Shenwan Hongyuan Securities·2025-06-10 07:52Group 1 - The report emphasizes the importance of emotional consumption in the tourism and hospitality sectors, suggesting that consumer preferences are shifting towards experience-based services, with a notable increase in willingness to pay among tourists [5][27] - The integration of AI in digital platforms is expected to enhance user experience and operational efficiency, particularly in the travel and recruitment sectors, driving growth in cyclical industries [4][12] - The Belt and Road Initiative and the advantages of free trade ports are highlighted as key factors for international trade growth, particularly in the amusement equipment sector [5][15] Group 2 - The domestic tourism market is projected to recover steadily, with a forecast of 5.62 billion domestic trips in 2024, representing a 14.8% year-on-year increase, and total spending expected to reach 5.8 trillion yuan, up 17.1% [27][24] - The report identifies a trend towards high-cost performance in hotel services, with consumers increasingly prioritizing value for money, regardless of hotel category [60][56] - The report notes that the duty-free market is expected to see long-term positive trends, particularly with the implementation of policies that enhance the convenience of inbound tourism [63][66] Group 3 - The report indicates that the flexible employment market in China is growing, driven by rising labor costs and the need for project-based work, with a projected market size of 150 billion yuan by 2024 [9][41] - The integration of AI in recruitment processes is expected to significantly improve efficiency, with AI systems capable of automating various stages of the hiring process [12][11] - The report highlights the increasing importance of content platforms and AI in reshaping tourism marketing channels, with platforms like Xiaohongshu driving engagement and interest in travel [34][37] Group 4 - The report discusses the potential of the low-altitude economy, which is expected to grow significantly, with policies supporting the development of low-altitude tourism and related industries [40][42] - The report emphasizes the role of major sports events in enhancing city visibility and attracting international tourists, with a focus on the impact of government policies promoting sports consumption [21][19] - The report suggests that the integration of IP and AI in tourism offerings is likely to create innovative supply chains and enhance consumer engagement [28][33]