When editing XML layout files, Eclipse has a feature called 'wrap in container' (Reformat -> Android -> ...) that lets you select one or several Views and wrap a layout of your choice around it. Is there something similar in Android Studio?
“how to wrap code in android studio” Code Answer "File->Settings->Editor->General" tab and check "Use soft wraps in editor".
Please goto "File->Settings->Editor->General" tab and check "Use soft wraps in editor". it will solve your problem.
To efficiently re-use complete layouts, you can use the <include/> and <merge/> tags to embed another layout inside the current layout. Reusing layouts is particularly powerful as it allows you to create reusable complex layouts.
It's currently being implemented: Issue 69000: Add the "Wrap In" visual refactoring - Android Issue Tracker
Tor Norbye, Android Issue Tracker Mantainer:
We should implement the "Wrap In" visual refactoring.
Just came across this, and to complete Simas' answer:
using AS1.2, this is easy to achieve...
Alt+Shift+Z (surround-with)... a little
popup appears. Click Configure Live Templates.... Or use File->Settings->Editor->Live Templates as described above.Select the html/xml section and hit the little +. Give it a name and description, then fill in template text:
<LinearLayout
    android:orientation="$ORIENTATION$"
    android:layout_width="wrap_content"
    android:layout_height="wrap_content"
    >
    $SELECTION$
</LinearLayout>
Click Edit variables, set Expression:complete(), Default value:vertical... hit OK. Then, find the Define' button for applicable context... and select XML.
You're all set now. To use the template, select the View that you wanna surround in the XML, hit Alt+Shift+Z (surround-with)... a little popup appears. Select the template you just defined... Done!
You can use Live Templates for that. Here's a nice article about them.
Edit:
New templates can be added through File->Settings->Editor->Live Templates.
To find the hotkey for your keymap go to File->Settings and write "Live template". For me it's  CTRL  +  J .
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