19 年集中减值业绩继续磨底，20Q1 疫情下冰火二重天，我们维持年度策略观点，看好分领域不同节奏的行情表现。19 年传媒111 家样本公司总营收4851 亿元，同比增长2.4%，增速相比18 年下降8.6pct；19 年总归母净利润152 亿元，同比下降37.2%（18 年为同比下降56.3%），传媒板块营收及净利润低于全部A 股及创业板增速。

5 月8 日，国务院发布指导意见，提出在落实防控措施前提下，将采取预约、限流等方式，开放包括影院在内的密闭式娱乐休闲场所。此前，国家电影局于4 月29 日召开会议，对行业扶持政策作出部署，并对行业整合作出指示。政策端利好频现，院线行业复工在望。

并购是院线产业整合的必然趋势，却是院线做大做强的必要不充分条件。21 世纪初以来，北美院线的并购潮促成了AMC、Regal、Cinemark 三巨头鼎立的格局，如今，北美院线银幕和票房CR3 接近50%。但三家巨头的经营状况迥异，RGC 于2018 年被欧洲第二大院线Cineworld 收购，AMC 在美国和欧洲一路迅速并购扩张，直至成为全球第一大院线，却在多个年份亏损，盈利能力与其行业地位不相匹配。Cinemark 稳打稳扎，连续10年盈利，其中6 年净利润获得增长，最受资本市场青睐。根据对北美院线并购历史的回顾和并购效应的分析，我们认为并购整合符合院线行业的发展趋势，可以为院线公司带来更强的上游议价能力、更广阔的消费者来源、更高效的全国统一运营网络。但并购后的整合需要时间和资金成本，经过并购效应分析，我们发现如AMC 此类过于激进的并购将引发费用的失控，折旧摊销成本和期间费用抬升侵蚀利润。

从长期来看，旅游业持续向好的趋势没有改变，但此疫情对行业内公司短期业绩的冲击难以避免，因此我们给予对行业“中性”的投资评级，从长期角度仍然建议投资者从以下几个维度选择个股：1）坚守逻辑清晰且壁垒较强的免税行业；2）关注估值处于低点且业备较大弹性的酒店行业龙头；3）对门票收入依赖较低且具备异地复制可能的优质景区类公司。综上，推荐中国国旅（601888）、锦江酒店（600754）以及宋城演艺（300144）。

Several systems installed in the aircraft like display systems, content, and software for improving the passenger experience and connectivity systems like Wi-Fi routers, will allow the passengers to be stay connected to online platforms. These systems are currently playing an important role in the selection of airlines by the passengers and are playing a major role in the digitization of the aircraft. With FAA permitting the use of electronic devices on the aircraft from gate to gate, inflight entertainment service providers are focusing more on inflight entertainment through the personal electronic devices (PEDs). Inflight live streaming of content has been introduced by some airlines, and currently, other airlines are tr ying to incorporate these into their offerings. Also, the provision of in-seat power has seen an increase in the PED usage, which became the main reason for the growth of Bring Your Own Device initiative. In this market, the operators (IFEC providers like Panasonic) can provide their services in wholesale, retail (revenue sharing), or a third model.