<P><FONT size=5>申银万国--餐饮旅游行业：分享消费结构升级的盛宴</FONT></P>
<P><FONT size=5>7 月11 日            29页</FONT></P>
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<P>目 录<BR>1 消费结构升级：已进入到快速推进阶段············ 5<BR>1.1 消费结构升级是推动产业发展和结构演进的直接动力···············5<BR>1.2 我国消费结构升级趋势已经十分明显···········································6<BR>1.3 我国已进入到消费结构升级的快速推进阶段·······························7<BR>2 旅游业：迎来消费结构升级的盛宴···················· 9<BR>2.1 消费结构升级对旅游消费的提升作用已经显现···························9<BR>2.2 收入水平及其梯度将继续助推旅游业快速增长·························10<BR>3 消费结构升级下的旅游子市场分析·················· 12<BR>3.1 国内游仍将快速增长·····································································12<BR>3.2 出境游将继续加速增长·································································14<BR>4 消费结构升级下的旅游子行业分析·················· 17<BR>4.1 景点行业持续兴旺·········································································17<BR>4.2 酒店行业景气度继续提升·····························································19<BR>4.3 旅行社行业盈利能力略有回升·····················································21<BR>5 消费结构升级主题下的投资策略······················ 23<BR>5.1 行业评级与投资策略·····································································23<BR>5.2 重点公司盈利预测与投资评级·····················································23<BR>6 重点公司推荐与点评·········································· 24<BR>6.1 桂林旅游：买入（上调） ·····························································24<BR>6.2 华侨城：增持（维持） ·································································25<BR>6.3 锦江股份：增持（维持） ·····························································26<BR>6.4 黄山旅游：增持（维持） ·····························································27</P>