The State Council recently issued the "14th five year plan" for tourism development, drawing up a blueprint for the development of tourism in the next five years in terms of development objectives, key tasks and security system.
The plan proposes that by 2025, the development level of tourism will continue to improve, the modern tourism system will be more perfect, the effective supply, high-quality supply and flexible supply of tourism will be more abundant, and the consumption demand of mass tourism will be better met. China's tourism is booming, inbound and outbound tourism is advancing in an orderly manner, the international influence and competitiveness of tourism are significantly enhanced, and significant progress has been made in the construction of a tourism power.
Guosen Securities Co.Ltd(002736) pointed out that the 14th five year plan of tourism proposed to choose the opportunity to promote inbound and outbound tourism, which echoed the key recovery of the international market from 2023 to 2025 in the 14th five year plan of civil aviation, and the industrial policy level has been ready for liberalization. It is true that the decision-makers need to weigh the pros and cons of liberalization, and the short-term clearing policy will continue. However, when they choose to liberalize one day, they believe that the loosening of China's epidemic prevention policy and the full and effective opening of the country are carried out simultaneously with a high probability. After the emergence of vaccines and specific drugs at the same time, it is only a matter of time for mankind to overcome the epidemic. When a strong boom is expected, the share price of aviation stocks is likely to remain active. It is undeniable that the short-term prosperity of civil aviation may still be disturbed by the sporadic epidemic, but the prosperity of the industry is highly expected after the epidemic subsides completely. The boom brought by the supply and demand reversal is industrial, and large and small airlines will benefit fully. From the perspective of valuation, Pb valuation of airlines is near the historical center, and there is still room for improvement. It is recommended to Air China Limited(601111) , China Southern Airlines Company Limited(600029) , China Eastern Airlines Corporation Limited(600115) , Spring Airlines Co.Ltd(601021) , Juneyao Airlines Co.Ltd(603885) .
Citic Securities Company Limited(600030) believes that throughout 2022, the trend of weakening the impact of the epidemic is clear, and the main line of investment in epidemic repair is expected to run through the whole year. Maintain the recommended order of the sector: Hotel > duty free > OTA > scenic spot > catering > gambling. Maintain individual stock recommendations: Btg Hotels (Group) Co.Ltd(600258) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Huazhu group, Ctrip, Tongcheng travel, Helens, Songcheng Performance Development Co.Ltd(300144) , jiumaojiu, Naixue's tea, China Cyts Tours Holding Co.Ltd(600138) .
