信达证券：春节超长假期刺激出游 景区、入境游表现靓丽

Core Viewpoint - The extended Spring Festival holiday has stimulated travel demand, with total domestic travel expenditure reaching 803.48 billion yuan, averaging 89.3 billion yuan per day, a year-on-year increase of 5.5%, recovering to 122% of the level in the same period of 2019 [1][2]. Group 1: Travel Demand and Expenditure - During the 2026 Spring Festival holiday, there were 596 million domestic travelers, averaging 66 million per day, a year-on-year increase of 5.7%, recovering to 112% of the level in 2019 [2]. - The total domestic travel expenditure was 803.48 billion yuan, averaging 89.3 billion yuan per day, a year-on-year increase of 5.5%, recovering to 122% of the level in 2019 [2]. - The per capita consumption was 1,348 yuan, averaging 150 yuan per day, a year-on-year decrease of 11.3%, recovering to 84.7% of the level in 2019 [2]. Group 2: Scenic Spots Performance - Scenic spots experienced high visitor flow during the holiday, with many reaching maximum capacity for several days [3]. - Notable scenic spots such as Emei Mountain and the Three Gorges Dam showed strong performance, with significant year-on-year growth [3]. - The number of visitors to the projects under SanTe Cableway increased by 18.2% in the first eight days, while destinations under Xiangyuan Cultural Tourism saw a 31.3% increase [3]. Group 3: Duty-Free Sales - Duty-free sales in Hainan experienced double-digit growth, with Sanya outperforming Haikou [4]. - During the Spring Festival holiday, the duty-free shopping amount reached 2.72 billion yuan, averaging 303 million yuan per day, a year-on-year increase of 16.5% [4]. - Sanya's duty-free sales amounted to 1.96 billion yuan, averaging 218 million yuan per day, a year-on-year increase of 21% [4]. Group 4: Performance of Entertainment - The number of performances during the Spring Festival holiday remained stable or slightly increased [5]. - Songcheng Performance's "Romance of the Three Kingdoms" had 580 shows, increasing by 30 shows compared to the previous year [5]. - "The Long Song of Love" had a total of 32 shows during the holiday, an increase of 4 shows compared to the previous year [5]. Group 5: Outbound and Inbound Travel - The extended holiday combined with "leave-sharing" travel has stimulated outbound travel demand [6]. - During the Spring Festival holiday, the number of people entering and exiting the country reached 17.796 million, averaging 1.977 million per day, a year-on-year increase of 10.1% [6]. - The number of mainland residents traveling to Hong Kong and Macau increased by 11.7% and 7.2%, respectively [6]. Group 6: Inbound Travel - The visa-free policy has positively impacted inbound travel [7]. - During the Spring Festival holiday, the number of foreign visitors entering and exiting the country reached 1.313 million, averaging a daily increase of 21.8% [7]. - Among the inbound foreign visitors, 460,000 entered under the visa-free policy, with a daily increase of 28.5% [7].