In early trading today, A-shares fluctuated slightly, with major stock indexes mixed. Blue-chip stocks in the large-cap market were slightly stronger, Shanghai Stock Exchange Index and Shanghai Stock Exchange 50 were slightly red, and small-cap growth stocks were slightly adjusted. North Stock Exchange 50, Growth Enterprise Market Index and Kechuang 50 all fell more than 1%. The transaction tends to shrink slightly.
On the disk, tax-free concept, tourism, pension concept, copper cable high-speed connection and other sectors were among the top gainers, while PEEK materials, public transportation, 100-yuan shares, building materials and other sectors were among the top losers.
The tourism sector hit a record high.
Tourism concept stocks opened higher and higher again in the morning, and the plate index once rose more than 4% in intraday trading, hitting a record high. Dalian Shengya daily limit for the third consecutive day, and its share price reached a record high; Rheinland Sports has a daily limit of one word, and it has a daily limit for the fourth consecutive day, hitting a new high in the past three years; Qujiang Wenlv also went up vertically only about 1 minute after the opening, and went up for the third consecutive day, hitting a new high in eight months.
The concepts of tax exemption, culture, education, leisure and sports, which are closely related to tourism, also strengthened, with the daily limit of Lishang Guochao, Miao Exhibition, Snowman Shares and Iceberg Hot and Cold in batches.
Recently, the Ministry of Culture and Tourism issued a public notice. According to People’s Republic of China (PRC)’s national standards "Classification and Evaluation of Quality Grades of Tourist Attractions" and "Measures for the Administration of Quality Grades of Tourist Attractions", the Ministry of Culture and Tourism organized a comprehensive evaluation according to procedures, and 19 tourist attractions met the requirements of the national 5A-level tourist attractions, and it is planned to be designated as national 5A-level tourist attractions.
Since the beginning of this year, with the further expansion of visa-free countries in China, the number of foreign tourists to China has increased significantly. Mao Ning, a spokeswoman for the Ministry of Foreign Affairs, said at a regular press conference last weekend that the vigorous development of "China Tour" is a direct manifestation of China’s high-level opening up. In the first three quarters of this year, there were about 95 million inbound tourists from China, up nearly 80% year-on-year. With the opening of China and the expansion of visa-free "circle of friends", I believe the popularity of "China Tour" will be even higher.
According to china tourism academy’s prediction, the number of outbound tourists in China will reach 130 million in 2024.
Due to the popularity of the tourism industry, the number of tour guide qualification examination personnel has increased significantly. According to CCTV reports, the number of candidates who registered for the 2024 National Tour Guide Qualification Examination held recently exceeded 310,000, far exceeding the number of 200,000 last year, with an increase of 55%. This is not only a direct reflection of the "cultural tourism fever" since this year, but also shows the new trend of China’s tourism development.
Zheshang Securities pointed out that the tourism sector still has the certainty of growth, and the follow-up policy relay is expected to continue. The business model of scenic spot plate is stable, with high ROE and prominent configuration value. Although the companies in scenic spots are facing weather impact+crowd differentiation+performance differentiation this year, they have benefited from the growth of tourists as a whole, and are not disturbed by price fluctuations, so the profits in operating leverage are more elastic. From the perspective of investment, policies, marginal traffic improvement and project expansion in scenic spots are expected to catalyze the stock price, and the first quarter of 2025 is expected to enter a performance elasticity period with a low base.
The concept of providing for the aged welcomes multiple benefits.
The concept of old-age care opened higher and higher in the morning, and the sector index rose by more than 2%, hitting a new high in July 2020 in the past four and a half years. Reliable shares have a linear daily limit of 20%, hitting a new high in more than a year; Lexin Medical also hit a 20cm daily limit, hitting a new high of nearly three years; Xinlong Health and Yimin Group are also strongly sealed.
In the news, nine departments, including the People’s Bank of China, the General Administration of Financial Supervision, the National Development and Reform Commission, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, the National Health and Wellness Commission, the China Securities Regulatory Commission, and the National Medical Insurance Bureau, recently jointly issued the Guiding Opinions on Financial Support for Chinese-style Pension Services for the High-quality Development of Silver-haired Economy.
The Opinions clarify the phased objectives of the development of pension finance in 2028 and 2035, and put forward 16 key measures from five aspects: supporting the financial needs of different groups of people, broadening the financing channels of the silver-haired economy, improving the financial security system, consolidating the foundation of financial services, and building a long-term mechanism.
The "Opinions" pointed out that it is necessary to focus on different old-age groups to provide diversified financial services for the elderly, support the old-age groups to do a good job in pension fund reserves and wealth planning, and increase the inclination of financial resources for rural old-age needs. Improve the service system and management mechanism of financial support for the silver-haired economy, expand the credit supply for the development of silver-haired economic operators and industrial clusters, increase direct financing support, and expand diversified sources of funds.
In addition, the Ministry of Human Resources and Social Security issued the Notice on the Full Implementation of the Individual Pension System. Since December 15, 2024, workers who have participated in the basic old-age insurance for urban workers or the old-age insurance for urban and rural residents in China can participate in the individual pension. The personal pension system will be pushed from pilot 36 places to the whole country.
At the same time, pension products will also be expanded. Broad-based index funds and ETF-linked funds such as Shanghai and Shenzhen 300 Index, CSI 500 Index, CSI A500 Index and GEM Index will be included, and Y share will be added to meet the allocation needs of investors.
The Research Report on the Development of China’s Silver Hair Economy released by the Institute of Aging of Fudan University predicts that the size of the silver hair economy will reach 19 trillion yuan in 2035.
CITIC Jiantou said that the accelerated aging will drive the consumption related to medical care (appliances, medicines and services) to meet high growth. From the historical data, regardless of Japan or China, due to the continuous improvement of aging, health care-related consumption is the fastest growing area of various consumer expenditures.
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