The tourism and leisure sector encompasses a range of subsectors: travel accommodation, F&B establishments, medical tourism, entertainment services etc. Medical tourism is an important subsector, given the country’s popularity among international medical tourists. Market concentration is dependent on the subsector and product category, but most are generally competitive and segmented with a large number of players targeting different customer and price segments. On the other hand, there are a few large private hospital groups in medical tourism, which mainly target high-end patients. The Thai government is promoting quality tourism and tourism in secondary provinces, which should benefit players across all subsectors, including smaller players in the secondary provinces.

 2018年创投规模及只数环比增速下降，平均管理规模整体呈下行趋势。通过上市方式退出是最主要的途径，PO 审核从严， 整体上市节奏放缓，上市数量明显降低，一二级市场之间的价差也逐渐缩窄， 市场往更加成熟的方向发展 。

券商行业（监管红利之春）：政策红利为最大催化剂，建议增持头部券商，政策是最大催化剂：行业政策环境有望持续改善，注册制、衍生品等相关支持政策有望相继落地，行业将迎来新的业绩增长点。龙头有望更为受益：龙头券商更受益政策红利，且估值与持仓处历史低位。建议增持中信证券、海通证券，受益标的中金公司。

从税费结构上来看，沪深 300 上市公司税费结构中增值税、所得税占据半壁江山。

美国寿险业：成熟市场，低速增长阶段， 低速增长阶段，深耕存量业务是价值增长核心动力。产品结构优化，适应市场行情变化下的客户需求变迁。

今年初受到134号文件和经济下行的影响，年金险受到一定冲击，保险公司销售策略纷转型和调整，保费增速放缓。短期预开门红健康调整，需关注险企策略的分化效应。