中信证券：2026年文旅市场迎来开门红 推荐三条主线

Core Viewpoint - The tourism market in 2026 is expected to see a strong start, with domestic travel and spending during the New Year holiday showing significant growth compared to 2024 [1] Demand Side - Domestic travel during the New Year holiday increased by approximately 5% in terms of the number of trips and about 6% in total spending compared to the same period in 2024 [1] - Outbound travel exceeded expectations, indicating a robust recovery in travel demand [1] - The K-shaped recovery trend is anticipated to continue, with low base effects benefiting leading brands in the mid-range consumer segment [1] Supply Side - The supply side is supported by continuous innovation and policy guidance, which enhances emotional value and market sentiment [1] - AI is expected to improve efficiency and optimize costs within the industry [1] Key Recommendations - Focus on three main investment lines: 1. Companies with high demand elasticity in the recovery phase, such as leading gaming and ready-to-drink beverage brands [1] 2. Quality targets in leisure travel [1] 3. Leading companies in cyclical sectors that demonstrate stable operations and growth potential [1]