Core Viewpoint - Citigroup's report indicates that the Ministry of Culture and Tourism forecasts 142 million domestic tourist trips and revenue of 84.79 billion yuan during the three-day New Year holiday in 2026, representing a compound annual growth rate of 2.6% and 3.1% respectively compared to the three-day holiday in 2024 [1] Group 1 - The average spending per person is recorded at 597 yuan, which is a 1% decrease compared to the 2024 level [1] - Citigroup believes that domestic travel performance during the New Year is stable, while cross-border travel shows robust growth [1] - The upcoming Spring Festival is expected to be more significant, with a strong performance anticipated due to a nine-day holiday in 2026, one day longer than in 2025 [1] Group 2 - Citigroup maintains a "buy" rating for Trip.com and Tongcheng Travel [1]

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]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant recovery in domestic tourism during the 2026 New Year holiday, with 142 million domestic trips, a 5.2% increase compared to the 2024 New Year holiday, and reaching 115% of the 2019 level [6][14] - Total domestic travel expenditure reached 84.789 billion yuan, up 6.3% from the 2024 New Year holiday, recovering to 112% of the 2019 level [6][14] - The average spending per person was 597 yuan, a 1.1% increase from the 2024 New Year holiday, recovering to 97% of the 2019 level [6][14] - There was a notable increase in passenger transport volume, with significant growth in waterway and highway transport [14] - Scenic spots such as Huangshan, Changbai Mountain, and Danxia Mountain saw substantial visitor increases, with ticket bookings for domestic scenic spots increasing over four times year-on-year [16] - Duty-free sales in Hainan experienced rapid growth, with 442,000 items sold, a 52.4% increase, and shopping revenue reaching 712 million yuan, up 128.9% [22] - Cross-border travel demand surged, with 6.615 million people entering and exiting the country, a 28.6% increase [26] - Retail sales in key business districts showed strong consumer vitality, with total sales reaching 4.04 billion yuan, a 16.3% year-on-year increase [34] Summary by Sections Domestic Tourism - Domestic travel during the 2026 New Year holiday reached 142 million trips, a 5.2% increase from 2024, and 115% of the 2019 level [6] - Total expenditure was 84.789 billion yuan, a 6.3% increase from 2024, recovering to 112% of the 2019 level [6] Scenic Spots - Significant visitor growth at scenic spots, with Huangshan, Changbai Mountain, and Danxia Mountain seeing increases of 76%, 66%, and 81% respectively compared to 2024 [16][18] Duty-Free - Hainan's duty-free sales reached 712 million yuan, a 128.9% increase, with 442,000 items sold, reflecting a 52.4% growth [22] Cross-Border Travel - Cross-border travel reached 6.615 million people, a 28.6% increase compared to the previous year [26] Retail - Retail sales in Beijing's key business districts totaled 4.04 billion yuan, with a 16.3% year-on-year increase [34] Investment Recommendations - The report suggests focusing on the travel chain, including hotels (e.g., Shoulv Hotel, Jinjiang Hotel), scenic spots (e.g., Three Gorges Tourism, Huangshan Tourism), and OTA (e.g., Ctrip Group) [35] - In the retail sector, it recommends focusing on duty-free (e.g., China Duty Free Group, Wangfujing) and retail department stores (e.g., Chongqing Department Store, He Bai Group) [35]

Core Insights - Meituan's consumption report for New Year's Day 2026 indicates significant growth in travel and entertainment sectors during the holiday period [1] Group 1: Travel Sector - Air travel ticket volume increased by 73% year-on-year [1] - Train ticket volume saw a year-on-year growth of 77% [1] Group 2: Entertainment Sector - The bathing industry experienced a 57% year-on-year increase in order volume [1] - KTV order volume grew by 74% year-on-year [1] Group 3: Consumer Trends - The "must-eat" list saw an overall traffic increase of 142% year-on-year [1] - Traffic from different regions nearly doubled, with a year-on-year increase close to 100% [1]

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]

1月3日，南方财经记者从广东省文化和旅游厅获悉，2026年元旦假期，全省旅游市场实现"开门红"，全省接 待游客1787.5万，日均同比增长34.8%，实现旅游收入99.8亿元，日均同比增长39.8%；全省4A级及以上景区 接待游客556.1万人次，日均同比增长15.3%。 同日，携程的广东省2026年元旦旅游市场报告（以下简称"报告"）显示，广东省在线旅游市场元旦期间表现 强劲，OTA接待人次同比2024年元旦增长76.3%，旅游消费金额同比增长102.4%，消费增速显著高于人次增 速，显示出市场活力与消费潜力的双重提升。 省内市场差异化增长 报告显示，从全国竞争格局来看，广东省在人次和金额两项核心指标上均位居全国省份首位，充分彰显了 其作为全国旅游大省的市场地位和综合吸引力。 广东省内各地市旅游市场呈现差异化增长态势。从人次规模看，广州、深圳、佛山稳居前三，珠海以 110.0%的增速跃居第四位，东莞、惠州分列第五、第六位。 从消费金额看，广州、深圳依然领跑，珠海凭借196.6%的增幅升至第三位，佛山以264.0%的增速跃居第四 位。同时，粤东粤西北城市也展现出强劲的增长势头，反映出全省旅游市场区域均衡发展态 ...

Core Insights - The demand for travel during the year-end and New Year period is driving hotel occupancy rates up, with Meituan Travel reporting that InterContinental Hotels Group (IHG) has seen growth in both room nights and dining transactions compared to last year [1] Group 1: Young Travelers and Spending Trends - Young travelers are increasingly willing to pay for unique experiences and local cultural interactions, with Meituan data showing that in 2025, black gold and black diamond members accounted for 35% of IHG's booking users and contributed nearly 55% of total spending [2] - High-end resort hotels under IHG have experienced significant growth, with Kimpton hotels seeing a 147% increase in room nights year-on-year and Indigo hotels up by 92% [2] Group 2: Expanding "Accommodation+" Offerings - IHG and Meituan are continuously launching new "Accommodation+" experiences tailored to younger travelers, including cultural activities and adventure experiences, resulting in over 20 "million sales blockbuster" products in 2025 [3] - Popular packages include "Shenzhen Dapeng InterContinental Resort accommodation + dinner + family photo shoot" and "Lhasa Paradise InterContinental Hotel accommodation + ethnic costume photo shoot," which have become bestsellers [3] Group 3: Growth in Dining Experiences - IHG's dining offerings are expanding, with significant growth in local Chinese cuisines; Jiangsu and Zhejiang cuisine sales increased by 67%, while Northeast cuisine sales rose by 85% [4] - Innovative dining packages have been introduced, such as "winter limited chocolate fondue/self-service dinner + night talk ticket + new book signing experience," aimed at attracting consumers during the year-end celebrations [4] Group 4: Future Collaboration and Market Trends - IHG is focusing on the younger consumer demographic and enhancing collaboration with Meituan to expand the "Accommodation+" experience, with expectations for continued growth in young travelers and cross-category consumers [5] - In 2025, young users accounted for 40% of IHG's clientele, and cross-category consumption among users increased from 73% in 2024 to 84% in 2025, indicating a trend towards integrated travel experiences [5]

Core Insights - The New Year's holiday saw a significant increase in bookings for flights, hotels, and homestays, indicating a robust start for the 2026 cultural tourism market [1] Group 1: Youth Travel Trends - Young people, particularly those born after 2000, are the primary drivers of travel during the New Year, accounting for 39% of travelers, with those born in the 1990s at 33% [2] - The concept of "self-indulgence" during holidays is gaining traction, with a 125% year-on-year increase in searches related to "New Year travel" [2] - Popular activities include themed fireworks shows, temple blessings, and concerts, reflecting a desire for meaningful experiences [2] Group 2: Diverse Travel Experiences - The integration of cultural tourism is stimulating consumer activity, with a notable 85% increase in searches and bookings for intangible cultural heritage tourism during the holiday [4] - Major cities like Luoyang, Xi'an, and Suzhou are among the top destinations for cultural heritage tourism [4] - Concerts and performances in cities such as Guangzhou and Chongqing are driving significant increases in hotel bookings, with some popular accommodations selling out weeks in advance [4][5] Group 3: Winter and Snow Tourism - Winter tourism remains a key focus, with 40% of the top 20 domestic flight routes during the holiday being related to snow tourism [5] - Popular destinations for snow activities include Harbin and Xiling Snow Mountain, with a 45% increase in bookings for day trips to Harbin Ice and Snow World [5] - Ski resorts are experiencing a surge in visitors, with some locations reporting occupancy rates of 80% and a doubling of visitor numbers compared to the previous year [6] Group 4: Cross-Border Travel Growth - The cross-border tourism market is thriving, with a notable increase in outbound travel routes, including popular destinations like Singapore and Seoul [7] - Inbound tourism is also performing well, with ticket bookings up 110% and experiential product bookings increasing over 30 times [7] - Major cities such as Shanghai and Beijing are attracting international visitors, contributing to a vibrant cultural tourism market [7]