2024年春节假期旅游数据点评：春节文旅市场“热辣滚烫”，全年热度持续可期

Investment Rating - The industry is rated as "Outperform" with expectations of outperforming the benchmark index in the next 6-12 months [19]. Core Insights - The domestic tourism market experienced a strong start during the Spring Festival, with record high travel numbers and revenue. The total number of domestic tourists reached 474 million, a year-on-year increase of 34.3%, and total spending was 632.69 billion yuan, up 47.3% year-on-year [2][6]. - The report highlights the recovery of cross-border travel, with international flights increasing and the number of outbound tourists reaching approximately 3.6 million during the Spring Festival [14]. - The report emphasizes the continued strong performance of the tourism and entertainment sectors, with significant increases in visitor numbers at major scenic spots and a surge in demand for cultural performances [9][10]. Summary by Sections Domestic Tourism - The Spring Festival saw 474 million domestic tourists, a 34.3% increase year-on-year, with total spending of 632.69 billion yuan, a 47.3% increase year-on-year [2][6]. - The average spending per tourist was 1,334.78 yuan, recovering to 90.5% of the 2019 level [2]. Scenic Spots Performance - Major scenic spots like Changbai Mountain and Huangshan saw significant increases in visitor numbers, with Changbai Mountain receiving 76,100 visitors, up 137.81% year-on-year [9][10]. - The performance of cultural performances was also notable, with the "Eternal Love" shows attracting 2.72 million visitors and generating 220 million yuan in revenue [9][10]. Hotel and Dining Sector - There was a notable increase in hotel bookings in lower-tier cities, with a 1.2 times increase in popular city hotel bookings [11]. - Dining orders increased by 161% year-on-year during the first five days of the Spring Festival, indicating a strong recovery in offline dining consumption [11]. Duty-Free Sales - Duty-free sales showed signs of recovery, with a total of 2.489 billion yuan in sales during the Spring Festival, averaging 311 million yuan per day [12][13]. - The introduction of consumption vouchers and the expansion of duty-free store areas contributed to this recovery [12]. Cross-Border Travel - The number of international flights during the Spring Festival reached 6,051, recovering to 70.8% of the 2019 level, with significant growth in travel to countries with visa-free policies [14]. - Approximately 683 million people traveled in and out of China during the Spring Festival, with outbound travel reaching about 3.6 million [14]. Investment Recommendations - The report recommends focusing on companies with strong resources and performance in the travel chain and related industries, such as Changbai Mountain, Huangshan Tourism, and Songcheng Performance [15]. - It also highlights the potential for recovery in airport duty-free sales and the acceleration of new city duty-free policies [15].