What are the leading stocks in the tourism sector？

According to the data of 2020, the leading stocks of tourism include CYTS, China International Travel Service, Jinjiang Stock, Emei Mountain A, Changbai Mountain, cits joint, Zhangjiajie, Jiuhua Tourism, Yunnan Tourism, Song Cheng Performing Arts, Zhongxin Tourism, Tianmu Lake, Sante Cableway and Xi 'an Tourism.

First, the concept of tourism leading stocks

1 Huangshan Tourism: the leader of tourist attractions.

Huangshan Scenic Area is a dual heritage of world culture and nature, a world geopark and the first batch of 5A-level tourist attractions in China. The company operates 4 ropeways, has more than 10 boutique hotels, and its subordinate China Shipping International Travel Service is a 5A-level travel agency in Anhui Province. Huizhou culture theme catering is a new business. Has more than 10 boutique hotels; In 17 years, hotel business income was 62.7 billion, accounting for 32.88%, ropeway and cable car income was 49.1 billion, accounting for 25.71%, and tourism service income was 39.7 billion, accounting for 20.82%.

2 China's exemption: the leader of tourist attractions.

China Zhongmian Company is also engaged in the development of comprehensive tourism projects, mainly including investment and development of comprehensive tourism projects, investment and development of scenic spots and investment in tourism equity.

3 oct a

OCT A OCT is a wholly-owned joint-stock company established by OCT Economic Development Company (state-owned OCT Group) after reorganizing some high-quality tourism and tourism supporting assets, engaged in tourism and related industries.

CYTS 4

CYTS is a stock issued by CYTS Holdings Limited, and its business scope is engaged in tourism, high-tech, venture capital and securities industry investment. Inbound tourism business; Domestic tourism business; Chartered China citizens to travel abroad at their own expense; Air transport sales agency business; Construction and supporting development of tourist attractions, projects and infrastructure; Tourist passenger transport business, etc.

5 Lingnan Holdings

Lingnan Holdings is a stock issued by Guangzhou Lingnan Group Holdings Limited. The company is mainly engaged in hotel industry, catering industry, tourism industry and venue leasing.

2. A-share stocks related to the pure tourism industry

Yunnan Tourism (002059), China Youth Travel Service (600138), Qujiang Wenlv (600706), Song Cheng Performing Arts (300144), Zhangjiajie (000430), cits joint (600358), Emei Mountain A(000888) and Guilin Tourism (000978). Tibet Tourism (600749), Lijiang Stock (002033), ST Xiyu (300859), Sante Cableway (002159), Tianmu Lake (603136), Zhongxin Tourism (002707), Caesar Tourism (00796), ST Tengbang (300136).

(1) Index stocks:

China Petroleum, China Petrochemical, Industrial and Commercial Bank of China, China Construction Bank, China Bank, China Shenhua, China Merchants Bank, China Aluminum, China Ocean Shipping, baoshan iron & steel, China Air China, Daqin Railway, China Unicom and Yangtze Power.

(2) Finance, securities and insurance:

China Merchants Bank, Shanghai Pudong Development Bank, Minsheng Bank, Shenzhen Development Bank A, Industrial and Commercial Bank of China, China Bank, CITIC Securities, Hongyuan Securities, Shaanxi Guotou A, China Construction Bank, Huaxia Bank, China Ping An and China Life Insurance.

(3) Real estate stocks:

Vanke A, gemdale, China Merchants Property, Poly Real Estate, Oceanwide Construction, OCT A, Financial Street, Chinese Enterprises.

(4) Aviation Unit:

Air China, China Southern Airlines and Shanghai Airlines.

(5) Steel stocks:

Baoshan iron & steel, WISCO, Angang.

(6) Coal stocks:

China Shenhua, Lanhuakechuang, kailuan shares, Yanzhou Coal Industry, Lu 'an Huaneng, Hengyuan Coal and Electricity, Guoyang Xinneng, Xishan Coal and Electricity, Datong Coal Industry.

(7) Heavy Machinery Unit:

Jiangnan Heavy Industry, China Shipbuilding, Sany Heavy Industry, Anhui Heli, Zoomlion, Jinxi Axle, Liugong, Zhenhua Port Machinery, Guangzhou Shipyard International, Shantui, Taiyuan Heavy Industry.

(8) Electric Energy Unit:

Changjiang Power, Huaneng International, Guodian Power, Zhangze Power, Datang Power Generation and SDIC Power

(9) Automobile stocks:

Changan Automobile, China Heavy Duty Truck, faw xiali, FAW Car, Shanghai Automobile and jiangling motors.

(10) Non-ferrous metal stocks:

China Aluminum, Shandong Gold, Zhongjin Gold, Chihong Zinc Germanium, Baoti Shares, Hongda Shares, Xiamen Tungsten Industry, Jean Nickel Industry, Baotou Aluminum Industry, Zhongjin Lingnan, Yunnan Copper Industry, Jiangxi Copper Industry and Zhuye Torch.

(11) Petrochemical Unit:

China Petroleum, China Petrochemical, cosl, CNOOC Engineering, Blonde Technology and Shanghai Petrochemical.

(12) Agriculture, Forestry, Animal Husbandry and Fishery Unit:

Beidahuang, Tongwei, Zhongmu, New Hope, tunhe, Fengle, Xinsai, Dunhuang, Xinnong Development, Guannong, Hejia and Denghai.

(13) Environmental protection:

Longjing Environmental Protection, Fei Da Environmental Protection

(14) Aerospace military industry:

China Satellite, Rocket, Xifei International, Aerospace Information, Aerospace Communication, Hafei, Chengfa Technology, Hongdu Aviation.

(15) Port transportation:

China Ocean Shipping, China Shipping Haisheng, COSCO Shipping, Shanghai Port Group and CIMC.

(16) New energy sources:

Tian Wei Bao bian, fengyuan biochemical

(17) Small and medium-sized board:

Suning Appliance, Siyuan Electric Appliance, Lijiang Tourism, Huaxing Chemical Industry, Kehua Bio, Hanzu Laser, Zoje, Vantage, Supor, Seven Wolves, Aerospace Electric Appliance and Winbond Pharmaceutical.

(18) Power equipment:

Dongfang Electric, Dongfang Boiler, TBEA, Pinggao Electric, Guodian Nanzi, Huaguang and Xiangdian.

(19) Science and technology:

Gehuayouxian, Oriental Pearl, Variety, citic guoan, Founder Technology, Tsinghua Tongfang.

(20) high-speed class:

Jiangxi-Guangdong Expressway, Shandong Expressway, Fujian Expressway, Zhongyuan Expressway, Guangdong Expressway, Nanjing-Shanghai Expressway and Wantong Expressway.

(21) Airport category:

Shenzhen Airport, Shanghai Airport, Baiyun Airport

(22) Building supplies:

China glass fiber, Changjiang Seiko, Conch profile.

(23) Water:

Capital Co., Ltd., Nanhai Development and Raw Water Co., Ltd.

(24) warehousing, logistics and transportation:

Sinochem International, Tielong Logistics, Sinotrans Development and China Storage.

(25) Cement:

CONCH, huaxin cement and Jidong Cement

(26) electronics:

Jingyuan Electronics, Shengyi Technology, Farah Electronics, Huawei Microelectronics, rainbow shares, Radio and Television Electronics, Shentianma A, Eastcom Peace.

(27) Software:

UFIDA Software, Neusoft, Hang Seng Electronics, China Software, Jinzheng, Baoxin Software.

(28) supermarkets:

Dashang, Hualian Comprehensive Supermarket, friendship shares, shanghai jahwa, Wuhan Zhongbai, Beijing Urban and Rural, Dalian Friendship, Xinhua Media.

(29) Retail:

Wangfujing, Guangzhou Friendship, Xinhua Department Store, Chongqing Department Store, Ginza Shares, Yimin Department Store, Zhongxing Commercial, Dongbai Group, Bailian Shares, Wuhan Zhongshang, Xidan Shopping Mall, Shanghai Jiubai

(30) Materials:

Star New Materials, Sinoma International

(31) Hotel tourism:

Huatian Hotel, Huangshan Tourism, Emei Mountain, Lijiang Tourism, Jinjiang Shares, Guilin Tourism, Beijing Tourism, Xi 'an Tourism, Zhongqing Tourism and BTG Shares.

(32) Olympic Games:

Beijing Urban Construction and Sports Industry

(33) Alcohol:

Kweichow Moutai, Wuliangye, Changyu A, Guyue Longshan, Shuijingfang and LU ZHOU LAO JIAO CO.,LTD

(34) papermaking:

Yueyang Paper, Huatai, Chenming Paper

(35) beer:

Tsingtao beer, Yanjing beer

(36) Household appliances:

Foshan Lighting, Qingdao Haier, Sichuan Changhong, hisense electric, Gree Electric, Midea Electric, Supor.

(37) Special chemicals:

Yantai wanhua, Blonde Technology, Sanaifu and Hualu Hengsheng.

(38) Fertilizer:

Salt Lake Potash, Hualu Hengsheng, Shalongda A, Liuhua, Hubei Yihua, Changjiu Biochemical, Cangzhou Dahua, Luxi Chemical, Shenyang Chemical

(39)3G：

ZTE, Datang Telecom, China Unicom, Yiyang Xintong and Gaohong.

What are growth stocks and what are they?

In the stock market, investors refer to the stocks of large companies that occupy an important dominant position in their respective industries, with excellent performance, active transactions and generous dividends as blue chips.

1. What do you mean by blue chip?

Blue chip, a company stock with good management, stable profitability and annual returns to shareholders. This kind of company has the ability to make profits in the boom and bust of the industry, with less risk.

Although Chinese mainland's stock market has a short history, it has developed very rapidly, and some blue-chip stocks have also appeared. The word "blue chip" comes from western casinos. In western casinos, there are three colors of chips, of which blue chips are the most valuable, red chips are the second, and white chips are the worst. Investors apply these jargon to stocks.

Second, about other properties

It has excellent performance, stable income, large share capital, generous dividend, stable stock price trend and good market image.

Third, the nature of blue-chip stocks

(1) During the depression, the company can work out plans and measures to ensure the company's development;

(2) During the prosperous period, the company can exert its maximum ability to create profits;

(3) During the inflation period, the company's actual surplus capacity remained unchanged or increased.

Blue chip stocks are not static. With the change of the company's operating conditions and the rise and fall of its economic status, the ranking of blue chips will also change.

There are many blue chips, which can be divided into: first-line blue chips, second-line blue chips, excellent blue chips and large-cap blue chips; There are also blue chip funds.

Fourth, first-line blue chip stocks

The first and second lines are not clearly defined, and what some people think of as first-line blue-chip stocks is second-line in the eyes of others. Generally speaking, the recognized first-line blue chips refer to stocks with stable performance, large liquidity and total share capital, that is, stocks with greater weight. Generally speaking, the price of such stocks is not too high, but the mass base is good. This kind of stocks can play the role of "four or two", which will affect the whole body. These stocks mainly include: Industrial and Commercial Bank of China, China Petrochemical, Kweichow Moutai, Minsheng Bank, Vanke, Ping An Bank, Wuliangye, Shanghai Pudong Development Bank, Poly Real Estate, Shandong Gold and Daqin Railway.

Fifth-and second-tier blue chip stocks

Generally speaking, the second-tier blue chips in the A-share market are slightly inferior to the first-tier blue chip companies mentioned above in terms of market value, industry status and popularity, which is relative to several first-tier blue chips. For example, CONCH, yantai wanhua, Sany Heavy Industry, Gezhouba, Guanghui, Zoomlion, Gree Electric, Qingdao Haier, Midea Electric, Suning Appliance, Yunnan Baiyao, Changyu, ZTE, etc., in fact, these companies are also well-known leading enterprises within the industry (if viewed from within the industry alone, they are the first-line blue chips of their respective industries).

Six, excellent blue chip

Blue-chip with excellent performance is a word derived from blue-chip stocks by comparison. It is a company stock that has been recognized in the industry for its excellent performance, generous dividends and steady growth. And "excellent performance" refers to the selection of excellent stocks from the perspective of performance ranking.

I will talk about it in five parts. The first part is what growth stocks are and why we should invest in them. The second part is about how to quantify the growth stocks. The third part is the analysis framework of growth stocks. The fourth part is the valuation method of growth stocks. Finally, the fifth part is the actual growth stock. We will use a real case to demonstrate how to analyze a growth company. Growth refers to the continuous growth of sales and profits of some listed companies, and the growth rate is faster than the industry. Generally speaking, this kind of company has a small market value, huge development space in the industry and unique competitive advantages in the industry. In the book How to Choose Growth Stocks, Philip Fisher put forward 15 points for choosing growth stocks, which can be used as a reference book for this course. Why invest in growth stocks? Because growth stock investment is also a fundamental investment. The core of its investment is that the business scale and profits of the enterprises we invest in can be expanded in a rapid and sustainable way over time. Different from value investment, growth stock investment does not pay much attention to the current share price of the company in the secondary market, but to whether the company's revenue and profits can continue to grow at a high speed. Therefore, if the high growth trend of the company's income and profits can continue, then the performance of the stock price in the secondary market will continue to rise with great probability. In general, the highest growth rate of a company is the height of ROE, that is, the return on equity. Behind it is actually a contest of business models between companies. If a company wants to achieve high ROE, it must be in one of three modes: high turnover, high profit and high leverage. Or a combination of two or three modes,Companies need to make a balanced choice among these three modes, and make the best use of them in a suitable external environment according to their own resources and capabilities. Let's see, Roy. We need to pay attention to three elements. First, ROE's height and room for improvement. High return on net assets is the premise of the company's profit growth. How does high ROE promote the company's profit growth, and then the stock price rises? Let's assume that there are two companies ab, whose initial earnings per share are one yuan, and the stock market price is 20 times of earnings per share, that is, 20 yuan. The difference is that Company A uses net assets of 10 yuan per share to create earnings of 1 yuan per share, while Company B uses net assets of 25 yuan per share to create earnings of 1 yuan per share, so the return on net assets of Formula A is 10% higher than that of Formula B, as shown in the following figure. Assuming that both companies keep the profit of one yuan per share in the company for operation and development, the net assets of ab company are 11 yuan and 26 yuan respectively. If their return on net assets remains unchanged, ab company's earnings per share after one year are 11 yuan and 104 yuan respectively, and the market price is still 20 times of the earnings without shares. Then the share price of ab company will become 22 yuan and 208 yuan, and the share price of A company will increase more than that of B company. Assuming that the conditions remain unchanged and the profits remain unchanged, the share price of Company A will rise even more in two years. In the long run, companies with high return on net assets can bring higher dividends or rising stock prices to investors for a long time. We can think about it by extension. A company's current low return on equity is not a problem.The key is whether its roe can be improved and stabilized at a considerable height in the future. Second, the persistence of roe. It is not difficult for a company to have a high roe in one or two years. The difficulty is that it can maintain a high roe for many years. If it cannot be maintained, the stock price will fall with the decline in the return on net assets. So how to judge whether a company can maintain a long-term high roe in the future? Let's look at two examples first. 1 Wuhan Iron and Steel Co., Ltd., in 2007, his roe was at the highest level in history, about 25%. But then, due to the end of the golden cycle of the steel industry, his return on equity became negative 26% in 2015, and his share price also fell by 83%. 2 Kweichow Moutai, we can look at the pictures. Since 2011, his ROE has gradually increased from 13% to 40% in 2012. In the following years, the liquor industry was depressed, but it still remained at a high level of around 25%, and the stock price also kept fluctuating for 16 years in 2015. For most industries without moat, roe will have a law of mean regression, too high roe will definitely decrease in the future, and too low roe will definitely rise to near the mean in the future. Debon Securities made a quantitative analysis and selected 857 listed companies listed on A shares before 2000. According to the return on equity in 2001, the top 285 companies, the middle 286 companies and the last 286 companies were divided into three categories. What is the logic behind roe mean regression?For companies or industries without moats, industries with high roe are bound to attract a large number of competitors, leading to overcapacity, product price reduction and profit decline. The industry with low roe is just the opposite, so the boom cycle of the industry cycle leads to the average return of roe. The related research on the American stock market also found the following laws. The long-term average roe of various industries in the United States remains between 10% and 15%. There will be no obvious difference in the return on equity between the company group with the highest return on equity and the company group with the lowest return on equity after ten years. It is precisely because most companies can't escape the fate of mean return that only a few excellent companies can make their roe higher than average for a long time because of their economic moat, which is the fundamental reason why their stock prices continue to outperform the broader market. Third, the expansion of the return on net assets. There was an interesting conversation during the producer's trip to Thailand. Xu zhēng said: "Selling scallion cakes can earn more than 800 yuan a day and 26,000 yuan a month. If you open 100 branches in Beijing, the franchise fee is 5,000 yuan per family, 500,000 yuan a month and 6 million yuan a year. " Wang said, I made the secret recipe myself. I can't ask people to freeze it. It must be freshly baked. Xu zhēng said, so you can only make scallion cakes all your life. The above dialogue is actually about the expansion of roe. In a small shop, your roe may be as high as 100%, but there is no way to replicate it on a large scale to accommodate more capital, and the profit scale is very limited. The excellence of an excellent company lies in its ability to replicate and expand its business.And by virtue of good competitive situation and profit reinvestment, we can continuously expand the scale and business scope, make profits grow continuously and form compound interest growth. Let's talk about how to quantify growth stocks first. At present, there are more than 2,800 A-share listed companies. How can we find growth stocks in it? According to the definition of growth stocks mentioned in the last lesson, we can use the growth of main income of more than 20% for three consecutive years to conduct the primary election, because the continuous growth of a company's revenue is the most basic feature of growth stocks. We can easily find out that there are 178 companies that meet this requirement, accounting for about 62% of A-share listed companies. Secondly, as an indicator to measure the input-output ratio of shareholders' equity, the return on equity is an important indicator to observe the growth of the company. As we said last class, the company's roe can continue to grow healthily, which shows that this company has great potential to become a growth company. We made a quantitative study on the return on equity and share prices of listed companies in China A-share market from 2006 to 2015, and found that companies with a strong growth trend in return on equity have significantly outperformed the market average in the past decade. Therefore, on the basis of the first step, we can choose the formula with roe between 10% and 25%, because the high roe corresponds to the enterprises with light assets, and their brand value is relatively high. Among these 78 companies, we focus on those with a return on equity of more than 10% and less than 25%. This is because too high roe often indicates that the company has entered the peak area of the business cycle.On average, it is possible to recover. Last class also mentioned this point. However, with the continuous growth of revenue and roe between 10% and 25%, it is easier to find high quality (strong ability to resist macroeconomic fluctuations and large product market space) and make a profit. See the figure below for specific screening conditions. We choose those with roe greater than 10 but less than 25%, with a 15-year interim report and a full two-year listing. This is excluding new shares, with gross profit margin greater than 40% and debt ratio less than 30%. There are only 15 companies in all. It can be seen that the number of growth stocks is very rare. We can also change our thinking, decompose roe from DuPont formula, and choose the gross profit margin for three consecutive years, and the net profit margin will rise, because the increase of net profit margin will lead to the sacrifice of roe under the premise of other conditions unchanged. At the same time, companies with net operating cash flow greater than net profit are selected from those that meet Bell Theorem IV. By asking for money, you can search for 54 companies that meet this condition.