Summary of Conference Call Records Industry Overview - The records focus on the **Chinese tourism industry** during the **Spring Festival Golden Week** and its implications for the accommodation sector and consumer spending. Key Points Domestic Tourism Data - During the Spring Festival Golden Week, domestic tourist numbers and tourism revenue increased by **5.7%** and **5.5%** year-on-year, respectively, following an adjustment in holiday length [1][2] - The nine-day holiday period (February 15-23, 2026) was longer and later than in previous years, typically accounting for about **10%** of annual tourism revenue [1] - Compared to pre-pandemic levels (2019), domestic tourist numbers were up by **33.3%**, while tourism revenue was **21.6%** higher [2] Consumer Spending Insights - Per capita tourism revenue remained flat compared to last year, indicating constrained consumer spending capacity, with a decline of **8.8%** compared to pre-pandemic levels [2] - Daily average income in consumption-related industries grew by **13.7%** during the holiday, compared to **4.5%** growth during last year's National Day holiday [2] - Sales of smart home appliances, such as robotic vacuum cleaners and high-end TVs, increased by **19%** due to ongoing consumer incentives [2] Cross-Border Travel Trends - Cross-border travel activity saw a significant increase, driven by extended holidays and visa-free policies, with daily average cross-border (inbound + outbound) passenger numbers rising by **10.1%** year-on-year [3] - The trend of "reverse Spring Festival travel" emerged, with an increase in older travelers (aged 50 and above) booking train tickets to major cities, reflecting a **25%** increase in bookings [3] Accommodation Sector Performance - The accommodation sector experienced enhanced growth momentum during the Spring Festival, although overall housing consumption remained constrained by a weak real estate market [4] - The upcoming **March "Two Sessions"** and the full text of the **14th Five-Year Plan** are expected to provide more details on China's short- and long-term plans to boost consumption [4] Additional Observations - The average box office revenue during the Spring Festival was reported at **5.8 billion yuan**, marking the lowest daily average since the pandemic, influenced significantly by major film releases [2] - The visitor numbers from mainland China to Hong Kong showed a **11.1%** year-on-year increase during the holiday, indicating a recovery trend [3][4] This summary encapsulates the key insights and data points from the conference call records, highlighting the current state and trends within the Chinese tourism industry and its related sectors.