2020 年上半年，申万休闲服务行业全部上市公司共实现营收377.06 亿元，同比减少82.29%，行业整体亏损12.57 亿元，扣非后整体亏损25.48 亿元，上半年业绩受疫情影响有明显下滑。行业整体毛利率为43.89%，较19 年同期降低了17.93 个百分点，同期净利率为-4.39%。行业期间费用率为33.89%，较去年同比提高0.71 个百分点，主要是受行业整体管理费用率提高的影响。

The concept of fast casual restaurants came into existence in the late 90’s, however it gained much of the traction in 2009. The fast casual restaurants prepare fresh food rather than assembling them as in the case of fast food restaurant. High quality ingredients, locally sourced, fresh, and organic are the some of the many characteristics of the fast food restaurants. Furthermore, the prices of fast casual restaurants are higher than that of fast food restaurants but considerably lower than that for fine dining. The global fast casual restaurants market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global fast casual restaurants market. These include market forecast, drivers, restraints, opportunities, and role of key players operating in the market. By food type, the market is classified into burger/sandwich, pizza/pasta, Asian/Latin American Food, chicken, and others. By mode of operation, it is bifurcated into dine-in and takeaway. By nature, it is divided into franchised and standalone. Furthermore, it includes revenue generated from the sales of fast casual restaurants across North America, Europe, Asia-Pacific, and LAMEA.

投资建议：1.免税组合：重点推荐中国国旅+王府井+格力地产+众信旅游+凯撒旅业；2.就业服务业：继续推荐中公+科锐+人瑞，关注强生控股；3.餐饮旅游等线下消费组合：推荐酒店板块锦江+首旅；休闲景区宋城+天目湖；餐饮板块九毛九+海底捞+广州酒家等。

近五个交易日沪深 300 指数下跌 0.73%，休闲服务板块上涨 0.83%，行业跑 赢市场 1.56 个百分点，位列申万 28 个一级行业下上游。其中，景点上涨 4.84%，旅游综合上涨 0.93%，酒店下跌 6.30%，餐饮下跌 5.04%。