increase the injection of high-quality assets into listed companies; Beijing continues to suspend food in the classroom and temporarily not return to school for epidemic prevention measures; Shanghai will promote the resumption of business and market in stages on May 16; Dufry’s turnover in the first quarter increased by 144.5% to US $1.134 billion; Starbucks’ same store sales fell 23% in the second quarter Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) reorganization plan received the acceptance form of administrative license application from CSRC.
Shanghai Shenzhen Hong Kong stock connect: the core targets of A-Shares were increased, and only 99% of Hong Kong shares were reduced. Core targets of a shares: all of them have been increased. Proportion of circulating a shares, China Tourism Group Duty Free Corporation Limited(601888) 9.55% / + 0.17pct, Songcheng Performance Development Co.Ltd(300144) 5.70% / + 0.03pct, 6 Haoxiangni Health Food Co.Ltd(002582) .19% / + 0.20pct, Shanghai Jin Jiang International Hotels Co.Ltd(600754) 4.34% / + 0.09pct. The core target of Hong Kong stocks: 99% was reduced and the rest was increased. The proportion of free circulating share capital is 32.90% / -0.59pct for jiumaojiu, 18.88% / + 1.05pct for Haidilao, 25.00% / + 0.15pct for Naixue tea, 23.68% / + 1.60pct for sipping sipping, and 15.06% / + 0.15pct for Helens.
Risk tips: natural disasters, epidemic situations and other systematic risks; Policy risk; The acquisition is lower than expected, etc
Investment suggestion: the fundamentals of the sector fluctuate to build a bottom and grasp the structural market. Maintain over allocation rating. In March this year, the epidemic spread in China, and the short-term travel restrictions in China were more obvious. The May Day tourism data of Qingming Festival operated at a low level as a whole. Under the background of Q2 high base, the growth rate is expected to decline month on month. In the second half of the year, with the prominent low base effect, the growth rate is expected to improve month on month. The uncertainty and share price have been part of the pespespesis that has been partially reflected in the repeated uncertainty and repeated repeated short-term outbreaks, and the share price has been part of the share price that has been part of the repeated uncertainty and repeated after repeated short-term outbreaks. Based on the three-six-six-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, based on a three-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, and the best of three-six-six-six-six-month dimension, a combination of performance, valuation, subject matter and recovery logic, with a three-six-six-six-month dimension, taking into account performance, valuation, subject matter and recovery logic, and preferred ‘ China Pacific Insurance (Group) Co.Ltd(601601) China Tourism Group Duty Free Corporation Limited(601888) 888 ” China Tourism Group Duty Free Corporation Limited(601888) ‘ ” Songcheng Performance Development Co.Ltd(300144) , same journey, China Cyts Tours Holding Co.Ltd(600138) , Huazhu group-s, yum China-s, Haidilao, etc. Based on the time dimension of the coming 1-3 years, the time dimension of the next 1-3 years, the quality bibcock of the boom subdivision track, the high-quality leader of the boom subdivision track, and the combination of midline logic changes, etc, and combining with the time dimension of the next 1-3 years, the time dimension of the next 1-3 years, the quality bibcock of the boom subdivision, the high-quality bibcock of the boom subdivision, and the quality tap of the next 1-3-3-year time dimension of the next 1-3 years, the quality tap of the boom subdivision track, the logic change of the midline logic, etc, combining with midline logic changes, etc, and so on the highlight to highlight the recommendation of China Pacific Insurance (Group) Co.Ltd(601601) China Pacific Insurance (Group) Co.Ltd(601601) 888888888 , Naixue’s tea, etc.
