旅游业2024年端午假期数据点评：端午同比小幅增长，出游目的地分化加剧

Investment Rating - The report rates the tourism industry as "Overweight" [1] Core Insights - The Dragon Boat Festival holiday in 2024 saw a year-on-year increase in travel volume, price, and revenue compared to 2023, recovering to 2019 levels, although there was a slight decline compared to the May Day holiday [1][2] - Domestic tourism during the Dragon Boat Festival reached 110 million trips, up 6.3% from 2023 and 15% from 2019, with total spending of 40.35 billion yuan, an increase of 8.1% from 2023 and 3% from 2019 [2] - The report highlights a growing disparity among tourist attractions, influenced by the exam season and weather conditions, with local supermarkets and Sanya showing continued recovery [1][2] Summary by Sections Tourism Performance - The Dragon Boat Festival holiday saw 110 million domestic trips, a 6.3% increase from 2023 and a 15% increase from 2019 [2] - Total spending reached 40.35 billion yuan, up 8.1% from 2023 and 3% from 2019, with an average spending of 367 yuan per person, a 2% increase from 2023 but a 10% decrease from 2019 [2] Tourist Attractions - Attractions like Jiuhua and Huangshan performed exceptionally well, benefiting from low base effects due to adverse weather in previous years and ticket discount policies [2] - Long-distance travel was more affected by the exam season, leading to a more pronounced diversion of tourists compared to 2019 [2] Local Consumption - Local supermarkets in Beijing reported sales of 2.86 billion yuan during the holiday, a year-on-year increase of 8.7%, with a total consumer spending of 6.57 billion yuan, up 12.9% [2] - Sanya's surrounding travel bookings increased by 10% year-on-year, indicating a recovery in local tourism [2] Stock Recommendations - The report recommends stocks in the tourism sector, including SanTe Cableway, Jiuhua Tourism, Songcheng Performance, Jinjiang Hotels, Huazhu Group, and Junting Hotels, as beneficiaries of the ongoing tourism recovery [2][5]