Indonesia’s transportation sector is dominated by state-owned enterprises (SOEs), with limits imposed on foreign ownership. Rapid urbanisation and a growing population have driven the need for more efficient transportation modes. Despite the dominance of SOEs across the land, air, water and urban transportation subsectors, there are opportunities in underserved areas and services. Transportation companies make up 7% of all companies listed on the Indonesian Stock Exchange as of end-2017, a majority of these being maritime shipping companies due to the country’s sizeable oil and gas industry.

The highly attractive and prospective Indonesian tourism sector has attracted both domestic and international hotel groups. The market structure of the tourism sector is highly competitive, especially in areas such as Bali and Jakarta, where the majority of visits with tourism purposes are concentrated. These two islands attracted a large influx of investment, leading to excess supply. There were 2,387 classified hotels operating in Indonesia as of end-2016, according to the latest available data. Nearly 40% of the hotels are based on Java and 13% on the resort island of Bali. That is mainly explained by the poor infrastructure outside of Java and Bali.

未来发展战略：区域下沉+外延并购+技术提升，均为两家人服巨头的未来战略，发展方向趋同。投资建议：国内灵活用工行业迎来中长期行业发展红利，重点推荐科锐国际、建议关注万宝盛华。

现制茶饮是高周转、高毛利率、容易标准化的绝好生意，但低门槛和高利润引来竞争，成为红海。对比咖啡行业的星巴克、Costa等品牌，历史悠久、三十亿客群的茶行业并没有出现现制茶饮门店大公司。现制茶饮供应链与原材料简单，投资低，标准化程度高，同时高复购、高坪效、高毛利、快周转，是热门创业领域。但延长生命周期需要不断推出爆款单品，保持品牌的吸引力，同时店铺位置核心。国人口味多变，新店的吸引力往往大于新品；行业新进入者众多，难以保持强有力的核心竞争力，竞争激烈。

本报告定义的在线旅游市场指服务提供商通过互联网或呼叫中心 ，以线上 或线下多种支付形式 ，为用户提供交通 、 住宿 、度假旅游等产品的综合信息检索 、 咨询与预订服务 ，从而形成的市场 。本报 告中的在线旅游市场包括交通 、在线住宿 、在线度假旅游三个细分市场 。

1 月（截至 1 月 30 日），餐饮旅游指数下跌 6.57%，同期沪深 300指数上涨 5.24%，上证综指上涨 3.28%，餐饮旅游板块跑输沪深300 指数 11.81 个百分点。 

行业新闻：（1）泰国政府正式公布，继续对中国等21 个国家和地区游客实行免除落地签证费措施至4 月30 日；（2）香港发展局局长黄伟纶透露，港珠澳大桥香港口岸离境层将于2019 年第一季度开设大型零售店铺，满足旅客购物需求。 投资建议：出境游板块建议关注众信旅游(002707，未评级)、腾邦国际(300178，未评级)、凯撒旅游(000796，未评级)。