旅游行业全面复苏，总体向好且增长可期

Investment Rating - The report indicates a positive outlook for the tourism industry, suggesting that growth is expected and the overall trend is favorable [1]. Core Insights - The tourism market is experiencing a strong recovery driven by rising living standards and cultural demands, supported by government policies and international cooperation [1][2]. - The integration of digital transformation, green tourism, and cultural tourism is anticipated to create diverse and intelligent development opportunities for the industry [1][14][15]. Industry Development Environment - The macroeconomic environment is conducive to tourism growth, with increasing consumer spending on services and basic living needs despite a slowdown in overall consumption growth [2]. - Government initiatives, such as the "Smart Tourism Innovation Development Action Plan," aim to enhance the tourism sector by 2027 through improved infrastructure and service standards [3]. - Internationally, the global economy is stabilizing, with a projected growth rate of 3.2% in 2024, providing a favorable backdrop for tourism [4]. Market Performance - In 2023, domestic travel in China reached 4.89 billion trips, a 93.3% increase year-on-year, with tourism revenue of 4.9 trillion yuan, up 140.3% [6][9]. - The international tourism market is also rebounding, with a 266.5% increase in inbound and outbound travel in 2023, indicating a strong recovery in international travel demand [10]. Future Development Trends - The tourism industry is undergoing a digital transformation, leveraging technologies like AI and big data to enhance customer experiences and operational efficiency [14]. - There is a growing emphasis on sustainable and green tourism, with initiatives aimed at reducing environmental impact and promoting eco-friendly practices [15]. - The integration of cultural tourism and cross-industry collaborations is expected to create new growth opportunities, enhancing the overall tourism experience [16][17].