春秋假及雪假政策显著拉动淡季旅游需求，旅游ETF上涨

Core Viewpoint - The tourism and hotel sector is experiencing growth, with notable increases in stock prices for companies like Junting Hotels and Xiyu Tourism, contributing to a 7% rise in the tourism ETF year-to-date [1] Group 1: Tourism Sector Performance - Junting Hotels' stock rose over 6%, while Xiyu Tourism and Three Gorges Tourism saw increases of over 2%, driving the tourism ETF's performance [1] - The tourism ETF, which tracks the CSI Tourism Theme Index, focuses on various segments of the tourism industry, including accommodation, sightseeing, retail, entertainment, and dining [2] - The index's sector allocation shows significant weights in aviation (34.2%), tourism and scenic spots (26.6%), retail (17.6%), and hotel dining (12.2%), with China Duty Free being a core holding at over 17.6% [2] Group 2: Industry Insights - Shenwan Hongyuan Securities notes that policies promoting spring and autumn holidays have significantly boosted off-peak tourism demand, benefiting scenic spots and tourism companies [3] - The combination of government subsidies, financial support, and merchant discounts has effectively stimulated consumer spending, highlighting investment opportunities in cultural tourism and winter sports [3] - China Merchants Bank Securities anticipates that the upcoming long holiday in 2026 and ongoing improvements in vacation policies will further enhance travel enthusiasm [3] Group 3: Hotel and Restaurant Sector Challenges - The hotel sector is facing pressure, with ongoing competition and insufficient release of business travel demand, leading to an average market sentiment [3] - Profit growth for hotel companies is primarily driven by cost control and quality improvements, with expectations for profit recovery tied to an overall industry rebound [3] - In the restaurant sector, market growth has slowed due to various factors, but competition is shifting from price wars to more rational pricing strategies [4] Group 4: Duty-Free Market Outlook - The duty-free industry is showing signs of marginal recovery, with a positive year-on-year growth in sales for offshore duty-free shops [4] - The upcoming closure of Hainan Island is expected to enhance the competitive advantage of duty-free operators, benefiting from free trade port policies [4] - The expansion of visa-free travel and the restoration of international flight capacity are anticipated to boost international customer flow, with leading duty-free companies expected to gain from these trends [4]