Bank of China Securities·2025-06-05 08:03Investment Rating - The industry investment rating is "Outperform the Market" [1][23] Core Insights - The domestic cultural tourism market is returning to short-distance leisure travel as the main focus during the Dragon Boat Festival, with a high proportion of family-oriented spending and the integration of culture, sports, and tourism driving consumption [1][3] - The cross-border travel market remains robust and is expected to continue its strong performance [1][3] Summary by Sections Domestic Tourism - During the Dragon Boat Festival, 119 million domestic trips were made, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% year-on-year [7][10] - The average spending per trip was 359.08 yuan, a decrease of 2.1% year-on-year [7] - The short holiday period led to a focus on local and nearby travel [7] Cultural and Sports Integration - The overlap of the Dragon Boat Festival and Children's Day significantly boosted family-oriented travel, with family orders accounting for 25% of total travel orders and an 80% increase in bookings for family group tours [13][14] - Events like the Jiangsu City Football League and the South China Dragon Boat Race catalyzed tourism consumption, with various promotional activities driving visitor numbers to local attractions [14] Cross-Border Travel - A total of 5.907 million people entered and exited the country during the holiday, with an average of 1.969 million daily, marking a 2.7% year-on-year increase [15] - The number of foreign visitors entering under visa-free policies rose by 59.4% year-on-year [15] - Popular outbound destinations included Japan, Hong Kong, South Korea, Thailand, and Malaysia [15] Investment Recommendations - The report recommends companies with strong resources and operational capabilities, such as Lingnan Holdings, Zhongxin Tourism, Changbai Mountain, Huangshan Tourism, and Songcheng Performing Arts [3][16] - Hotel brands benefiting from business travel recovery include Junting Hotel, Jinjiang Hotel, and Shou Travel Hotel [3][16] - The growth in cross-border travel is expected to boost airport duty-free sales, with recommendations for China Duty Free Group and Wangfujing [3][16]