tor Mercenary Commendation power leveling the average increaseMore than 50% - JSV

Chinese new year golden week sales record year of consumption 有戏 Despite the uncertainties facing domestic and international economic environment, the Dragon Chinese new year golden week consumer market can still "full swing" to describe. Ministry monitoring data show, new year's Eve to new year the sixth day of every month, national retail and restaurant sales $ 470 billion, another record high, than the 2011 growth during the festive period 16.2%. Growth over the same period last year, 19%2.8% fell, but is still in a more stable level. Golden Week spending steady growth for this data, guangfa securities analyst said, after deduction of January 2012 for inflation, the Dragon Chinese new year golden week retail and food and beverage consumption real growth 12%, higher than the 2008 data tor Mercenary Commendation power leveling, and the basic close in 2005, 2007 data. "Taking into account the GeneralExpansion and other factors, the Dragon Chinese new year golden week's growth was steady, slightly down sales growth is expected in the industry. "Industry sources said. Everbright securities analysts believe Chinese new year golden week data fell for two main reasons: first, the CPI kept high, high price levels inhibit the consumption demand of consumers and, secondly, lunar new year in 2012 andDan interval is short, part of the Chinese new year shopping demand has reflected in the new year peak consumption. Joint huatai securities analyst said, although the 2012 lunar new year sales growth fell by 2.8%, but given the 2011 Chinese new year sales growth for the past 8 years, and CPI higher during the Spring Festival of the year (in January 2011, February CPI are4.9%), and judging from the CPI in recent months, falling trend is clearly in December last year had dropped to 4.1%. Therefore, the Chinese new year sales growth rate slightly down this year in line with expectations. Concern is that the overall steady growth in consumption on the basis of, the Spring Festival this year as consumer domain and category performance differentiation occurred. According to the subregion, showing Western ProvinceBetter and slightly below the eastern coastal city sales pattern. Among them, Sichuan (21%), Henan (21.2%), Hebei (24%), Guangxi (24.6%), Shaanxi (22.3%), Liaoning and Gansu provinces in Central and Western sales growth over 20%, while sales slowed in the eastern provinces between 15% per cent. Merchandise categorySee, winter clothes, hot new year full of goods such as food, gold and silver jewelry. Among them, clothing, jewelry, food sales growth, 18.7% and 16.2% respectively. Moreover, while the "old for new" policy exit and new year's day during the promotional effect, apart from a few areas outside the poor household appliance sales, fashion digital in most provinces, home appliance product salesSales performance remained good. Spring Festival of another record high sales data for the consumer sector will undoubtedly be a "good start", however, the traditional low season will also come. Under the influence of many different factors such as high inflation, 2011 consumer sector's performance is not satisfactory, according to the 2011 Shanghai a-share index fell 17.8% commercial retail sector decreased by26.8%, runs to lose the market 9%, ranked 13th in the annual price in various sectors. In 2012, this situation will change? Retail business: valuation or the bottom specific to the retail sector, statistics show, the Dragon during the lunar new year golden week all over the country among the major department stores grew by 15% per cent, and new year's day data baseFlat. Guosen securities industry researchers say, for now, because the new year and Spring Festival period is closer to estimating willingness in the short term basic release has been completed, and the end of the first quarter to second quarter is the traditional consumption of low season. Expect the next 3 months, industry trends will continue, it is difficult to see significant upward inflection point. However, the researchers stressed, "we are cautiously optimisticTrend of retail unit until 2012, that is better than 2011 is the probability of the event, maintain caution recommended rating. "Where does optimism comes from the basis of? On one hand, the industry generally believe that retail industry performance based sound. Guosen securities researcher's data above shows that at present retail sector 12 companies announced the 2011 performance increases, the average increaseMore than 50%, which increased by more than 50% 7, versus 58%; pre-20~50% 3 increase, 2 increased 20%. Guotai Junan securities recently issued a report on the said retail growth will remain robust this year. "Subject to the price and volume effects, is expected in 2012 industry growth will drop, revenue is expected to focus on listed companiesAverage annual growth will drop, speed is expected to focus on listed companies earn on average around 20%. Maintained sector outperform rating. "On the other hand, valuations or retail industry has hit bottom. Guosen securities researcher says above, based on a recently downgraded forecasts, the average PE two thousand twelve-thirteenths key stocks/19 times, respectively, the corresponding performance growth 24%/22%, therefore, the investment risks of the industry has already been fully expressed on the valuation, a high margin of safety. Sinolink securities analysts said industries are at the bottom left of the retail industry fundamentals have entered the stage of the worst, consumption in the second quarter is expected to gradually improve, warmed in the retail industry fundamentals are expected to accompany consumption and improving step by step, current relative to the retail industry in Shanghai and Shenzhen300 valuation multiples have come down to 1 time times the standard deviation of a reasonable interval, within given industries "overweight" rating. Tourism: will continue to grow rapidly in many consumer industries, Dragon Chinese new year performance of the tourism industry is more subtle. According to information from national holidays, tourism revenues in 2012 Chinese new year golden week break the multi-billion dollar mark, reaching 101$ 400 million, an increase of 23.6%, achieve 2009-2012 year four years in a row above the cent of rapid growth, but growth fell from a year earlier than about 3.4%; hospitality 1.76 times, an increase of 14.9%, compared to 7% growth has slumped by about the same period last year. Tourist per capita consumption increased growth higher than the same period last year. Analyst recognitionFor, during golden week this year is relatively bad weather hampered the pace of some residents to travel, is a significant cause of industry revenue growth fell short of expectations. Dramatic growth in the overall at the same time, tourism industry has also presented a number of new features. For example, rapid development of cultural tourism, the country actively explore traditional culture connotation d3 gold, the introduction of various temple fairs, carnivals, variety show, the folk arts festivalActivities; new format popular for tourism, cruise boats, medical health tourism were the visitors attention and favor, "leisure, vacation, convalescence, fitness" character becoming increasingly clear swtor Mercenary Commendation power leveling, and so on. In 2012, despite industry concerns domestic expected overall economic downturn, but market participants expected the generally good. Yang Chunyan said Oriental securities analyst, Victoria2012 industries are still maintaining the sustained, rapid growth, industry growth rate is expected to be between 15% per cent, investment strategy will focus on "cultural scenic spots, duty-free, budget hotel" three main line. Guosen securities analyst, said the short term, on the one hand tourism sector after the third, fourth quarter 2011 after continuous outperform, complement regulatorThe other hand, tourism consumption lags behind economic cycles of some investors have doubts increase short-term pressures of plates. Therefore, the short-term tourism sector there is a big may render space flat-for-time, however, remain convinced that tourism in 2012 in the absence of emergency premise will still maintain a relatively rapid growth, and it is expected in the context of expanding domestic demand will also usher in a morePolicies to benefit, tourism growth characteristics of plates will be increasingly strengthened.