机构：旅游行业有望延续复苏态势

Core Viewpoint - The Shandong Provincial Government has issued a plan to further expand cultural and tourism consumption, focusing on supporting local market entities to grow and strengthen [1] Group 1: Government Initiatives - The plan includes the implementation of the "Cultural and Tourism Enterprise Sailing Plan" to support various levels of cultural and tourism groups in expanding and strengthening their operations [1] - There is an emphasis on resource sharing and complementary advantages among tourism enterprises [1] - The initiative aims to cultivate 16 premium tourism industry clusters and create several "hundred-billion" level industry clusters [1] Group 2: Market Outlook - Dongguan Securities predicts that the demand for domestic and international travel will remain strong in the first half of 2025, although tourism consumption will be more rational and competition in the industry will remain intense [1] - Following the improvement of the macroeconomic environment since September 2024, the focus of policies has shifted towards promoting consumption, suggesting that there is still room for domestic tourism to grow in the second half of the year [1] - Caixin Securities believes that with the continuous strengthening of domestic demand policies and the gradual recovery of consumer confidence, the tourism industry is expected to maintain a recovery trend [1] Group 3: Investment Recommendations - The industry is advised to focus on two main areas: 1) leisure tourism sector; 2) business travel recovery [1]