中银国际：文旅出行市场高景气 入境游成为26年春节新亮点

Core Insights - The 2026 Spring Festival holiday saw a record high in domestic travel, with 596 million trips and total spending of 803.48 billion yuan, marking a year-on-year increase of 5.7% and 5.5% respectively [1] - The duty-free shopping during the holiday also experienced significant growth, with sales amounting to 2.72 billion yuan, a 30.8% increase from the previous year [3] - The inbound tourism market showed remarkable performance, driven by visa-free policies, with a notable increase in foreign visitors celebrating the New Year in China [4] Domestic Travel Trends - The extended Spring Festival holiday ignited travel enthusiasm, leading to record high daily travel and spending figures [1] - Major tourist attractions such as Huangshan and Jiuzhaigou saw visitor numbers increase by over 10% year-on-year [2] - The average spending per trip was 1,348.13 yuan, reflecting an 11.3% decrease year-on-year [1] Duty-Free Sales Performance - Duty-free shopping during the Spring Festival reached 2.72 billion yuan, with 325,000 shoppers, representing growth of 30.8% and 35.4% respectively compared to last year [3] - Sanya's four duty-free stores achieved total sales of 1.96 billion yuan, a 23.7% increase year-on-year, with a peak sales day reaching 242 million yuan, up 214.5% [3] Inbound Tourism Insights - The total number of inbound and outbound travelers during the holiday was 17.8 million, with a daily average of 1.98 million, reflecting a 10.1% year-on-year increase [4] - The number of foreign visitors entering China under visa-free policies increased by 28.5% compared to the previous year [4] - There was a significant rise in bookings from Russian tourists, up 471%, and a 95% increase from South Korean tourists [4] Travel Characteristics - The trend of longer trips was evident, with 59.6% of travel orders being for trips longer than five days [5] - There was a notable increase in interest in cultural experiences, particularly in intangible cultural heritage, with search volume rising by 180% [5] - The demographic of travelers shifted, with an increase in older travelers, particularly those aged 60 and above, who showed a 56% increase in hotel stays [6] Investment Recommendations - The domestic tourism market is expected to maintain high growth, with recommended companies including Lingnan Holdings, Tongcheng Travel, and China Duty Free Group, which are well-positioned to benefit from the recovery in travel demand [7]