2020 年3 月沪深300 指数下跌6.44%，休闲服务行业下跌9.66%，行业跑输市场3.22 个百分点，位列全部申万28 个一级行业倒数第7。其中，景点下跌5.36%，旅游综合下跌12.95%，酒店下跌10.30%，餐饮上涨11.88%，其他休闲服务上涨3.73%。

1.月度市场行情回顾 ....................................................................................................................................................... 5

1.1 行业涨跌幅位于下游......................................................................................................................................... 5

1.2 板块市盈率较2 月有小幅下调 ......................................................................................................................... 6

2.国内疫情防控逐渐明朗 ............................................................................................................................................... 6

3.19 年国内旅游人数同增8.4%，各地景区陆续恢复营业 ......................................................................................... 7

4.国外疫情蔓延加速，我国暂停外国人入境 ................................................................................................................ 8

5.免税一季度受疫情影响，关注免税行业政策变化 .................................................................................................... 9

6.四季度RevPAR 持续下滑，开业数量增长明显 ..................................................................................................... 10

7.投资建议 ..................................................................................................................................................................... 11

8.风险提示 ..................................................................................................................................................................... 11