Summary of Conference Call Records Industry Overview Banking Sector - Significant trend towards household deposits being converted into fixed-term deposits, with a growth rate of 9.7% for fixed deposits, although the volume of high-interest fixed deposits maturing is expected to decline slightly [1][2] - If the growth rate of fixed deposits slows by 1%, it could release approximately 1.6 to 1.7 trillion yuan into other investment channels, potentially benefiting capital markets [1][2] - High repurchase rates for fixed deposits indicate a strong preference for liquidity among depositors, despite a 12% growth in household financial assets last year [2][3] - Long-term normalization and rebound of loan and deposit rates are expected to stabilize capital markets, with a positive outlook for the insurance sector, projecting growth rates of 15% to 20% [1][3] Tourism Industry - China's tourism industry is becoming a key pillar for economic growth, with projected revenue reaching 12 trillion yuan by 2030 and a compound annual growth rate (CAGR) of approximately 11% [1][4] - Domestic tourism market expected to reach 10 trillion yuan, with per capita consumption increasing to 1,050 yuan [1][4] - Inbound tourism is anticipated to grow at a CAGR of 19% due to favorable policies and cultural attractions [1][4] Airline Industry - Improvement in supply-demand structure and rising ticket prices are expected to continue through 2026-2027, benefiting major airlines [1][5] - A 1% increase in ticket prices could lead to a 10% to 20% increase in pre-tax profits for major airlines [1][5] - Major airlines (China Eastern, Air China, China Southern) are currently undervalued compared to global averages, leading to an upgrade in their ratings to "overweight" [1][5] Key Insights Banking Sector Insights - The likelihood of a large-scale deposit migration is low due to the high growth rate of fixed deposits and the concentration of maturing deposits in shorter terms [2][3] - The banking sector's liquidity remains stable, with interbank deposits growing faster than ordinary deposits [3] Tourism and Airline Opportunities - The tourism sector is supported by changing consumer behaviors, including increased travel frequency among younger generations and the aging population [4] - Airlines are expected to benefit from improved ticket pricing strategies and increased international travel demand, particularly if direct flights between China and the US are established [6] Hotel Industry Developments - The hotel industry has fully recovered to pre-pandemic levels, with room night sales exceeding 6% compared to 2019 [7] - Major hotel groups, particularly Huazhu, have seen significant market share growth, with Huazhu's room night sales increasing from 140 million to 370 million [7] - The hotel sector is expected to experience a dual-driven growth in demand and supply, leading to improved revenue per available room (RevPAR) [7] Conclusion - The banking sector shows resilience with stable deposit growth and a positive outlook for insurance - The tourism and airline industries are poised for significant growth, driven by changing consumer trends and favorable policies - The hotel industry is recovering strongly, with key players expected to outperform in the coming years

Investment Rating - The report recommends a "Buy" rating for China Eastern Airlines, China Southern Airlines, and Air China, highlighting their potential to benefit from the growth in international travel demand [2][3]. Core Insights - The growth in inbound tourism demand is expected to become a long-term trend, with significant opportunities for Chinese airlines to expand their international capacity, particularly in Europe, the Middle East, and Central Asia [2][15]. - The report predicts a compound annual growth rate (CAGR) of up to 15% for international passenger flow for Chinese airlines over the next three years, driven by the gradual recovery of inbound tourism and the slow recovery of foreign airlines' capacity [12][13][15]. Summary by Sections 1. Policy: Visa Relaxation and Local Support - The report discusses the expansion of visa-free entry policies, with China implementing unilateral visa exemptions for 48 countries and optimizing transit visa policies to enhance the convenience of inbound travel [11][24]. - The ongoing policy support is expected to significantly boost inbound tourism, with a focus on improving travel experiences and product offerings for foreign visitors [39][42]. 2. Market Potential: Growth Projections - The report estimates that there is over a 30% growth potential for inbound tourist flows in China, comparing the current contribution of inbound tourism to GDP (0.3%) with that of other major economies (1.2%) [12][13]. - The analysis indicates that the international passenger flow for Chinese airlines could see a CAGR of up to 15% due to the increasing demand from both outbound Chinese travelers and inbound foreign tourists [12][15]. 3. Airline Capacity and Passenger Flow Outlook - Chinese airlines are expected to capture a larger share of the inbound passenger flow, with significant increases in flight frequencies and new routes planned for 2025 [2][15]. - The report highlights that the recovery of international passenger traffic is primarily driven by the growth in inbound tourism, with foreign tourist entry numbers expected to increase significantly [12][39]. 4. Investment Recommendations - The report emphasizes the importance of positioning in the international market, recommending investments in leading airlines such as China Eastern Airlines, which has a strong base in Shanghai and is expected to benefit the most from international route expansions [2][15].

（文章来源：每日经济新闻） 每经AI快讯，2月11日，航旅纵横平台上线春运机票"买贵免费退"服务。旅客在购买带有"买贵退"服务 标签机票时，若在出票后24小时之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵 横APP内专属服务页面提交退旧票申请。据了解，该服务已率先覆盖国航、南航、东航三大航，后续还 将逐步扩展至更多航空公司。 ...

航旅纵横民航官方直销平台今日上线春运机票"买贵免费退"。旅客在航旅纵横上购买带有"买贵退"服务标签的机票，若在 出票后24小时之 内 发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵横APP内专属服务页面提交退旧票申请。据了解，该服务已覆盖国 航、南航、东航三大航，后续还将逐步扩展至更多航空公司。 来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 多家银行，上调存款利率 雷军：春节期间小米汽车因自身故障抛锚，可报销1500元高铁/机票费和 500元住宿费 ...

2026.02. 11 本文字数：277，阅读时长大约1分钟 作者 | 第一财经 航旅纵横民航官方直销平台今日上线春运机票"买贵免费退"。旅客在航旅纵横上购买带有"买贵退"服 务标签的机票，若在出票后24小时之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过 航旅纵横APP内专属服务页面提交退旧票申请。据了解，该服务已覆盖国航、南航、东航三大航， 后续还将逐步扩展至更多航空公司。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 人民币稳定币境外发行被禁 ...

航旅纵横民航官方直销平台今日上线春运机票"买贵免费退"。旅客在航旅纵横上购买带有"买贵退"服务 标签的机票，若在出票后24小时之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵 横APP内专属服务页面提交退旧票申请。据了解，该服务已覆盖国航、南航、东航三大航，后续还将逐 步扩展至更多航空公司。 （文章来源：第一财经） ...

记者11日获悉，航旅纵横民航官方直销平台上线了春运机票"买贵免费退"服务。旅客在航旅纵横上购买 带有"买贵退"服务标签的机票，若在出票后24小时之内发现同一航班的机票更便宜，即可购买便宜的机 票，并通过航旅纵横APP内专属服务页面提交退旧票申请。相关规则在购票页面有明确标签和提示，建 议旅客购票时留意并仔细阅读具体条款。据了解，该服务已率先覆盖国航、南航、东航三大航，后续还 将逐步扩展至更多航空公司。 来源：刘文文/@国是直 通车 ...

北京商报讯（记者 关子辰 牛清妍）2月11日，记者从航旅纵横获悉，航旅纵横民航官方直销平台上线了 春运机票"买贵免费退"服务。旅客在航旅纵横上购买带有"买贵退"服务标签的机票，若在出票后24小时 之内发现同一航班的机票更便宜，即可购买便宜的机票，并通过航旅纵横App内专属服务页面提交退旧 票申请。据了解，该服务已率先覆盖国航、南航、东航三大航，后续还将逐步扩展至更多航空公司。 航旅纵横表示，相关规则在购票页面有明确标签和提示，建议旅客购票时留意并仔细阅读具体条款。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Tourism - **Context**: The tourism sector is rapidly becoming a key focus for enhancing the quality of life in China, aligning with government policies aimed at boosting service consumption, expanding employment, and further opening up to the outside world [1][4] Core Insights and Arguments - **Projected Revenue Growth**: - Total tourism revenue in China is expected to reach approximately RMB 12 trillion by 2030, with a compound annual growth rate (CAGR) of 11% [1][13] - Domestic tourism spending is projected to account for 18% of per capita consumption by 2030, up from 13% in 2023 [1][14] - The contribution of tourism to GDP is anticipated to rise from 4.8% in 2024 to 6.7% by 2030 [1][11] - **Domestic Tourism Growth**: - Domestic tourism is expected to grow at a CAGR of 9.7% over the next five years [1][14] - In 2025, domestic travel volume is projected to reach 6.5 billion trips, a 16% increase year-on-year [1][17] - **Inbound and Outbound Tourism**: - Inbound tourism is expected to contribute 16% to total tourism revenue by 2030, up from 12% in 2025 [1][15] - The appreciation of the RMB is expected to boost outbound tourism, which is crucial for the revenue of Chinese airlines [1][31] Driving Forces Behind Tourism Demand - **Macroeconomic Rebalancing**: Emphasis on service consumption and enhancing quality of life [1][25] - **Global Engagement**: Continued openness to international visitors [1][25] - **Currency Strength**: The appreciation of the RMB is favorable for outbound tourism [1][29] - **Policy Support**: Initiatives aimed at stimulating travel demand among younger and older demographics [1][25] - **Technological Innovation**: Enhanced travel experiences through technology [1][38] Structural Improvements and Monetization - **Visitor Demographics**: Improvement in visitor structure, with an increase in the proportion of non-domestic and business travelers [2][9] - **Supply Constraints**: Airlines are facing low capacity growth due to global supply chain issues, while hotel supply growth has slowed significantly [2][9] Key Investment Opportunities - **Recommended Stocks**: - Air China H-shares, Spring Airlines, Huazhu, Atour, and Trip.com are highlighted as key investment opportunities to capitalize on the strong growth in tourism demand [2][41] - **Airlines**: - Airlines are expected to see improved pricing power and valuation as they recover from deflationary pressures [9][41] - **Hotels**: - The hotel sector is witnessing a positive trend in revenue per available room (RevPAR), with expectations of continued growth [9][42] - **Online Travel Agencies (OTAs)**: - OTAs are expected to benefit from strong tourism demand, but regulatory uncertainties should be monitored [9][43] Additional Important Insights - **Entertainment and Events**: The rise in large-scale entertainment events is significantly contributing to tourism growth, with a notable increase in attendance [1][21] - **Visa Policies**: The introduction of new visa-free policies is driving inbound tourism growth, with a 50% increase in visa-free visitors [1][23][22] This summary encapsulates the key points from the conference call regarding the Chinese tourism industry, highlighting growth projections, driving factors, investment opportunities, and additional insights that may be overlooked.

| BHE STATE | | | | | --- | --- | --- | --- | | 存 整 取 | | | | | 期限 | 金额 | 年利率(%) | 10万到期收益 | | 一年 | | 1.3 | 1300元 | | 二生 | 3万元 (含) 及以上 | 1.4 | 2800元 | | 三年 | | 1.75 | 5250元 | | 大额存单 | | | | | 期限 | 金额 | 年利率(%) | 20万到期收益 | | 一年 | 20万元(含) | 1.4 | 2800元 | | 三年 | 及以上 | 1.8 | 10800元 | | | | | 备注:先到先得 发完即止 | "即日起至2026年3月31日，到商南农商银行营业网点办理定期储蓄存款，可享受存款利率上浮优惠。"1 月5日，陕西商南农商银行发布的通告显示，该行对三个月、六个月、一年期、二年期存款利率进行了 阶段性调整，上调幅度在15个基点左右。 1月28日起，北票盛都村镇银行对多个期限的定期存款进行了调整，调整后，该行一年期、二年期、三 年期以及五年期的存款年利率分别为1.65%、1.70%、1.70%、1.65%，较此前均提 ...