Medical tourism can be defined as travel across international borders to avail medical treatment of some form, which may or may not be available in the traveler’s home country. This treatment may include a wide array of medical services; however, the most frequently availed services include dental care, cosmetic surgery, elective surgery, and fertility treatment. The motive behind the travel can be one or more among the following major factors:

1 月以来，随着天气进一步转冷以及国内外疫情反复影响出行，餐饮旅游各子板块均有一定程度的调整，但我们认为疫情的影响是短期的，酒店、景区、餐饮等板块从低位呈现边际改善的确定性高，且板块都处于历史估值低位（对应21E 的业绩），安全边际较高。建议关注：1）疫情推动酒店行业进一步筑底，加速单体酒店出清，逆势开店更显酒店龙头的能力。看短期，重要会展是拉动酒店商务需求回暖的重要推力，后续随着A 类会展恢复和国内出游需求回暖，将进一步带动酒店经营数据好转。2）旅游活动逐步恢复，建议关注景区龙头。

政治局会议提到需求侧改革，再次强调扩大有效需求，促进消费回流。当前海外疫情发酵，国内疫情管控严格，政策基调与当前疫情情况的大背景下，境内游有望持续承接部分出境游消费需求。按照往年数据来看，出境游客境外消费额在千亿美元规模，回流空间可观。而且，当前酒店、景区、餐饮等板块盈利边际改善确定性高+对应21 年估值处于较低位置，配置性价比较高，建议关注：1）疫情推动酒店行业进一步筑底，加速单体酒店出清，逆势开店更显酒店龙头的能力。看短期，重要会展是拉动酒店商务需求回暖的重要推力，后续随着A 类会展恢复和国内出游需求回暖，将进一步带动酒店经营数据好转。2）旅游活动逐步恢复，建议关注景区龙头。

Fitch Ratings has published the 11th edition of its Global Reinsurance Guide. This document provides reinsurance brokers, security committees and reinsurance investors with Fitch’s latest research and views on the global reinsurance sector. The Fitch Ratings 2021 Outlook: Global Reinsurance report discusses the key drivers behind the negative sector outlook. The report highlights the issues that Fitch expects to affect reinsurers during 2021. These issues include: • Ultimate losses for the coronavirus pandemic • Risk-adjusted price rises • Stalling growth in alternative capital capacity The Global Reinsurers: Mid-Year 2020 Results report provides a review of the financial results and performance highlights released during the 1H20 reporting period by Fitch’s portfolio of reinsurers. The European Reinsurance – Peer Review report outlines Fitch’s views on the key credit factors of the four major European reinsurance organisations: Hannover Re; Munich Re; SCOR and Swiss Re. The Asian Reinsurance Market 2020 report explores the improving pricing environment against the backdrop of the coronavirus pandemic. The report also discusses M&A activity in Asian reinsurance, changes in regulation and the gradual pick-up of interest in insurance-linked securities. The Reinsurance in Latin America report discusses the smaller natural catastrophe losses in 2019 than in 2018 and the impact of the coronavirus pandemic on earnings. The report also discusses the importance of reinsurance protection against natural catastrophe claims for local primary insurers.