出行链热度攀升，政策+需求延续出游高景气

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The travel chain sector is experiencing a surge in popularity, driven by favorable policies and sustained demand for travel, leading to a high level of activity in the sector [1][2] - The upcoming holiday periods, including the extended 9-day Spring Festival in 2026, are expected to further stimulate travel consumption, with significant increases in flight bookings and hotel reservations [2] - The report suggests focusing on sub-sectors with performance elasticity during the peak season, such as duty-free shops, certain tourist attractions, supermarkets, and jewelry [3] Summary by Sections Market Performance - The social service index rose by 3.20%, outperforming the Shanghai Composite Index by 2.37 percentage points during the week [10] - The top-performing stocks in the sector included Sanxia Tourism (+18.73%), Jiuhua Tourism (+10.89%), and Dalian Shengya (+6.01%) [16] Policy Environment - Continuous favorable policies for service consumption have been introduced, including an increase in statutory holidays and support for travel and leisure activities [1] - Specific policies aimed at enhancing travel and leisure consumption are expected to be implemented, benefiting the travel chain sector [1] Demand Trends - Upcoming holiday periods, including the student winter break and the Spring Festival, are anticipated to maintain high travel demand, with significant increases in ticket bookings for domestic and international flights [2] - Data indicates a strong interest in winter travel destinations, with booking volumes for certain provinces nearly doubling year-on-year [2] Investment Recommendations - The report recommends focusing on sectors with strong performance potential during the peak season, particularly duty-free, select tourist attractions, and supermarkets [3] - For 2026, the report highlights the importance of service consumption and product consumption, emphasizing the cyclical nature of the duty-free and travel chain sectors [3] Company Dynamics - Notable company activities include China Duty Free Group's acquisition of DFS's tourism retail business and various companies planning strategic investments to enhance operational capabilities [17][18]