证券研究报告：商贸零售|点评报告 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 2292.52 | | --- | --- | --- | | 52 | 周最高 | 2584.65 | | 52 | 周最低 | 1877.67 | 行业相对指数表现（相对值） 2025-03 2025-05 2025-07 2025-10 2025-12 2026-02 -12% -8% -4% 0% 4% 8% 12% 16% 20% 商贸零售 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 近期研究报告 《12 月社零数据如何？》 - 2026.01.28 26 年春节假期消费数据如何？ l 事件 经文化和旅游部数据中心测算，春节假日 9 天，全国国内出游 5.96 亿人次，较 2025 年春节假日 8 天增加 0.95 亿人次，同比增长 19%；国内出游总花费 8034.83 亿元，较 2025 年春节假日 8 天增加 1264.81亿元，同比增长 18.7 ...

春节假期结束时，海南三亚出岛返程机票逼近万元，海南三大机场经济舱售罄。如今，假期过后，入岛机票"白菜价"最低仅200元。 "除夕前一天才决定什么时候回去，一看两大机场都没经济舱了，好在蹭到了增班放票。"刘林今年春节跟家人一起飞海南过年，由于没有及早购买回程票， 一度陷入只能买高价公务舱返程机票的尴尬。这样的情况并非个案。 每天超10万人飞向海南 今年春运自2月2日启动以来，岛内三大机场航班量、旅客吞吐量屡创新高，累计已有15天单日旅客吞吐量超过20万人次。 国内飞三亚跌至最低200元 航旅纵横最新统计数据显示，2026年春节假期，国内往返海南的民航旅客量超176万人次，日均比去年春节同期增长约7%。 据记者了解，在2月2日春运开始后，各家航司已在海南加班超2000架次，预计增加座位数60万个，春运40天投放座位超过1000万个，同比2025年增加10%。 此外，针对返程高峰，民航局专门批复加班，投放上海、北京等热门目的地。初五至初七，海南往返北京、上海的航班每日均超过100架次。 然而，这样的运力增幅依然没能完全满足春节返程大军的需求，最近几天，"海南返程机票告急，票价近万元"的消息频上热搜。 记者注意到，三 ...

2026 年 2 月 24 日 行业研究 春节假期旅游需求旺盛，呈量价齐升、结构优化特点 ——春节假期旅游市场点评 要点 春节假期旅游市场延续高景气度，呈现 "量价齐升、结构优化"特征：2026 年春节假期，全社会跨区域人员流动量有望创新高，民航、铁路、水运等交通方 式客流均实现同比增长，其中水运受游轮观光、海南封关等因素拉动表现尤为亮 眼。酒店市场量价双增，从酒店交易规模来看，飞猪平台春节假期酒店间夜量同 比增长 75%，且高星级酒店人均预订间夜量接近 3 晚，呈现一定的消费升级趋 势，部分热门旅游城市酒店价格涨幅显著；受"先团圆、后度假"的分段式出行 影响，一定程度上推动春运机票价格同比上涨，热门航线供需格局较紧张。 国内游传统与小众目的地热度均上升，AI 推动消费场景串联：1）2026 年春节 国内游市场持续火爆，飞猪平台国内游订单量创历史新高，人均预订金额同比提 升约 10%。2）游客既追求传统旅游目的地的经典体验，亦青睐小众目的地的特 色玩法，国内游呈体验多元化趋势。传统景区方面，祥源文旅旗下核心景区表现 亮眼，春节假期前四天累计接待游客 26.45 万人，同比增长 20%，其中湖南张 家界黄龙洞、 ...

Core Insights - The Spring Festival holiday has seen a significant increase in tourist traffic across multiple regions, with many areas reporting double-digit year-on-year growth in visitor numbers during the first two days of the holiday [1][2][4]. Group 1: Tourist Traffic Data - Hunan Province received 21.39 million visitors on the first day of the Spring Festival, with 6.68 million from outside the province, accounting for 31.24% of total visitors [2]. - On the second day, Hunan's visitor count rose to 22.71 million, with transaction volume reaching 37.23 million, a year-on-year increase of 16.98%, and transaction value at 8.80 billion, up 37.75% [2]. - In Hubei Province, A-level tourist attractions welcomed 1.26 million visitors on the first day, a 17.08% increase compared to 2025, with hotel occupancy rates averaging 48.22% [4]. - Hangzhou reported 1.32 million visitors on the first day and 1.16 million on the second day, marking a 12.86% increase year-on-year [4]. Group 2: Booking Trends and Visitor Behavior - Data from Nanjing indicated a 31.4% increase in visitor numbers on the first day compared to the previous year, with external visitors making up 53.8% of the total [6]. - The demand for tickets at popular destinations like Jiuzhaigou has surged, with tickets for February 18 and 19 already sold out as of February 17 [6]. - The trend of families traveling together has intensified, with many opting for second trips shortly after the New Year celebrations, leading to a 54% increase in hotel bookings on February 17 compared to the previous day [10][11]. - The price of flights has dropped significantly compared to pre-holiday peaks, making air travel more attractive, with some routes seeing prices cut by more than half [11]. Group 3: Seasonal Trends and Consumer Preferences - The search volume for "lantern festivals" has surged by 40%, indicating a strong interest in traditional celebrations during the holiday [12]. - Family-oriented travel remains a dominant trend, with over 50% of bookings attributed to parent-child trips [12]. - The unique timing of the holiday this year, with an early start, has led to a shift in travel patterns, with peak travel occurring earlier than in previous years [12].

Group 1 - The Yunnan Provincial Market Supervision Administration issued a reminder to regulate pricing behavior during the 2026 Spring Festival, emphasizing the need for clear pricing and accurate labeling of goods and services [1][2] - Businesses must not use deceptive or misleading language, images, or videos to represent prices, and must ensure that any price changes are promptly reflected in their pricing [1][2] - Online and offline pricing must be consistent, and businesses are prohibited from charging undisclosed fees or manipulating prices through collusion or false information [1][2] Group 2 - Tourist attractions are not allowed to increase ticket prices through unauthorized charges or by creating additional fee structures [2] - The hospitality and restaurant sectors must establish reasonable pricing and cannot impose hidden charges or bundled pricing [2] - Market supervision departments will increase inspections during the Spring Festival and encourage consumers to report any price violations [2]

Group 1 - Various regions are activating consumer potential through subsidies, innovative consumption scenarios, and the integration of diverse industries such as culture, tourism, and commerce [1] - Wuxi launched a series of promotional activities titled "Su Products and Goods, Shopping in Wuxi" to stimulate consumption, featuring special themed consumption seasons and cultural tourism events [1] - Nanyang City introduced winter cultural tourism consumption vouchers, which include categories for scenic spot tickets and hotel accommodations, available for all citizens and tourists [1] Group 2 - The winter cultural tourism consumption vouchers in Nanyang have significantly increased visitor enthusiasm, with a reported 60% year-on-year increase in visitor numbers at the Danjiang Grand View Garden scenic area [1] - The "2025 Jiangxi Rural Cultural Tourism Festival" and "Hundred Counties, Hundred Bowls" promotional activities are being held in Pingxiang City, enhancing the consumption potential of "food + tourism" [2] - The event showcased 22 featured dishes from 11 cities in Jiangxi, creating a vibrant food map and encouraging visitors to share their experiences on social media [2][3] Group 3 - The event not only satisfied visitors' appetites but also resulted in significant sales for participating vendors, with one vendor selling over 200 bottles of hot sauce within two hours [3] - Additional activities such as the Gannan navel orange picking tourism season are being organized to promote rural tourism and benefit local communities [3] - The integration of diverse business formats and the consolidation of unique resources are creating new cultural tourism consumption scenarios, injecting vitality into rural revitalization efforts [3]

Core Insights - The trend of "attending a concert to explore a city" is gaining popularity in China's cultural and tourism consumption market, with the upcoming 2025 Tongzhou Music Festival expected to boost local economic activity [1] - Tongzhou district is strategically preparing to leverage this event by integrating resources from hotels, restaurants, and attractions to offer exclusive discounts, transforming "music traffic" into "city retention" [1] Group 1: Hotel Industry - Hotels near the sports center are experiencing a surge in bookings, particularly the All Seasons Nantong Tongzhou High-tech Zone Hotel, which has seen a spike in demand for twin rooms due to the concert and the overlapping holiday period [3] - Several hotels, including Nantong Weijing International Hotel and Beishan Grand Hotel, are offering "fan exclusive prices," with discounts as low as 54% on certain room types, significantly reducing accommodation costs for concert-goers [3][4] Group 2: Dining and Tourism - Restaurants and tourist attractions are also participating in the promotional efforts, with discounts and offers linked to concert tickets, enhancing the overall consumer experience [6] - Various dining establishments in Tongzhou Wanda Plaza are providing exclusive benefits such as discounts and promotions for ticket holders, while popular tourist spots are offering entry at a reduced price of 18.8 yuan for concert attendees [8]

Core Points - Inner Mongolia actively promotes a vibrant cultural tourism atmosphere on China's Tourism Day, with various events and activities [1][3] - The region focuses on enhancing tourism benefits for visitors by implementing measures across seven key areas: food, accommodation, transportation, travel, shopping, entertainment, and education [3][5] - Inner Mongolia has issued a total of 500 million yuan in tourism and dining consumption vouchers to stimulate local economic activity [5] Group 1 - The "Three-piece Set" activities in Kangbashi District include fireworks, drone shows, and fountain displays, aimed at engaging the public [1][3] - Inner Mongolia has established 532 national A-level tourist attractions, including 8 five-A-level attractions, ranking second in the country [5] - The region's tourism revenue reached 414 billion yuan in 2024, with a record 273 million visitors, showcasing the success of its cultural tourism initiatives [5] Group 2 - The integration of online and offline activities in Ordos has led to the successful launch of various cultural and tourism events, enhancing community engagement [5] - Inner Mongolia's diverse natural landscapes, including grasslands, forests, rivers, lakes, and mountains, contribute to its appeal as a tourist destination [5] - The region's cultural tourism brands, such as "Singing and Touring Inner Mongolia" and "Daily Nadam Fair," have gained significant recognition and popularity [5]