GUOTAI HAITONG SECURITIES·2026-01-25 11:26Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volume during the Spring Festival, with an anticipated 95 million passengers, representing a year-on-year growth of approximately 5.3% [2][5]. - The retail sector showed a slight increase in consumer spending, with a total retail sales of 45,136 billion yuan in December 2025, marking a 0.9% year-on-year growth [5]. - The report highlights the continuous rise in gold prices, with spot gold surpassing 4,800 USD per ounce, leading to increased prices for domestic gold jewelry [5]. - The report emphasizes the positive impact of travel policies on tourism and hotel sectors, suggesting a focus on companies like Atour, Huazhu Group, and Jinjiang Hotels [5][6]. Summary by Relevant Sections Civil Aviation - The report indicates that the domestic flight ticket prices have slightly increased compared to the previous year during the Spring Festival [5]. - The Civil Aviation Administration forecasts a daily average of 2.38 million passengers during the Spring Festival period [5]. Retail Sector - The total retail sales for the year 2025 reached 501,202 billion yuan, reflecting a 3.7% year-on-year increase [5]. - The report notes that the opening of the child-rearing subsidy program on January 5, 2026, will provide 3,600 yuan per child annually for children under three years old [5]. Company Announcements - China Duty Free Group announced the acquisition of DFS's travel retail business in Greater China for up to 395 million USD [5]. - Jiajiayue expects a net profit of 198 million to 228 million yuan for 2025, representing a year-on-year growth of 50.06% to 72.79% [5]. - Meikailong anticipates a net loss of 22.5 billion to 15 billion yuan for 2025, a significant decline compared to the previous year [5]. - Jinling Hotel expects a net profit of 55 million to 63.5 million yuan for 2025, indicating a growth of 65.37% to 90.93% year-on-year [5].