中国旅游、住宿与休闲：转折点还是暂时的疼痛？-中国休闲商品与服务行业

www.ubssecurities.comThisreporthasbeenpreparedbyUBSSecuritiesCo.Limited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE54.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.abcGlobalResearch8October2018ChinaTravel,LodgingandLeisureUBSEvidenceLab:Turningpointortemporarypain?Macroconcernsoverplayed;domesticmassleisureboomremainsontrackWiththevaluationoftourismnameshittinga5-yearlowonexaggeratedmacroconcerns,wethinkthemarketsexpectationsofsingle-digitgrowthindomestictourist/tourismrevenuearetoopessimisticandweforecast10.4%/12.0%2018-22respectiveCAGRs.OurproprietaryresearchandUBSEvidenceLabidentified