Every time the brand 100 indexes welcome the "V" type, tourism consumption is paid an eye on this field

Affected by factors such as the fermentation of geopolitical events and the risk of retrospecting the economy, A shares continued to adjust. Among them, the Shanghai Index closed down again. The driving of stocks achieves a rebound. Similarly, every 100 indexes of the brand also undergone the "V" type reversal of the "V" type that rebounded in the middle of the week, full of toughness. Market sources say that the end of the epidemic is still disturbing the market, especially the Sanya epidemic, and brings tourist consumer stocks to the focus of investment.

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The "V" type of "V" is now reversed every 100 index of the brand

This week, affected by geopolitical impact, the exponential weeks were revealed by the volume shock, but near the weekend, the index shock rebounded, especially on Friday, the three major indexes increased strongly, rising by more than 1%. In the end, the Shanghai Index was moderately rest. The brand 100 index is "V" reversed, and this week fell slightly by 0.43%. Although the index remains shocking, the average price -earnings ratio of each brand 100 index has fallen to 9.7 times, at the lowest level of history.

From the perspective of sector stocks, this week, new energy vehicles and large consumer sectors have performed strongly, and multiple stocks have risen. Among them, Geely Automobile has increased by 15.1%in a single week. The stocks of Jingdong Group, Meituan, Baidu, and Pinduoduo have also risen to varying degrees, and their performance is outstanding. In contrast, real estate stocks are relatively sluggish, and Country Garden, Poly Development, China Merchants Shekou, and Xincheng Holdings have fallen forward.

From the perspective of the market environment, at the end of July, the Politburo Conference faded the goal of economic development, emphasizing the full -scale security bottom line. In July, the PMI dropped to the contraction range, and the foundation of the economic recovery of our country still needs to be consolidated. In terms of capital, although the north -directional funding is slightly out of net outflows, the current market interest rate is still running at a low level under the policy interest rate. Essence

Some market participants pointed out that after the Fed's 75th BP rate hike boots in July, the funds on the north may return, and A shares may return to the upward cycle. The US debt yield and the US dollar index may enter the downward cycle after interest rate hikes. It is conducive to the future performance of A shares, and it is particularly conducive to the increase in valuations of higher prosperity. Recently, the overall trend of the consumer sector is stable, but the emergence of the Sanya epidemic has a adverse effect on tourist consumer stocks. Strong, when the epidemic factors are eliminated, this industry can focus on this industry.

Tourism consumption focuses on taxation

With the continuous improvement of my country's income level, the middle class is growing, and the exit visa policy has relaxed significantly. A series of factors have contributed to the rapid improvement of my country's outbound exit. Compared with other countries in the world, the growth rate of my country's outbound consumption has accelerated significantly from 2007, which means that outbound consumption has entered a period of rapid growth.

Data show that from 2007 to 2014, the average annual growth rate of my country's outbound tourism expenditure was 28.9%, which was 2.1 times the growth rate of the total retail sales of consumer goods in the same period. Among them, high outflow consumption characteristics are significant. According to Bain Consultation, the total size of the global individual luxury market in 2019 reached 281 billion euros, and the global luxury consumption of Chinese consumers reached 92.73 billion euros, accounting for 33%of the world's; 67%of the total luxury consumption of residents. According to the Institute of Objects, the total consumption of the Chinese luxury consumer market in 2021 reached US $ 146.5 billion, and there were still 52.1 billion US dollars of consumption abroad, accounting for 36%of the luxury consumption of the year.

Western Securities said that due to the incomplete luxury category and the difference in overseas prices, tax -free has always been a luxury consumer shopping channel that Asian residents prefer. According to McKinsey's survey, luxury offline channels mainly include high -level shopping malls, brand stores, duty -free shops, and Outlet discount stores. The cost of imported consumer goods is usually composed of tax -paid price, tariffs, consumption taxes, and value -added tax input. Among them, the tariffs and consumption tax are different according to the product category. -40%. Due to the preferential preferential policies of tax -free products to enjoy exemption import tariffs, VAT and consumption tax, compared with the price of luxury goods in high -level shopping centers and brand counters, the tax -free channel has strong advantages in price. Luxury shopping channels.

In China, Hainan, as a long -term future tourism retail center, will be fully supported by the government, operators, brands, and consumers in the future. After the realization of the entire island in 2025, brand owners and retailers can open a direct -operated store in Hainan to comprehensively enrich the competitive pattern and enhance Hainan's attractiveness to brand and tourists. Pu Dao Yonghua predicts that in the next 5 years, China's consumption will return, and Hainan will become the international tourism consumer center; as a new market with huge development potential, the brand should grasp the dividend of Hainan policy, through the integration of omni -channel, differentiated products, new retail, and new new sales Innovative gameplay such as marketing, layout Hainan and expand brand influence.

China's exemption is outstanding

After Hainan's new tax exemption in Hainan in June 2020, while the cake expanded, it began to introduce moderate competition. At the end of 2020, Hainan's outlying islands entered a new pattern of moderate competition. With the operation of more than a year, the newly entered sea brigade tax exemption, seafare control tax exemption, medium -out service, and exemption of its stores have gradually enriched. Lai Lai Lai Hainan Retail. The new entry into duty -free operators has its own characteristics, and the subjective momentum of operators is expected to be fully stimulated under moderate competition, and the overall helps to do the Greater Hainan duty -free market. However, among the duty -free operators, each 100 indexes of the brand (SH601888, the stock price of 198.9 yuan, and a market value of 388.3 billion yuan) has a huge advantage. In 2021, it occupied about 90%of the Hainan duty -free market.

According to the data, China is exempted from 1984. After nearly 40 years of development, the background of the central enterprise has become the world's largest tourism retail operator. It focuses on providing high -quality tax exemption and tax -based sales services for domestic and foreign passengers. According to data such as Moody's and Ferrisana, according to retail sales, the company's global ranking has continued to improve in the past 10 years. From the 19th place in 2010 to 12th in 2015, and further in 2019 It rose to the fourth and ranked first in the world in 2020. In 2020, the company accounted for 22.6%of the global tourism retail industry's market share.

It is worth noting that China is the only retail operator covering full tax -free sales channels in China, covering various types of duty -free shops. As of the end of June 2021, the company has operated 194 stores (188 domestic and 6 overseas). The company has established a direct access channel of more than 370 suppliers and nearly 1,000 brands worldwide, and its large -scale direct mining advantages are prominent.

Guoxin Securities analysis pointed out that in the past two years, South Korea ’s offline pressure closing stores, the brand attitude has begun to differentiate, China’ s freezer continues to expand channel expansion and business innovation, and enhance its negotiation position in the international brand distribution system. If you go to Hong Kong to raise funds in the future, it is expected to accelerate the company's supply chain layout and overseas channel expansion. The mid -line, even if the outbound tour is released, it is expected that there are still duty -free policies in the city. In summary, the company is currently the world's first tax exemption. The future channels are actively expanded, and the supply chain continues to be enriched and strengthened. In the future, it is expected to be based on domestic tourism retail groups (outbound 100 million passenger groups+tens of millions of outlying islands). Metapacity, medium and long -term prospects are available.

Daily Economic News

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