花旗预计，旅游和在线游戏的持续需求将支持在线旅游和游戏公司的稳定收益增长，可为投资组合提供 良好的多元化，抵销AI炒作的较高风险。 就中国互联网板块，花旗首选腾讯控股(00700)及阿里巴巴-W(09988)作为核心AI投资概念股。该行维持 腾讯控股"买入"评级，目标价751港元，认为该公司在企业和用户应用方面的AI发展前景良好。对于阿 里巴巴，花旗同样给予"买入"评级，目标价223港元，看好其在云端收入增长和效率提升方面的表现。 智通财经APP获悉，花旗发表研究报告指出，2026年内地互联网行业将聚焦于三大主题：一是云端基础 设施、模型堆栈和推理令牌使用的经常性收入增长；二是主要互联网企业竞相抢占AI聊天机器人的用 户流量，以期未来生态系统变现；三是垂直领域企业部署自训练专有数据AI代理，以保持竞争优势并 加强用户参与度和变现潜力。 报告指出，预计大多数互联网企业将通过AI辅助成本优化来改善营运杠杆，部分企业更可能因有效部 署AI代理而实现收入增长加速。随着AI助手工具的快速采用，消费者的工作和生活效率有望提升，从 而有更多时间投入休闲娱乐活动。 ...

Core Insights - The travel consumption report by Tongcheng Travel indicates a significant increase in travel bookings during the New Year holiday, with a 2.5 times growth in scenic area reservations and a 10% increase in hotel bookings in Liaoning Province compared to the same period last year [1] Group 1: Travel Trends - Scenic area bookings in Shenyang saw a remarkable month-on-month increase of 380%, with the Shenhe District experiencing over a fourfold increase compared to last year [1] - The report highlights a trend towards "quality upgrades" in travel consumption, driven by users' desire for a sense of ceremony during the New Year [1] - High-quality hotels, boutique homestays, and customized small group products have seen a notable rise in booking popularity on the Tongcheng Travel platform [1] Group 2: Travel Themes and Destinations - Short-distance micro-vacations within urban clusters, particularly around Shenyang, are gaining popularity, alongside long-distance travel between northern and southern regions [1] - Classic travel themes such as ice and snow tourism and winter escape trips dominate the New Year holiday, with popular long-distance travel flows including Liaoning, Heilongjiang, Jilin, Hainan, and Yunnan [1] - Ice and snow tourism is positioned as a leading trend for winter travel, with approximately 40% of the top 20 domestic flight routes during the New Year holiday being ice and snow travel routes, particularly from Hangzhou to Shenyang [1]

花旗认为2026年元旦国内出游表现平稳，但跨境旅游人次表现稳健。然而该行认为即将到来的春节更为 重要，并预期表现将较为强劲，因为2026年春节假期为9天，较2025年多一天。维持对携程-S(09961)和 同程旅行(00780)的"买入"评级。 智通财经APP获悉，花旗发布研报称，文旅部报告显示，2026年元旦内地3天假期，内地旅游人次及收 入分别达到1.42亿人次和847.9亿元人民币(下同)，相较2024年的3天假期(2025年元旦仅为1天假期)，两 年复合年增长率分别为2.6%和3.1%;人均消费录得597元，较2024年水平下降1%。 国家移民管理局报告显示，元旦假期期间日均出入境人次达220万人次，同比增长28.6%，较2019年水 平高约28%，其中内地居民出境人次同比增长39.1%。 ...

花旗发表报告指，文旅部报告显示，2026年元旦内地3天假期，内地旅游人次及收入分别达到1.42亿人 次和847.9亿元，相较2024年的3天假期(2025年元旦仅为1天假期)，两年复合年增长率分别为2.6%和 3.1%；人均消费录得597元，较2024年水平下降1%。花旗认为，元旦国内出游表现平稳，但跨境旅游人 次表现稳健。然而，该行认为即将到来的春节更为重要，并预期表现将较为强劲，因为2026年春节假期 为9天，较2025年多一天。该行维持对携程和同程旅行的"买入"评级。 ...

Overall Market Outlook - The domestic tourism market is expected to perform well in 2026, with a projected increase of approximately 5% in domestic travel volume and 6% in total spending during the New Year holiday compared to 2024 [1] - The recovery trend remains K-shaped, with a low base effect for mid-tier consumer leaders and a shift from pilot exploration to large-scale replication in outbound demand [1] Domestic Travel Performance - During the New Year holiday, 142 million domestic trips were made, representing a 5.2% increase from 2024, with total spending reaching 84.789 billion yuan, up 6.3% [1] - The average spending per person increased by 1.1% compared to 2024, driven by a rich supply of winter tourism options [1] - The total inter-regional movement of people was estimated at 590 million, with a daily average of 198 million, marking a 19.5% year-on-year increase [1] Duty-Free Sales - Duty-free sales during the New Year holiday saw a significant increase, with 442,000 items sold, a 52.4% year-on-year growth, and total shopping amounts reaching 712 million yuan, up 128.9% [2] - The number of shoppers increased by 60.6% compared to the previous year, indicating strong recovery post-border closure [2] Scenic Spots Performance - Major scenic spots showed strong performance, with Songcheng performing 67 shows, a 52.3% increase from 2024, and Huangshan receiving over 75,000 visitors, up 76.5% [3] - Emei Mountain and Jiuhua Mountain also reported significant increases in visitor numbers, with growth rates of 20.9% and approximately 30% respectively [3] Online Travel Agency (OTA) Trends - The "please take 3 days off for 8 days" trend boosted long-distance travel demand, with significant increases in flight and hotel bookings [4] - High-quality hotels and boutique accommodations saw a notable rise in bookings, with domestic hotel reservations increasing by 280% on January 1 [4] Hotel Industry Insights - The average daily rate (ADR) for hotels during the New Year holiday was 204.3 yuan, a 13.8% increase from 2025, although still lower than 2024 [6] - The occupancy rate for hotels was 59.4%, showing a 2.9 percentage point increase from 2025 [6] Restaurant Sector Activity - Restaurant consumption was vibrant, with a 142% increase in traffic for the "must-eat" list during the New Year holiday [7] - Major cities reported significant growth in restaurant sales, with Beijing's dining sector up 4.6% and Guangzhou's up 18.9% year-on-year [7]

Group 1 - The core viewpoint of the articles highlights the resurgence of domestic tourism in China during the New Year holiday, with significant increases in both travel volume and spending [1][4][5] - During the three-day New Year holiday, 142 million domestic trips were made, with total spending reaching 84.789 billion yuan, indicating a strong recovery in the cultural and tourism sector [1] - The travel platform Feizhu reported that consumer willingness to travel and spending power both increased, with the average number of purchases per person rising over 20% and average spending per person increasing over 30% year-on-year [1] Group 2 - The concept of "ceremony" in travel experiences gained popularity, with a 125% year-on-year increase in searches related to "New Year travel," reflecting a growing trend for themed events and activities [2] - Various cross-year activities, such as fireworks shows and immersive light displays, contributed to a vibrant travel atmosphere, enhancing the overall experience for tourists [2] - The demand for winter travel experiences, particularly in ice and snow destinations, saw a significant rise, with bookings for Harbin Ice and Snow World increasing over 45% and visitor numbers in Chengdu's indoor ski resort up nearly 120% [3] Group 3 - The Hainan Free Trade Port experienced a surge in inbound tourism during the first New Year holiday post-border reopening, with international visitors attracted by the "duty-free shopping + beach vacation" model [4] - Haikou and Sanya emerged as the fastest-growing cities for inbound flight bookings, with year-on-year increases exceeding three times and five times, respectively [4] - The number of foreign visitors entering China under visa-free policies reached 292,000 during the holiday, marking a 35.8% increase compared to the previous year [4]

Group 1 - The inbound tourism market in Harbin shows strong growth for the 2026 New Year holiday, with inbound visitor numbers increasing by 77.9% compared to 2025, and inbound tourism consumption rising by 88.1% [1] - The online tourism market in Harbin performed robustly during the New Year holiday, with the number of orders and revenue from online travel platforms increasing by 162.6% and 158.8% respectively compared to 2025, indicating strong consumer spending power and market appeal [3] - Harbin ranked among the top ten popular travel destinations in China during the New Year holiday, with local scenic spot ticket bookings increasing by 28% [3] Group 2 - The city of Harbin is experiencing a vibrant atmosphere, highlighted by the success of the Harbin Ice and Snow World New Year activities, which included fireworks, drone shows, and various performances, enhancing the festive experience [3] - Young tourists, particularly those born after 1995, represent 45% of visitors, with Harbin Ice and Snow World being the most popular ice and snow attraction among this demographic [3] - The trend of "micro-vacations" is emerging, with bathhouses becoming a new choice for relaxation, and Harbin ranking among the top ten cities for online transactions in bathhouses from users outside the city [3]

证券研究报告 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 旅游综合 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 范欣悦 商社行业首席分析师 | 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com 陆亚宁 商社行业分析师 执业编号：S1500525030003 邮 箱：luyaning@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 26 年元旦假期点评：免税、景区表现靓丽 [Table_Industry] 旅游综合 [Table_ReportDate] 2026 年 01 月 04 日 | 2026 年元旦假期综述 4 | | --- | | 国内旅游 4 | | 景区 5 | | 免税 6 | | 出入境游 7 | | 零售 8 | | 投资建议 8 | | 风险提示 9 | | 图 1：我国主要假期日均国内旅游人次及恢复度 4 | ...

1月4日，美团发布2026年元旦消费报告。元旦期间，机票出行票量同比增长73%，火车票出行票量同比 增长77%。洗浴行业订单量同比增长57%，KTV订单量同比增长74%。"必吃榜"榜单流量整体同比增幅 142%，其中，异地流量同比增幅接近100%。（第一财经记者 陆涵之） ...

Core Viewpoint - The article highlights the rising trend of "low-consumption tourism" among the post-2000 generation during the New Year holiday, emphasizing a shift from traditional sightseeing to a more relaxed and self-indulgent travel experience [1] Group 1: Industry Trends - The ice and snow economy is thriving, with various events such as ice festivals, ice sculpture exhibitions, and snow sports contributing to regional economic growth [1] - Online travel platforms report that the post-2000 generation constitutes the largest share of travelers, indicating a significant demographic shift in tourism preferences [1] Group 2: Consumer Behavior - The younger generation is moving away from the "check-in rush" travel style, opting instead for a "slow enjoyment" approach that prioritizes comfort and personal satisfaction [1] - New travel activities like elevator-assisted mountain climbing, low-speed bungee jumping, and gentle drifting are gaining popularity, reflecting a desire for experiences that minimize physical exertion while maximizing psychological comfort [1]