Briefly describe what risks tourism enterprises will face when investing in stocks.

1. Relevant departments will control the frequency and range of price increase of tourism enterprises more and more strictly to cope with the boiling of public grievances. For scenic spots that rely on monopoly resources, this is tantamount to taking a drastic measure.

2. The national requirements for environmental protection are getting higher and higher. Now, building hotels and ropeways in key scenic spots need to be strictly examined by the Ministry of Construction and the State Environmental Protection Administration.

3. In addition to the brutal market competition, the new formats dominated by Ctrip, E Long and E-Netcom have quietly changed consumers' consumption habits, and free travel and go on road trip have become a trend. As a result, the sales profit rate of tourism has further declined.

Many travel companies began to focus on the development of scenic spots. However, due to regional barriers, they can only buy regional second-tier scenic spots, with mixed resources and high development costs, risks and competitive pressures.

Tourism is also a capital-intensive industry. A large amount of investment in fixed assets is not only subject to cost, but also leaves a lot of depreciation, which often drags down cash flow.