The motorcycle rental market is a flourishing trade providing value to commuters and to tourists and travelers who look to rent motorcycles for recreational purposes. The rental market allows users to rent motorcycles of their preference, which may be renting a high brand motorcycle such as Harley-Davidson, Kawasaki, and Royal Enfield. However, the motorcycle rental market is a highly unorganized sector due to the presence of a large number of domestic motorcycle rental companies in the market. The report, however, focusses on the organized sector of the motorcycle rental market. Lack of government regulations regarding renting of motorcycles in tourist areas is fueling the existence of a large unorganized motorcycle rental sector.

上周市场走势简要回顾：上周申万休闲服务行业跑赢上证综指 0.70 个百分点（2.40%vs1.70%），跑输沪深 300 指数0.17个百分点（2.40%vs2.57%）。在申万 28 个一级行业的上周股价涨跌幅情况中，休闲服务板块排第 17名。

近年来，在全民健身热潮，冬奥会申办成功和国家扶植冰雪运动的背景下，户外运动早已不是聚焦专业领域的小众群体活动，现已发展成为兼具极限运动与大众休闲的双重特征，参与人群愈发广泛。我国户外运动市场正迎来黄金发展期。根据 COA 的统计显示，2015 年我国户外用品市场规模为 232.8 亿，同比增长4.91%，批发总额为 131.1 亿元，同比增长 6.53%。我国户外休闲市场在保持快速发展同时，产业规模与欧美等发达国家相比仍有较大差距。

国内旅游连续13年维持两位数增长；国内游人次增长率创近5年新高；今年春节、端午等主要假期旅游数据表现亮眼；预计2017年整个行业将继续维持两位数以上的高增长。

Virtual events refer to gathering of people in a common virtual environment rather than a physical gathering. Virtual events help organizers and exhibitors cut costs that would normally incur for the booking of booth space and advertising. Virtual events can target

a niche social community, which helps in proper communication between attendees,exhibitors, and show organizers.The global virtual events market is expected to witness significant growth as it is costeffective.The global economic recession has made companies wary about investing money in physical events. Therefore, many organizations invest in virtual events as they are considered a platform for marketing their brand and attracting more clients.

This report covers the present scenario and the prospects of the global tractor rental market for 2016-2020. To calculate the market size, the report considers the number of households dependent on agriculture, the number of total fleet size of tractors rented

out, and the average revenue earned from each tractor in different regions. In addition,the report discusses the major drivers that influence the growth of the global tractor rental market. It also outlines the challenges faced by the vendors and the market at

large, as well as the emerging trends.

中国国家卫生计生委、发展改革委、财政部、旅游局、中医药局等5 部门日前联合印发《关于促进健康旅游发展的指导意见》(以下简称《指导意见》)，基本原则是“政府引导、市场配置;因地制宜、创新驱动；对外交流、开放共赢；试

点先行、稳步推进”。目标是到2020 年打造一批国际健康旅游目的地，到2030年，吸引更多的境内外游客将中国作为健康旅游目的地，提升产业发展层级。《指导意见》从提高供给能力、培育消费市场、优化政策环境等三个方面部署了13项重点任务。包括发展高端医疗、中医药特色、康复疗养、休闲养生等健康旅游产品；积极发展商业健康医疗保险；完善健康旅游业发展的支持政策；优化投融资引导政策，鼓励社会资本进入健康旅游产业等。《指导意见》强调，要建立部门协作机制，统筹协调健康旅游发展涉及的医疗卫生、旅游等方面的政策。选择一批具备良好资源条件、具有前期工作基础、符合政策支持方向、地方积极性较高的健康旅游项目，建设各具特色的健康旅游示范基地。加强与健康旅游产业发达国家和地区的交流，加强与国际相关组织和机构的合作。坚决避免脱离实际、一哄而上、盲目重复建设，杜绝成为简单园区建设或变相搞房地产开发。

5 月休闲服务板块下跌 6.0%，相对沪深 300 跑输 7.0 个点。其中，子行业排序为景点(-0.6%)>酒店(-5.4%)>旅游综合(-7.6%)>餐饮(-10.3%)，相对而言，低估值的表现相对较好，高估值正在回归。 

行业迎来全面复苏与反弹：免税：离岛免税回暖；机场招标等事件改变行业竞争格局；酒店：经济型供需关系改善，中端酒店需求旺盛；景区：2016年低基数，2017年将大概率反弹；出境游：欧美游利空出尽，东南亚将受益日韩局势。

餐饮旅游板块自 2017 年初至今下跌 8.7%、跑输大盘，一是经历了 2014 年、 2015 年的牛市，各公司估值仍有待进一步消化；二是今年市场风险偏好下降，筹码集中在家电、白酒等大白马标的，旅游板块市值小被忽略。但是行业基本面向好的趋势未曾变：纵向来看整个板块 2016 年业绩出现大幅增长，营业收入和归属于母公司净利分别同比增长 30.33%和 27.64%。板块估值探底给介入提供一定的安全边际，基本面良好与行情走势不匹配恰为下半年布局提供机会。