Half of 2016 has passed，Many important events have also occurred in the 188bet game industry。With changes in the country’s macroeconomic situation，The engine driving economic growth has shifted from investment and exports to consumption，The 188bet game industry is an important part of the consumer industry，Maintain a faster growth rate during the shifting period of economic growth。The investment scale of 188bet game industry exceeded one trillion in 2015，Growth rate is as high as 40% or more，Capital has begun to pour into the 188bet game industry in large quantities，Listed 188bet game companies in the capital market have also become a hot investment sector，Received the attention of a large amount of funds。

Overall market situation: the decline has slowed down，The trend 188bet game main board is stronger than that of small and medium-sized enterprises；Large-cap stocks outperform small-cap stocks

The domestic capital market suffered a heavy setback in June 2015，Experienced three rounds of sharp declines，It began to stabilize and rebound slightly 188bet game first half of this year。From the perspective of major indices，Major A-share indexes 188bet game first half of this year except SSE 50，The decline rate is more than 15%，Some indexes fell by 30% 188bet game first quarter，Overall, the main board index is stronger than the small and medium-sized board and GEM index。

The domestic capital market suffered a heavy setback in June 2015，Experienced three rounds of sharp declines，It began to stabilize and rebound slightly 188bet game first half of this year。From the perspective of major indices，Major A-share indexes 188bet game first half of this year except SSE 50，The decline rate is more than 15%，Some indexes fell by 30% 188bet game first quarter，Overall, the main board index is stronger than the small and medium-sized board and GEM index。

Source: Oriental Fortune ichoice，Fushi 188bet game Compilation

Analysis by industry sector，Except for the garden engineering industry (Palm Holdings)，Other segments of the 188bet game industry performed worse than the benchmark index (CSI 300)。On the one hand, it shows that it takes time to restore 188bet game confidence after many sharp declines，There is no additional large amount of incremental funds entering the 188bet game，The 188bet game enters a state of stock game，Funds are concentrated in big blue chips、Bulk commodities and necessary consumer goods fields。

Travel as optional consumer goods，Although the current market demand is strong，But most 188bet game projects have not yet turned into profits quickly for listed companies，Or facing the problem of homogeneous competition，Therefore, listed companies in the 188bet game sector generally have weak short-term profitability，High valuation situation。

Source: Oriental Fortune ichoice，Fushi 188bet game Compilation

Do not consider catering and hotel listed companies，Other listed 188bet game companies are in a subdivision of scenic spots and destinations、Travel agency、Cultural 188bet game Real Estate，The statistics of the increase and decrease in the first half of the year are as follows:

Source: Oriental Fortune ichoice，Fushi 188bet game Compilation

Only five 188bet game stocks fell less than the CSI 300 Index in the first half of the year，Three of them achieved positive returns，From the perspective of industry distribution, the anti-fall stocks mainly come from the scenic area destination segment。

Analysis of various 188bet game segments-maintaining overall profitability in 2015，Some companies have tight cash flow，Big difference in return on assets

In 2015, all listed companies in the 188bet game industry remained profitable except Palm Holdings，The highest net profit profit scale is OCT A (46.4.1 billion)，The smallest scale is Tibet 188bet game (5.35 million)。After excluding non-recurring gains and losses such as government subsidies，Some companies suffered losses，Ruzhonghong shares lost 3.4.5 billion，Yunnan City Investment suffered a loss 1.8.1 billion，HNA Innovation Loss 1.5.8 billion。

Since the current main business of cultural 188bet game real estate enterprises is real estate business，The characteristics of the business model determine that the cash flow of the above-mentioned enterprises is relatively tight，Such as OCT、Rongsheng Development、The cash flow of Yunnan Urban Investment and other companies is in a relatively tight situation。The current main source of income for scenic spot destination companies is tickets，Expenses are mainly used for operation and maintenance、Staff salary，RuSongcheng Performing Arts、Travel around the mountains、China Youth Travel Service and other companies，Cash flow situation is better。

Return on equity (ROE) reflects the company's profitability，The current median ROE of domestic listed 188bet game is about 7%。Zhangjiajie 2015 ROE (18.86%) is far ahead among travel 188bet game，Scenic area destination 188bet game have large differences in profitability。

Scenic destinations: overall income maintains 188bet game，Resource expansion、Crossover is the theme

Scenic destinations account for more than half of listed 188bet game companies，Looking at the income from the 2015 annual report and the first quarter report of 2016，The industry as a whole is in a state of growth。With domestic leisure travel、The rise of peripheral 188bet game，Income sources derived solely from scenic spot tickets are growing slowly，And there is an upper limit on passenger flow，Therefore, listed companies have begun to extend their original main businesses，And pension、Vacation、Recuperation、Integration of parent-child and other related industries，Add more profit realization methods。

In addition, the current economic growth is mainly driven by government investment and consumption，Government investment is mainly aimed at infrastructure projects，A large number of PPP mode operations，Judging from the project announcements issued by construction engineering companies, it has become an important means to stabilize growth。This is also the reason why the trend of Palm shares 188bet game first half of the year was stronger than the general trend。

Palm shares: PPP model supports the construction of ecological towns，Strategic acquisition embraces rising industries

1、Palm shares started from the landscaping business，In 2015, the controlling stake in Belgolin strengthened its general planning and design capabilities，Leverage the government’s push to promote the PPP model，Massive transformation into cultural 188bet game real estate，To date, the total investment in PPP investment and construction projects has exceeded 29 billion yuan。

Information: Some contracted PPP projects and amounts，Fushi 188bet game Compilation

2、Ecological town is the new business card that the company strives to create。The company’s existing Xunlong River、Time Guizhou、Yunman Lake ecological town model is gradually maturing。The project is located around the city (1-2 hours drive，Distance from airport、Within 1 hour’s drive from the train station)，Convenient transportation；We have won a large number of government cooperation construction projects through the PPP model，And successfully financed and participated in PPP projects 188bet game secondary market，Effectively reduce the pressure on fund utilization，The ecological town is expected to enter a period of rapid replication。

3、Establishment of industrial merger and acquisition fund，Integrate multiple resources，Layout Cultural 188bet game、Big Sports、Great education and great health industry，As an ecological town supporting industry service，Cooperate with the implementation of the ecological town development strategy。In May this year, the company announced that it planned to acquire a controlling stake in the 5A-level scenic spot Hainan Yanoda Rainforest Cultural 188bet game Area through M&A funds，Pilot ecological town’s industrial content and operational model。Last month, it invested in Guangdong Jiada Early Childhood Education, the first early education platform in China，Get involved in the field of parent-child education，Enrich ecological town characteristic product lines。

4、Invest in emerging technologies such as VR/AR，Accelerate the integration of 188bet game technologies and innovative industrial resources。The company participates in the VR offline experience platform Leke VR，With Shenzhen Hejun Zhengde、Yancheng Gypsophila cooperates to establish VR 188bet game fund，Use new technology as supporting construction of ecological towns，May quickly seize the market in the field of VR theme park creative design。

On the one hand, Palm shares are expanding aggressively under the situation of stabilizing infrastructure investment，Vigorous business transformation，On the other hand, we actively develop cultural 188bet game、Education、Health and other new industries，Actively adopt new technologies such as VR，Leading the pace of the industry and market in both aspects，There is an inherent logic to outperforming the general trend in the first half of the year。

Palm gardens are a positive example of active transformation of the cultural 188bet game industry，In traditional scenic spot destination companies，Huangshan 188bet game also communicates to the market through distinctive actions

Huangshan 188bet game: Internal upgrade to improve efficiency，National layout for external affairs，Set a benchmark for transformation

1、Benefit from Jingfu、Hangzhou-Huangzhou high-speed railway opened，The number of tourists received by scenic spots continues to grow；In addition, Yuping Cableway will be put into operation after expansion，Enhanced tourist reception capacity，Driving business improvement。The company received 1.41 million tourists 188bet game first half of this year，Year-on-year growth of 8.8%，Estimated net profit 1.7.4 billion~1.800 million，40%~45% year-on-year growth。

Source: Dongxing Securities Research Report, Compiled by Fushi 188bet game

2、Develop new tourist routes，Upgrade and renovate Ropeway Hotel to improve reception capacity。In recent years, the company has vigorously developed the West China Sea Grand Canyon and achieved results，The passenger flow during the incubation period in 2014 has reached 500,000，Nearly doubled 188bet game-on-188bet game。Upgrading Area A of Xihai Villa，Establish a boutique hotel brand image。Completed the additional issuance of funds last 188bet game，Used to transform Yuping Cableway、Beihai Hotel，Improve the quality and scale of operating assets，Enhance the company's profitability。

3、Based on Huangshan Mountain，National layout，Holding、Reserve high-quality 188bet game projects through equity participation and cooperative trusteeship。The company has currently invested 188bet game Changchun Jingyuetan Cableway、Host Jiangxi Lingshan Cableway。

4、Introducing an external team，Exploring the asset + capital operation two-wheel drive model。Recently, the company has strategic cooperation with Jingyu Culture，In travel planning、Marketing、Scenic Spot Operation、Cooperation in new business development and other aspects，Use the scenery in the boutique hotel、Country Hotel、RV campsites and other resources are developed in Huangshan，Develop leisure and vacation business。Strategic cooperation with Xiangyuan Holdings, a tourist destination construction company, at the end of last year，Renovation and improvement of Yungu Villa，Enrich 188bet game products to promote internal upgrading of scenic spots。Capital operation，Strategic cooperation with Hanyuan Capital in April，Provide financial advisor to the company、Strategic Consulting、Financial services such as investment, financing and capital operation。

Huangshan 188bet game improves efficiency through internal upgrades，Develop new routes and new business formats，Coping with the new industry situation、External brand export，Reserve high-quality destination resources，A way to create a new model of integrating industry and finance，Effectively achieved rapid growth in short-term profitability and steady advancement of long-term strategic layout，is a benchmark for the optimization and transformation of scenic spots。

Travel agency: main business profit margin is low，Actively participate in 188bet game chain integration，Strategic investment in upstream and downstream assets to maintain competitive position

Except that China International Travel Service’s main source of profit is the duty-free shop business，Several other listed companies in the same 188bet game still focus on travel agency business。

From the perspective of business conditions，Travel agency business has low gross profit margin (5%~10%，The gross profit margin of Caesars and Uoxin’s outbound travel retail business is 15%~17%，But the proportion is low)，And the expenses are higher，Xi’an 188bet game has been in a state of operating profit loss since 2013。

Uxin Travel and Caesar Travel have become hot spots 188bet game market，Not because of travel agency business，But the two companies are actively carrying out large-scale industrial integration，And online and offline integration。

Since its listing, UX Travel has successively invested in Club Med, a well-known overseas tourist resort operator，Strategic acquisition of German Kaiyuan、Service providers for overseas destinations such as Qionyou，Integrating the outbound 188bet game industry chain；Domestic M&A of Huayuan International Travel Service，Becoming the leader of European overseas 188bet game in one fell swoop。In addition, through the acquisition of Huayuan International Travel Service，The company introduces OTA giant Ctrip as a strategic investor，Online and offline cooperation strengthens competitive position。The company is also actively involved in financial business，Establishment of small loans and life insurance companies，Create more profit growth points。

Caesar Travel is an outbound travel operation platform owned by HNA，Relying on HNA Group’s resource advantages and strong capital operation capabilities，Deepen the layout of the entire outbound 188bet game and vacation industry chain。Last year, together with HNA Group, we initiated the establishment of a 15 billion Hainan 188bet game Industry Fund，Developing Hainan’s high-quality 188bet game resources；With Capital Airlines, a subsidiary of HNA Group、HNA Hotel Group establishes joint venture company，Building a one-stop aviation hotel booking service platform，Improving outbound 188bet game business；In January this year, we cooperated deeply with Yisheng Financial Services, a subsidiary of HNA 188bet game，Layout of 188bet game + financial business，Rapid expansion through the power of capital，Expand outbound travel market share。

Industrial integration through capital，It is the product of 188bet game competition that has reached a certain stage，Integrating upstream and downstream assets to form 1+12’s scale advantage，Achieve overall profitability of the 188bet game chain。For the highly competitive traditional travel agencies or online travel 188bet game，The expansion model of Zhongxin and Caesar is worth learning。

Other segments: State-owned enterprise reform、Layout finance and marine 188bet game，Each has its own characteristics

Other segments include business travel services and 188bet game transportation industries，Haobai Holdings is the only A-share listing platform for China Telecom, one of the three major domestic telecom operators，Trading has been suspended for many months due to major asset restructuring。

Temperature International is mainly engaged in ticketing agency，Affected by the airline's policy of direct promotion and downgrade, the profitability of the ticket agency business has dropped sharply，At the same time, the financial sector is mainly small loans and P2P business，Frequent risk events in the P2P 188bet game，The market has negative expectations for the company。

Beibu Gulf Brigade: Route Operation Transformation Scenic Area Island Development，In-depth expansion of health 188bet game and smart 188bet game

1、Acquisition of route assets，Newly built high-end passenger ship，Expand the scale of main business。In March this year, the company obtained the controlling stake of Changdao Bohai Changtong 188bet game through asset swap，Expand the market share of Penglai to Changdao tourist routes。The company built two 360-seat high-end passenger ships on the original Pengchang route，Internal decoration has started，Will be put into operation during the peak season this year。

2、Develop healthy 188bet game products，Explore the potential of mid-to-high-end health 188bet game market。The company has established a dedicated R&D team to develop healthy travel products，5 of them have been put into trial operation on the market，Including Wuyi Mountain Tea Zen Tour、Taoist health trip to Longhu Mountain、Jiuhua Mountain Yoga Meditation Trip、Zhaojian Mountain Residence Meditation Journey、Bama Health Exploration Tour。

3、Layout the development and operation of coastal islands，Innovative marine 188bet game industry，Explore new growth drivers。Due to the seasonal impact of the main shipping industry，Since the company went public, it has acquired scenic spot assets to smooth out income fluctuations，Seeking new growth points。Established a joint venture with Jiangxi Longhushan 188bet game and Culture Development Group in May this year，Jointly develop and invest in scenic spots，And sales of travel derivatives。At the end of June, the company strategically cooperated with the Zhifu District Government of Yantai, Shandong，Develop high-quality offshore island Kongtong Island，Make it a domestic island tourist attraction。Currently, the company is still discussing issues and matters related to the cooperative development and operation of Nanji Island Scenic Spot, one of the top ten beautiful islands in China, with the Pingyang County Government of Zhejiang Province。

4、Acquired the entire equity of Bokang Intelligent, a smart 188bet game company，From traditional 188bet game business to smart 188bet game、Smart city business upgrade。The smart security and traffic solutions independently developed by Bokang Intelligent were successfully applied in Hong Kong's return、APEC meeting、Beijing Olympics、The 60th National Day and other major international events，Get user、Affirmation from the government and experts。

Source: company announcement, compiled by Fushi 188bet game

Healthy 188bet game、Smart 188bet game is the forward-looking direction of the current industry development，At the same time, it also received a lot of attention in the capital market，In addition, the background of shareholders behind the company is also rich in resources，There is also ample room for imagination in subsequent capital operations。

A brief summary，From the analysis of the above companies，It can be seen that the companies with the highest growth rates have several obvious characteristics，Not able to lead the development trend of the 188bet game，It is to have core resource advantages，And enjoy the rapid growth of resources in a booming environment。In addition，The company’s background resources are also an aspect worthy of attention。

Outlook for the second half 188bet game year

Based on past statistics，2009 to 2015，The 188bet game industry has outperformed the market in the third quarter for 7 consecutive years，The possible explanation is that the third quarter is the golden period for 188bet game，Related to contributing a larger proportion of the performance of listed companies。

The rise and fall of the stock market is driven by expectations，For companies in the 188bet game industry，How will the industry situation in the second half of the year affect the stock price performance of listed companies？

Judging from the situation in the first half of this year，National 188bet game industry completed investment of 421.1 billion，30 year-on-year increase.5%，Maintain rapid growth；Private investment 241.2 billion，Year-on-year growth of 27.1%，Although there are some bubbles in the market，But the rapid growth of investment is mainly driven by demand。While macro liquidity remains relatively loose，188bet game investment is expected to remain strong in the second half of the year，At the same time, state-owned enterprise reform and supply-side reform continue to advance，Large-scale mergers and acquisitions and restructuring projects continue to be launched，There is a large increase in cross-border investment in enterprises or projects in the 188bet game field，These areas will become hot spots in the 188bet game industry in the second half of the year。

HNA Innovation: The company changed its name this year，has now become a 188bet game and leisure vacation platform under HNA Group，Recently introduced France’s largest 188bet game real estate developer PVCP Group to jointly develop the Jiulong Mountain tourist resort project，More investment actions are expected in the second half of the year。In addition, the problem faced by the company is the internal fighting among shareholders，But judging from the current voting rights of the board of directors，HNA Group’s control over the board of directors is increasing，Controlling the company’s future development will significantly increase the company’s value。

Zhangjiajie: Judging from the 2015 annual report data，Company ROE (18.86%) already ranks first among all listed companies in scenic spots。Revenue and profit still maintain rapid growth in the first quarter of this year，The attractiveness of Zhangjiajie scenic spots continues to increase。Existing resources in Wulingyuan，such as Baofeng Lake, etc.，The company deeply explores the value of resources，Improving project supporting facilities，Revenue growth is sustainable。The company’s major shareholder integrated resources for the western scenic spot in the second half of last year，Currently, we basically control all 188bet game resources on the Western Front，There is an expectation of asset injection in the future。

Currently the domestic 188bet game industry accounts for about 5% of GDP，There is still a lot of room for improvement from the 10% level of developed countries。The 188bet game industry is at the climax of investment and mergers and acquisitions，Expected to continue。The average market value of listed companies in the 188bet game industry is less than 10 billion，As the industry enters a period of great change，Mergers and reorganizations continue to occur，The market value of leading companies in various segments will soon exceed tens of billions，Looking forward to this scene。