With the approach of the summer vacation, many places in China have announced the resumption of inter-provincial tourism and the issuance of consumption coupons and other supportive measures. at present, many brokerages are optimistic about the warming trend of the tourism industry, and believe that the overall repair trend of tourism travel will not change in the second half of the year.

From an investment point of view, brokers expect that the summer travel boom is expected to improve, and the leisure scenic spots of performance restoration, the deterministic targets of growth and the bottom targets of the cycle of performance improvement are all worthy of attention.

The excursion is still expected to improve.The trend of repair will not change in the second half of the year.

By the midday close of July 14, the travel concept sector was up more than 1%, with highways, airlines and tourist attractions leading the way, according to Wind. Combing the recent views of brokerage institutions, it is found that the current tourism industry, especially summer tourism, is accelerating in the context of the relaxation of domestic travel restrictions and the introduction of supportive measures.

Shanxi Securities believes that combined with the intensive distribution of cultural and travel consumption coupons and the introduction of preferential tickets in scenic spots, the policy dividend is giving impetus to the recovery of the tourism industry. In addition, considering that the number of days of travel this summer is longer than that of Spring Festival, May Day and other holidays, long-distance travel in China is expected to pick up and gradually become the dominant summer travel market.

The current recovery trend of tourism and some sub-sectors can also be seen from the relevant data. According to the June CPI data released by the National Bureau of Statistics, CPI fell 0.2 per cent from the previous month to flat, with service consumption recovering. Air tickets and tourism prices rose 19.2 per cent and 1.2 per cent respectively, up 15 and 0.8 percentage points from the previous month, while hotel accommodation prices rose 0.3 per cent from a 0.7 per cent drop last month.

From the perspective of fundamental performance, Guoxin Securities believes that, as a whole, in addition to a small number of sub-plate companies such as human resources, the operating performance of most companies in the social service sector is expected to build a bottom in the second quarter, the current encouraging travel signal is obvious, and the summer market is expected to heat up. Travel prosperity is still expected to improve.

Dongguan Securities believes that from the travel data, summer tourism is still hot, in addition, Hong Kong suspended the inbound flight circuit breaker system to release entry and exit travel again is good, on the whole, it believes that the trend of tourism travel repair will not change in the second half of the year.

Layout, performance repair and other three main lines

In the context of the whole tourism boom restoration, from the perspective of investment, it is found that the direction of performance repair and related targets are more optimistic by securities firms.

Shanxi Securities suggests paying attention to three main lines:First, the target of leisure scenic spots based on performance restoration.It has artificial leisure scenic spots around first-and second-tier cities to meet the needs of tourists for short trips and surrounding tours.The second is to increase the standard of certainty.Focus on the target of sustained growth in salesThird, the targets of some hotels at the bottom of the hotel cycle.Its performance is significantly better than the previous year, and continues to develop mid-and high-end hotels and improve the chain rate.

China Galaxy Securities pointed out that the current scenic spots have better allocation value in terms of length and length: in the short term, scenic spots have excess income relative to Shanghai and Shenzhen 300 in summer (July-August). The reason is that summer is the peak tourist season, and β is the source of excess income. From the medium-and long-term perspective, some scenic spot companies still have room to extend.

With regard to the tax-free sector, which is of considerable concern to the market, China Galaxy Securities believes that the tax exemption is the only social service sector that has not achieved valuation repair since August 2021.From the third quarter to the fourth quarter of 2022, the fundamentals of the industry are expected to continue to maintain a marginal improvement trend. It is suggested that we should continue to pay attention to the valuation repair market of the tax-free sector.

Some of the targets of the medical services sector are also expected to usher in layout opportunities in the summer.Guojin Securities pointed out that the rigid demand for flight recruitment and conscription physical examination catalyzes the upsurge of optical demand during the summer vacation. In addition, the level of policy support for the compliance of the medical service market is expected to be improved as a whole, and it is suggested to focus on the rebound opportunities for the leading summer performance of specialist medical services with long-term efficient operation, excellent medical quality and outstanding brand effect.