本周旅游行业走势：

This week, travel industry trend：

　　本周餐饮旅游（申万）行业指数收益率为1.90%，高于沪深300指数-0.89 %的收益率。在申万23个一级行业指数涨幅排行榜中，餐饮旅游排在第1位；从一周走势图可以看出，本周市场上半周延续弱势，HS300指数创出近期新低，下半周连续反弹，走成一个V字。餐饮旅游、食品饮料和农林牧渔三个板块涨幅靠前并取得绝对正收益，餐饮旅游板块中，峨眉山A、中青旅(600138,股吧)、首旅股份(600258,股吧)等个股涨幅较大。

This week the restaurant tour（"All）Industry index yield is 1.90%，Csi 300 index-higher than 0.89 % yield。In "all 23 level index increased the list of the industry，Restaurant tour in the first row of a；A week from office can be seen，This week the market half weeks continue vulnerable，Recent HS300 index makes low，The second half of the week rallies，Walk into a V。Restaurant tour、Food and beverage and farming, forestry, fishery three plates on the increase and have absolutely positive income，Restaurant tour plate，Emeishan A、Cyts Tours(600138,Shares it)、Beijing capital tourism shares(600258,Shares it)Individual stocks or larger, etc。

　　本周重点行业资讯：

This week the key industry information：

　　（1）2012年上半年旅游经济运行分析和下半年趋势预测。（2）2012年第二季度全国游客满意度调查结果出炉。（3）《中国入境旅游发展年度报告2012》出版发行。（4）抓质量就是抓旅游业的长远发展。（5）报告称去年中国在线旅游市场规模达1313.9亿元。（6）2012年景区门票在线预订市场或达14.6亿。（7）196张第三方支付牌照摸底。（8）匈牙利“狙击”中国差旅奖励旅游市场。（9）海南免税购物额拟增至1万元。

（1）In the first half of 2012 tourism economy operation analysis and forecast in the second half。（2）The second quarter of 2012 national tourist satisfaction survey released the results。（3）《China inbound tourism development annual report 2012》published。（4）To grasp quality is catch the long-term development of the tourism industry。（5）The report says last year China online travel market size of 131.39 billion。（6）2012 tickets online booking scenic spot market or up to 1.46 billion。（7）196 a third party pay licence touch bottom。（8）Hungary“sniper”China travel incentive travel market。（9）Hainan duty-free to self pick-up increased to $10000。

　　本周公司动态跟踪：

This week the company dynamic tracking：

　　（1）宋城股份(300144,股吧)2012年半年度业绩预告：2012年半年度公司归属于上市公司股东的净利润预计同比实现增长20%-25%。（2）中国国旅(601888,股吧)2012年半年度业绩预告：预计公司2012年上半年实现归属于上市公司股东的净利润较上年同期增长50%以上。（3）腾邦国际(300178,股吧)2012年半年度业绩预告：预计公司2012年上半年实现归属于上市公司股东的净利润2809-4013万元，较上年同期下降30%-0%。（4）汉庭Q2新增78家酒店 收购星程多数股权。（5）携程、万达合作开发国内高端旅游市场。

（1）SongCheng shares(300144,Shares it)2012 half-yearly forecast performance：In 2012 the company belongs to half-yearly shareholders of a listed company is expected to net profit increased year-over-year 20%-25%。（2）CITS(601888,Shares it)2012 half-yearly forecast performance：In the first half of 2012 the company is expected to achieve relegated to the shareholders of a listed company of the net profit up 50% year-on-year above。（3）Who bond international(300178,Shares it)2012 half-yearly forecast performance：In the first half of 2012 the company is expected to achieve relegated to the shareholders of a listed company net profit of 2809-40.13 million yuan，Over the same period fell by 30% to 0%。（4）Han court Q2 78 new hotels Acquisition star cheng a majority stake。（5）ctrip.com、Wanda cooperation development of domestic high-end tourism market。

　　本周重要行业数据：

This week the important industry data：

　　（1）天津上半年旅游外汇收入10.46亿美元 创历史新高。（2）上半年重庆市旅游业发展势头良好，全市接待国内外旅游者同比增长30.81%。（3）2012年四川旅游收入有望突破3000亿元。（4）上半年厦门入境过夜游客保持快速增长，同期增长28.49%。

（1）Tianjin tourist foreign exchange revenue of $1.046 billion in the first half A record。（2）Chongqing tourism in the first half of momentum，The whole city receives the domestic and foreign tourists year-on-year growth of 30.81%。（3）Tourism income in sichuan in 2012 is expected to exceed 300 billion yuan。（4）Xiamen entry in the first half of the night visitors maintained a rapid growth，Growth of 28.49% in the same period。

　　本周报告回顾：

Review report this week：

　　（1）2012中报前瞻及三季度投资策略：展望三季度，旅游旺季来临，CPI下行为景区门票涨价留出空间，《国民旅游休闲纲要》有望出台，从而落实带薪休假制度，促进休闲旅游发展；从资本市场的表现看，三季度旅游板块多有相对收益，建议继续超配。

（1）2012 center daily news and three quarters of forward-looking investment strategy：Looking to three quarters of，Tourist season，The CPI behavior scenic spot price ticket leave a space，《The national tourism leisure outline》Is expected to come on stage，To implement paid vacation system，Promote leisure tourism development；From the performance of the capital market to see，Three quarters of plate has a relatively more tourism revenue，Advice to continue ultra matches。

　　我们的观点：

Our point of view：

　　虽然经济不景气对我国旅游业造成了一定影响，但总体影响相对有限，跟踪数据表明旅游市场需求仍旧稳定。随着中报业绩的逐步披露，建议重点关注业绩增长稳定、下半年有催化剂的公司，个股推荐顺序为：中青旅(600138，买入)、中国国旅(601888，买入)、峨眉山A(000888，增持)、宋城股份(300144，买入)、锦江股份(600754,股吧)(600754，买入)。

Even though the economy is bad to our country tourism caused a certain effect，But the overall effect relatively limited，Tracking data show that tourism market demand remains stable。Along with the performance center daily news gradually revealed，Suggestions focus on growth performance is stable、In the second half of the catalyst，Stocks recommended for order：Cyts Tours(600138，buy)、CITS(601888，buy)、Emeishan A(000888，increasing)、SongCheng shares(300144，buy)、Jinjiang shares(600754,Shares it)(600754，buy)。