Huachuang Securities·2026-03-02 12:26Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [44][46]. Core Insights - The 2026 Spring Festival saw record-high travel and consumption data, with inter-regional mobility reaching 2.808 billion people, a year-on-year increase of 8.2%. Daily income in consumption-related industries grew by 13.7% compared to the previous year [4][36]. - The tourism sector experienced unprecedented interest, with an average of 1.977 million people entering and exiting the country daily during the Spring Festival, marking a 10.1% increase year-on-year. Macau's daily inbound visitor count reached 173,000, surpassing pre-pandemic levels [4][37]. - Hotel occupancy rates and revenue indicators showed steady recovery, with Huazhu Group reporting a 20% increase in total guests and a peak occupancy rate of 91% during the holiday [4][39]. - The restaurant sector demonstrated growth, with daily sales for monitored retail and restaurant enterprises increasing by 5.7% year-on-year. Notably, Haidilao served over 14 million customers during the holiday period [4][36]. Industry Performance - The consumer services sector's weekly performance was a gain of 1.68%, outperforming the CSI 300 index, which rose by 1.08%. The overall A-share market saw a gain of 2.73% [7][25]. - The hotel and restaurant sectors showed significant gains, with hotel stocks rising by 3.66% and restaurant stocks by 3.87% during the week [12][18]. - The report highlights the strong performance of specific companies, such as Luckin Coffee and Trip.com, which saw notable increases in their stock prices [4][31]. Important Announcements - Green Tea Group expects a profit of approximately 460 million to 508 million RMB for 2025, reflecting a year-on-year increase of 31.4% to 45.1% [31]. - Ctrip anticipates a revenue of 62.4 billion RMB for 2025, with a net profit of 33.3 billion RMB, representing a year-on-year increase of 17% and 95%, respectively [31]. - Excellent Education Group projects a revenue of 1.8 billion to 2.0 billion RMB for 2025, with a net profit of 260 million to 340 million RMB, indicating a growth of approximately 63.3% to 81.5% [31].