CTG DUTY-FREE(SH:601888) Ping An Securities·2026-02-25 04:05Investment Rating - The industry investment rating is "Outperform the Market," indicating an expectation that the industry index will perform better than the market by more than 5% over the next six months [13]. Core Insights - The 2026 Spring Festival holiday, lasting 9 days, led to a significant increase in domestic travel, with 596 million trips taken and total spending reaching 803.48 billion yuan, marking a year-on-year increase of 19% in trips and 18.7% in spending [4][7]. - The travel market is experiencing a shift towards experiential consumption, with a notable rise in "return home" trips and "reverse New Year" travel, particularly in central and western cities, where hotel bookings saw over 100% year-on-year growth [6][10]. - Major tourist cities showed strong performance, with Beijing receiving 19.84 million visitors and generating 33.14 billion yuan in tourism revenue, while Shanghai welcomed 21.67 million visitors with a revenue of 25.61 billion yuan, both reflecting significant year-on-year growth [9]. Summary by Sections Travel Trends - The Spring Festival holiday saw a record high in travel and spending, with 5.96 billion trips and 803.48 billion yuan spent, up from 5.01 billion trips and 676.67 billion yuan in 2025 [4][7]. - The average daily passenger volume for civil aviation reached 2.45 million, a 7.3% increase from 2025, with average ticket prices rising by 6.6% [7][10]. Regional Performance - Key regions such as Guangdong, Hainan, and Beijing reported substantial increases in tourist numbers and spending, with Hainan's duty-free sales growing by 30.8% to 2.72 billion yuan [9][10]. - The trend of "return home" travel has become prominent, with significant growth in hotel bookings in central and western cities, indicating a shift in consumer behavior towards local experiences [6][8]. Market Outlook - The report suggests that the travel sector will continue to thrive, driven by strong consumer demand and the ability of leading travel companies to adapt to changing preferences [10].