KAIYUAN SECURITIES·2025-06-29 14:24Investment Rating - Investment rating for the industry is "Positive" (maintained) [2] Core Insights - The tourism sector is experiencing a significant increase in passenger volume during the summer, with a projected 1.5 billion domestic air travelers, reflecting a year-on-year growth of 5.4% [15][17] - The IP and home appliance market is diversifying, with the total retail sales of authorized products expected to reach 1550.9 billion yuan in 2024, marking a 10.7% increase [19][25] - Instant retail is witnessing robust growth, with major players like Meituan and JD.com significantly increasing their market presence and order volumes during promotional events [41][44] Summary by Sections 1. Travel and Tourism - Domestic air travel is projected to reach 91.4 million flights in 2025, a 2.7% increase year-on-year, with international flights expected to grow by 14.1% [15] - Average ticket prices for domestic flights are expected to rise to 946 yuan, a 16% increase compared to 2024 [15][17] - Family and student travel is a major driver, with over 34.7% of domestic travelers being families with children [17] 2. IP and Home Appliances - The market for authorized products is expanding, with over 90% of surveyed authorized merchants reporting that IP licensing boosts sales [19][20] - The home appliance market is projected to reach 8468 billion yuan in retail sales in 2024, with a 9% year-on-year growth [26][27] - Companies like Pop Mart are entering the home appliance sector, focusing on emotional and aesthetic values in their products [32] 3. Instant Retail - Instant retail platforms are seeing explosive growth, with Meituan's flash purchase service achieving over 6000 million daily orders during promotional periods [41][43] - The overall instant retail market is expected to exceed 1 trillion yuan by 2026, driven by increasing consumer demand [44] - SF Express is expanding its instant delivery services, with a significant increase in order volumes during promotional events [44][45]