社会服务行业周报：游客接待量持续攀升，消费市场逐步回暖

Investment Rating - The report maintains a positive outlook on the tourism sector, suggesting that the industry is expected to outperform the overall market in the coming months [4][36]. Core Insights - The overall willingness of the public to travel remains high, with domestic tourism expected to reach 5.615 billion trips in 2024, a year-on-year increase of 14.8%, nearing pre-pandemic levels [7][4]. - The total expenditure by domestic tourists is projected to be 5.75 trillion yuan, surpassing 2019 levels, driven by the recovery of the tourism market and pent-up demand following the lifting of pandemic restrictions [4][7]. - Despite the increase in visitor numbers, many scenic area operators are facing profit pressures, with net profits declining for several companies despite revenue growth [8][4]. - The upcoming Spring Festival in 2025 is anticipated to continue the strong growth trend observed in 2024, with significant increases in domestic flight bookings and travel demand [13][4]. - The number of foreign tourists visiting China has doubled compared to 2023, with new visa policies facilitating this growth, indicating a robust recovery in inbound tourism [14][4]. Summary by Sections 1. National Travel Willingness and Market Recovery - The willingness to travel is on the rise, with a significant increase in domestic tourism numbers and spending [7][4]. 2. Scenic Area Operations and Profitability - Many scenic area companies are experiencing increased visitor numbers but are struggling with profit margins due to rising operational costs [8][4]. 3. Upcoming Holiday Trends - The 2025 Spring Festival is expected to see continued growth in travel, with high booking rates for domestic flights [13][4]. 4. Inbound Tourism Growth - The influx of foreign tourists is expected to contribute significantly to the tourism sector, aided by favorable visa policies [14][4]. 5. Investment Recommendations - The report suggests focusing on specific companies within the tourism sector, including scenic areas, travel agencies, hotels, and duty-free retailers, as potential investment opportunities [4][36].