春节数据解读：出行人次再创新高，消费意愿略有改善

Investment Rating - The report suggests a positive outlook for the consumption industry, particularly in the context of the Spring Festival, indicating an improvement in consumer sentiment and spending [6]. Core Insights - The Spring Festival data shows a record high in travel, with over 2.3 billion people traveling, a 6% increase year-on-year, reflecting a growing consumer willingness to spend [1][5]. - The overall consumption scale during the Spring Festival continues to rise, with payment transaction numbers and amounts increasing by 25.7% and 17.1% respectively during the first seven days of the holiday [1][2]. - Domestic travel demand remains strong, with 501 million domestic travelers during the Spring Festival, a 5.9% increase compared to last year [5][6]. - The introduction of government subsidies and consumption vouchers has positively impacted consumer spending during the holiday period [2][6]. - The performance of the film industry during the Spring Festival exceeded expectations, with total box office revenue surpassing 10 billion RMB, setting a new record [1][2]. Summary by Sections Travel and Tourism - The report highlights a significant increase in travel intentions, with the Spring Festival holiday extending to eight days, leading to a rise in multi-segment travel [2][5]. - The implementation of visa-free policies and the recovery of international flight capacity have contributed to a 6.3% increase in cross-border travel compared to last year [6]. Consumer Spending - Consumer spending in retail and dining sectors showed resilience, with key retail and dining enterprises reporting a 5.4% increase in sales during the first four days of the Spring Festival [2]. - The average ticket price for movies during the Spring Festival increased to 50.8 RMB, up from 49.2 RMB in 2024, indicating a willingness to spend more on entertainment [1][2]. Investment Recommendations - The report recommends focusing on the progress of the Online Travel Agency (OTA) industry driven by cross-border travel demand and the recovery of hotel prices post-Spring Festival [6].