休闲服务行业事件点评：2025年消费首发政策看旅游，继续关注景区板块

Industry Investment Rating - The report maintains a "Positive" investment rating for the leisure services industry, consistent with the previous rating [1] Core Views - The report highlights the importance of the tourism sector in China's 2025 consumption-first policy, emphasizing its role as a key driver of service consumption and an important buffer against deflation [1][4] - The policy measures introduced are expected to accelerate the securitization and repricing of high-quality tourism assets in China [3][4] - The report identifies a convergence of long-term growth logic and short-term policy catalysts in the tourism sector, creating investment opportunities [4] Policy Measures and Implications Consumer Benefit Initiatives - The policy encourages local governments to organize cultural and tourism promotion activities and implement consumer benefit actions [2] - It supports the use of social media platforms for tourism marketing and allows local governments to issue tourism consumption vouchers based on regional characteristics [2] Product Supply Expansion - The policy promotes the development of diverse and differentiated low-altitude tourism products and enhances the supply quality of ice and snow tourism [2] - It encourages the relaxation of ticket sales restrictions for large-scale performances and implements a content review system for premier performances [2] Industrial Policy Innovations - The policy strengthens financial support for new cultural and tourism projects, allowing local governments to use special bond funds for qualified projects [3] - It accelerates the restructuring of the China Tourism Industry Fund and encourages social capital and financial institutions to increase investment in the tourism sector [3] - The policy supports the use of union membership fees for purchasing regional tourism annual passes, potentially boosting local tourism consumption [3] Investment Opportunities Scenic Spots - The report anticipates a new cycle of core scenic spot capacity investment in 2025, with industry focus on resource injection and asset integration [4] - Key companies mentioned: Western Tourism, Xiangyuan Culture Tourism, Qujiang Culture Tourism, Emei Mountain, Changbai Mountain [4] Online Travel Agencies (OTAs) - Ctrip's overseas profitability node may arrive earlier than expected, while Tongcheng continues to deepen its domestic market presence [4] - Competition in the hotel and tourism sector is expected to drive continued improvement in monetization rates for leading OTAs [4] - Key companies mentioned: Ctrip Group, Tongcheng Travel [4] Hotel Sector - The report predicts a potential turning point in industry supply and demand by mid-2025 [4] - Key companies mentioned: Jinjiang Hotels, Junting Hotels, Jinling Hotel [4]