26年春节假期点评：超长假期刺激出游，景区、入境游表现靓丽

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The extended Spring Festival holiday stimulated travel demand, with domestic travel reaching 596 million trips, a daily average of 66 million, representing a year-on-year increase of 5.7% and recovering to 112% of the 2019 level [8] - Total domestic travel expenditure was 803.48 billion yuan, with a daily average of 89.3 billion yuan, up 5.5% year-on-year and recovering to 122% of the 2019 level [8] - Per capita spending during the holiday was 1,348 yuan, with a daily average of 150 yuan, down 11.3% year-on-year and recovering to 84.7% of the 2019 level [8] Summary by Sections Scenic Areas - Scenic areas experienced high visitor flow, with many reaching maximum capacity during the holiday. Notable performances included Emei Mountain and the Three Gorges Dam, with year-on-year increases of 23% and 74% respectively [19] - Compared to 2019, Emei Mountain, Changbai Mountain, the Three Gorges Dam, and Zhangjiajie Wulingyuan showed strong recovery, with daily visitor numbers at 163%, 265%, 171%, and 169% of the 2019 levels respectively [19] - The number of visitors to projects under SanTe Cableway increased by 18.2%, while those under Xiangyuan Cultural Tourism rose by 31.3% [19] Duty-Free Sales - Hainan's offshore duty-free sales saw double-digit growth, with Sanya outperforming Haikou. During the holiday, duty-free shopping amounted to 2.72 billion yuan, with a daily average of 303 million yuan, up 16.5% year-on-year [26] - Sanya's duty-free sales reached 1.96 billion yuan, with a daily average of 218 million yuan, up 21% [26] Performing Arts - The number of performances remained stable with slight increases. During the holiday, 580 performances of "The Eternal Love" were held, an increase of 30 performances compared to the previous year [32] Outbound Tourism - The extended holiday combined with "leave-packing" travel stimulated outbound tourism demand, with 17.796 million people entering and exiting the country, a daily average of 1.977 million, up 10.1% year-on-year [34] - Among these, 9.514 million were mainland residents, with a daily increase of 10.2% [34] Inbound Tourism - The visa-free policy positively impacted inbound tourism, with 1.313 million foreigners entering the country, a daily increase of 21.8%, and 460,000 of them benefiting from the visa-free policy, up 28.5% [39] Investment Recommendations - The report suggests focusing on the service consumption sector, particularly travel-related industries such as scenic areas and hotels. It also recommends paying attention to duty-free and retail sectors for product consumption [45]