The increasing demand for air travel, the expansion of airline fleets to accommodate a larger number of passengers, and the rising number of flight movements have led to a reduction of the ground time to increase the efficiency of their fleet. Airlines are not only hiring additional employees but are also looking to increase the efficiency of their aircraft fleet by adding new travel routes. Traditional airlines operating medium-haul routes fly 7–14 hours approximately per day. In contrast, LCCs aiming to maximize the aircraft fleet efficiency implement intensive short-haul flight schedules, which sometimes double the flying time as compared to the industry average.

Critical infrastructure plays an active and dynamic part in supporting the seamless progression and assimilation of modern society. The performance, safety, reliability, continuous operation, maintenance, and protection of critical infrastructure are among the national priorities for countries around the world. Critical infrastructure (CI) offers essential services that underpin society and serve as the backbone of any nation's economy, health, and security. The power used in homes and industries, potable water, transportation, and communication systems is a part of critical infrastructure. The critical infrastructure sectors comprise assets, networks, and systems, whether physical or virtual. The physical protection of critical infrastructure can prevent the commission of high-impact terrorist attacks and avoid the cascading effects that are frequently associated with such attacks. INTERPOL has observed an increase of 200%, in the number of profiles of foreign terrorist fighters, between January 2017 and April 2018. Further, defense bases and facilities are widely supported by a variety of critical infrastructure and operational technology right from power generation and utilities to building automation and safety systems. Destruction or incapacitation of these bases can have a debilitating effect on the national economic security, safety, or any combination thereof such as loss of power, exposure of confidential information, interruptions to operations, and threats to the safety of personnel.

《海南自由贸易港建设总体方案》发布，海南板块整体受益中共中央印发《海南自由贸易港建设总体方案》，提出发展目标：“到2025年，初步建立以贸易自由便利和投资自由便利为重点的自由贸易港政策制度体系”，“2035 年制度体系和运作模式更加成熟”，“本世纪中叶，全面建成自贸港”。《方案》提出上调离岛免税限额至10 万，大力发展旅游业，给予海南实质性运营企业减按15%征收企业所得税。离岛免税有望扩容，海南旅游整体受益。推荐中国国旅，建议关注首旅酒店，宋城演艺，凯撒旅业，众信旅游，三特索道。

5 月GGR 同比下滑93.2%，继续受到入境限制措施的影响。据DICJ 披露，5 月澳门博彩毛收入（GGR）为17.64 亿澳门币，同比下滑93.2%。自3 月中旬开始，由于海外疫情爆发，澳门连续出现多起海外输入性病例，澳门特区的入境限制措施继续升级，对澳门的入境游客人次带来负面影响。其中3 月27 日开始，广东省宣布对所有经广东口岸入境人员（含港澳台地区）需自费集中隔离14 天。自此之后，澳门的入境内地游客几乎归零。4 月澳门入境游客人次为1.1 万，同比下滑99.7%。我们预计5 月份澳门游客人次尚未出现环比复苏。

自贸港方案正式出台，明确三大目标：6 月1 日，《海南自由贸易港建设总体方案》出台，重点提出到2025 年,初步建立以贸易自由便利和投资自由便利为重点的自由贸易港政策制度体系。到2035 年,自由贸易港制度体系和运作模式更加成熟,以自由、公平、法治、高水平过程监管为特征的贸易投资规则基本构建,实现贸易自由便利、投资自由便利、跨境资金流动自由便利、人员进出自由便利、运输来往自由便利和数据安全有序流动。到本世纪中叶,全面建成具有较强国际影响力的高水平自由贸易港。

本文是关于物业管理行业估值的第二篇讨论报告，上承《物业管理行业专题研究报告——探究物管龙头的长期天花板》。如果说那篇报告是探究行业中优秀公司的长期天花板，这篇报告就是聚焦龙头公司中短期较为确定的成长空间。

4 月电商平台美妆销售额快速增长，各品牌表现分化。2 月下旬起疫情在全球扩散，对进口化妆品供应链的影响可能在Q2 仍有体现，进口品短期减少或有利于国货份额提升；进口化妆品接连降税/实施备案制简化流程、加速进入国内市场仍为长期趋势，市场竞争仍有加剧可能。Z 世代成消费主力军，文化自信增强、本土品牌认同提升；国货生产研发实力进阶，加码新品孵化，凭借IP 联名/跨界营销/直播带货等新营销焕发新活力；天猫升级新国货计划，5 月10 日开启“新国货大赏活动”，在数据/设计/文化/创新等各方面有望持续赋能。建议关注珀莱雅/丸美股份/上海家化/壹网壹创。