Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - The report highlights a robust recovery in tourism and retail during the May Day holiday, with both demand and prices showing steady improvement. Domestic travel reached 314 million trips, a year-on-year increase of 6.4%, and total spending reached 180.27 billion yuan, up 8.0% year-on-year [8][9]. - The report emphasizes the rising trend of travel, with significant growth in both domestic and international tourism, driven by favorable policies and increased consumer interest in cultural and heritage tourism [10][15]. - The report notes that the restaurant and retail sectors are experiencing a revival, with key retail and dining enterprises reporting a sales increase of 6.3% and 8.7% respectively during the holiday period [16][17]. Summary by Sections Industry Overview - The total market capitalization of the industry is 882.44 billion yuan, with a circulating market value of 807.52 billion yuan [4]. - The industry consists of 105 listed companies, representing a small fraction of the overall market [4]. Performance Metrics - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 2.4%, 6.0%, and 15.1% respectively, while the relative performance is 3.8%, 11.4%, and 11.0% [5]. Tourism and Travel Insights - The report indicates a strong recovery in travel, with domestic travel spending per person at 574.11 yuan, which is 95.1% of the 2019 level, reflecting a year-on-year increase of 1.5% [8]. - The report also notes a significant increase in hotel bookings, particularly in the county-level market, with a 30% year-on-year growth in hotel reservations during the holiday [10][13]. Retail and Dining Insights - The report highlights that consumer spending in key retail and dining sectors has increased significantly, with a notable rise in online transactions and dining orders from tourists [16][17]. - The issuance of consumer vouchers in various provinces has further stimulated foot traffic and sales in major shopping districts [17].