About the World Expo, about urbanization and about environmental development.

1. 1 Current situation of China tourism market

Since 1990s, China's tourism industry has developed rapidly at a rate higher than GDP growth. Since 1993, the total number of tourists and the total tourism revenue of CAGR have reached 9.6% and 16.4% respectively. The abnormal performance of data in 2003 and 2004 was caused by the impact of SARS in 2003 and the retaliatory rebound after SARS. By 2005, the total number of tourists in the tourism market reached 654.38+363 million, and the total income of the industry was 766.363 billion.

1. 1. 1 The domestic travel market has grown steadily.

In the rapid development of China tourism market, the domestic tourism market has maintained steady growth. From 1993 to 2005, the CAGR of domestic tourists reached 9.5% and 16.3% respectively.

In 2005, the number of domestic tourists was 1, 21.200 million, an increase of 1.0% over the previous year, of which 496 million were urban residents, an increase of 8.1%over the previous year; The rural population is 7160,000, an increase of 1 1.4% over the previous year. Tourism revenue reached 528.6 billion yuan, accounting for 69% of the total revenue of the whole industry.

1. 1.2 The growth rate of the inbound tourism market slowed down.

China's inbound tourism market consists of foreign tourists and Hong Kong, Macao and Taiwan tourists, of which Hong Kong, Macao and Taiwan tourists account for nearly 80%. The number of inbound tourists has increased by 9. 1% since 1993, and the growth rate of foreign exchange income of tourism in China has reached 16.5%, which is slightly higher than the growth rate of domestic tourism market. In 2005, the scale of inbound tourism market reached 65.438+0.2 billion person-times, an increase of 654.38+0.3% over the previous year. Among them, the Hong Kong, Macao and Taiwan markets accounted for about 654.38 billion person-times, up by 8.6%, and the foreign markets accounted for about 200 million person-times, up by 6543.8+ 09.6%. The number of inbound overnight tourists reached 46.8 million, an increase of 12 1% over the previous year, and the market size ranked fourth in the world. According to the latest data, the growth rate of inbound tourism market decreased in the first three quarters of 2006, with a year-on-year increase of only 2.86%, of which the growth rate of Hong Kong, Macao and Taiwan markets was only 1.9%, and the growth rate of foreign tourists also decreased to 7.76%. Tourism foreign exchange income1468 million, up 4. 1% year-on-year.

We believe that the reason for the decline of inbound tourism market in 2006 is probably due to the spread of avian influenza from birds to people in China in the first half of this year, on the other hand, it is also related to the maturity and slow growth of Hong Kong and Macao markets.

1. 1.3 The outbound tourism market is developing rapidly.

Outbound tourism is the fastest growing tourism market. From 1993 to 2005, the number of outbound tourists in China reached 18.6%. At present, China has become the largest tourist exporter in Asia and one of the fastest growing countries in the global outbound tourism market. In 2005, the total number of China citizens leaving the country was 3126,300, an increase of 7.5% over the previous year. Among them, 5,886,300 people went abroad on business, an increase of 0.2% over the previous year; There were 25140,000 people going abroad for personal reasons, an increase of 9.4% over the previous year, accounting for 8 1.0% of the total number of people leaving the country. It is estimated that the number of tourists will reach 34 million in 2006.

1. 1.4 Business travel dominates the high-end tourism market.

Business tourism market is a specific sub-market included in the above three major tourism markets, including domestic business tourism and international business tourism. Business tourism occupies an important position in the whole tourism market, with the characteristics of high repeatability, strong planning, strong spending power and long stay in the destination, occupying the high-end market of tourist sources.

According to a document of the National Tourism Administration in 2003, China spends more than 35.7 billion yuan on international business tourism every year, accounting for 17% of the Asian business tourism market. At present, the number of people going abroad on business, including business and business trips, has accounted for 53.3% of the number of people going abroad; Business meetings account for 39.9% of inbound tourists; China's domestic business tourism expenditure is as high as US$ 654.38+070 billion, accounting for about 30.5% of the whole domestic tourism market, and increasing by 20% every year.

Business travel destinations are mainly concentrated in Beijing, Shanghai and Guangdong economic circles. Beijing In 2003, Beijing * * * received 1.200 million tourists, of which 4 1.2% were business tourists, ranking first, surpassing leisure and holiday tourism, and business tourism became the upstart of tourism.

1.2 Status of three sub-industries

1.2. 1 The competition among travel agencies is fierce, continuing the low gross profit situation.

The number of travel agencies and industry income maintained rapid growth. 1987, there were 1245 travel agencies in China. Since 1995, the travel agency industry has entered a stage of quantitative growth, and the number of travel agencies has increased by 1000 on average every year. By the end of 2005, there were 16846 travel agencies in China, an increase of 1507, an increase of 9.82%.

According to the statistics of valid data provided by 16245 travel agencies, the operating income of national travel agencies in 2005 was11659 billion yuan, up 9.70% year-on-year.

Foreign travel agencies have entered the China market. At present, the total number of foreign travel agencies entering China by joint venture or sole proprietorship is 22. According to the Interim Provisions on the Establishment of Foreign-controlled and Wholly Foreign-owned Travel Agencies, wholly foreign-owned and holding travel agencies are also prohibited from engaging in outbound tourism business, and can only engage in domestic and inbound tourism business.

Industry concentration is low. The market share of BTG, China Travel Service and China Youth Travel Service was 79.6% in 1980, and exceeded 25% for the first time in 193, but now it is less than 15%. At the same time, a number of emerging travel agencies, such as Kang Hui Travel Agency, Shanghai Chunqiu Travel Agency and Shanghai Jinjiang International Travel Agency, have grown rapidly. Globally, the income of the top 100 travel agencies accounts for 50% of the travel agency's income.

The overall marketization rate tends to decline. Marketization rate refers to the number of tourists received by travel agencies/the total number of tourists, reflecting the proportion of tourists receiving travel agency services. According to incomplete statistics and related data, only about 20% of tourists participated in the Golden Week in 20051/month, and as many as 80% of tourists chose other ways to travel. This shows that more and more groups advocate personalized travel methods. It can be seen from the data of the past ten years that the marketization rate of tourist sources in China is on the decline.

Intense competition continues the low gross profit situation. Due to the low entry threshold of travel agencies, the competition is particularly fierce, and the overall profitability of the industry is low. In recent years, the industry profit rate has gradually approached zero, which is far from 6% in developed countries. The annual inspection results of the national travel agency industry in 2005 announced by the National Tourism Administration show that the net profit rate of tourism business was only 0. 1 1% last year, and nearly13,000 of the national16,000 travel agencies were all rated below the "average level", and nearly 80% of the national travel agencies were in a state of unprofitable or loss.

1.2.2 the hotel industry is booming, investment is speeding up, and the industry pattern is facing structural adjustment.

The industry boom has risen. The break-even point is reached when the occupancy rate of hotel rooms reaches 60%. Due to oversupply, the occupancy rate of hotel rooms remained below 60% in the middle and late 1990s. After entering 2000, the room occupancy rate has steadily increased, and there is a trend of further improvement. In 2005, the occupancy rate of star-rated hotels in China was about 63%, and the occupancy rates in developed areas such as Beijing and Shanghai were higher than the national average.

Investment accelerated and supply increased rapidly. The number of star-rated hotels increased from 6029 in 2000 to about 12000 in 2005, and the CAGR reached 12.5%. The number of guest rooms increased to 6.5438+0.4 million sets, and the CAGR reached 654.38+0.5%.

While the number of rooms is growing rapidly, the occupancy rate of rooms is relatively stable, staying at around 60%. The turnover of star-rated hotels increased from 60.37 billion yuan in 2000 to 1.46 1 billion yuan in 2005, and the CAGR reached 1.5%.

The competition pattern is facing structural adjustment. In the past few years, the hotel industry has shown the characteristics of "the higher the star rating, the better the benefit", and the operating conditions of foreign-funded hotels are better than those of domestic-funded hotels. In this context, the structural adjustment trend of the hotel industry is obvious, and business models such as "economic chain", "brand-name, professional hotel management company" have become hot spots in the industry.

"Economical" hotel chains are developing at a high speed. Since 1997, when the first real economy hotel chain brand was born in China, the economy hotel chain in China has developed very rapidly. By the end of 2005, there were 50 economical hotel chain brands in China accommodation market, with more than 600 hotels and 50,000 rooms.

At present, among the top ten budget hotels, Jinjiang Inn with nearly 10,000 rooms and Home Inns with more than 100 hotels have appeared. In 2005, the average growth rate of the top ten budget brands in the market was 74%, and the average annual growth rate of the whole budget hotel industry exceeded 50%. It can be said that budget hotels have entered a golden period of development in China.

In 2005, the average occupancy rate of budget hotels in China reached 89%, ranking first among all hotel formats. The average house price is 154 yuan, and the average Revpar (the average actual operating income generated by each loanable room) is 138 yuan, which is basically close to the average Revpar level of three-star hotels in the same period.

High occupancy rate and relatively low investment bring attractive returns to budget hotels.

It is estimated that if a single hotel is a leased property, the return on investment is generally above 20%, which is significantly higher than that of ordinary hotels.

At present, China's budget hotels are equivalent to the level of the United States in the 1960s and 1980s, which are mainly manifested in the following aspects: the number of budget hotels is increasing, the product forms are abundant, chain operation is beginning to replace the traditional decentralized operation, mature hotels are merged and integrated into single hotels, and budget hotels are beginning to go international.

Investment in high-star hotels has accelerated, and internationally renowned hotel management groups have expanded rapidly.

In 2005, there were 45 five-star hotels in Beijing, and this number will increase to about 55 in 2008. The number of four-star and five-star hotels in Shanghai will increase from the current 63 to 2065,438+00. 80% of the five-star hotels in Beijing are managed by foreign brand hotel groups, and 75% of the five-star hotels in Shanghai are managed by foreign brand hotel groups. In addition, the international hotel group began to expand from the first-tier metropolis in China to the second-tier cities, and made its own layout to seize the market; Some international hotel delegations have begun to implement the "all-brand strategy" in China, covering all levels of hotels from ultra-luxury to economy, so as to maximize market share. In 2004, the average occupancy rate of five-star hotels in China was 66.6%. In 2005, the average house price in Shanghai market rose by 13%, reaching 1 198 RMB, with an occupancy rate of 77.5% and revpar of 929 RMB. As of the first half of 2006, the occupancy rate of Beijing's high-end hotel market was 72.97%, down by 0.55%, but the average daily house price rose by 9.03% to 887 yuan, making Revpar's income reach 647 yuan, up by 8.2 1% year-on-year.

1.2.3 scenic spots have exclusive resource advantages, and price increase has become the main means to increase income.

According to the Report on the Development of Tourist Attractions in China in 2005 issued by the National Tourism Administration, as of June 5438+ 10, 2005, there were about 20,000 tourist attractions in China, and there was an increasing trend. By 2006, more than 80 scenic spots in China will reach the 4A level.

The current situation that the profit model of scenic spots is relatively simple continues. Raising ticket prices has become the main means to increase income in most tourist areas, and the proportion of ticket income in the total income of tourist attractions is too high. Broadening income channels and improving supporting facilities will be the focus of future development.

2. The basic characteristics of tourism

2. 1 Particularity of supply and demand factors in tourism

The development of tourism is influenced by supply and demand. The supply and demand factors that affect tourism not only depend on the richness of tourism resources and the ability to pay, but also the related industrial and social factors play a very important role in restricting the development of tourism. The factors that affect the supply include the richness of tourism resources, the guarantee of basic supporting facilities such as transportation and accommodation, the government's tourism industry policy, and the psychological expectations of tourism facility providers on the prosperity of the industry.

The factors affecting demand mainly include the level of national economic development, disposable income, leisure time, meteorological conditions, tourism consciousness or concept and other factors.

Tourism supply and tourism demand need to adapt to each other in order to achieve mutual balance. However, at different stages of development, their dominant position is different. In the initial stage of tourism development, the continuous demand for tourism leads to the continuous growth or improvement of tourism supply in quantity, quality and benefit. After the tourism supply develops to a certain extent, it creates more and more new tourism demand, which makes the tourism demand develop and evolve day by day. In a certain period of time, the tourism supply capacity is established, and the tourism demand is influenced by many factors such as politics, economy, nature and geography, which has great uncertainty and randomness.

2.2 Highly sensitive to the external environment

Tourism is highly sensitive to the external social environment. Economic recession, war, relations between countries, safety of travel and destination, climate, epidemic of infectious diseases and other emergencies have great influence on tourism.

1979-2005, affected by the global economic depression in 1982, the domestic political turmoil in 1989 and the SARS epidemic in 2003, the growth rate of China's inbound tourism market dropped sharply in 1982, 1989 and 2003 respectively.

3. China's tourism industry is in the golden age of development.

Tourism is also a dynamic industry in the world, which has been developing steadily at a speed higher than the average growth rate of the world economy. According to the prediction of the World Tourism Organization, by 2020, the world will receive 654.38+06 billion international tourists, and the international tourism consumption will reach 2 trillion US dollars. The average growth rate of international tourists and consumption will reach 4.35% and 6.7% respectively, which is much higher than the average growth rate of 3% in the world economy. Under this general trend, the prospect of China's tourism development in the next 20 years will be more optimistic.

3. 1 Huge rising space-a booming sunrise industry

Although China's tourism industry has made great progress in the past 20 years, there is still a big gap between the indicators reflecting the degree of tourism development and the international ones. At present, China's tourism industry has just entered a new stage of demand structure and industrial structure upgrading and adjustment, with huge development space, which belongs to a typical sunrise industry.

Travel rate is low. In 2005, the domestic travel rate of China residents was only 92.7%, while the average travel rate of European and American countries has reached 300%. The travel rate of China has increased from 57% in 2000 to the present level, and the CAGR has reached 10.3 in five years. If this speed is maintained, by 2065, China's tourism trip rate will double, 438+02, and the number of tourists will exceed 2.5 billion.

The per capita travel cost is low. In 2005, the per capita expenditure of domestic tourism in China was US$ 54.5, which was 3.2 1% of the per capita GDP. In 2003, the per capita expenditures of the United States and France were 1.685 and 83 1 respectively, accounting for more than 5% of GDP.

Short stay and low overnight expenses. Among all domestic tourists in China, the proportion of overnight visitors is relatively low, about 40% (60% for urban residents and only 24% for rural residents), and the number of overnight trips per capita is only 0.27 times a year, which is only 9% in the United States, 10% in France and 28% in Spain.

In 2005, the number of outbound tourists in China reached 3 1 10,000, ranking third in the world. There were 46.8 million overnight visitors, ranking fourth in the world. By the end of 2005, there were 1 17 outbound tourist destinations approved by the State Council. The latest research report released by the World Tourism and Travel Council in Shanghai recently predicts that from 2007 to 20 16, China's tourism industry will achieve a real annual growth rate of 8.7%, and China will become the second largest tourism and travel economy power in the world within ten years.

3.2. Rapid economic growth is a powerful driving force for the development of tourism.

The rapid economic growth is a powerful driving force for the development of tourism. From a global perspective, the development of tourism is closely related to the prosperity of the global economy. From the statistical data of China in recent ten years, we can also see that the tourism revenue has increased rapidly with the growth of GDP, and the growth rate has been higher than GDP except for the impact of SARS in 2003. It can be predicted that under the background that China's economy will continue to grow rapidly in the future, China's tourism industry will also maintain a high growth rate.

In addition, according to international experience, the transition period of per capita GDP from $65,438+$0,000 to $3,000 is the fastest stage of tourism development. During this period, people's travel demand is released rapidly, and domestic tourism will become the main demand. When the per capita GDP exceeds $3,000, outbound tourism will grow rapidly. In 2005, China's per capita GDP has reached $65,438 +0.700, and the eastern developed areas have exceeded $3,000. Engel's coefficient of urban and rural residents continues to decline, and China's per capita GDP is expected to reach $2,400 in 20 10 (excluding RMB appreciation). The next 5- 10 years will be a period of rapid development of tourism in China.

Rapid economic growth will also bring prosperity to commercial tourism. According to the statistics of National Tourism Administration, business and conference tourism accounts for 39.9% of China's inbound tourism market, while domestic business tourism accounts for 30.5% of the whole domestic tourism market, and it is growing at an annual rate of 20%. According to the prediction of the International Conference Association, "China may become the primary destination for international conferences and prize-winning tourism in the 2/kloc-0 century".

3.3 major events have become catalysts for accelerating industrial development.

The hosting of the 2008 Beijing Olympic Games, the 20 10 Shanghai World Expo and the 20 12 Guangzhou Asian Games will greatly promote the further development of tourism in China.

According to the Beijing Olympic Tourism Action Plan, by 2008, the number of inbound tourists in Beijing will reach 4.4 million, and the number of tourists from other provinces and cities will reach 654.38 billion. According to the prediction of Shanghai authorities, the number of domestic visitors to the 20 10 Shanghai World Expo will reach 48 million. The prosperity of the tourism market will significantly enhance the prosperity of travel agencies, hotels and scenic spots. For example, Beijing Tourism Bureau announced that 1 12 star hotel has become the contracted hotel of BOCOG, and the contracted price is at least 60% higher than usual. At the same time, 56 hotels in Hebei will be included in the reception scope of the 2008 Olympic Games.

The holding of the above-mentioned grand event will also help to adjust the industrial structure, improve the tourism facilities, and make them increasingly perfect, rich and diversified, so as to meet the needs of upgrading the tourism consumption in China.

3.4 Rich tourism resources and perfect supporting facilities

Rich tourism resources have unique advantages. China's natural and cultural tourism resources rank first in the world, surpassing the United States, Spain, France and other tourism powers. Unique customs, colorful urban scenery, magnificent construction projects, etc., provide great resource advantages for the development of tourism. According to the "2006 National Brand Index Ranking (CBI)" issued by the international brand consulting company FutureBrand, China ranks first among the most likely major international tourist destinations in the next five years.

The improvement of transportation infrastructure has created favorable conditions for the overall take-off of tourism in China. China's transportation infrastructure construction has made great progress in the past decade. By the end of 2005, China's transportation mileage has reached the second place in the world. According to the national 11th Five-Year Plan, by 20 10, all qualified towns and villages in China will have access to highways. By then, the transportation capacity of roads, waterways, railways and civil aviation will increase by 4 1.5%, 23.8%, 30% and 100% respectively compared with 2005.

3.5 Favorable policy and social environment

Tourism has become a direct beneficiary of the country's expansion of domestic demand. In the 11th Five-Year Plan, the state explicitly proposed to "actively develop industries with great demand potential such as culture and tourism". At present, 24 provinces, municipalities and autonomous regions in China have positioned tourism as a pillar industry, and tourism has been listed as one of the key industries to encourage consumption, expand domestic demand and create new growth points for the national economy.

The perfection and implementation of paid vacation system will promote the stable and healthy development of tourism and national economy. At present, the country is actively promoting the paid vacation system, and the "Specific Measures on Paid Vacation" is expected to be implemented in the near future, so as to change the long-standing paid vacation system, greatly increase people's desire to travel, and alleviate the disadvantages of concentrated travel during the Golden Week.

Social stability and government support have created a good external environment for the development of tourism. Tourism is extremely sensitive to the external environment. At present, terrorism and wars continue to occur in many countries in the world. However, China is recognized as a safe tourist destination in the world because of its prosperous economy, stable political situation and good social order.

4. China tourism development trend 4. 1 tourism market-consumption upgrading is the law that dominates the development of tourism consumption itself: tourism consumption will go through a process of consumption upgrading, including sightseeing tours (per capita income 1000 US dollars), leisure tours (per capita income of 2000-3000 US dollars) and holiday tours (per capita income of 3000-5000 US dollars)

According to the analysis of the National Bureau of Statistics, from 2003 to 2020, China's per capita consumption will increase at an average annual rate of 10.8%, the Engel coefficient of urban and rural residents will continue to decline, and a new consumption peak is coming. Residents' consumption will focus on physical consumption and service consumption, and tourism will be one of the main industries benefiting from consumption upgrading.

At present, China's tourism economy is changing from sightseeing to leisure experience, and tourism consumption is showing a personalized trend. The cultural connotation of tourism will become richer and richer, and the level of tourism consumption will continue to improve. Vacation, leisure and special tourism will increasingly become the mainstream.

4.2 Three sub-industries-resource integration and industrial upgrading are the development direction.

4.2. 1 Travel Agency: Industrial integration is inevitable

There is a huge gap between domestic travel agencies and developed countries. In terms of scale, the market concentration of travel agencies in developed countries is relatively high. The turnover of American Express and Japanese GTP last year was US$ 27 billion and US$ 24 billion respectively, while the turnover of China's largest international travel agency last year was only RMB 654.38+03 billion, less than the former's 1%. From the perspective of industrial chain and division of labor system, the international tourism market is a wholesale-retail relationship. Different travel agencies have a clear division of labor, divided into wholesalers, agents and retailers, and some travel agencies are engaged in specialized operations. A few powerful large-scale tourism wholesalers are engaged in product development, publicity and promotion, and the retail business is mainly completed by small cooperatives. However, domestic travel agencies are small and complete, and the division of labor system is chaotic.

Industrial integration is the future development direction of travel agency industry;

Establish vertical division of labor and horizontal division of labor system. Different travel societies conduct horizontal division of labor in their respective fields according to their own advantages, and realize professional management for specific customer groups and tourism markets. At the same time, the vertical division of labor between large travel agencies and small and medium-sized travel agencies in the industrial chain is more clear, and the differentiation between retail and wholesale business will be more obvious, changing the status quo of small and comprehensive travel agency business.

Large-scale travel society is developing towards collectivization and branding. Relying on a wide range of retail stores to reduce the price of tourism products; At the same time, we will provide the best service to our customers, ensure to save customers' expenses through comprehensive management, and attract more and more large companies and institutions to entrust tourism business. At the same time, the brand image of tourism group will become more and more important to its business development.

In the process of international integration of tourism, the competition of tourism will eventually become the competition of the whole tourism value chain.

A powerful travel society saves costs and strengthens market control through vertical integration. Vertical integration includes strengthening the control of the sales network of tourism products through "forward integration". The form of forward integration is to buy or merge tourism retailers and middlemen in tourist source areas; It also includes controlling the factor market of tourism products through the "backward integration" acquisition and merger of tourist hotels, motorcades and tourist attractions, and forming the integration of supply and production of tourism products.

It will be an important means for travel agencies to participate in market competition by developing e-commerce through information systems and establishing a chained and networked marketing network.

4.2.2 Hotels: Grouping and chaining are the trends, and the industry operation will be further divided.

Scale, brand and specialization are the development directions of China hotel industry. In the international hotel market, no matter high-end or budget hotels, some well-known hotel brands dominate the market and rely on their global business networks to obtain excess profits. In 2002, the concentration of rooms in the top five hotels in the United States reached 56%, while in 2005, the number of rooms in Jinjiang Group, the leading hotel industry in China, was 29,000, accounting for only 2% of the market. In the future, it will be the general trend for the hotel industry to reduce costs and enhance competitiveness through scale and networking.

High-star hotels entrusted by well-known professional hotel management groups and operated by capital will become the main operation mode, and brand hotels under well-known hotel management groups will occupy the leading position in the high-star hotel market.

Economy hotel chain will dominate the mid-range hotel market, and traditional low-star hotels will be forced to transform or be merged. Direct operation or franchising will become its main expansion mode. The existing budget hotel brands are too concentrated in the business travel market segment, and excessive competition has prompted the facilities and equipment of budget hotels to approach mid-range hotels; In the future, the operating mode of budget hotels will be introduced into the market segments such as sightseeing, leisure and vacation. The tourist market is more detailed, the hotel tourist positioning tends to be professional, and the products are more targeted. Theme hotels (conference hotels and resort hotels) and budget hotels will be more competitive in the market with their distinctive images.

The hotel industry may face the situation of escaping from the sequence, and its operation will be further differentiated. Based on the expectation that the tourism market of the Olympic Games and the World Expo will rise, large-scale investment in the hotel industry will lead to the possibility of oversupply of rooms. According to the latest statistics of Shanghai Tourism Bureau, the cumulative average occupancy rate of star-rated hotels in Shanghai in 2006 was 63.64%, which was 1. 1% lower than the same period last year. The average occupancy rate of star-rated hotels in 2005 was 65.64%, which was 3.4 1% lower than that in 2004. In the case of oversupply, the competitiveness of brand high-star hotels and economical chain hotels will be highlighted and they can maintain their own profit margins, while the operating conditions of other types of hotels will deteriorate.

4.2.3 Scenic Spot: Product service innovation and deep-seated resource development are the driving forces for long-term development.

Through product mix, we can form sustainable innovation ability, increase the in-depth development of scenic resources, organically combine natural scenery with humanities and folk customs, and organically combine scenic spots with urban areas, so as to adapt to the trend of China's tourism industry changing from sightseeing to leisure and vacation, prolong the stay time of tourists, and change the current situation of low value of repeated entry of tourist destinations.

By establishing and controlling the industrial chain of tourist destinations, a win-win industrial chain and multiple commercial value integration will be formed, and the single charge of high fares will be transformed into process profit. For example, in the development of tourism commodities, there are no local characteristics in all parts of the country at present. The income of tourism commodities in developed countries accounts for more than 40% of the total tourism income, while that in China is only 2 1.8%. The operation mode of extensive expansion around the main business of scenic spots will become the development direction of scenic spots companies, such as the operation mode of OCT scenic spots plus real estate.

4.3. RMB appreciation will not have a significant impact on China's tourism industry.

China is currently facing the pressure of RMB appreciation. The impact of RMB appreciation on the tourism market is as follows:

Because the appreciation of RMB makes the price of outbound travel cheaper than in the past, it will promote the prosperity of the outbound travel market, and because of the high profit rate of the outbound travel market, it is more beneficial to domestic travel agencies operating international business.

The domestic tourism market may be affected to some extent, because some tourists who originally planned to travel in China changed to travel abroad.

Due to the rising price in the inbound tourism market, the travel cost of foreign tourists has increased.

However, we believe that the appreciation of RMB will not have a significant impact on China's tourism industry. First of all, RMB appreciation will be a slow process. Secondly, from a global perspective, a country's rapid economic development often leads to a strong local currency exchange rate, but the facts show that no country's rapid economic development has affected the competitiveness of tourism. Thirdly, according to the sharp appreciation of the yen in the 1980s, Japan's outbound travel market grew rapidly, while the domestic and inbound travel markets were not significantly affected. Finally, the prices of China's tourism products and services are very cheap all over the world. According to the national tourism competitiveness index compiled by WTTC, the price competitiveness index of China tourism is very high: in 2004, China ranked 16. The price competitiveness is strong, and a certain degree of appreciation has little impact on domestic tourism.

5. Industry investment strategy and evaluation of key companies

5. 1 investment strategy

Under the background that the tourism industry is in a booming cycle and will benefit from the Olympic Games and the World Expo, we are optimistic about three types of companies:

1. A company with strong growth ability and competitive advantage in the industry. Such as: CYTS Jinjiang Overseas Chinese Town.

2. Companies with brand advantages and innovative ability. Such as Jinjiang, CYTS and OCT.

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