Zhi Tong Cai Jing·2026-02-26 08:01Group 1: Tourism and Travel - The tourism sector shows resilience with long-distance travel and family-oriented trips as key trends, with 596 million domestic trips taken during the 2026 Spring Festival, generating a total expenditure of 803.48 billion yuan, reflecting a year-on-year increase of 5.7% in daily travel volume and 5.5% in daily spending [2] - Long-distance travel orders accounted for 59.6% of bookings, with an average travel duration of 6.4 days, an increase of 0.5 days year-on-year [2] - Domestic travel orders on the Fliggy platform increased by 80% year-on-year, with average booking amounts rising by approximately 10% [2] Group 2: Offline Consumption - Key retail and catering enterprises saw a daily sales increase of 5.7% compared to the same period in 2025, with a 1.6 percentage point acceleration from the previous year's growth rate [3] - Foot traffic and sales in 78 key pedestrian streets increased by 6.7% and 7.5% year-on-year, respectively, showing an acceleration compared to the 2025 National Day holiday [3] Group 3: Online Consumption - The performance of beauty and skincare brands during the Spring Festival was mixed, with total sales on Douyin ranging from 250 million to 378 million yuan, reflecting a year-on-year growth of about 12%, but a daily sales figure that remained nearly flat [4] - Notable brand performances included a 114.3% increase for Maogeping, driven by category expansion, and a 58.6% increase for Proya, attributed to strong brand performance [4] Group 4: Jewelry Sector - The jewelry sector experienced a decline in sales, with total sales dropping to a range of 260 million to 309 million yuan, a year-on-year decrease of 8.5%, primarily due to high sales bases from the previous year and fluctuating gold prices [5] - Brands like Chow Tai Fook and Luk Fook achieved good growth rates of 100% and 66.7%, respectively, while mass-market brands saw significant declines [5] Group 5: Investment Recommendations - The company maintains a positive outlook on service-oriented and emotional consumption, particularly in travel and beauty sectors, recommending attention to companies like Trip.com and Tongcheng [6] - In the beauty sector, companies with superior category matrix layouts, such as Ying Tong Holdings, are highlighted for potential investment [6]