The tourism and leisure sector encompasses a range of subsectors: travel accommodation, F&B establishments, medical tourism, entertainment services etc. Medical tourism is an important subsector, given the country’s popularity among international medical tourists. Market concentration is dependent on the subsector and product category, but most are generally competitive and segmented with a large number of players targeting different customer and price segments. On the other hand, there are a few large private hospital groups in medical tourism, which mainly target high-end patients. The Thai government is promoting quality tourism and tourism in secondary provinces, which should benefit players across all subsectors, including smaller players in the secondary provinces.

传媒行业2018年回顾：传媒板块经历三年深度回调，估值持续收敛，中位数估值23.72倍，处于历史底部位置。而板块业绩也进入调整期，营收增速下降，利润增速转负，盈利能力下滑较为明显。同时2018年政策监管趋严，行业进入阵痛升级阶段。

投资策略：考虑到头部在线票务平台在充分分享行业红利的同时有望在宣发、内容、衍生品开发等电影行业多个部门开拓市场空间，预计2020年在线电影票务总市场空间可达95亿元，年复合增速达17%，首次覆盖在线电影票务平台行业，给予“强于大市”评级。建议重点关注拥有头部在线票务平台的阿里影业、猫眼娱乐和积极布局该赛道的内容巨头光线传媒；建议关注拥有自有在线票务平台与衍生品平台的院线巨头万达电影。

云游戏对网络的要求：谷歌ProjectStream项目要求25Mbps带宽，延迟小于40ms，索尼PSNOW网速达到12Mbps才能流畅运行。现有的云游戏项目基本仅在少数网络设施好的国家/地区推广，比如PSNOW仅支持北美地区，Switch云版本游戏仅支持日服。