2019 年上半年SW 休闲服务行业实现营收667.21 亿元（+7.32%），增速放缓主要是由于中国国旅旅行社业务剥离导致（同时，宋城演艺4.30 剥离六间房）；归母净利润同增21.36%达到61.80 亿元，与上年同期相比，行业综合毛利率提升2.63pct 至45.61%，营业毛利达到304.32 亿元（+13.90%）；净利率提升1.28pct 至10.73%。

一、2019 年上半年及2019 年二季度休闲服务板块整体情况概述 .......................................................................... 5

（一）2019 年上半年行业整体情况 ................................................................................................................................ 5

（二）2019 二季度行业情况 ............................................................................................................................................ 8

二、各细分板块业绩状况 ....................................................................................................................................................... 10

三、重点公司2019H1 经营情况回顾 .......................................................................................................................... 12

（一）免税行业：中国国旅 ........................................................................................................................................... 12

1. 2019H1 业绩情况 ..................................................................................................................................................... 12

2.投资建议 .................................................................................................................................................................... 13

（二）酒店行业 ............................................................................................................................................................... 13

1.首旅酒店 .................................................................................................................................................................... 13

2.锦江股份 .................................................................................................................................................................... 17

（三）人工景区：中青旅 ............................................................................................................................................... 19

（四）演艺：宋城演艺 ................................................................................................................................................... 21

（五）其他 ....................................................................................................................................................................... 22

1.海昌海洋 .................................................................................................................................................................... 22

2.珀莱雅 ........................................................................................................................................................................ 23