March 31，Sponsored by Changshu Municipal People's Government，Changshu Municipal Culture, Sports, Radio, Television and Tourism Bureau、The "2020 China Cultural Tourism Big Consumption Online Summit and Changshu Cultural Tourism Development Seminar" officially kicked off。This seminar focuses on the development of cultural tourism in Changshu，With "Spring Warmth and New Consumption、The theme of Baihua New Ecology，It consists of 3 major sections，5 subdivisions，More than a hundred institutions have been invited，From "New Consumption、New product、New channel、New Marketing、Five perspectives of new destinations，With a new perspective，A further analysis of the integration of culture and tourism in Changshu City、Cross-border innovation，In-depth analysis of new ideas for the development of cultural tourism industry after the epidemic、New path、New Trend。Jiang Ya, chief consumer industry analyst of CITIC Securities, shared the theme of "Cultural Tourism Consumption Trends and Investment Logic" at the live broadcast。

Jiang Ya said，It is very necessary for the future development of the cultural tourism industry to be integrated with finance，Because most investments in cultural tourism focus on investment，If capital is used well，Can bring great help。For cultural tourism consumption trends，Don’t worry too much on the demand side，The domestic population base is large、188bet online sports betting Strong consumption resilience，There is great potential in terms of the entire consumption capacity，The core issue is whether we can have strong operational capabilities、There is good supply。When making cultural tourism products, you must have the concept of consumption stratification，With precise positioning。The most important aspect of operational capabilities is product design concept，This is very important。

188bet online sports betting

(This article is compiled based on the speech transcript，Zhi Hui slightly deleted)

Hello everyone，Today’s sharing I mainly look at cultural tourism consumption trends and investment opportunities from a capital perspective。

Comparing the market value of listed companies in the cultural tourism industry at home and abroad，The gap is very big。A listed company in the field of culture and tourism，For example, the highest Ctrip，More than 10 billion US dollars market value，But the overseas listed companies comparable to him have a market value of nearly 100 billion US dollars，In general, the market value of comparable domestic and foreign companies is nearly 10 times different。Other hotels、Cruise，Especially scenic spots，This is what we call a cultural tourism vacation destination，All are very low。

What is the reason？The market value of listed companies can simply be regarded as the result of valuation x profit，From a valuation perspective，Except for the valuation of scenic destinations, domestic companies are lower than comparable overseas companies，Everything else is high，This means that the profit scale of our entire cultural and tourism listed companies is still relatively low。This is actually very inconsistent with such a large domestic demand market in our country。We think the core issue here may still be from the investor’s perspective，From a supply side perspective，Some good products that can really capture consumers，Relatively scarce now。

Of course，Another reason may be that it has something to do with the sample 188bet app download I saw，Because the samples I see now are only listed companies，Relatively traditional，Especially the cultural, tourism and leisure industry companies are basically based on Huangshan、Emeishan and other natural scenic area companies are represented。But it has actually done better in recent years，For example, Chimelong and other companies，It is unlisted status，So for this securitization ratio，If viewed from the capital market，Relatively speaking, it is also relatively low in the cultural tourism industry。

From this point of view，In fact, the future development of the cultural tourism industry will be integrated with finance，I think it is still very necessary，Because most of the investment in cultural tourism is actually relatively heavy，So if such a capital can be put to good use，In fact, it can bring a very big driving force。

From an investment perspective，The simple logic is to see if this business has good prospects，Can we make good profits，What will be the return on investment。For this question，First of all, look at the demand side，China’s entire total consumer spending，Including per capita consumption expenditure and looking at international comparison，The proportion is still relatively low。From the perspective of income，From the perspective of GDP per capita，The consumption power of Chinese residents has improved a lot，But compared with the history of developed countries, the corresponding consumption expenditure basically lags behind the income level by about 10 years。So in simple terms，We think the demand side，Consumption ability and willingness are not problems in China at present。Whether it is cultural tourism or some related consumption，There is very rich growth soil for development in China。

What I just talked about is the issue of macro consumption power，Another thing I want to emphasize is the structural issue。Based on Maslow’s Principle of Needs，Consumption will be upgraded from the most basic survival needs to spiritual needs，Today we are discussing a cultural tourism product，In fact, it is more spiritual 188bet Online Sports Betting and Casino needs。In terms of broad classification，We will also put it in the experiential consumption branch。In fact, our entire consumption structure has now transitioned from a relatively physical commodity consumption to an experiential consumption，We think this upgrade is certain。

In the past few years, everyone has been discussing whether there will be a downgrade under the current poor economic environment，But we feel that this discussion is only about the price difference。In terms of the essence of the product，I think the upgrade trend is irreversible，Everyone meets their own life needs，Then the trend towards a need for spiritual pleasure is irreversible，That is to say，The demand side actually supports the development of cultural tourism very highly。

But why are our domestic related companies still not big enough，Relatively speaking, it has not benefited from some of the benefits brought about by the growth of the entire demand side that I just mentioned。We feel that the core problem is still on the supply side，That is to say, some high-quality products in China，Able to accurately grasp the position，Products that guarantee some high-quality operations，Actually very few。From this point of view，Everyone should be able to sense it from the government’s policy guidance。We look at consumption over the past 10 years，Policies to stimulate consumption are introduced almost every year，But there have been some changes in recent years。Since the end of 2018, we have placed great emphasis on improving the quality and expansion of the supply side，Not just the past stimulation of consumer demand。We believe that governments at all levels are very wise in their understanding of issues and trends，Be able to grasp the core contradiction of industrial development，Especially on the cultural, tourism and leisure consumption side，The biggest problem still lies in the supply-side upgrade。Due to lack of supply，We see that the amount of overseas consumption by Chinese residents has 188bet sports betting app download always been relatively large，Our trade deficit in the service industry is basically more than 200 billion US dollars every year。The main reason is that some of our consumers have upgraded，But the quality of domestic products cannot match his needs。

So in general, we think that for the development of cultural tourism consumption trends，Don’t worry too much on the demand side。This demand comes from the entire base of a large population，To the structural opportunities，Both have great potential，But the core issue is whether we can have such an operational capability。

For example, if we look at listed companies，I just mentioned that there are more traditional scenic spots，For example, Huangshan、Emeishan basically offers tickets，Including some internal service facilities, which are actually limited to internal small traffic。But we can see companies such as Songcheng，Attract consumers through products and operations，Achieved very good results，Not just profit、Ability to generate cash flow，In fact, this type of product has a very strong ability to stimulate the surrounding economy。

Also，From a structural perspective，We recommend paying attention to the consumption of low-income groups，Domestically speaking，We are a market with a relatively obvious dual economic structure，Shanghai and Beijing feel like developed countries，But the third-tier cities were exactly the first- and second-tier cities four or five years ago。Let’s look at macro structural data，The growth rate of this part is higher than the overall industry or the first and second tier parts，So，We think we need to think about this，What are the needs of this group of people in the future，How to match。

There is also a structural direction，When we make products, we must have the concept of consumption stratification，There is a precise positioning，We now provide a large and comprehensive product，Provide a standard product，This era may have passed，Now is the time when the differences among the entire consumer group are revealed，In fact, 188bet Online Sports Betting and Casino all types of products only need to target one group of people，There is potential to do it professionally，This point is related to the operational capabilities we originally mentioned。This is actually the most important one in operational capabilities，It is the positioning and concept of a product，This may be the most important。

Share your views on the impact of the epidemic。Every leader feels the impact of the epidemic more deeply than I do，The impact is more significant，But we did a survey，It shows that there will be a relatively obvious recovery of confidence in two to three months after the epidemic is over。Finally, let’s get back to the investment itself，From an investment perspective，Let’s take a look at the industry space and profitability，Also look at the valuation level。The actual investment side of the cultural tourism consumption trend is very optimistic about this direction，Mainly based on the growth capacity corresponding to the demand growth of the entire industry，Valuation corresponds to the growth ability that can be achieved，Give a certain consideration。

That’s all my sharing, thank you everyone!