人员流动量同比增长10.5%，民航和铁路旅客量分别约同比增长8.2%和13%。2026年春节假期(2月17 日-2月23日，初一到初七)，全社会跨区域人员流动量约23.23亿人次，同比去年春节同期增长约10.5%， 同比2019年同期增长约32.6%。其中铁路发送旅客9937.8万人次(+13.0%);水路发送旅客1104.2万人次 (+25.0%);民航发送旅客1776.2万人次(+8.2%);公路人员流动量21.95亿人次(+9.5%)。 海南免税 智通财经APP获悉，招商证券发布研报称，春节期间国内收入及人次均增长显著，且创历史新高，出入 境增速略低于大盘但较往年有小幅度增长，整体旅游数据超预期。2026年春节假日期间，得益于超长假 期带动休闲旅游需求集中释放，酒店行业量价齐升态势明显，离岛免税消费活力凸显，出境游增速低于 大盘，但相较去年仍有提升。高线城市及旅游城市客流延续稳步增长，山岳景区与演艺项目频创新高， 县域旅游迎来爆发式增长。旅游产业链上，推荐关注休闲需求驱动的酒店，具备外部交通条件催化与内 生优化的区域性景区，出境游及出行人次相关性较强的OTA。 招商证券主要观点如下： 整体情况 国内旅游 ...

Group 1 - The Hong Kong consumer sector is experiencing slight fluctuations, with the Hong Kong Stock Connect Consumer ETF (Hua Xia, 513230) rising approximately 0.2% [1] - Notable gainers in the holdings include TCL Electronics, KANAT Optical, Lao Pu Gold, Mengniu Dairy, and Li Ning, while major decliners include China Resources Beer, Jiuxing Holdings, Giant Bio, Yum China, and Blucor [1] - According to the National Bureau of Statistics, service retail sales are projected to grow by 5.5% in 2025, outpacing goods retail sales growth by 1.7 percentage points, indicating an increasing share of service retail in overall retail [1] Group 2 - The tourism market is expected to grow by over 10% in 2025, driven by sustained demand for leisure travel and experiential consumption, supported by government initiatives to boost domestic demand and service consumption [2] - The fourth quarter of 2025 is anticipated to see continued high growth rates of 15% to 20% for brands like Guming and Shanghai Auntie, despite a slight decrease in delivery subsidies [2] - The travel sector, including OTA, hotels, and scenic spots, is likely to benefit from favorable policies aimed at enhancing service consumption [2] Group 3 - Relevant ETFs include the Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, and the Food and Beverage ETF (515170) focusing on boosting domestic demand in undervalued sectors [3] - The Hong Kong Stock Connect Consumer ETF (Hua Xia, 513230) is highlighted for its focus on e-commerce leaders and new consumption trends [3]