旅游及景区：推动旅游业高质量发展，旅游强国渐行渐近

Investment Rating - The investment recommendation for the tourism industry is "Outperform the Market" [5] Core Insights - The national tourism development conference held on May 17 emphasized the importance of accelerating the construction of a tourism powerhouse and promoting high-quality development in the tourism sector [1][2] - The conference marked the first time the central government focused on tourism development, highlighting tourism as a strategic pillar industry and the role of cultural tourism consumption as a new growth driver [2] - China's tourism industry has shown a steady increase in its contribution to GDP, rising from 10.39% in 2014 to 11.05% in 2019, reflecting the sector's growing importance in driving domestic demand [3] Summary by Sections Industry Events - The national tourism development conference was a significant event, with directives from President Xi Jinping aimed at enhancing the tourism sector's role in economic growth [1] Current Opportunities - Supply-side improvements include better transportation, a richer array of cultural and entertainment products, and increased private car ownership, which are expected to boost residents' travel willingness [4] - Demand-side trends show a shift in the consumer base towards younger and older demographics, with increased travel frequency and duration, indicating a growing market for tourism [4] Historical Development - From 2009 to 2019, domestic tourism revenue grew at a compound annual growth rate of approximately 18.8%, with domestic travel exceeding 6 billion trips for the first time [3] - The tourism industry's contribution to GDP has been steadily increasing, indicating its role in supporting national economic growth [3] Investment Suggestions - The report suggests focusing on leading tourism service companies and undervalued scenic spots, as the sector is expected to benefit from policy support and economic structural optimization [5]