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May 26，Catering and tourism (CS) increased by 5.11%，Significantly leading the market 3.15pp；Sub-section，Scenic area companies are among the top gainers，Beibu Gulf Brigade、Jiuhua Tourism Daily Limit，Huangshan Tourism、Emeishan A、China Youth Hostel、Dalian Shengya、Guilin Tourism、Changbai Mountain、Songcheng Performing Arts、Zhangjiajie and other stocks led the gains。

2. Viewpoint:

Fundamentals，Consumption upgrade、“One Belt, One Road” and other policy dividends、Internet technology development，Together drive the industry into an unprecedented stage of development；Valuation，The growth of the sector is highly recognized by the market，Always maintain a high valuation level，Under the strong expectation of accelerated transformation of individual stocks，The overall valuation of the sector still has room for improvement，The market value will usher in rapid growth。Benefit consumption upgrade，The fundamentals of the tourism industry have undergone tremendous changes，But the relative valuation is still at the bottom，From a long-term investment perspective，This time is still a good time to configure the tourism sector，Whether it is a service channel 188bet online sports betting enterprise、Still a scenic resource company，The tourism industry will eventually grow into a "big" industry embracing the big era。

1、Wealth effect leads to consumption upgrade，The proportion of tourism consumption increases，The “normalization” of outbound travel

The growth of GDP per capita will change consumers’ consumption preferences，Consumption upgrade brings tourism from sightseeing to leisure、Upgrading from domestic to overseas，Especially as outbound travel begins to become “normal”。Calculated based on data from Fosun Group，China’s consumption currently accounts for only 7% of the world’s consumption.2%，The middle class only accounts for 9% of the world’s population，But the growth rate is as high as 15.1%。By 2020, China’s middle class will account for about 16% of the world’s population，Ranked first in the world，The consumption of the middle class will account for 16.7%。Due to the increase in the number of middle class people，The rising proportion of middle-class households and the increase in consumption，The proportion of the middle class in domestic consumption will gradually increase from 32% in 2012 to 81%。The importance of the tourism industry related to the middle class in GDP will be greatly enhanced in the future，It is expected that the proportion will exceed 5% by 2020，Among them, the field of outbound tourism will see explosive growth。

2, Tourism demand is gradually becoming rigid,80Later, young people became the main force in outbound tourism

According to the "Chinese Citizen Outbound (City) Tourism Consumption Market Survey Report"，The post-80s generation has become the main body of China’s outbound tourists: they account for as high as 56% of China’s outbound tourists.2%，The proportions 188bet app of "post-70s" and "post-90s" are 26 respectively.4% and 11.3%。 The main group of China’s outbound tourists is getting younger across generations，On the one hand, it means that those born in the 1980s generally do not work long hours，The annual vacation time available for travel is generally within 10 days，So these young people will choose short and medium-distance travel。On the other hand，Post-80s pursue new things、Unique、Self-consumption concept also enables interactive consumption、The rise of customized consumption in the tourism industry。

3、The Rise of Great Powers under the “Belt and Road Initiative”，Maximize the benefits from outbound travel

The rapid growth of China’s per capita GDP brings not only changes in the consumption structure，If you look at it from a more macro perspective，The increasing strength of China’s comprehensive national strength will bring broad room for growth to the tourism industry。At the policy level, we can look at this year’s hot spot “One Belt, One Road”，It can be guessed based on the preparations for the establishment of the "AIIB"，The outlet for domestic excess production capacity is likely to be just a small piece of this huge puzzle，The reconstruction of the surrounding diplomatic ecosystem in the context of the rise of great powers is the real panorama。From the experience of other countries，The flow of goods and capital factors, that is, the integration of markets, is just the beginning，The flow of people is fundamental。

4, Mobile Internet transforms the industrial chain, and the tourism ecosystem takes shape

The mobile Internet has had a huge impact on the traditional tourism industry chain: blind spots that were difficult to informatize in the past are covered to the greatest extent，188bet sports betting app download Online data and offline services are effectively connected，The most important part is to cover the row data in the information flow。Currently，The era of big data in the hotel industry has just begun，With the increase in mobile penetration、And the innovation of various business models resulting from this，The data in the row will have more ways to be recorded，Combined with pre-trip search and reservation data，And travel notes and review data after the trip，Hotels and resort tourism will usher in the spring of big data。

5、High growth in sector market value，Enterprise transformation is expected to bring room for valuation improvement

From a market capitalization perspective，2010 to present，The total market value of the tourism sector increased by 2.95 times，Far higher than the overall growth rate of the market value of all A-shares，The market value share of the sector in all A-shares increased from 0.47% increased to 0.62%，The proportion increased by 30.45%。From the perspective of valuation level，Due to the growth of the tourism industry, it is recognized by the market，Horizontal comparison with other industries，Tourism PE-TTM has always ranked among the top，The latest PE is 70.08，Ranked 11 out of 29 industries。

2015 YTD，Tourism sector increased by 126.03%，Excess return relative to the market 82.08%，Remarkable investment value。Beginning at the end of 2014，The tourism industry is affected by factors such as the shift in the A-share market，The relative valuation has declined，The fall in valuations provides room for the sector’s subsequent market value growth against the backdrop of stronger expectations for transformation among tourism companies。

6, resourcesVSServiceVSChannel: Realization value of scenic spot traffic

The tourism industry can be divided into resources according to the industrial chain、Channel、Service (product) three categories，The resource category includes hotels、Catering、Scenic spots, etc.，Channel、The service category includes companies with light assets such as travel agencies (online or offline)。Channel、Service companies have higher ROE、High proportion of private holdings，More flexible business model，Tend to enjoy higher PE；The valuation of resource companies represented by traditional scenic spots is significantly lower than other types。From hotel、An example of a catering company can be seen，Pass the state-owned enterprise reform that started in the second half of 2014，The valuation of the company has increased significantly，In the context of improving demand，The reform of state-owned enterprises will enable enterprises to evolve in a direction that is more suitable for the upgrading of consumer demand，So the valuation increase is long-term，Explains the market’s support for enterprises to introduce strategic investment in reforms、Improve incentive mechanism，The prospect of actually improving profitability is real。Therefore，In the context of the gradual strengthening of corporate transformation expectations in the sector，There is still huge room for improvement in the valuation of the scenic spot sector。

There are 14 listed companies in A-share scenic spots，Has the highest proportion among the 32 listed tourism companies。The main business is relatively simple，Mainly tickets、Ropeway、Passenger transportation、Hotel etc.，Passenger flow growth is the single source of driving force for performance growth。In the Internet era，The flow of people 188bet online sports betting implies countless business opportunities，The scenic spot receives a huge number of tourists every year，The value is not limited to the income from selling tickets to scenic spots，As long as the scenic spot can find a better way to monetize the passenger flow，can create huge profit growth space。

3. Investment Suggestions

We recommend that we firmly adhere to the three main lines of investment in "New China": 1) Online tourism、New model represented by business travel finance.2) The growth space brought about by the rise of the middle class and industrial upgrading，Pay special attention to the explosive growth of outbound tourism and the industrial development opportunities brought by Disney’s settlement in Shanghai;3) The explosive expansion of related stocks brought about by the reform of state-owned enterprises。Specific to the investment target，Based on the perspective of “new industry and new model”, we continue to recommend Ctrip and Tempus International；Consumption upgrade brought about by the growth of middle-class consumption，We recommend Zhongxin Travel, a leading outbound travel company,Yishi Shares，Jinjiang shares, a Disney concept stock related to leisure travel、Songcheng Performing Arts、China Youth Hostel；Based on the opportunities brought by the reform of state-owned enterprises to related targets，Comprehensive reform efforts in various places，Major shareholder assets，and performance flexibility, we recommend Qujiang Cultural Tourism in order、Guilin Tourism、Yunnan Tourism、Oriental Hotel, etc.。

IV. Risk Warning

i)The impact of market competition on profitability；ii)Political factors、The impact of climate factors on tourism business；iii) Expenses exceeded expectations；iv) The target of the 188bet Online Sports Betting and Casino merger and acquisition incurred losses