Core Viewpoint - Goldman Sachs reports that the overall tourism data during the Spring Festival is healthy, with domestic tourist numbers increasing by 19% to 596 million and tourism spending rising by 19% to 803 billion yuan, with a daily growth rate of 6% [1] Group 1: Domestic Tourism - Domestic tourist volume increased by 19% to 596 million people [1] - Tourism expenditure rose by 19% to 803 billion yuan, with a daily growth of 6% [1] Group 2: International Travel - Outbound traveler numbers increased by 24% to 4.8 million [1] - Japanese routes saw a year-on-year decrease of approximately 50%, but demand shifts to Southeast Asia and South Korea routes increased by 10-40%, offsetting some of the impact [1] Group 3: Hotel and Airline Performance - Hotel industry performance was strong, with revenue per available room driven by average room prices, growing at a mid to high single-digit percentage year-on-year [1] - Airline ticket prices exceeded expectations, with domestic ticket prices rising by 7% and international ticket prices increasing by 15% due to tight capacity [1] Group 4: Duty-Free and Gaming Revenue - Hainan's duty-free stores underperformed expectations, with daily sales growth of only 15%, down from 45% in January, primarily due to a decline in per capita spending [1] - Macau's daily gaming revenue was 786 million patacas, a year-on-year increase of 5%, falling short of the expected 850 million to 900 million patacas, partly due to a decrease in VIP room win rates [1] Group 5: Investment Recommendations - The company believes the fundamentals are more favorable for hotel stocks rated as "buy," including Huazhu Group and Atour Hotel [1] - Macau stocks recommended include Galaxy Entertainment and Sands China, along with airline stocks such as Air China and China Eastern Airlines [1]