Scale-driven growth in tourism revenue Fourth quarter, the tourism industry revenue growth driver will transfer to rely more on the scale of growth. Since the second half of 2009 higher per capita tourist spending, inbound tourism down, and the number of share appreciation of the renminbi and other reasons, compared to fourth quarter growth in tourism revenue during the first half, will be slow, but the total number of tourism growth rate will accelerate. From Three travel market, the number of domestic tourism and outbound tourism growth will accelerate, the number of inbound tourism growth rate will slow down; domestic tourism and international tourism revenue will slow down growth. The total number of expected 2010,2011 will be on tour Growth of 8.42% and 13.13%, tourism revenue increased by 14.52% and 15.29%. Hotels, restaurants and travel agencies continue to boom Tourist arrivals and spending per capita level of change will affect the sub-industry boom. Fourth quarter, hotels and medium-sized star hotel will benefit from the price and volume wheel drive, while the area and the travel industry is growing more dependent on the size of Long. Expect hotels and medium-sized star hotels, restaurants and travel agencies will continue to boom, boom of the area will be reduced. Concerned about the policy refinement, tracking asset restructuring Fourth quarter, the event type less impact on the industry factors, and the market has been more fully the main events expected. In addition, the regional tourism policy refinement, or introduced, such as an international tourism island of Hainan refining policies, and the Department of Branch reorganization of assets and other matters will affect the company's valuation. Investment advice Fourth quarter, industry revenue growth will be wheeled into a single wheel drive. The second half of the total number of 10 will travel up 11.62%, 3.19 percentage points increase over the first half, but the 9.59% growth in tourism revenue over the first half of Down 9.73 percentage points. Fourth-quarter revenue growth will slow travel. From the sub-industry perspective, hotels and medium-sized star hotel, catering and travel industry boom will continue, and scenic spots will be weakened. Taking into account the line Industry, the current valuation level, giving the industry a "hold" rating. Taking into account the industry boom of the fourth quarter down, and the events of 11 years to enhance the impact of valuation on the industry, we chose sub-sector and regional plate boom continued, the growth of good companies.

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