中信证券：旅游市场高景气 酒店板块超预期

Group 1 - The report from CITIC Securities highlights that the "longest Spring Festival in history" combined with favorable weather conditions has led to a booming tourism market during the holiday period [1] - The extended holiday has resulted in a trend of "returning home first, then traveling" or multi-segment trips across various regions [1] - Hotel RevPAR (Revenue Per Available Room) has exceeded expectations, indicating strong performance in the hospitality sector [1] Group 2 - The demand for duty-free shopping on islands remains high, reflecting a robust market for this segment [1] - Many scenic spots have issued capacity limit announcements, suggesting increased visitor numbers and potential strain on resources [1] - Looking ahead, the service industry consumption is seen as a key area for policy support, with tourism being a significant aspect of service consumption expected to see demand growth beyond expectations [1]