Core Insights - The report from Citigroup indicates that during the 2026 New Year holiday, domestic tourism in mainland China is expected to reach 142 million trips and generate revenue of 84.79 billion RMB, reflecting a compound annual growth rate (CAGR) of 2.6% and 3.1% respectively compared to the 2024 holiday [1] - The average spending per person is projected to be 597 RMB, which is a 1% decrease from the 2024 level [1] - The National Immigration Administration reports an average of 2.2 million inbound and outbound trips per day during the New Year holiday, marking a year-on-year increase of 28.6% and approximately 28% higher than the 2019 levels, with outbound trips by mainland residents increasing by 39.1% year-on-year [1] Industry Outlook - Citigroup believes that domestic travel performance during the 2026 New Year will be stable, while cross-border travel will show robust growth [1] - The upcoming Spring Festival is anticipated to be more significant, with expectations for a strong performance due to a 9-day holiday in 2026, which is one day longer than in 2025 [1] - Citigroup maintains a "Buy" rating on Trip.com (09961) and Tongcheng Travel (00780) [1]