With the launch of the “14th Five-Year Plan” tourism plan, whether the cultural tourism industry is expected to prosper

Abstract

On January 20, the Ministry of Culture and Tourism issued the "Tourism Development Plan for the 14th Five-Year Plan", which clarified the stages and goals of tourism development, focusing on the structural aspects of the tourism supply side. Reform, inbound and outbound tourism-related policies and industrial development planning have been provided with detailed guidance. With the orderly advancement of COVID-19 specific drugs, many countries have gradually relaxed travel restrictions on fully vaccinated tourists, and the tourism industry will usher in an orderly recovery. Investors can actively seize the investment opportunities in the tourism sector in 2022.

On January 20, the "14th Five-Year Plan for Tourism Development" was released, emphasizing the following core points: Tourism is an important engine of economic growth and a happiness industry. It has a high positioning for the tourism industry and policy support. and encourage a clear direction; it emphasizes the importance of supply-side structural reform, emphasizes enhancing the vitality of market entities, and encourages an increase in the concentration of travel agencies, duty-free, and destination scenic spots industries.

It emphasizes that tourism enterprises cultivate global competitiveness and participate in international competition, which has an important guiding role for enterprises with overseas potential such as duty-free; the overall planning is still based on domestic tourism, but for We also attach great importance to inbound and outbound tourism, and have made detailed plans and arrangements for inbound and outbound tourism in the post-epidemic era.

The core policies related to the capital market are as follows:

1. Entry and exit:

1) Promote inbound tourism in a step-by-step and orderly manner, improve the service level of departure tax refund for shopping, and expand the coverage of departure tax refund policy for shopping;

2) Steady development of outbound tourism and support of domestic tourism where conditions permit Tourism companies follow Chinese tourists to "go global", build overseas tourism reception networks, strengthen international layout, and participate in global competition;

3) Cooperation with Hong Kong, Macao and Taiwan: Promote Guangdong, Hong Kong and Macao Integrate tourism in the Bay Area; support the prosperity and development of Hong Kong's tourism industry, strengthen the exchange of tourists, promotion and marketing between the mainland and Hong Kong tourism industries; promote the construction of Macau as a world tourism and leisure center;

2. Destinations and tourism products:

1) Build world-class tourist attractions and resorts, and create tourism and leisure cities and neighborhoods with distinctive cultural characteristics;

2) Optimize tourism space/urban and rural layout;

3) Combine culture and tourism;

4) Improve the tourism product supply system: ice and snow, self-driving, study tours, cruises, etc.

Several main lines of investment that we are currently optimistic about are as follows:

Recently, the China Tourism Academy released the "China Ice and Snow Tourism Development Report (2022)". Stimulated by the Beijing Winter Olympics, the return of outbound ice and snow tourism, the upgrade of tourism consumption, and the national layout of ice and snow facilities, the number of ice and snow leisure tourists in my country is expected to reach 305 million in the 2021-2022 ice and snow season, and my country's ice and snow leisure tourism revenue is expected to reach 3,233 billion. Fliggy data shows that since December, ice and snow themed tour bookings across the country have maintained an average weekly growth of 46%, and the rich and diverse ice and snow activities have become the most popular leisure tourism projects this winter.

Companies related to the Winter Olympics and the ice and snow industry:

1) Rheinland Sports: The company and the Zhejiang Provincial Sports Bureau jointly established the Zhejiang Women’s Hockey Team , Zhejiang Women's Curling Team, and provide theoretical and technical support for the construction and operation of ice hockey teams and curling teams in some regions in the country, thereby further promoting the cooperative development of the ice and snow industry;

2) Changbai Mountain: responsible for tourist transportation, hot spring development, hotel management, travel agencies, and scenic spot management for the Winter Olympics;

3) Snowman Shares: Winter Olympics training ground and Ammonia refrigeration system at the National Bobsleigh Center.

During the New Year’s Day holiday, duty-free shopping on outlying islands amounted to 600 million yuan, with per capita consumption reaching nearly 10,000 yuan. According to Haikou Customs data, the amount of duty-free shopping on offshore islands under supervision during the three-day holiday was 600 million yuan, a year-on-year increase of 9.7; the number of shopping items was 739,000, a year-on-year increase of 9.74; per capita consumption was 9,740 yuan, a year-on-year increase of 12. Against the background of repeated domestic epidemics, New Year's Day duty-free data still achieved year-on-year growth. On the one hand, there is strong demand for tourism during the New Year's Day holiday. On the other hand, duty-free retailers such as China Duty Free and Overseas Tourism Investment have increased their activities to tap consumption potential and drive Per capita consumption has increased significantly.

In 2021, despite the constant fluctuations in the domestic epidemic, duty-free shops on outlying islands achieved total sales of 60.2 billion yuan, a year-on-year increase of 84%, and crane duty-free sales were 50.5 billion yuan. A year-on-year increase of 83. We continue to be optimistic about the growth of duty-free sales during the Spring Festival.

Duty-free and hotel culture and tourism related companies:

1) China Duty Free: The duty-free industry is closely related to relevant policies. At present, my country's tax-free industry policies are continuously liberalizing, helping the duty-free industry enter a period of rapid growth. The duty-free industry is expected to achieve strong growth under the logic of consumption resurgence, policy support, and the continuous improvement of its own brand power and product power.

2) Jin Jiang Hotels: China’s hotel chainization rate has entered the mid-to-late stage, and hotel groups will subsequently enter a stage of competition with product strength as the core. Jin Jiang Hotels is in the middle of its three-year plan. The moat of product strength will continue to strengthen its ability to turn over single and weak brands, and the potential for store growth and performance flexibility is promising.

Reference research report:

This report was written by Hu Xianghui, investment consultant of Jiufang Intelligent Investment (registration number: A0740620080005)