国君社零|法定假日延长,本地消费时间增加

Investment Rating - The report indicates a positive outlook for local consumption due to the extended public holiday policy, which is expected to benefit sectors such as supermarkets, department stores, and restaurants [1][2]. Core Insights - The modification of the public holiday arrangement includes an increase of two days for statutory holidays, specifically New Year's Eve and May 2nd, which is anticipated to enhance local consumption and travel [1][2]. - The comparison of holiday arrangements between 2024 and 2025 shows that the number of statutory holidays will increase from 11 days in 2024 to 13 days in 2025, with the potential for longer holiday periods through the use of annual leave [1][2]. - The report highlights that the new policy encourages the utilization of paid leave, which could lead to more extended holiday opportunities, positively impacting long-distance travel and outbound tourism demand [3]. Summary by Sections Holiday Arrangement Changes - The new holiday arrangement for 2024 includes 11 statutory holiday days and a potential for 32 days of consecutive holidays, while 2025 will have 13 statutory holiday days and 27 days of potential consecutive holidays [1][2]. Impact on Local Consumption - The increase in statutory holidays is expected to catalyze local consumption, particularly benefiting the restaurant, retail, and jewelry sectors [2]. Long Holiday Opportunities - The analysis of annual leave utilization indicates that in 2024, extended holidays can be achieved, such as 4 days during Qingming and 9 days during May Day, while in 2025, opportunities for extended holidays include 13 days during Spring Festival and 12 days during National Day [2][3].