Core Viewpoint - The tourism market in China is experiencing strong growth, with domestic travel and spending increasing significantly during the May Day holiday, indicating a robust recovery and structural highlights in long-distance travel, county tourism, and outbound travel [1][2][12]. Overview - During the May Day holiday, 314 million domestic trips were made, representing a 6.4% year-on-year increase, while total spending reached 180.27 billion yuan, up 8.0% year-on-year. Per capita spending improved by 1.5%, recovering to approximately 90% of 2019 levels [2][12]. - The total cross-regional movement of people was estimated at 1.467 billion, a growth of 8.0% year-on-year, exceeding previous expectations [2]. Structure - **Long-distance Travel**: Destinations like Qinghai, Xinjiang, and Ningxia saw ticket sales surge by 100-200%. The number of travelers combining annual leave with the holiday increased by 30% [3]. - **County Tourism**: Bookings for rural tourism rose nearly 20%, with hotel reservations in county-level cities increasing by 30% [3]. - **Outbound Travel**: Orders for outbound travel increased by 20%, with popular destinations including Japan, South Korea, and Thailand. Inbound travel orders surged by 130% [4][3]. Scenic Spots and Destinations - Scenic spots experienced strong visitor numbers, with many achieving record attendance. For instance, Huangshan received 147,000 visitors, a 13.7% increase year-on-year [5][6]. - Other notable performances included Jiuhua Mountain and various cultural performances, which also saw significant increases in attendance [6][5]. Hotel Performance - Hotel occupancy rates averaged 67.5%, up 4.9% year-on-year, with average daily rates (ADR) at 283.8 yuan, a 6.8% increase. Revenue per available room (RevPAR) rose by 12.0% [8][9]. - The demand for higher-quality accommodations is evident, with economic hotels seeing the largest price increases [8]. Macau Gaming - Macau saw a significant increase in visitor numbers, with a 42.3% year-on-year rise during the holiday period. However, expectations for gaming revenue growth remain cautious due to previous market performance [10]. - The average daily gross gaming revenue (GGR) is expected to exceed last year's figures, reflecting a recovery in the tourism sector [10]. Investment Strategy - The outlook for the tourism sector remains positive, with expectations for continued demand recovery and improved supply conditions. Recommended sectors include high-elasticity consumer stocks, hotels, human resources, and quality stocks in scenic spots and gaming [12].

Core Viewpoint - The success of YOASOBI's concert in Shanghai highlights the growing popularity of Japanese music artists in China, showcasing the power of cultural exchange through music [1]. Group 1: Concert Success - YOASOBI held a concert in Shanghai on February 15-16, with tickets selling out instantly, demonstrating the group's immense popularity in China [1]. - The concert took place in a venue that can accommodate over 10,000 people, with fans enthusiastically singing along to the Japanese lyrics [1]. - A 26-year-old male fan traveled from Beijing to Shanghai for the concert, expressing excitement and enthusiasm for the event [1]. Group 2: Cultural Exchange and Economic Trends - Despite a slowdown in the Chinese economy, experiential consumption such as concerts and tourism remains strong [1]. - Data from the China Performance Industry Association indicates a 50% increase in concerts with over 5,000 attendees in 2024 compared to 2023, and an 84% increase in concerts with over 10,000 attendees [1]. - Upcoming concerts, such as that of Kenshi Yonezu in March, further illustrate the active cultural exchange through music [1].