1）出境游：整体高景气度不减，看好综合布局的龙头企业。上半年主要主要假期结束，综合各小长假信息判断，出境游市场整体维持较高景气度，数据表明未来趋势偏乐观。重点推荐凯撒旅游等出境游龙头公司。2）主题公园：迪士尼开业在即，江浙沪客流带动+主题公园产业链激活两条逻辑逐步落实。客流带动预计首年客流超800 万，60%左右为外省客流。重点推荐送中青旅、大连圣亚。3）景区升级：景区升级符合改革方向，顺应国内周边游崛起的趋势。消费升级、在线化率提升、大交通持续改善，多因素促使国内景区迎来新的需求增长周期。重点关注景区资源协同性高，整合升级执行力强的公司，黄山旅游、张家界、北部湾旅等。

我们在年度策略中揭示 2016 年旅游板块主要投资机会来自消费升级、旅游的需求全面爆发带来的行业供给升级。在移动互联网和政策支持背景下，消费者需求将通过互联网平台迅速传导至供给端，通过对劳动力、资本的影响，对供给函数产生影响。随着下半年旅游旺季到来，优质的出境游产品和出境后综合服务、国内高质量周边休闲游等持续受到追捧，进一步验证供给侧改革将持续推升细分领域的景气度。

土壤针对性法律缺失和相关标准不足一直是土壤防治领域的一大痛点，由此带来的责任主体不明和缺乏修复规范问题影响着行业的发展，“土十条”提出配合完成土壤污染防治法起草工作，适时修订相关法律法规、健全相关标准，鼓励地方性法规和标准出台，将加快我国土壤防治法律体系构建。

The rapid growth in urban population is increasing the demand for basic amenities that include transportation, healthcare, residents' safety, and education. The traditional operations in cities were ineffective and allowed only one-way distribution system for energy and water. However, with the advances in digital technology, the two-way communication became possible, and machine-to-machine (M2M) technology evolved further to provide smart grid, smart water management systems, smart transport system, and smart building system. All of these verticals form the smart city; and the development of smart cities is needed.