疫情后旅游渗透率提升，携程股价表现强劲，景区数据火爆，反映旅游 行业高景气度。补贴服务消费（尤其是旅游）乘数效应显著，各地通过 刺激旅游带动经济发展，借鉴美国和日本的现金发放和消费券经验，政 策刺激对旅游业有积极作用。 餐饮业对政策刺激反馈迅速，但酒店和旅游因决策周期较长，反馈相对 滞后，大额开支对政策敏感度更高。免税市场在 9 月数据转正后表现良 好，受益于低基数效应和离岛免税新政，未来若有进一步政策支持，将 继续助力免税市场增长。 酒店行业自然数据显示四季度到一季度降幅收窄趋势明显。从供需角度 看，未来几年供给扩张速度下降，如果需求平稳，则 RevPAR 压力减小。 华住加盟业务增速强劲，推动整体收入增长。锦江首旅预计亏损，但业 绩有较大增长潜力。 锦江首旅股票市值底部预期稳步上升，目前底部市值约 170-180 亿元， 上行空间可达 230 亿元，长期目标市值可达 300 亿元左右。2025 年元 旦期间，景区旅游市场表现强劲，整体流量增速提高，上市公司增长显 著，门票价格降低和免票政策是主要因素。 今年服务消费政策预期的关注度如何？ 今年（2025 年），服务消费政策预期的关注度有所增强。商品消费如汽 ...

证券研究报告 | 行业点评报告 2026 年 1 月 05 日 出行需求稳中向好，免税、出境、景区表现出色 2026 年元旦假期旅游数据点评 消费品/商业 据文化和旅游部数据中心测算，2026 年元旦假期期间，全国国内旅游出游人次 达 1.42 亿/+5.2%，日均出行人次约 0.47 亿/+5.1%；实现国内旅游收入 847.89 亿元/+6.4%，人均支出 597.11 元/+1.1%。综合来看，考虑到扣除掉去年元旦放 假仅 1 天的基数影响，整体来看国内居民出游意愿，旅游收入及人次均呈现同 比小幅增长，人均消费能力，整体出行数据符合预期。 细分来看，今年元旦假日期间，得益于休闲旅游需求持续释放，离岛免税销售 额及人次同比大幅增长，出境游增速持续领跑于大盘，各大景区人次同比持续 提升，高线城市&旅游城市客流延续稳步增长。旅游产业链上，持续推荐关注出 境游&出行人次相关性较强的 OTA，以及具备外部交通条件催化&内生优化的区域 性景区，以及休闲需求释放利好的酒店，建议关注：携程集团、同程旅行、华 住集团、亚朵、滴滴出行。 1、整体情况：出行人次&收入延续小幅增长，元旦旅游需求平稳释放。根据文 化和旅游部数据 ...

Group 1 - The article discusses the deceptive pricing tactics used by online ticketing platforms, where consumers are often misled into paying higher prices due to hidden fees like "refund protection" that are bundled with the advertised low prices [2][3] - Regulatory challenges are highlighted, as local authorities struggle to enforce rules against these platforms due to jurisdictional issues, leading to a lack of effective consumer protection [3] - The article calls for breaking down regional barriers in regulation, implementing clear penalties for deceptive practices, and simplifying the complaint process for consumers [3] Group 2 - The second commentary addresses the issue of online travel agencies (OTAs) unilaterally adjusting prices, which undermines the pricing autonomy of businesses and negatively impacts consumer experience [4][5] - It emphasizes that such practices, justified under the guise of "optimizing supply and demand," are a form of overreach that harms both merchants and consumers [4][5] - The article argues for the need to respect the pricing rights of businesses and maintain a fair competitive environment, as well as the importance of platforms acting as facilitators rather than price manipulators [5] Group 3 - The third commentary focuses on the misuse of AI models in e-commerce, where some merchants use AI to create misleading representations of products, leading to significant discrepancies between advertised and actual items [6][7] - It points out that while AI technology can enhance marketing, its abuse can lead to consumer distrust and increased return rates, ultimately harming businesses [7][8] - The article references new regulations aimed at ensuring transparency in AI-generated content, highlighting the legal implications of misleading advertising practices [8][9]

Core Insights - The article emphasizes the importance of being cautious when purchasing tickets for tourist attractions through OTA platforms or mini-programs, highlighting common pitfalls that can disrupt travel plans. Group 1: Ticket Types - Consumers should carefully review ticket types, which may include basic tickets, combination tickets, and package tickets, as cheaper options may not include core attractions or services [2] Group 2: Refund and Change Policies - It is crucial to check the refund and change policies before booking, as non-refundable tickets can lead to total loss if plans change. Some OTAs offer quick refund or worry-free cancellation services [3] Group 3: Ticket Collection and Entry Process - Most tickets now use electronic formats and real-name systems. Consumers should verify the collection and entry processes, including whether an ID is required and if paper tickets need to be exchanged at the venue [8] Group 4: Common Traps - Consumers often fall into traps such as low-priced tickets from dubious sources, mandatory bundled services that increase costs, and undisclosed additional fees that arise after entry. It is advisable to compare prices and clarify what is included in the ticket price [5] Group 5: Keeping Evidence - After successful booking, it is important to save order pages, payment records, and communication screenshots, as these can serve as crucial evidence in case of disputes with OTA platforms or regulatory complaints [6] Group 6: Conclusion - The article concludes that while travel should be enjoyable, non-standard ticketing practices can ruin a trip. Spending a few extra minutes to check ticket types, refund policies, and complaint records can lead to a smoother and more secure travel experience [7]