山西证券研究早观点-20260225

Market Overview - The domestic tourism market during the 2026 Spring Festival saw a record high of 596 million domestic trips, an increase of 95 million trips compared to the 2025 eight-day holiday [5] - Total spending on domestic travel reached 803.48 billion yuan, up by 126.48 billion yuan from the previous year [5] Aviation and Border Control - From February 15 to February 23, 2026, the civil aviation passenger transport volume was 22.067 million, with an average daily volume of 2.452 million, representing a 7.3% increase from the 2025 Spring Festival [5] - The national border inspection authorities recorded 17.796 million entries and exits, with an average daily volume of 1.977 million, marking a 10.1% increase compared to the previous year [5] Duty-Free Shopping - The number of civil aviation passengers traveling to and from Hainan exceeded 1.76 million, with a daily increase of approximately 7% compared to the 2025 Spring Festival [5] - The customs monitored a total of 2.72 billion yuan in duty-free shopping, a 30.8% increase year-on-year, with 1.997 million items sold, up by 21.9% [5] Key Attractions and Company Performance - Song City Performing Arts hosted a total of 580 performances of "The Eternal Love," with a peak of 98 performances in a single day, attracting over 500,000 visitors [5] - SanTe Cableway saw an 18.19% increase in visitor numbers and an 11.62% increase in revenue compared to the 2025 holiday [5] - Huangshan Tourism received a total of 221,000 visitors during the holiday [5] City-Specific Tourism Data - Beijing welcomed 19.843 million visitors, generating a total tourism expenditure of 33.14 billion yuan [6] - Shanghai received 21.6721 million visitors, a year-on-year increase of 8.36%, with total tourism spending of 25.614 billion yuan, up by 20.9% [6] - Guangdong province received 86.589 million visitors over the nine days, a growth of 8.1%, with tourism revenue reaching 84.89 billion yuan, an increase of 13.9% [6] - Sichuan province reported 58.6097 million visitors and total tourism spending of 44.574 billion yuan, reflecting year-on-year growth of 14.68% and 13.35% respectively [6] - Hunan province recorded 58.4233 million visitors, with total tourism expenditure reaching 57.351 billion yuan, a significant increase of 33.86% [6]