山西证券：关注出入境游、酒店领域的投资机会

Group 1 - The core viewpoint is that the recovery of international travel and the growth of the hotel industry are expected to continue, driven by increased flight schedules and a favorable market environment [1] Group 2 - Inbound tourism is anticipated to recover steadily due to the implementation of visa-free policies in 2025, with airlines increasing international flight frequencies and significantly lowering ticket prices, thus boosting consumer travel enthusiasm [1] - The hotel industry is experiencing growth in mid-range hotels, with lower-tier markets becoming the main area for expansion, as demand for accommodations in these regions rises due to various travel trends [1] - The hotel sector has a significant opportunity for improvement in terms of chain rate and product structure, particularly in lower-tier cities where the market is characterized by strong supply and demand [1] Group 3 - Companies to watch include Jinjiang Hotels, Huangshan Tourism, and Zhongxin Tourism, which are positioned to benefit from these trends in the travel and hospitality sectors [2]