CTG DUTY-FREE(SH:601888) SINOLINK SECURITIES·2026-02-25 14:13Investment Rating - The report maintains a positive outlook on high-end consumption recovery, suggesting a focus on China Duty Free Group as a key investment opportunity [4][60]. Core Insights - The 2026 Spring Festival consumption reflects a continuation of the recovery trend seen during the New Year, with stable volume growth and notable price improvements. The average daily sales of key retail and catering enterprises increased by 8.6% year-on-year during the first four days of the holiday, significantly higher than the 2.7% and 5.4% growth rates observed during the 2025 National Day and Spring Festival periods, respectively [4][60]. - Long-distance travel during the Spring Festival holiday showed robust growth, driven by the "reverse reunion" trend, with daily cross-regional personnel flow reaching 299 million, a year-on-year increase of 11.05% [4][60]. - The tourism sector experienced abundant visitor flow, with revenue growth driven by supply-side optimizations in various scenic spots. Notable revenue increases were reported for attractions such as Zhangjiajie and Huangshan, with growth rates of 79% and 56%, respectively [4][60]. - The restaurant industry showed improved overall sentiment, with a reduction in price wars and an increase in customer turnover rates for leading brands like Haidilao, which achieved a record high turnover rate [4][60]. - Duty-free sales during the Spring Festival met expectations, with Sanya showing remarkable performance, achieving a sales amount of 3.549 billion yuan, a year-on-year increase of 29% [4][60]. - The hotel industry outperformed expectations during the Spring Festival, with RevPAR reaching 201.9 yuan, an increase of 30.7% year-on-year, driven by longer holiday durations and favorable weather conditions [4][60]. Summary by Sections Travel - The Spring Festival holiday saw a significant increase in long-distance travel, with daily cross-regional personnel flow reaching 299 million, up 11.05% year-on-year. Various transportation modes also reported impressive growth, with rail, road, waterway, and civil aviation increasing by 16.37%, 10.90%, 31.05%, and 9.45%, respectively [4][6][60]. Tourism - The tourism sector experienced strong visitor numbers and revenue growth, with attractions like Zhangjiajie and Huangshan reporting revenue increases of 79% and 56%, respectively. The integration of traditional customs with scenic experiences contributed to this growth [4][20][60]. Restaurant - The restaurant industry showed a positive trend, with average daily sales increasing by 8.6% year-on-year during the Spring Festival. The customer turnover rate for leading brands reached new highs, indicating a recovery in consumer spending [4][22][60]. Duty-Free - Duty-free sales during the Spring Festival were in line with expectations, with a total sales amount of 27.2 billion yuan, reflecting a 30.8% year-on-year increase. Sanya's performance was particularly strong, contributing significantly to overall sales [4][44][60]. Hotel - The hotel industry exceeded expectations during the Spring Festival, with RevPAR reaching 201.9 yuan, a 30.7% increase year-on-year. The longer holiday and favorable weather conditions contributed to this performance [4][49][60].