“今日投资”收集的分析师观点认为，旅游行业下半年尤其是三季度至少具有相对收益表现，上市公司也具有阶段性的超额投资机会。

“Invest today”Collection of analysts view，The second half of the tourism industry in the third quarter with relative gains from at least especially performance，The listed company also has bouts of excess investment opportunities。

行业有望保持较高增长 Industry is expected to remain high growth

　　东方证券杨春燕(天眼最牛分析师实时排名(旅游)第6名)认为，展望三季度，相关支持政策有望陆续出台，《国民旅游休闲纲要》成为重头戏，其对旅游业的主要作用在于彻底落实带薪休假制度，促进休闲旅游发展；《中国旅游法》也有望在未来一段时间内推出。

YangChunYan Orient securities(Inner most cow analysts real-time ranking(tourism)sixth)think，Looking to three quarters of，Relevant policy is expected to support comes on stage in succession，《The national tourism leisure outline》Become grand opera，The main function of the tourism industry is to thoroughly implement paid vacation system，Promote leisure tourism development；《China supply》In the future is also expected to launch a period of time。

　　此外，CPI回落为门票涨价留出空间，景区门票价格的上涨收益将大部分转化为上市公司利润，有利于业绩的提升。从资本市场的表现看，三季度旅游板块多有相对收益，特别是7-8月份，十年之中，有7年的超额收益，平均幅度达到4.60%。

In addition，CPI fell back as ticket prices set aside space，Scenic spot tickets prices earnings will most into the listed company profits，To improve performance。From the performance of the capital market to see，Three quarters of plate has a relatively more tourism revenue，7-especially in August，Ten years of，There are 7 years of excess profits，Average rate reached 4.60%。

　　具体而言，维持三条投资主线，同时看好餐饮行业的增长：1、文化旅游：未来景区发展的新模式，政策支持力度大；2、免税业：免税商品供不应求，未来政策有望进一步放松；3、经济型酒店：快速扩张仍是主旋律，预计行业增速将维持在20-30%。

In particular，Maintain article three main investment，At the same time value of food industry growth：1、Cultural tourism：The future of the development of the scenic spot new model，Policy support；2、Duty-free industry：Duty free commodity demand exceeds supply，The future policy is expected to relax；3、Economy hotel：Rapid expansion is still the main melody，Growth in the industry is expected to maintain 20-30%。

建议超配旅游行业 Suggest ultra matches the tourism industry

　　杨春燕认为，目前旅游行业的估值水平处于合理区间，预期行业仍将保持较高的增长速度，建议继续超配旅游板块，重点推荐：中青旅(600138)、中国国旅(601888)、峨眉山A(000888)。

YangChunYan think，At present the travel industry valuation levels to be in reasonable interval，Expected industry will still maintain a higher growth rate，Advice to continue with the tourism sector，The key recommendation：Cyts Tours(600138)、CITS(601888)、Emeishan A(000888)。

　　中青旅：创新旅游服务及乌镇模式已成为其两大核心优势。而正在推进的类乌镇项目古水北镇将于2012年试运营。

Cyts Tours：Innovation tourism services and wuzhen has become the model two core advantage。And are the kind of wuzhen ancient ShuiBeiZhen project in 2012 will be trial operation。

　　峨眉山A：预计2012年开通的成都到峨眉山的城际轻轨将为游客人数的进一步提高奠定基础，峨眉山有望成为成渝地区短途旅游目的地。公司门票已于去年到了提价的时间窗口，近期涨价预期强烈。未来茶叶、文化演艺等项目都可能成为其新的业绩增长点。

Emeishan A：Expect 2012 of the opening of the chengdu to the inter-city rail will for the number of visitors to further improve lay the foundation，Mount emei is expected to become into chongqing area short travel destination。The company has to raise prices last year tickets for the time window，The recent price increases expected strong。The future tea、Culture project such as acting can be the new business growth。

　　中国国旅：短期内离岛免税政策将继续带动三亚免税店业绩增长，中长期离岛免税、入境免税店、提货模式等相关政策放宽尤可期，2014年三亚海棠湾项目的运营将进一步拓展公司目前免税零售的体量，因此长期看好公司业绩，给予“推荐”评级。

CITS：The short term exemption policy of isolated islands will continue to prosper sanya duty free growth performance，Long-term islands tax exemption、Entry duty free、Take delivery mode and related policy relaxed especially but period，Sanya bay in 2014 it will further expand the project operation at the duty-free retail volume，So the long-term performance of the company，give“recommend”rating。